UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number            811-08090                

                             Lincoln Variable Insurance Products Trust                            

(Exact name of registrant as specified in charter)

1300 South Clinton Street

                             Fort Wayne, Indiana 46802                            

(Address of principal executive offices) (Zip code)

Jill R. Whitelaw, Esq.

Lincoln Financial Group

150 North Radnor Chester Road

                                 Radnor, Pennsylvania 19087                                

(Name and address of agent for service)

Copies of all communications to:

Robert A. Robertson, Esq.

Dechert LLP

2010 Main Street

Suite 500

Irvine, CA 92614

Registrant’s telephone number, including area code:  (260) 455-3404

Date of fiscal year end:  December 31

Date of reporting period:  June 30, 2016

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

                            LVIP American Allocation Funds   LVIP American Balanced Allocation Fund   LVIP American Growth Allocation Fund   LVIP American Income Allocation Fund   each a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP American Allocation Funds

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations	3
Schedules of Investments	4
Statements of Assets and Liabilities	7
Statements of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	16

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. You may also request a copy by calling 1-800-4LINCOLN (454-6265).

For a free copy of the Funds’ proxy voting procedures and information regarding how 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 American Allocation Funds

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). The Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of a Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis tables. The Expense Analysis tables do not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur transaction costs, including sales charges (loads) on purchase payments, reinvested dividends or other distributions, redemption fees, and exchange fees. These Expense Analyses are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Analyses are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 to June 30, 2016.

Actual Expenses

The first section of the tables, “Actual”, provides information about actual account values and actual expenses. You may use the information in this section of the tables, 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 tables, “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses can not 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. The Funds do not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Funds’ actual expenses shown in the tables reflect fee waivers in effect.

LVIP American Balanced Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,038.10		0.23%		$1.17
Service Class Shares		1,000.00		1,036.30		0.58%		2.94
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.72		0.23%		$1.16
Service Class Shares		1,000.00		1,021.98		0.58%		2.92

LVIP American Growth Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,030.20		0.23%		$1.16
Service Class Shares		1,000.00		1,028.40		0.58%		2.93
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.72		0.23%		$1.16
Service Class Shares		1,000.00		1,021.98		0.58%		2.92

LVIP American Income Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,048.20		0.25%		$1.27
Service Class Shares		1,000.00		1,046.40		0.60%		3.05
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.62		0.25%		$1.26
Service Class Shares		1,000.00		1,021.88		0.60%		3.02

*   “Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP American Allocation Funds–1

LVIP American Allocation Funds

Disclosure

OF FUND EXPENSES (continued)

Each Fund operates under a fund of funds structure. Each Fund invests a significant portion of its assets in other investment companies (“Underlying Funds”). In addition to the Funds’ expenses reflected on page 4, the Funds also indirectly bear their portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in each table on page 4 does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP American Allocation Funds–2

LVIP American Allocation Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2016

LVIP American Balanced Allocation Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company	3.02%
Fixed Income Fund	3.02%
Unaffiliated Investment Companies	97.06%
Asset Allocation Fund	18.18%
Equity Funds	24.91%
Fixed Income Funds	31.40%
International Equity Funds	20.52%
International Fixed Income Fund	2.02%
Money Market Fund	0.03%
Total Value of Securities	100.08%
Liabilities Net of Receivables and Other Assets	(0.08%)
Total Net Assets	100.00%

LVIP American Growth Allocation Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company	3.04%
Fixed Income Fund	3.04%
Unaffiliated Investment Companies	97.00%
Asset Allocation Fund	15.20%
Equity Funds	26.03%
Fixed Income Funds	23.38%
International Equity Funds	32.39%
Total Value of Securities	100.04%
Liabilities Net of Receivables and Other Assets	(0.04%)
Total Net Assets	100.00%

LVIP American Income Allocation Fund

Security Type/Sector	Percentage of Net Assets
Unaffiliated Investment Companies	100.11%
Asset Allocation Fund	18.07%
Equity Funds	17.83%
Fixed Income Funds	54.37%
International Equity Funds	7.76%
International Fixed Income Fund	2.01%
Money Market Fund	0.07%
Total Value of Securities	100.11%
Liabilities Net of Receivables and Other Assets	(0.11%)
Total Net Assets	100.00%

LVIP American Allocation Funds–3

LVIP American Balanced Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–3.02%
Fixed Income Fund–3.02%
✢American Funds Insurance Series®–
Mortgage Bond Fund		2,332,282	$	25,141,999
				25,141,999
Total Affiliated Investment Company (Cost $23,913,114)				25,141,999
UNAFFILIATED INVESTMENT COMPANIES–97.06%
Asset Allocation Fund–18.18%
²American Funds®–
Capital Income Builder		2,567,949		150,969,705
				150,969,705
Equity Funds–24.91%
²American Funds®–
AMCAP Fund		1,550,413		40,698,332
American Mutual Fund		1,617,776		58,822,353
✢American Funds Insurance Series®–
Blue Chip Income & Growth Fund		3,288,273		41,826,835
Growth Fund		522,839		32,646,084
Growth-Income Fund		791,145		32,879,979
				206,873,583
Fixed Income Funds–31.40%
²American Funds®–
Intermediate Bond Fund of America		1,839,351		25,199,105

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
Fixed Income Funds (continued)
✢American Funds Insurance Series®–
Bond Fund		19,546,696	$	218,922,991
High-Income Bond Fund		1,688,757		16,701,803
				260,823,899
International Equity Funds–20.52%
²American Funds®–
EuroPacific Growth Fund		365,787		16,142,196
✢American Funds Insurance Series®–
Global Growth & Income Fund		1,312,709		16,461,367
Global Growth Fund		689,501		16,030,887
Global Small Capitalization Fund		1,672,211		31,939,230
International Fund		4,492,616		73,094,869
New World Fund		870,537		16,801,365
				170,469,914
International Fixed Income Fund–2.02%
✢American Funds Insurance Series®–
Global Bond Fund		1,414,322		16,788,000
				16,788,000
Money Market Fund–0.03%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		287,395		287,395
				287,395
Total Unaffiliated Investment Companies (Cost $767,580,236)				806,212,496

TOTAL VALUE OF SECURITIES–100.08% (Cost $791,493,350)		831,354,495
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.08%)		(705,135	)
NET ASSETS APPLICABLE TO 67,407,679 SHARES OUTSTANDING–100.00%	$	830,649,360

^²  Class R-6 shares.

✢ Class 1 shares.

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

LVIP American Allocation Funds–4

LVIP American Growth Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–3.04%
Fixed Income Fund–3.04%
✢American Funds Insurance Series®–
Mortgage Bond Fund		2,357,793	$	25,417,012
				25,417,012
Total Affiliated Investment Company (Cost $24,532,886)				25,417,012
UNAFFILIATED INVESTMENT COMPANIES–97.00%
Asset Allocation Fund–15.20%
²American Funds®–
Capital Income Builder		2,163,620		127,199,208
				127,199,208
Equity Funds–26.03%
²American Funds®–
AMCAP Fund		1,567,641		41,150,586
American Mutual Fund		1,868,870		67,952,129
✢American Funds Insurance Series®–
Blue Chip Income & Growth Fund		3,996,530		50,835,864
Growth Fund		393,957		24,598,690
Growth-Income Fund		799,928		33,245,005
				217,782,274

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
Fixed Income Funds–23.38%
²American Funds®–
Intermediate Bond Fund of America		1,240,160	$	16,990,194
✢American Funds Insurance Series®–
Bond Fund		14,439,945		161,727,388
High-Income Bond Fund		1,707,302		16,885,216
				195,602,798
International Equity Funds–32.39%
²American Funds®–
EuroPacific Growth Fund		924,676		40,805,938
✢American Funds Insurance Series®–
Global Growth & Income Fund		1,990,839		24,965,124
Global Growth Fund		1,056,191		24,556,447
Global Small Capitalization Fund		2,115,725		40,410,346
International Fund		7,072,175		115,064,282
New World Fund		1,304,907		25,184,697
				270,986,834
Total Unaffiliated Investment Companies (Cost $778,100,323)				811,571,114

TOTAL VALUE OF SECURITIES–100.04% (Cost $802,633,209)		836,988,126
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)		(356,124	)
NET ASSETS APPLICABLE TO 66,341,660 SHARES OUTSTANDING–100.00%	$	836,632,002

^²  Class R-6 shares.

✢ Class 1 shares.

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

LVIP American Allocation Funds–5

LVIP American Income Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–100.11%
Asset Allocation Fund–18.07%
²American Funds®–
Capital Income Builder		595,715	$	35,022,089
				35,022,089
Equity Funds–17.83%
²American Funds®–
AMCAP Fund		287,738		7,553,119
American Mutual Fund		321,452		11,687,990
✢American Funds Insurance Series®–
Blue Chip Income & Growth Fund		457,683		5,821,730
Growth Fund		91,319		5,701,973
Growth-Income Fund		91,203		3,790,377
				34,555,189
Fixed Income Funds–54.37%
²American Funds®–
Intermediate Bond Fund of America		853,227		11,689,209
✢American Funds Insurance Series®–
Bond Fund		6,627,308		74,225,851
High-Income Bond Fund		587,658		5,811,936
Mortgage Bond Fund		721,406		7,776,752
U.S. Government/AAA-Rated Securities Fund		466,888		5,850,109
				105,353,857

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds–7.76%
✢American Funds Insurance Series®–
Global Growth Fund		161,559	$	3,756,254
Global Small Capitalization Fund		194,906		3,722,707
International Fund		464,269		7,553,650
				15,032,611
International Fixed Income Fund–2.01%
✢American Funds Insurance Series®–
Global Bond Fund		328,093		3,894,467
				3,894,467
Money Market Fund–0.07%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		126,179		126,179
				126,179
Total Unaffiliated Investment Companies (Cost $186,529,715)				193,984,392

TOTAL VALUE OF SECURITIES–100.11% (Cost $186,529,715)		193,984,392
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.11%)		(213,503	)
NET ASSETS APPLICABLE TO 16,766,385 SHARES OUTSTANDING–100.00%	$	193,770,889

^² Class R-6 shares.

✢ Class 1 shares.

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

LVIP American Allocation Funds–6

LVIP American Allocation Funds

Statements of Assets and Liabilities

June 30, 2016 (unaudited)

	LVIP American Balanced Allocation Fund			LVIP American Growth Allocation Fund			LVIP American Income Allocation Fund
ASSETS:
Investments in affiliated investment companies, at value		$	25,141,999		$	25,417,012		$	—
Investments in unaffiliated investment companies, at value			806,212,496			811,571,114			193,984,392
Total investments, at value			831,354,495			836,988,126			193,984,392
Receivables for fund shares sold			192,512			130,983			96,495
Dividends receivable from investment companies			49,688			36,545			21,981
Cash			16			—			3
Receivables for investment companies shares sold			—			403,295			—
TOTAL ASSETS			831,596,711			837,558,949			194,102,871
LIABILITIES:
Due to manager and affiliates			363,776			371,860			84,550
Payables for investment companies shares purchased			337,071			28,306			148,149
Payables for fund shares redeemed			228,089			97,505			82,856
Other accrued expenses payable			18,415			17,756			16,427
Cash overdraft			—			411,520			—
TOTAL LIABILITIES			947,351			926,947			331,982
TOTAL NET ASSETS		$	830,649,360		$	836,632,002		$	193,770,889
Investments in affiliated investment companies, at cost		$	23,913,114		$	24,532,886		$	—
Investments in unaffiliated investment companies, at cost			767,580,236			778,100,323			186,529,715
Total investments, at cost		$	791,493,350		$	802,633,209		$	186,529,715
Standard Class:
Net Assets		$	32,609,205		$	14,995,660		$	7,708,338
Shares Outstanding			2,641,258			1,186,850			665,684
Net Asset Value Per Share		$	12.346		$	12.635		$	11.580
Service Class:
Net Assets		$	798,040,155		$	821,636,342		$	186,062,551
Shares Outstanding			64,766,421			65,154,810			16,100,701
Net Asset Value Per Share		$	12.322		$	12.611		$	11.556
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)		$	742,246,172		$	743,982,161		$	178,667,892
Undistributed net investment income			3,488,920			2,901,029			940,143
Accumulated net realized gain on investments			45,053,123			55,393,895			6,708,177
Net unrealized appreciation of investments			39,861,145			34,354,917			7,454,677
TOTAL NET ASSETS		$	830,649,360		$	836,632,002		$	193,770,889

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

LVIP American Allocation Funds––7

LVIP American Allocation Funds

Statements of Operations

Six Months Ended June 30, 2016 (unaudited)

	LVIP American Balanced Allocation Fund				LVIP American Growth Allocation Fund				LVIP American Income Allocation Fund
INVESTMENT INCOME:
Dividends from affiliated investment companies		$	62,373			$	63,038			$	—
Dividends from unaffiliated investment companies			5,676,890				5,158,760				1,484,737
			5,739,263				5,221,798				1,484,737
EXPENSES:
Distribution expenses-Service Class			1,345,964				1,401,840				312,234
Management fees			999,536				1,018,722				232,137
Accounting and administration expenses			48,418				49,141				22,785
Professional fees			19,124				18,970				12,201
Reports and statements to shareholders			12,015				9,868				3,793
Trustees’ fees and expenses			10,552				10,789				2,434
Custodian fees			7,165				7,248				3,372
Consulting fees			1,992				1,997				880
Pricing fees			52				54				16
Other			5,432				5,884				1,169
			2,450,250				2,524,513				591,021
Less management fees waived			(199,907	)			(203,744	)			(46,427	)
Total operating expenses			2,250,343				2,320,769				544,594
NET INVESTMENT INCOME			3,488,920				2,901,029				940,143
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from affiliated investment companies			254,111				256,823				—
Distributions from unaffiliated investment companies			25,005,795				30,744,655				3,637,385
Sale of investments in affiliated investment companies			29,190				37,520				—
Sale of investments in unaffiliated investment companies			(7,867,036	)			(7,352,246	)			(446,839	)
Net realized gain			17,422,060				23,686,752				3,190,546
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies			353,063				357,223				—
Investments in unaffiliated investment companies			7,473,041				(3,647,558	)			4,473,865
Net change in unrealized appreciation (depreciation)			7,826,104				(3,290,335	)			4,473,865
NET REALIZED AND UNREALIZED GAIN			25,248,164				20,396,417				7,664,411
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	28,737,084			$	23,297,446			$	8,604,554

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

LVIP American Allocation Funds–8

LVIP American Allocation Funds

Statements of Changes in Net Assets

	LVIP American Balanced Allocation Fund						LVIP American Growth Allocation Fund						LVIP American Income Allocation Fund
	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,488,920		$	12,765,818		$	2,901,029		$	12,771,305		$	940,143		$	3,106,600
Net realized gain		17,422,060			41,088,684			23,686,752			45,763,540			3,190,546			6,994,934
Net change in unrealized appreciation (depreciation)		7,826,104			(62,089,964	)		(3,290,335	)		(68,586,717	)		4,473,865			(11,822,374	)
Net increase (decrease) in net assets resulting from operations		28,737,084			(8,235,462	)		23,297,446			(10,051,872	)		8,604,554			(1,720,840	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(895,481	)		—			(406,752	)		—			(232,766	)
Service Class		—			(20,426,594	)		—			(21,036,229	)		—			(4,995,935	)
Net realized gain:
Standard Class		—			(986,738	)		—			(633,093	)		—			(233,384	)
Service Class		—			(26,357,700	)		—			(33,644,518	)		—			(5,249,158	)
		—			(48,666,513	)		—			(55,720,592	)		—			(10,711,243	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,496,717			5,885,735			1,792,450			2,135,749			813,141			1,936,101
Service Class		45,083,323			96,801,578			33,359,918			88,812,884			15,333,268			32,205,129
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,882,219			—			1,039,845			—			466,150
Service Class		—			46,784,294			—			54,680,747			—			10,245,093
		48,580,040			151,353,826			35,152,368			146,669,225			16,146,409			44,852,473
Cost of shares redeemed:
Standard Class		(2,257,216	)		(6,390,843	)		(1,119,893	)		(3,871,217	)		(813,445	)		(2,891,513	)
Service Class		(57,110,604	)		(125,346,513	)		(53,927,184	)		(104,933,095	)		(15,134,493	)		(56,512,008	)
		(59,367,820	)		(131,737,356	)		(55,047,077	)		(108,804,312	)		(15,947,938	)		(59,403,521	)
Increase (decrease) in net assets derived from capital share transactions		(10,787,780	)		19,616,470			(19,894,709	)		37,864,913			198,471			(14,551,048	)
NET INCREASE (DECREASE) IN NET ASSETS		17,949,304			(37,285,505	)		3,402,737			(27,907,551	)		8,803,025			(26,983,131	)
NET ASSETS:
Beginning of period		812,700,056			849,985,561			833,229,265			861,136,816			184,967,864			211,950,995
End of period	$	830,649,360		$	812,700,056		$	836,632,002		$	833,229,265		$	193,770,889		$	184,967,864
Undistributed net investment income	$	3,488,920		$	—		$	2,901,029		$	—		$	940,143		$	—

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

LVIP American Allocation Funds–9

LVIP American Balanced Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Balanced Allocation Fund Standard Class
	Six Months    Ended    6/30/161    (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.893		$	12.768			$	12.820			$	11.416			$	10.545			$	10.659
Income (loss) from investment operations:
Net investment income2			0.072			0.237				0.279				0.246				0.270				0.336
Net realized and unrealized gain (loss)			0.381			(0.328	)			0.453				1.463				0.947				(0.369	)
Total from investment operations			0.453			(0.091	)			0.732				1.709				1.217				(0.033	)
Less dividends and distributions from:
Net investment income			—			(0.363	)			(0.297	)			(0.257	)			(0.337	)			(0.081	)
Net realized gain			—			(0.421	)			(0.487	)			(0.048	)			(0.009	)			—	3
Total dividends and distributions			—			(0.784	)			(0.784	)			(0.305	)			(0.346	)			(0.081	)
Net asset value, end of period		$	12.346		$	11.893			$	12.768			$	12.820			$	11.416			$	10.545
Total return4			3.81%			(0.68%	)			5.74%				14.98%				11.58%				(0.30%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	32,609		$	30,201			$	30,939			$	29,314			$	17,492			$	10,124
Ratio of expenses to average net assets5			0.23%			0.22%				0.22%				0.22%				0.20%				0.23%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.28%			0.27%				0.27%				0.28%				0.28%				0.30%
Ratio of net investment income to average net assets			1.21%			1.85%				2.13%				2.01%				2.40%				3.15%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.16%			1.80%				2.08%				1.95%				2.32%				3.08%
Portfolio turnover			17%			25%				19%				49%				24%				33%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain on investments distributions of $6 were made by the Fund’s Standard Class, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Allocation Funds–10

LVIP American Balanced Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Balanced Allocation Fund Service Class
	Six Months    Ended    6/30/161			Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.890		$	12.765			$	12.818			$	11.416			$	10.549			$	10.644
Income (loss) from investment operations:
Net investment income2			0.051			0.192				0.233				0.202				0.231				0.298
Net realized and unrealized gain (loss)			0.381			(0.328	)			0.452				1.462				0.945				(0.366	)
Total from investment operations			0.432			(0.136	)			0.685				1.664				1.176				(0.068	)
Less dividends and distributions from:
Net investment income			—			(0.318	)			(0.251	)			(0.214	)			(0.300	)			(0.027	)
Net realized gain			—			(0.421	)			(0.487	)			(0.048	)			(0.009	)			—	3
Total dividends and distributions			—			(0.739	)			(0.738	)			(0.262	)			(0.309	)			(0.027	)
Net asset value, end of period		$	12.322		$	11.890			$	12.765			$	12.818			$	11.416			$	10.549
Total return4			3.63%			(1.03%	)			5.37%				14.59%				11.18%				(0.64%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	798,040		$	782,499			$	819,047			$	778,627			$	685,676			$	459,835
Ratio of expenses to average net assets5			0.58%			0.57%				0.57%				0.57%				0.55%				0.58%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.63%			0.62%				0.62%				0.63%				0.63%				0.65%
Ratio of net investment income to average net assets			0.86%			1.50%				1.78%				1.66%				2.05%				2.80%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.81%			1.45%				1.73%				1.60%				1.97%				2.73%
Portfolio turnover			17%			25%				19%				49%				24%				33%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain on investments distributions of $285 were made by the Fund’s Service Class, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Allocation Funds–11

LVIP American Growth Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Growth Allocation Fund Standard Class
	Six Months    Ended    6/30/161			Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.265		$	13.298			$	13.297			$	11.526			$	10.485			$	10.763
Income (loss) from investment operations:
Net investment income2			0.064			0.243				0.287				0.247				0.253				0.335
Net realized and unrealized gain (loss)			0.306			(0.369	)			0.459				1.820				1.120				(0.536	)
Total from investment operations			0.370			(0.126	)			0.746				2.067				1.373				(0.201	)
Less dividends and distributions from:
Net investment income			—			(0.370	)			(0.303	)			(0.247	)			(0.327	)			(0.077	)
Net realized gain			—			(0.537	)			(0.442	)			(0.049	)			(0.005	)			—	3
Total dividends and distributions			—			(0.907	)			(0.745	)			(0.296	)			(0.332	)			(0.077	)
Net asset value, end of period		$	12.635		$	12.265			$	13.298			$	13.297			$	11.526			$	10.485
Total return4			3.02%			(0.89%	)			5.63%				17.94%				13.15%				(1.87%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	14,996		$	13,884			$	15,753			$	14,903			$	10,649			$	8,324
Ratio of expenses to average net assets5			0.23%			0.22%				0.22%				0.22%				0.21%				0.23%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.28%			0.27%				0.27%				0.28%				0.29%				0.30%
Ratio of net investment income to average net assets			1.06%			1.82%				2.11%				1.97%				2.25%				3.14%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.01%			1.77%				2.06%				1.91%				2.17%				3.07%
Portfolio turnover			17%			23%				19%				42%				18%				26%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain on investments distributions of $4 were made by the Fund’s Standard Class, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Allocation Funds–12

LVIP American Growth Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Growth Allocation Fund Service Class
	Six Months    Ended    6/30/161			Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.263		$	13.295			$	13.295			$	11.527			$	10.490			$	10.749
Income (loss) from investment operations:
Net investment income2			0.043			0.196				0.239				0.202				0.214				0.297
Net realized and unrealized gain (loss)			0.305			(0.368	)			0.458				1.818				1.118				(0.534	)
Total from investment operations			0.348			(0.172	)			0.697				2.020				1.332				(0.237	)
Less dividends and distributions from:
Net investment income			—			(0.323	)			(0.255	)			(0.203	)			(0.290	)			(0.022	)
Net realized gain			—			(0.537	)			(0.442	)			(0.049	)			(0.005	)			—	3
Total dividends and distributions			—			(0.860	)			(0.697	)			(0.252	)			(0.295	)			(0.022	)
Net asset value, end of period		$	12.611		$	12.263			$	13.295			$	13.295			$	11.527			$	10.490
Total return4			2.84%			(1.23%	)			5.26%				17.53%				12.74%				(2.20%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	821,636		$	819,345			$	845,384			$	783,260			$	642,165			$	450,352
Ratio of expenses to average net assets5			0.58%			0.57%				0.57%				0.57%				0.56%				0.58%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.63%			0.62%				0.62%				0.63%				0.64%				0.65%
Ratio of net investment income to average net assets			0.71%			1.47%				1.76%				1.62%				1.90%				2.79%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.66%			1.42%				1.71%				1.56%				1.82%				2.72%
Portfolio turnover			17%			23%				19%				42%				18%				26%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain on investments distributions of $305 were made by the Fund’s Service Class, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Allocation Funds–13

LVIP American Income Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Income Allocation Fund Standard Class
	Six Months    Ended    6/30/161			Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.047		$	11.827			$	11.937			$	11.208			$	10.660			$	10.440
Income (loss) from investment operations:
Net investment income2			0.075			0.226				0.266				0.231				0.286				0.347
Net realized and unrealized gain (loss)			0.458			(0.310	)			0.469				0.771				0.635				(0.049	)
Total from investment operations			0.533			(0.084	)			0.735				1.002				0.921				0.298
Less dividends and distributions from:
Net investment income			—			(0.361	)			(0.300	)			(0.254	)			(0.365	)			(0.078	)
Net realized gain			—			(0.335	)			(0.545	)			(0.019	)			(0.008	)			—	3
Total dividends and distributions			—			(0.696	)			(0.845	)			(0.273	)			(0.373	)			(0.078	)
Net asset value, end of period		$	11.580		$	11.047			$	11.827			$	11.937			$	11.208			$	10.660
Total return4			4.82%			(0.70%	)			6.20%				8.95%				8.66%				2.86%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	7,708		$	7,355			$	8,346			$	6,351			$	5,799			$	2,963
Ratio of expenses to average net assets5			0.25%			0.25%				0.24%				0.25%				0.23%				0.27%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.30%			0.30%				0.29%				0.30%				0.31%				0.38%
Ratio of net investment income to average net assets			1.35%			1.91%				2.17%				1.97%				2.56%				3.27%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.30%			1.86%				2.12%				1.92%				2.48%				3.16%
Portfolio turnover			14%			31%				22%				61%				30%				41%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain on investments distributions of $5 were made by the Fund’s Standard Class, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Allocation Funds–14

LVIP American Income Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Income Allocation Fund Service Class
	Six Months    Ended    6/30/161			Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.044		$	11.823			$	11.934			$	11.207			$	10.663			$	10.426
Income (loss) from investment operations:
Net investment income2			0.055			0.184				0.223				0.190				0.247				0.309
Net realized and unrealized gain (loss)			0.457			(0.308	)			0.468				0.769				0.633				(0.048	)
Total from investment operations			0.512			(0.124	)			0.691				0.959				0.880				0.261
Less dividends and distributions from:
Net investment income			—			(0.320	)			(0.257	)			(0.213	)			(0.328	)			(0.024	)
Net realized gain			—			(0.335	)			(0.545	)			(0.019	)			(0.008	)			—	3
Total dividends and distributions			—			(0.655	)			(0.802	)			(0.232	)			(0.336	)			(0.024	)
Net asset value, end of period		$	11.556		$	11.044			$	11.823			$	11.934			$	11.207			$	10.663
Total return4			4.64%			(1.04%	)			5.84%				8.57%				8.27%				2.50%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	186,063		$	177,613			$	203,605			$	208,183			$	195,751			$	130,850
Ratio of expenses to average net assets5			0.60%			0.60%				0.59%				0.60%				0.58%				0.62%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.65%			0.65%				0.64%				0.65%				0.66%				0.73%
Ratio of net investment income to average net assets			1.00%			1.56%				1.82%				1.62%				2.21%				2.92%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.95%			1.51%				1.77%				1.57%				2.13%				2.81%
Portfolio turnover			14%			31%				22%				61%				30%				41%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain on investments distributions of $239 were made by the Fund’s Service Class, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Allocation Funds–15

LVIP American Allocation Funds

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 American Balanced Allocation Fund, LVIP American Growth Allocation Fund and LVIP American Income Allocation Fund (each, a “Fund”, and collectively, the “Funds”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are non-diversified management investment companies registered under the 1940 Act. Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold the Funds’ shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests a significant portion of its assets in the American Funds Insurance Series^® funds and American Funds^® retail funds (collectively, the “Underlying Funds”). The Underlying Funds, which are advised by an unaffiliated adviser, invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, each Fund may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP American Balanced Allocation Fund is to seek to have a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

The investment objective of the LVIP American Growth Allocation Fund is to seek to have a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

The investment objective of the LVIP American Income Allocation Fund is to seek to have a high level of current income with some consideration given to growth of capital.

1. Significant Accounting Policies

Each Fund is an investment company in conformity with U.S. generally accounting principles (“U.S. GAAP”). Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Funds.

Security Valuation–The Funds value Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each 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 benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on each Funds’ federal income tax returns through the six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the six months ended June 30, 2016 the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

LVIP American Allocation Funds–16

LVIP American Allocation Funds

Notes to Financial Statements  (continued)

1. Significant Accounting Policies (continued)

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 each Fund’s investment portfolio, and providing certain administrative services to each Fund. For its services, LIAC receives a management fee at an annual rate of 0.25% of the average daily net assets of each Fund. The fee is in addition to the management fees indirectly paid to the investment advisers of the Underlying Funds. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.05% of the average daily net assets of each Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (“Board”) and LIAC.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in “Accounting and administration expenses” on the Statements of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

	LVIP American Balanced Allocation Fund			LVIP American Growth Allocation Fund			LVIP American Income Allocation Fund
Administrative		$	22,468		$	22,950		$	5,241
Legal			5,783			5,906			1,349

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP American Balanced Allocation Fund			LVIP American Growth Allocation Fund			LVIP American Income Allocation Fund
Trading operation		$	4,760		$	4,868		$	1,102

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP American Balanced Allocation Fund			LVIP American Growth Allocation Fund			LVIP American Income Allocation Fund
Printing and mailing		$	7,600		$	5,570		$	1,747

The Funds offer Standard Class and Service Class shares. Pursuant to their distribution and service plan, the Funds are authorized to pay out of the assets of the Service Class shares, Lincoln Life, LNY, or other, an annual distribution and/or service fee (“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 entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC, whereby the 12b-1 Fee is currently 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Funds had liabilities payable to affiliates as follows:

	LVIP American Balanced Allocation Fund			LVIP American Growth Allocation Fund			LVIP American Income Allocation Fund
Management fees payable to LIAC		$	135,612		$	136,561		$	31,503
Distribution fees payable to LFD			228,022			234,772			52,948
Printing and mailing fees payable to Lincoln Life			142			527			99

LVIP American Allocation Funds–17

LVIP American Allocation Funds

Notes to Financial Statements  (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

Affiliated investment companies, for purposes of the 1940 Act are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Funds held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds or ETFs). Investments in companies considered to be affiliates of the Funds and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

LVIP American Balanced Allocation Fund
	Value 12/31/15			Purchases			Proceeds			Net Realized Gain (Loss)		Value 6/30/16			Dividends			Capital Gain Distributions
American Funds Insurance Series® - Mortgage Bond Fund		$	24,562,867		$	2,064,278		$	1,867,399		$29,190		$	25,141,999		$	62,373		$	254,111
LVIP American Growth Allocation Fund
	Value 12/31/15			Purchases			Proceeds			Net Realized Gain (Loss)		Value 6/30/16			Dividends			Capital Gain Distributions
American Funds Insurance Series® - Mortgage Bond Fund		$	25,208,989		$	2,000,887		$	2,187,606		$37,520		$	25,417,012		$	63,038		$	256,823

3. Investments

For the six months ended June 30, 2016, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	LVIP American Balanced Allocation Fund			LVIP American Growth Allocation Fund			LVIP American Income Allocation Fund
Purchases		$	154,374,065		$	156,014,107		$	30,179,525
Sales			136,777,137			141,852,277			25,433,260

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	LVIP American Balanced Allocation Fund				LVIP American Growth Allocation Fund				LVIP American Income Allocation Fund
Cost of investments		$	791,493,350			$	802,633,209			$	186,529,715
Aggregate unrealized appreciation		$	46,209,285			$	47,814,768			$	9,206,691
Aggregate unrealized depreciation			(6,348,140	)			(13,459,851	)			(1,752,014	)
Net unrealized appreciation		$	39,861,145			$	34,354,917			$	7,454,677

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable

LVIP American Allocation Funds–18

LVIP American Allocation Funds

Notes to Financial Statements  (continued)

3. Investments (continued)

for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2016:

Level 1	LVIP American Balanced Allocation Fund			LVIP American Growth Allocation Fund			LVIP American Income Allocation Fund
Investment Companies		$	831,354,495		$	836,988,126		$	193,984,392

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Funds’ policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	LVIP American Balanced Allocation Fund						LVIP American Growth Allocation Fund						LVIP American Income Allocation Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		291,777			459,608			146,848			156,913			73,820			163,182
Service Class		3,793,977			7,549,078			2,783,787			6,650,622			1,377,080			2,719,562
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			156,629			—			84,022			—			41,638
Service Class		—			3,898,131			—			4,426,340			—			916,408
		4,085,754			12,063,446			2,930,635			11,317,897			1,450,900			3,840,790
Shares redeemed:
Standard Class		(190,004	)		(499,828	)		(92,011	)		(293,483	)		(73,866	)		(244,732	)
Service Class		(4,838,992	)		(9,799,926	)		(4,443,457	)		(7,849,766	)		(1,358,457	)		(4,774,784	)
		(5,028,996	)		(10,299,754	)		(4,535,468	)		(8,143,249	)		(1,432,323	)		(5,019,516	)
Net increase (decrease)		(943,242	)		1,763,692			(1,604,833	)		3,174,648			18,577			(1,178,726	)

5. Contractual Obligations

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

6. Subsequent Events

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

LVIP American Allocation Funds–19

                          LVIP American Century Select Mid Cap Managed Volatility Fund (formerly LVIP American Century VP Mid Cap Value Managed Volatility Fund)   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP American Century Select

Mid Cap Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 American Century Select Mid Cap Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,088.60		0.02%		$0.10
Service Class Shares		1,000.00		1,086.70		0.37%		1.92
Hypothetical (5% return before expenses)*
Standard Class Shares		$1,000.00		$1,024.76		0.02%		$0.10
Service Class Shares		1,000.00		1,023.02		0.37%		1.86

* “Expenses Paid During Period” are equal to a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP American Century Select Mid Cap Managed Volatility Fund–1

LVIP American Century Select Mid Cap Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies	93.79%
Equity Funds	93.79%
Unaffiliated Investment Company	5.57%
Money Market Fund	5.57%
Total Value of Securities	99.36%
Receivables and Other Assets Net of Liabilities	0.64%
Total Net Assets	100.00%

LVIP American Century Select Mid Cap Managed Volatility Fund–2

LVIP American Century Select Mid Cap Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–93.79%
Equity Funds–93.79%
*American Century VP–
Capital Appreciation Fund		2,586,286	$	35,225,220
Mid Cap Value Fund		7,563,382		144,914,396
Total Affiliated Investment Companies (Cost $174,866,478)				180,139,616

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANY–5.57%
Money Market Fund–5.57%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		10,696,335	$	10,696,335
Total Unaffiliated Investment Company (Cost $10,696,335)				10,696,335

TOTAL VALUE OF SECURITIES–99.36% (Cost $185,562,813)	190,835,951
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.64%	1,229,276
NET ASSETS APPLICABLE TO 16,507,046 SHARES OUTSTANDING–100.00%	$192,065,227

*  Class I shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)				Notional Value				Expiration Date		Unrealized Appreciation (Depreciation)
(7)   British Pound Currency		$	(591,426	)		$	(579,600	)		9/20/16		$	11,826
(26)   E-mini Russell 2000 Index			(2,877,272	)			(2,983,240	)		9/19/16			(105,968	)
(190)   E-mini S&P 500 Index			(19,198,188	)			(19,856,900	)		9/19/16			(658,712	)
(121)   E-mini S&P MidCap 400 Index			(17,440,061	)			(18,065,300	)		9/19/16			(625,239	)
(7)   Euro Currency			(972,608	)			(971,906	)		9/20/16			702
(17)   Euro STOXX 50 Index			(519,919	)			(538,617	)		9/19/16			(18,698	)
(7)   FTSE 100 Index			(582,065	)			(598,497	)		9/19/16			(16,432	)
(2)   Japanese Yen Currency			(244,047	)			(242,675	)		9/20/16			1,372
(2)   Nikkei 225 Index (OSE)			(300,574	)			(301,554	)		9/9/16			(980	)
												$	(1,412,129	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP American Century Select Mid Cap Managed Volatility Fund–3

LVIP American Century Select Mid Cap Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	180,139,617
Investments in unaffiliated investment companies, at value		10,696,334
Total investments, at value		190,835,951
Cash collateral held at broker for futures contracts		2,714,111
Receivables for investment companies sold		230,259
Receivables for fund shares sold		134,704
Expense reimbursement from Lincoln Investment Advisor Corporation		15,008
Dividends receivable from investment companies		2,186
Prepaid printing and mailing fees to Lincoln Life		1,716
TOTAL ASSETS		193,933,935
LIABILITIES:
Net unrealized depreciation on futures contracts		1,412,129
Cash overdraft		230,457
Payables for fund shares redeemed		82,167
Foreign currencies collateral due to broker for futures contracts		64,286
Due to manager and affiliates		63,571
Other accrued expenses payable		16,098
TOTAL LIABILITIES		1,868,708
TOTAL NET ASSETS	$	192,065,227
Investments in affiliated investment companies, at cost	$	174,866,478
Investments in unaffiliated investment companies, at cost		10,696,335
Total investments, at cost	$	185,562,813
Standard Class:
Net Assets	$	11,942
Shares Outstanding		1,025
Net Asset Value Per Share	$	11.655	*
Service Class:
Net Assets	$	192,053,285
Shares Outstanding		16,506,021
Net Asset Value Per Share	$	11.635
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	182,278,387
Undistributed net investment income		1,689,029
Accumulated net realized gain on investments		4,236,802
Net unrealized appreciation of investments and derivatives		3,861,009
TOTAL NET ASSETS	$	192,065,227

*NAV per share does not recalculate exactly, due to rounding.

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

LVIP American Century Select Mid Cap Managed Volatility Fund–4

LVIP American Century Select Mid Cap

Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from affiliated investment companies	$	1,520,834
Dividends from unaffiliated investment companies		10,192
		1,531,026
EXPENSES:
Management fees		642,612
Distribution fees-Service Class		299,866
Accounting and administration expenses		41,669
Reports and statements to shareholders		15,702
Professional fees		15,416
Trustees’ fees and expenses		2,189
Consulting fees		1,898
Custodian fees		1,549
Pricing fees		121
Other		1,367
		1,022,389
Less management fees waived		(624,029	)
Less expenses reimbursed		(79,910	)
Total operating expenses		318,450
NET INVESTMENT INCOME		1,212,576
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from affiliated investment companies		8,066,805
Sale of investments in affiliated investment companies		(1,907,790	)
Foreign currencies		1,868
Futures contracts		(447,025	)
Net realized gain		5,713,858
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		9,323,704
Futures contracts		(1,315,805	)
Net change in unrealized appreciation (depreciation)		8,007,899
NET REALIZED AND UNREALIZED GAIN		13,721,757
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,934,333

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

LVIP American Century Select Mid Cap

Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,212,576		$	1,574,099
Net realized gain		5,713,858			474,695
Net change in unrealized appreciation (depreciation)		8,007,899			(8,233,530	)
Net increase in net assets resulting from operations		14,934,333			(6,184,736	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(202	)
Service Class		—			(2,371,619	)
		—			(2,371,821	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		—			—
Service Class		32,080,605			113,689,139
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			202
Service Class		—			2,371,619
		32,080,605			116,060,960
Cost of shares redeemed:
Standard Class		—			—
Service Class		(14,621,110	)		(35,964,730	)
		(14,621,110	)		(35,964,730	)
Increase in net assets derived from capital share transactions		17,459,495			80,096,230
NET INCREASE IN NET ASSETS .		32,393,828			71,539,673
NET ASSETS:
Beginning of period		159,671,399			88,131,726
End of period	$	192,065,227		$	159,671,399
Undistributed net investment income	$	1,689,029		$	476,453

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

LVIP American Century Select Mid Cap Managed Volatility Fund–5

LVIP American Century Select Mid Cap Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Century Select Mid Cap Managed Volatility Fund Standard Class
	Six months Ended 6/30/161, 2 (unaudited)			Year Ended 12/31/15				1/2/143 to 12/31/14
Net asset value, beginning of period		$	10.706		$	11.348			$	10.000
Income (loss) from investment operations:
Net investment income4			0.096			0.177				0.116
Net realized and unrealized gain (loss)			0.853			(0.618	)			1.300
Total from investment operations			0.949			(0.441	)			1.416
Less dividends and distributions from:
Net investment income			—			(0.201	)			(0.068	)
Total dividends and distributions			—			(0.201	)			(0.068	)
Net asset value, end of period		$	11.655		$	10.706			$	11.348
Total return5			8.86%			(3.91%	)			14.17%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	12		$	11			$	12
Ratio of expenses to average net assets6			0.02%			0.00%				0.00%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed and expense paid indirectly6			0.84%			0.85%				0.95%
Ratio of net investment income to average net assets			1.76%			1.57%				1.11%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed and expense paid indirectly			0.94%			0.72%				0.16%
Portfolio turnover			26%			15%				7%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Century Select Mid Cap Managed Volatility Fund–6

LVIP American Century Select Mid Cap Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Century Select Mid Cap Managed Volatility Fund Service Class
	Six months Ended 6/30/161, 2 (unaudited)			Year Ended 12/31/15				1/2/143 to 12/31/14
Net asset value, beginning of period		$	10.708		$	11.349			$	10.000
Income (loss) from investment operations:
Net investment income4			0.077			0.137				0.084
Net realized and unrealized gain (loss)			0.850			(0.616	)			1.293
Total from investment operations			0.927			(0.479	)			1.377
Less dividends and distributions from:
Net investment income			—			(0.162	)			(0.028	)
Total dividends and distributions			—			(0.162	)			(0.028	)
Net asset value, end of period		$	11.635		$	10.708			$	11.349
Total return5			8.67%			(4.24%	)			13.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	192,053		$	159,660			$	88,120
Ratio of expenses to average net assets6			0.37%			0.35%				0.35%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed and expense paid indirectly6			1.19%			1.20%				1.30%
Ratio of net investment income to average net assets			1.41%			1.22%				0.76%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed and expense paid indirectly			0.59%			0.37%				(0.19%	)
Portfolio turnover			26%			15%				7%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Century Select Mid Cap Managed Volatility Fund–7

LVIP American Century Select Mid Cap Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 American Century Select Mid Cap Managed Volatility Fund (formerly LVIP American Century VP Mid Cap Value Managed Volatility 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 non-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”), Lincoln Life & Annuity Company of New York (“LNY”). 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 operates under a fund of funds structure and invests substantially all its assets in other open-end investment companies, primarily the American Century VP Mid Cap Value Fund (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The American Century VP Mid Cap Value Fund, which is advised by an unaffiliated adviser, invests at least 80% of its assets in medium size companies. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 return 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 benefit or 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 six months ended June 30, 2016 and for all the open tax years (years ended December 31, 2014–December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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

LVIP American Century Select Mid Cap Managed Volatility Fund–8

LVIP American Century Select Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 portfolios, including monitoring of the Fund’s investment sub-adviser(s), and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.75% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds. Effective May 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.69% of the average daily net assets of the Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, LIAC had contractually agreed to waive its entire advisory fee. The waiver amount was 0.75% of the average daily net assets of the Fund.

Effective May 1, 2016, LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.06% of the average daily net assets for the Standard Class and 0.41% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to May 1, 2016, LIAC had contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.00% of the average daily net assets for the Standard Class and 0.35% for the Service Class.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays the Sub-Adviser(s) 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 six months ended June 30, 2016, costs for the administrative and legal services were as follows:

Administrative	$	4,690
Legal		1,208

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimbursed Lincoln Life for the cost of these services, which amounted to $4,282 for the six months ended June 30, 2016.

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 $11,541 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.35% of average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because the Underlying Funds have varied expense and fee levels, and the Fund may own different amounts of shares at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP American Century Select Mid Cap Managed Volatility Fund–9

LVIP American Century Select Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had receivables due from, liabilities payable and prepaid expenses to affiliates as follows:

Expense reimbursement from LIAC	$	15,008
Management fees payable to LIAC		9,304
Distribution fees payable to LFD		54,267
Prepaid printing and mailing fees to Lincoln Life		1,716

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.

At June 30, 2016, Lincoln Life directly owned 100.00% of the Standard Class shares of the Fund.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
American Century VP Capital Appreciation Fund		$	—		$	34,856,924		$	46,052		$	541			$	35,225,220		$	—		$	—
American Century VP Mid Cap Value Fund			148,662,301			32,190,311			42,939,782			(1,908,331	)			144,914,396			1,520,833			8,066,805
Total		$	148,662,301		$	67,047,235		$	42,985,834		$	(1,907,790	)		$	180,139,616		$	1,520,833		$	8,066,805

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	67,047,236
Sales		42,985,834

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	185,562,813
Aggregate unrealized appreciation	$	5,273,138
Aggregate unrealized depreciation		—
Net unrealized depreciation	$	5,273,138

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses

(No Expiration)

          Short-Term           

$629,740

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.

LVIP American Century Select Mid Cap Managed Volatility Fund–10

LVIP American Century Select Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	190,835,951
Futures Contracts	$	(1,412,129	)

There were no Level 3 investments at the end of the period.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		—			—
Service Class		2,918,505			10,108,574
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			19
Service Class		—			219,798
		2,918,505			10,328,391
Shares redeemed:
Standard Class		—			—
Service Class		(1,323,546	)		(3,181,636	)
		(1,323,546	)		(3,181,636	)
Net increase		1,594,959			7,146,755

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

LVIP American Century Select Mid Cap Managed Volatility Fund–11

LVIP American Century Select Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives					Liability Derivatives
	Statement of Assets and Liabilities Location		Fair Value			Statement of Assets and Liabilities Location		Fair Value
Currency contracts (Futures contracts)		Net unrealized depreciation on futures contracts		$	13,900		Net unrealized depreciation on futures contracts		$	—
Equity contracts (Futures contracts)		Net unrealized depreciation on futures contracts			—		Net unrealized depreciation on futures contracts			(1,426,029	)
Total				$	13,900				$	(1,426,029	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Futures contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(26,041	)		$	(1,310,507	)
Equity contracts (Futures contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(420,984	)			(5,298	)
Total			$	(447,025	)		$	(1,315,805	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (Average notional value)		$5,208,637		$12,882,573

6. 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.

7. Market Risk

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.

8. Subsequent Events

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

LVIP American Century Select Mid Cap Managed Volatility Fund–12

LVIP American Century Select Mid Cap Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusion

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP American Century Select Mid Cap Value Managed Volatility Fund–13

LVIP American Funds LVIP American Global Growth Fund LVIP American Global Small Capitalization Fund LVIP American Growth Fund LVIP American Growth-Income Fund LVIP American International Fund each a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP American Funds

Index

Disclosure of Fund Expenses	1
Statements of Net Assets	3
Statements of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	11
Notes to Financial Statements	16

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 American Funds

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of a Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis tables. The Expense Analysis tables do not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur transaction costs, including sales charges (loads) on purchase payments, reinvested dividends or other distributions, redemption fees, and exchange fees. These Expense Analyses are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Analyses are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 to June 30, 2016.

Actual Expenses

The first section of the tables, “Actual”, provides information about actual account values and actual expenses. You may use the information in this section of the tables, 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 tables, “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses can not 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. The Funds do not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Funds’ actual expenses shown in the tables reflect expense reimbursements in effect for the LVIP American Global Small Capitalization Fund.

LVIP American Global Growth Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Service Class II Shares		$1,000.00		$   963.80		0.62%		$3.03
Hypothetical (5% return before expenses)
Service Class II Shares		$1,000.00		$1,021.78		0.62%		$3.12

LVIP American Global Small Capitalization Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Service Class II Shares		$1,000.00		$   958.30		0.65%		$3.16
Hypothetical (5% return before expenses)
Service Class II Shares		$1,000.00		$1,021.63		0.65%		$3.27

LVIP American Growth Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Service Class II Shares		$1,000.00		$1,007.70		0.61%		$3.05
Hypothetical (5% return before expenses)
Service Class II Shares		$1,000.00		$1,021.83		0.61%		$3.07

LVIP American Funds–1

LVIP American Funds

Disclosure

OF FUND EXPENSES (unaudited) (continued)

LVIP American Growth-Income Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Service Class II Shares	$	1,000.00	$	1,029.30		0.59%		$2.98
Hypothetical (5% return before expenses)
Service Class II Shares	$	1,000.00	$	1,021.93		0.59%		$2.97

LVIP American International Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Service Class II Shares	$	1,000.00	$	986.20		0.61%		$3.01
Hypothetical (5% return before expenses)
Service Class II Shares	$	1,000.00	$	1,021.83		0.61%		$3.07

*   “Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Each Fund operates under a fund of funds structure. Each Fund invests substantially all of its assets in other investment companies (Underlying Funds). In addition to the Funds’ expenses reflected above, the Funds also indirectly bear their portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in each table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP American Funds–2

LVIP American Global Growth Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.06%
International Equity Funds–100.06%
American Funds Insurance Series® – Global Growth Fund Class 1		5,286,779	$	122,917,622
Total Investment Company (Cost $126,072,110)				122,917,622
TOTAL VALUE OF SECURITIES–100.06% (Cost $126,072,110)				122,917,622
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)				(68,681	)
NET ASSETS APPLICABLE TO 7,457,434 SHARES OUTSTANDING–100.00%			$	122,848,941
NET ASSET VALUE–LVIP AMERICAN GLOBAL GROWTH FUND SERVICE CLASS II ($122,848,941 / 7,457,434 Shares)				$16.473
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)			$	108,941,105
Undistributed net investment income				10,459,549
Accumulated net realized gain on investments				6,602,775
Net unrealized depreciation of investments				(3,154,488	)
Total net assets			$	122,848,941

« Of this amount, $56,147 represents due to manager and affiliates, $85,203 payable for investment company purchased, and $4,351 payable for fund shares redeemed as of June 30, 2016.

The LVIP American Global Growth Fund (Fund) invests substantially all of its assets in Class 1 shares of the Global Growth Fund, a series of the American Funds Insurance Series^® (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

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

LVIP American Funds–3

LVIP American Global Small Capitalization Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.06%
International Equity Funds–100.06%
American Funds Insurance Series® – Global Small Capitalization Fund Class 1		3,493,143	$	66,718,975
Total Investment Company (Cost $69,076,639)				66,718,975
TOTAL VALUE OF SECURITIES–100.06% (Cost $69,076,639)				66,718,975
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)				(43,135	)
NET ASSETS APPLICABLE TO 4,508,244 SHARES OUTSTANDING–100.00%			$	66,675,840
NET ASSET VALUE–LVIP AMERICAN GLOBAL SMALL CAPITALIZATION FUND SERVICE CLASS II ($66,675,840 / 4,508,244 Shares)				$14.790
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)			$	53,853,693
Undistributed net investment income				12,272,207
Accumulated net realized gain on investments				2,907,604
Net unrealized depreciation of investments				(2,357,664	)
Total net assets			$	66,675,840

« Of this amount, $1,002 represents expense reimbursement receivable from Lincoln Investment Advisors Corporation, $30,638 due to manager and affiliates, and $91,926 payable for fund shares redeemed as of June 30, 2016.

The LVIP American Global Small Capitalization Fund (Fund) invests substantially all of its assets in Class 1 shares of the Global Small Capitalization Fund, a series of the American Funds Insurance Series^® (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

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

LVIP American Funds–4

LVIP American Growth Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.05%
Equity Fund–100.05%
American Funds Insurance Series® – Growth Fund Class 1		5,461,464	$	341,013,125
Total Investment Company (Cost $323,384,266)				341,013,125
TOTAL VALUE OF SECURITIES–100.05% (Cost $323,384,266)				341,013,125
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)				(166,812	)
NET ASSETS APPLICABLE TO 17,184,770 SHARES OUTSTANDING–100.00%			$	340,846,313
NET ASSET VALUE–LVIP AMERICAN GROWTH FUND SERVICE CLASS II ($340,846,313 / 17,184,770 Shares)				$19.834
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)			$	231,102,636
Undistributed net investment income				30,282,932
Accumulated net realized gain on investments				61,831,886
Net unrealized appreciation of investments				17,628,859
Total net assets			$	340,846,313

« Of this amount, $154,969 represents due to manager and affiliates and $185,569 payable for fund shares redeemed as of June 30, 2016.

The LVIP American Growth Fund (Fund) invests substantially all of its assets in Class 1 shares of the Growth Fund, a series of the American Funds Insurance Series^® (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

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

LVIP American Funds–5

LVIP American Growth-Income Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.05%
Equity Fund–100.05%
American Funds Insurance Series® – Growth-Income Fund Class 1		7,114,448	$	295,676,022
Total Investment Company (Cost $275,505,757)				295,676,022
TOTAL VALUE OF SECURITIES–100.05% (Cost $275,505,757)				295,676,022
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)				(147,594	)
NET ASSETS APPLICABLE TO 15,085,567 SHARES OUTSTANDING–100.00%			$	295,528,428
NET ASSET VALUE–LVIP AMERICAN GROWTH-INCOME FUND SERVICE CLASS II ($295,528,428 / 15,085,567 Shares)				$19.590
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)			$	208,012,012
Undistributed net investment income				32,504,583
Accumulated net realized gain on investments				34,841,568
Net unrealized appreciation of investments				20,170,265
Total net assets			$	295,528,428

« Of this amount, $133,749 represents due to manager and affiliates and $126,640 payable for fund shares redeemed as of June 30, 2016.

The LVIP American Growth-Income Fund (Fund) invests substantially all of its assets in Class 1 shares of the Growth-Income Fund, a series of the American Funds Insurance Series^® (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

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

LVIP American Funds–6

LVIP American International Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.06%
International Equity Funds–100.06%
American Funds Insurance Series® – International Fund Class 1		8,706,629	$	141,656,724
Total Investment Company (Cost $147,787,429)				141,656,724
TOTAL VALUE OF SECURITIES–100.06% (Cost $147,787,429)				141,656,724
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)				(78,074	)
NET ASSETS APPLICABLE TO 10,946,287 SHARES OUTSTANDING–100.00%			$	141,578,650
NET ASSET VALUE–LVIP AMERICAN INTERNATIONAL FUND SERVICE CLASS II ($141,578,650 / 10,946,287 Shares)				$12.934
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)			$	130,010,443
Undistributed net investment income				12,057,001
Accumulated net realized gain on investments				5,641,911
Net unrealized depreciation of investments				(6,130,705	)
Total net assets			$	141,578,650

« Of this amount, $64,200 represents due to manager and affiliates, $8,103 payable for investment company purchased, and $28,082 payable for fund shares redeemed as of June 30, 2016.

The LVIP American International Fund (Fund) invests substantially all of its assets in Class 1 shares of the International Fund, a series of the American Funds Insurance Series^® (Underlying Fund) (See Note 1 in Notes to Financial Statements). The Fund has an investment objective that is consistent with its corresponding Underlying Fund. The financial statements of the Underlying Fund, including the Schedule of Investments, should be read in conjunction with the Fund’s financial statements.

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

LVIP American Funds–7

LVIP American Funds

Statements of Operations

Six Months Ended June 30, 2016 (unaudited)

	LVIP American Global Growth Fund				LVIP American Global Small Capitalization Fund				LVIP American Growth Fund				LVIP American Growth-Income Fund				LVIP American International Fund
INVESTMENT INCOME:
Dividends from investment companies		$	10,825,399			$	12,488,763			$	31,269,849			$	33,336,012			$	12,480,922
EXPENSES:
Distribution fees-Service Class II			322,803				183,240				889,844				775,614				380,125
Accounting and administration expenses			18,948				17,307				26,053				24,586				19,751
Reports and statements to shareholders			10,513				12,301				50,572				12,191				10,261
Professional fees			9,377				8,807				11,708				11,195				9,623
Trustees’ fees and expenses			1,536				901				4,316				3,717				1,845
Consulting fees			901				874				972				947				888
Custodian fees			686				455				1,656				1,530				819
Pricing fees			8				9				26				23				14
Other			1,078				291				1,770				1,626				595
			365,850				224,185				986,917				831,429				423,921
Less expenses reimbursed			—				(7,629	)			—				—				—
Total operating expenses			365,850				216,556				986,917				831,429				423,921
NET INVESTMENT INCOME			10,459,549				12,272,207				30,282,932				32,504,583				12,057,001
NET REALIZED AND UNREALIZED LOSS:
Net realized loss from:
Sale of investments in investment companies			(1,346,815	)			(1,007,268	)			(2,078,259	)			(1,676,914	)			(975,794	)
Net change in unrealized appreciation (depreciation) of investment companies			(13,211,742	)			(14,201,130	)			(25,205,609	)			(22,158,608	)			(12,934,805	)
NET REALIZED AND UNREALIZED LOSS			(14,558,557	)			(15,208,398	)			(27,283,868	)			(23,835,522	)			(13,910,599	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(4,099,008	)		$	(2,936,191	)		$	2,999,064			$	8,669,061			$	(1,853,598	)

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

LVIP American Funds–8

LVIP American Funds

Statements of Changes in Net Assets

	LVIP American Global Growth Fund						LVIP American Global Small Capitalization Fund						LVIP American Growth Fund
	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	10,459,549		$	838,479		$	12,272,207		$	(473,472	)	$	30,282,932		$	876,292
Net realized gain (loss)		(1,346,815	)		9,566,715			(1,007,268	)		5,383,385			(2,078,259	)		65,398,800
Net change in unrealized appreciation (depreciation)		(13,211,742	)		(4,448,087	)		(14,201,130	)		(5,118,004	)		(25,205,609	)		(45,825,927	)
Net increase (decrease) in net assets resulting from operations		(4,099,008	)		5,957,107			(2,936,191	)		(208,091	)		2,999,064			20,449,165
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Service Class II		—			(1,773,317	)		—			(161,170	)		—			(876,656	)
Net realized gain:
Service Class II		—			(8,298,355	)		—			(301,047	)		—			(14,271,866	)
		—			(10,071,672	)		—			(462,217	)		—			(15,148,522	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Service Class II		17,527,741			40,685,282			4,363,146			16,133,783			22,425,310			48,703,189
Net asset value of shares issued upon reinvestment of dividends and distributions:
Service Class II		—			10,071,672			—			462,217			—			15,148,522
Cost of shares redeemed:
Service Class II		(11,457,238	)		(19,605,500	)		(6,310,466	)		(15,196,825	)		(20,101,330	)		(49,380,927	)
Increase (decrease) in net assets derived from capital share transactions		6,070,503			31,151,454			(1,947,320	)		1,399,175			2,323,980			14,470,784
NET INCREASE (DECREASE) IN NET ASSETS		1,971,495			27,036,889			(4,883,511	)		728,867			5,323,044			19,771,427
NET ASSETS:
Beginning of period		120,877,446			93,840,557			71,559,351			70,830,484			335,523,269			315,751,842
End of period	$	122,848,941		$	120,877,446		$	66,675,840		$	71,559,351		$	340,846,313		$	335,523,269
Undistributed net investment income	$	10,459,549		$	—		$	12,272,207		$	—		$	30,282,932		$	—

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

LVIP American Funds–9

LVIP American Funds

Statements of Changes in Net Assets (continued)

	LVIP American Growth-Income Fund						LVIP American International Fund
	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	32,504,583		$	2,853,788		$	12,057,001		$	1,777,538
Net realized gain (loss)		(1,676,914	)		37,951,640			(975,794	)		8,070,695
Net change in unrealized appreciation (depreciation)		(22,158,608	)		(38,056,797	)		(12,934,805	)		(17,044,674	)
Net increase (decrease) in net assets resulting from operations		8,669,061			2,748,631			(1,853,598	)		(7,196,441	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Service Class II		—			(3,891,610	)		—			(2,079,010	)
Net realized gain:
Service Class II		—			(11,366,508	)		—			(21,229	)
		—			(15,258,118	)		—			(2,100,239	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Service Class II		19,573,296			53,215,403			7,530,157			22,408,818
Net asset value of shares issued upon reinvestment of dividends and distributions:
Service Class II		—			15,258,118			—			2,100,239
Cost of shares redeemed:
Service Class II		(18,166,292	)		(32,746,756	)		(8,259,429	)		(16,055,471	)
Increase (decrease) in net assets derived from capital share transactions		1,407,004			35,726,765			(729,272	)		8,453,586
NET INCREASE (DECREASE) IN NET ASSETS		10,076,065			23,217,278			(2,582,870	)		(843,094	)
NET ASSETS:
Beginning of period		285,452,363			262,235,085			144,161,520			145,004,614
End of period	$	295,528,428		$	285,452,363		$	141,578,650		$	144,161,520
Undistributed net investment income	$	32,504,583		$	—		$	12,057,001		$	—

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

LVIP American Funds–10

LVIP American Global Growth Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Global Growth Fund Service Class II
	Six Months    Ended    6/30/161    (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	17.092			$	17.617			$	17.456			$	13.672			$	11.301			$	12.463
Income (loss) from investment operations:
Net investment income2			1.427				0.139				0.152				0.142				0.079				0.230
Net realized and unrealized gain (loss)			(2.046	)			0.946				0.175				3.780				2.415				(1.384	)
Total from investment operations			(0.619	)			1.085				0.327				3.922				2.494				(1.154	)
Less dividends and distributions from:
Net investment income			—				(0.255	)			(0.159	)			(0.138	)			(0.118	)			(0.008	)
Net realized gain			—				(1.355	)			(0.007	)			—				—				—	3
Return of capital			—				—				—				—				(0.005	)			—
Total dividends and distributions			—				(1.610	)			(0.166	)			(0.138	)			(0.123	)			(0.008	)
Net asset value, end of period		$	16.473			$	17.092			$	17.617			$	17.456			$	13.672			$	11.301
Total return4			(3.62%	)			6.57%				1.87%				28.69%				22.11%				(9.26%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	122,849			$	120,877			$	93,841			$	77,575			$	54,199			$	34,433
Ratio of expenses to average net assets5			0.62%				0.62%				0.64%				0.65%				0.65%				0.65%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.62%				0.62%				0.64%				0.68%				0.78%				0.95%
Ratio of net investment income to average net assets			17.82%				0.76%				0.87%				0.93%				0.62%				1.93%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			17.82%				0.76%				0.87%				0.90%				0.49%				1.63%
Portfolio turnover			6%				8%				5%				9%				9%				3%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distributions of $157 were made by the Fund’s Service Class II, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Funds–11

LVIP American Global Small Capitalization Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Global Small Capitalization Fund Service Class II
	Six Months    Ended    6/30/161    (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	15.433			$	15.556			$	15.314			$	12.010			$	10.298			$	12.852
Income (loss) from investment operations:
Net investment income (loss)2			2.657				(0.107	)			(0.047	)			0.031				0.112				0.129
Net realized and unrealized gain (loss)			(3.300	)			0.086				0.306				3.306				1.712				(2.631	)
Total from investment operations			(0.643	)			(0.021	)			0.259				3.337				1.824				(2.502	)
Less dividends and distributions from:
Net investment income			—				(0.035	)			—				(0.033	)			(0.112	)			(0.052	)
Net realized gain			—				(0.067	)			(0.017	)			—				—				—	3
Total dividends and distributions			—				(0.102	)			(0.017	)			(0.033	)			(0.112	)			(0.052	)
Net asset value, end of period		$	14.790			$	15.433			$	15.556			$	15.314			$	12.010			$	10.298
Total return4			(4.17%	)			(0.15%	)			1.69%				27.79%				17.76%				(19.48%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	66,676			$	71,559			$	70,830			$	68,715			$	53,497			$	35,659
Ratio of expenses to average net assets5			0.65%				0.65%				0.65%				0.65%				0.65%				0.65%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.67%				0.66%				0.67%				0.69%				0.78%				0.93%
Ratio of net investment income (loss) to average net assets			36.84%				(0.65%	)			(0.30%	)			0.23%				0.98%				1.12%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			36.82%				(0.66%	)			(0.32%	)			0.19%				0.85%				0.84%
Portfolio turnover			7%				14%				10%				12%				9%				4%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distributions of $200 were made by the Fund’s Service Class II, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Funds–12

LVIP American Growth Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Growth Fund Service Class II
	Six Months    Ended    6/30/161    (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	19.682			$	19.398			$	18.116			$	14.048			$	11.986			$	12.580
Income (loss) from investment operations:
Net investment income2			1.761				0.053				0.165				0.095				0.065				0.081
Net realized and unrealized gain (loss)			(1.609	)			1.158				1.309				4.070				2.026				(0.669	)
Total from investment operations			0.152				1.211				1.474				4.165				2.091				(0.588	)
Less dividends and distributions from:
Net investment income			—				(0.052	)			(0.180	)			(0.097	)			(0.029	)			(0.006	)
Net realized gain			—				(0.875	)			(0.012	)			—				—				—	3
Total dividends and distributions			—				(0.927	)			(0.192	)			(0.097	)			(0.029	)			(0.006	)
Net asset value, end of period		$	19.834			$	19.682			$	19.398			$	18.116			$	14.048			$	11.986
Total return4			0.77%				6.47%				8.13%				29.65%				17.45%				(4.68%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	340,846			$	335,523			$	315,752			$	278,925			$	211,217			$	137,182
Ratio of expenses to average net assets5			0.61%				0.61%				0.61%				0.61%				0.64%				0.65%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.61%				0.61%				0.61%				0.61%				0.64%				0.68%
Ratio of net investment income to average net assets			18.71%				0.27%				0.88%				0.60%				0.48%				0.65%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			18.71%				0.27%				0.88%				0.60%				0.48%				0.62%
Portfolio turnover			4%				8%				6%				9%				11%				2%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distributions of $114 were made by the Fund’s Service Class II, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Funds–13

LVIP American Growth-Income Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Growth-Income Fund Service Class II
	Six Months    Ended    6/30/161    (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	19.032			$	19.921			$	18.273			$	13.864			$	11.976			$	12.261
Income (loss) from investment operations:
Net investment income2			2.145				0.206				0.191				0.169				0.187				0.288
Net realized and unrealized gain (loss)			(1.587	)			(0.020	)			1.686				4.408				1.852				(0.562	)
Total from investment operations			0.558				0.186				1.877				4.577				2.039				(0.274	)
Less dividends and distributions from:
Net investment income			—				(0.263	)			(0.211	)			(0.168	)			(0.151	)			(0.011	)
Net realized gain			—				(0.812	)			(0.018	)			—				—				—	3
Total dividends and distributions			—				(1.075	)			(0.229	)			(0.168	)			(0.151	)			(0.011	)
Net asset value, end of period		$	19.590			$	19.032			$	19.921			$	18.273			$	13.864			$	11.976
Total return4			2.93%				1.12%				10.26%				33.02%				17.04%				(2.23%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	295,528			$	285,452			$	262,235			$	230,210			$	169,256			$	104,065
Ratio of expenses to average net assets5			0.59%				0.59%				0.59%				0.61%				0.64%				0.65%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.59%				0.59%				0.59%				0.61%				0.64%				0.71%
Ratio of net investment income to average net assets			23.04%				1.03%				1.00%				1.05%				1.41%				2.39%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			23.04%				1.03%				1.00%				1.05%				1.41%				2.33%
Portfolio turnover			4%				6%				7%				9%				6%				1%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distributions of $72 were made by the Fund’s Service Class II, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Funds–14

LVIP American International Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American International Fund Service Class II
	Six Months    Ended    6/30/161    (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	13.115			$	13.985			$	14.566			$	12.135			$	10.577			$	12.355
Income (loss) from investment operations:
Net investment income2			1.093				0.170				0.158				0.133				0.143				0.348
Net realized and unrealized gain (loss)			(1.274	)			(0.846	)			(0.594	)			2.433				1.690				(2.118	)
Total from investment operations			(0.181	)			(0.676	)			(0.436	)			2.566				1.833				(1.770	)
Less dividends and distributions from:
Net investment income			—				(0.192	)			(0.125	)			(0.135	)			(0.264	)			(0.008	)
Net realized gain			—				(0.002	)			(0.020	)			—				—				—	3
Return of capital			—				—				—				—				(0.011	)			—
Total dividends and distributions			—				(0.194	)			(0.145	)			(0.135	)			(0.275	)			(0.008	)
Net asset value, end of period		$	12.934			$	13.115			$	13.985			$	14.566			$	12.135			$	10.577
Total return4			(1.38%	)			(4.84%	)			(3.00%	)			21.15%				17.45%				(14.32%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	141,579			$	144,162			$	145,005			$	142,730			$	116,870			$	74,703
Ratio of expenses to average net assets5			0.61%				0.61%				0.61%				0.63%				0.65%				0.65%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.61%				0.61%				0.61%				0.63%				0.67%				0.77%
Ratio of net investment income to average net assets			17.44%				1.19%				1.08%				1.01%				1.25%				3.05%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			17.44%				1.19%				1.08%				1.01%				1.23%				2.93%
Portfolio turnover			4%				6%				6%				10%				8%				4%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distributions of $124 were made by the Fund’s Service Class II, which calculated to de minimus amounts of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Funds–15

LVIP American Funds

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 American Global Growth Fund, LVIP American Global Small Capitalization Fund, LVIP American Growth Fund, LVIP American Growth-Income Fund and LVIP American International Fund (each, a “Fund”, and collectively, the “Funds”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are diversified management investment companies registered under the 1940 Act. Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The LVIP American Global Growth Fund, LVIP American Global Small Capitalization Fund, LVIP American Growth Fund, LVIP American Growth-Income Fund and LVIP American International Fund operate under a fund of funds structure and invest substantially all of their assets in Class 1 shares of the Global Growth Fund, Global Small Capitalization Fund, Growth Fund, Growth-Income Fund and International Fund, respectively, each a series of the American Funds Insurance Series^® (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments.

The investment objective of the LVIP American Global Growth Fund, LVIP American Global Small Capitalization Fund and LVIP American International Fund is long-term growth of capital.

The investment objective of the LVIP American Growth Fund is growth of capital.

The investment objective of the LVIP American Growth-Income Fund is long-term growth of capital and income.

1. Significant Accounting Policies

Each Fund is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Funds.

Security Valuation–The Funds value Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds’ federal income tax returns through the six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012-December 31, 2015), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued on unrecognized tax benefits in interest expenses and penalties in other expenses on the Statement of Operations. During the six months ended June 30, 2016, the Funds did not incur any interest or tax penalties.

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

LVIP American Funds–16

LVIP American Funds

Notes to Financial Statements (continued)

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 each Fund’s investment portfolio, and providing certain administrative services to each Fund. To the extent that a Fund invests all of its investable assets (i.e., securities and cash) in another registered investment company, the Trust will not pay the adviser any advisory fees. To the extent a Fund does not invest investable assets in another registered investment company, the advisory fee rates payable by the Service Class II of each Fund to LIAC are set forth in the following table:

Fund	Annual Fee Rate Based on Average Daily Net Asset Value
LVIP American Global Growth Fund	0.80%
LVIP American Global Small Capitalization Fund	1.00%
LVIP American Growth Fund	0.75%
LVIP American Growth-Income Fund	0.75%
LVIP American International Fund	0.85%

The fee is in addition to the management fees indirectly paid to the investment advisers of the Underlying Funds. For the six months ended June 30, 2016, no advisory fees were charged to the Funds.

LIAC has contractually agreed to reimburse the LVIP American Global Small Capitalization Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.10% of the average daily net assets. This agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (Board) and LIAC.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in “Accounting and administration expenses” on the Statements of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

	LVIP American Global Growth Fund			LVIP American Global Small Capitalization Fund			LVIP American Growth Fund			LVIP American Growth-Income Fund			LVIP American International Fund
Administrative		$	3,052		$	1,781		$	8,540		$	7,410		$	3,669
Legal			840			491			2,349			2,038			1,009

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees amounted as follows:

	LVIP American Global Growth Fund			LVIP American Global Small Capitalization Fund			LVIP American Growth Fund			LVIP American Growth-Income Fund			LVIP American International Fund
Printing and mailing		$	8,893		$	10,979		$	48,200		$	10,059		$	8,638

The Funds offer Service Class II shares. Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class II shares, Lincoln Life, LNY, or others, an annual distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.75% of average daily net assets of the Service Class II 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, whereby the 12b-1 Fee is limited to 0.55% of the average daily net assets of the Service Class II shares. The limitation can be adjusted only with the consent of the Board.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP American Funds–17

LVIP American Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Funds had receivables due from, liabilities payable and prepaid expenses to affiliates as follows:

	LVIP American Global Growth Fund			LVIP American Global Small Capitalization Fund			LVIP American Growth Fund			LVIP American Growth-Income Fund			LVIP American International Fund
Expense reimbursement receivable from LIAC		$	—		$	1,002		$	—		$	—		$	—
Distribution fees payable to LFD			55,669			30,528			153,853			133,345			63,835
Prepaid printing and mailing fees to Lincoln Life			478			110			1,116			—			—
Printing and mailing fees payable to Lincoln Life			—			—			—			404			365

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

3. Investments

For the six months ended June 30, 2016, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	LVIP American Global Growth Fund			LVIP American Global Small Capitalization Fund			LVIP American Growth Fund			LVIP American Growth-Income Fund			LVIP American International Fund
Purchases		$	24,055,711		$	15,283,818		$	44,944,096		$	45,111,066		$	16,764,384
Sales			7,530,581			4,964,487			12,345,493			11,203,280			5,443,375

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated because final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	LVIP American Global Growth Fund				LVIP American Global Small Capitalization Fund				LVIP American Growth Fund			LVIP American Growth-Income Fund			LVIP American International Fund
Cost of investments		$	126,072,111			$	69,076,639			$	323,384,266		$	275,505,757		$	147,787,429
Aggregate unrealized appreciation		$	—			$	—			$	17,628,859		$	20,170,265		$	—
Aggregate unrealized depreciation			(3,154,488	)			(2,357,664	)			—			—			(6,130,705	)
Net unrealized appreciation (depreciation)		$	(3,154,488	)		$	(2,357,664	)		$	17,628,859		$	20,170,265		$	(6,130,705	)

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP American Funds–18

LVIP American Funds

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2016:

Level 1	LVIP American Global Growth Fund			LVIP American Global Small Capitalization Fund			LVIP American Growth Fund			LVIP American Growth-Income Fund			LVIP American International Fund
Investment Companies		$	122,917,622		$	66,718,975		$	341,013,125		$	295,676,022		$	141,656,724

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a material impact to the Funds. The Funds’ policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	LVIP American Global Growth Fund						LVIP American Global Small Capitalization Fund						LVIP American Growth Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Service Class II		1,097,761			2,212,632			305,641			972,921			1,193,202			2,428,562
Shares issued upon reinvestment of dividends and distributions:
Service Class II		—			607,878			—			29,347			—			803,148
Shares redeemed:
Service Class II		(712,645	)		(1,075,014	)		(434,295	)		(918,600	)		(1,055,274	)		(2,462,747	)
Net increase (decrease)		385,116			1,745,496			(128,654	)		83,668			137,928			768,963

	LVIP American Growth-Income Fund						LVIP American International Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Service Class II		1,050,633			2,654,757			607,783			1,575,929
Shares issued upon reinvestment of dividends and distributions:
Service Class II		—			820,291			—			159,274
Shares redeemed:
Service Class II		(963,484	)		(1,640,637	)		(653,862	)		(1,111,548	)
Net increase (decrease)		87,149			1,834,411			(46,079	)		623,655

5. Contractual Obligations

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

6. Subsequent Events

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

LVIP American Funds–19

                        LVIP American Global Allocation Managed Risk Funds   LVIP American Global Balanced Allocation Managed Risk Fund   LVIP American Global Growth Allocation Managed Risk Fund   each a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP American Global Allocation

Managed Risk Funds

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations	2
Schedules of Investments	3
Statements of Assets and Liabilities	6
Statements of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	13
Other Fund Information	19

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 American Global Allocation Managed Risk Funds

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur transaction costs, including sales charges (loads) on purchase payments, reinvested dividends or other distributions, redemption fees, and exchange fees. These Expense Analyses are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Analyses are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 to June 30, 2016.

Actual Expenses

The first section of the tables, “Actual”, provides information about actual account values and actual expenses. You may use the information in this section of the tables, 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 tables, “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses can not 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 Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. The Funds do not charge transaction fees such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

LVIP American Global Balanced Allocation Managed Risk Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,033.30		0.27%		$1.36
Service Class Shares		1,000.00		1,031.60		0.62%		3.13
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.52		0.27%		$1.36
Service Class Shares		1,000.00		1,021.78		0.62%		3.12

LVIP American Global Growth Allocation Managed Risk Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,007.50		0.27%		$1.35
Service Class Shares		1,000.00		1,005.70		0.62%		3.09
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.52		0.27%		$1.36
Service Class Shares		1,000.00		1,021.78		0.62%		3.12

* Expenses Paid During Period are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Each Fund operates under a fund of funds structure. Each Fund invests significantly all its assets in other investment companies (Underlying Funds). In addition to the Funds’ expenses reflected above, the Funds also indirectly bear their portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in each table above does not reflect the expenses of the Underlying Funds. Financial statements of the Underlying Funds can be found at www.sec.gov.

LVIP American Global Allocation Managed Risk Funds–1

LVIP American Global Allocation Managed Risk Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2016

LVIP American Global Balanced Allocation

Managed Risk Fund

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment Companies		35.22%
Fixed Income Funds		35.22%
Unaffiliated Investment Companies		64.40%
Asset Allocation Fund		17.55%
Equity Funds		20.19%
Fixed Income Funds		7.80%
International Equity Funds		14.12%
International Fixed Income Fund		1.95%
Money Market Fund		2.79%
Short-Term Investment		0.44%
Total Value of Securities		100.06%
Liabilities Net of Receivables and Other Assets		(0.06%)
Total Net Assets		100.00%

LVIP American Global Growth Allocation

Managed Risk Fund

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment Companies		25.52%
Fixed Income Funds		21.64%
International Equity Fund		3.88%
Unaffiliated Investment Companies		73.77%
Asset Allocation Fund		14.71%
Equity Funds		27.03%
Fixed Income Funds		3.92%
International Equity Funds		25.47%
Money Market Fund		2.64%
Short-Term Investment		0.26%
Total Value of Securities		99.55%
Receivables and Other Assets Net of Liabilities		0.45%
Total Net Assets		100.00%

LVIP American Global Allocation Managed Risk Funds–2

LVIP American Global Balanced Allocation Managed Risk Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–35.22%
Fixed Income Funds–35.22%
✢American Funds Insurance Series®–
Bond Fund		56,162,349	$	629,018,312
Mortgage Bond Fund		7,259,794		78,260,580
				707,278,892
Total Affiliated Investment Companies (Cost $697,662,002)				707,278,892
UNAFFILIATED INVESTMENT COMPANIES–64.40%
Asset Allocation Fund–17.55%
²American Funds®–
Capital Income Builder		5,995,176		352,456,382
				352,456,382
Equity Funds–20.19%
²American Funds®–
AMCAP Fund		5,781,403		151,761,825
American Mutual Fund		5,389,441		195,960,058
✢American Funds Insurance Series®–
Growth-Income Fund		1,385,330		57,574,332
				405,296,215
Fixed Income Funds–7.80%
²American Funds®–
Intermediate Bond Fund of America		4,295,886		58,853,641
✢American Funds Insurance Series®–
High-Income Bond Fund		5,913,908		58,488,553
U.S. Government/AAA-Rated Securities Fund		3,132,334		39,248,142
				156,590,336

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds–14.12%
²American Funds®–
EuroPacific Growth Fund		2,989,095	$	131,908,772
New Perspective Fund		1,607,417		56,999,019
✢American Funds Insurance Series®–
Global Growth & Income Fund		1,532,383		19,216,087
Global Small Capitalization Fund		2,923,334		55,835,671
New World Fund		1,016,222		19,613,077
				283,572,626
International Fixed Income Fund–1.95%
✢American Funds Insurance Series®–
Global Bond Fund		3,301,794		39,192,295
				39,192,295
Money Market Fund–2.79%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		55,986,906		55,986,906
				55,986,906
Total Unaffiliated Investment Companies (Cost $1,257,353,240)				1,293,094,760
	Principal Amount°
SHORT-TERM INVESTMENT–0.44%
U.S. Treasury Obligation–0.44%
≠U.S. Treasury Bill 0.25% 7/21/16		8,889,000		8,888,138
Total Short-Term Investment (Cost $8,887,809)				8,888,138

TOTAL VALUE OF SECURITIES–100.06% (Cost $1,963,903,051)		2,009,261,790
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)		(1,176,922	)
NET ASSETS APPLICABLE TO 185,372,417 SHARES OUTSTANDING–100.00%	$	2,008,084,868

^²  Class R-6 shares.

✢ Class 1 shares.

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in U.S. dollars.

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

LVIP American Global Allocation Managed Risk Funds–3

LVIP American Global Growth Allocation Managed Risk Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–25.52%
Fixed Income Funds–21.64%
✢American Funds Insurance Series®–
Bond Fund		64,121,961	$	718,165,963
Mortgage Bond Fund		10,469,972		112,866,295
				831,032,258
International Equity Fund–3.88%
✢American Funds Insurance Series®–
New World Fund		7,713,466		148,869,894
				148,869,894
Total Affiliated Investment Companies (Cost $978,229,974)				979,902,152
UNAFFILIATED INVESTMENT COMPANIES–73.77%
Asset Allocation Fund–14.71%
²American Funds®–
Capital Income Builder		9,606,429		564,761,949
				564,761,949
Equity Funds–27.03%
²American Funds®–
AMCAP Fund		12,488,729		327,829,136
American Mutual Fund		11,411,630		414,926,872
✢American Funds Insurance Series®–
Growth-Income Fund		7,103,104		295,205,000
				1,037,961,008
Fixed Income Funds–3.92%
²American Funds®–
Intermediate Bond Fund of America		5,507,112		75,447,434

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
Fixed Income Funds (continued)
✢American Funds Insurance Series®–
High-Income Bond Fund		7,581,075	$	74,976,831
				150,424,265
International Equity Funds–25.47%
²American Funds®–
EuroPacific Growth Fund		12,295,895		542,617,844
New Perspective Fund		6,180,857		219,173,177
✢American Funds Insurance Series®–
Global Growth & Income Fund		2,946,417		36,948,067
Global Small Capitalization Fund		9,392,436		179,395,534
				978,134,622
Money Market Fund–2.64%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		101,432,777		101,432,777
				101,432,777
Total Unaffiliated Investment Companies (Cost $2,814,148,342)				2,832,714,621
	Principal Amount°
SHORT-TERM INVESTMENT–0.26%
U.S. Treasury Obligation–0.26%
≠U.S. Treasury Bill 0.25% 7/21/16		9,806,000		9,805,049
Total Short-Term Investment (Cost $9,804,686)				9,805,049

TOTAL VALUE OF SECURITIES–99.55% (Cost $3,802,183,002)		3,822,421,822
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.45%		17,419,524
NET ASSETS APPLICABLE TO 353,437,812 SHARES OUTSTANDING–100.00%	$	3,839,841,346

^²  Class R-6 shares.

✢ Class 1 shares.

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in U.S. dollars.

LVIP American Global Allocation Managed Risk Funds–4

LVIP American Global Growth Allocation Managed Risk Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(1,391)	British Pound Currency	$	(116,418,900	)	$	(115,174,800	)		9/20/16	$	1,244,100
(950)	E-mini MSCI Emerging Markets Index		(37,766,740	)		(39,648,250	)		9/19/16		(1,881,510	)
(162)	E-mini Russell 2000 Index		(17,828,590	)		(18,587,880	)		9/19/16		(759,290	)
(2,593)	E-mini S&P 500 Index		(260,845,280	)		(270,994,430	)		9/19/16		(10,149,150	)
(321)	E-mini S&P MidCap 400 Index		(45,886,789	)		(47,925,300	)		9/19/16		(2,038,511	)
(443)	Euro Currency		(61,545,271	)		(61,507,781	)		9/20/16		37,490
(1,985)	Euro STOXX 50 Index		(61,334,438	)		(62,891,475	)		9/19/16		(1,557,037	)
(1,391)	FTSE 100 Index		(114,040,599	)		(118,929,848	)		9/19/16		(4,889,249	)
(161)	Japanese Yen Currency		(19,739,152	)		(19,535,337	)		9/20/16		203,815
(129)	Nikkei 225 Index (OSE)		(19,187,053	)		(19,450,249	)		9/9/16		(263,196	)
										$	(20,052,538	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP American Global Allocation Managed Risk Funds–5

LVIP American Global Allocation Managed Risk Funds

Statements of Assets and Liabilities

June 30, 2016 (unaudited)

	LVIP American Global Balanced Allocation Managed Risk Fund				LVIP American Global Growth Allocation Managed Risk Fund
ASSETS:
Investments in affiliated investment companies, at value		$	707,278,892			$	979,902,152
Investments in unaffiliated investment companies, at value			1,293,094,760				2,832,714,621
Short-term investments, at value			8,888,138				9,805,049
Total investments, at value			2,009,261,790				3,822,421,822
Receivables for fund shares sold			408,098				644,851
Receivables for investment companies shares sold			362,446				1,689,680
Dividends receivable from investment companies			136,870				186,201
Cash collateral held at broker for futures contracts			—				40,574,160
TOTAL ASSETS			2,010,169,204				3,865,516,714
LIABILITIES:
Cash overdraft			369,350				1,720,141
Due to manager and affiliates			982,468				1,899,104
Payable for investment companies shares purchased			115,758				128,529
Foreign currencies collateral due to broker for futures contracts			—				18,435
Net unrealized depreciation on futures contracts			—				20,052,538
Payables for fund shares redeemed			597,852				1,833,646
Other accrued expenses payable			18,908				22,975
TOTAL LIABILITIES			2,084,336				25,675,368
TOTAL NET ASSETS		$	2,008,084,868			$	3,839,841,346
Investments in affiliated investment companies, at cost		$	697,662,002			$	978,229,974
Investments in unaffiliated investment companies, at cost			1,257,353,240				2,814,148,342
Short-term investments, at cost			8,887,809				9,804,686
Total investments, at cost		$	1,963,903,051			$	3,802,183,002
Standard Class:
Net Assets		$	658,478			$	1,133,554
Shares Outstanding			60,673				104,148
Net Asset Value		$	10.853			$	10.884
Service Class:
Net Assets		$	2,007,426,390			$	3,838,707,792
Shares Outstanding			185,311,744				353,333,664
Net Asset Value		$	10.833			$	10.864
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)		$	1,981,286,312			$	3,895,217,826
Undistributed net investment income			8,204,320				9,855,097
Accumulated net realized loss on investments			(26,764,503	)			(65,417,859	)
Net unrealized appreciation of investments and derivatives			45,358,739				186,282
TOTAL NET ASSETS		$	2,008,084,868			$	3,839,841,346

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

LVIP American Global Allocation Managed Risk Funds—6

LVIP American Global Allocation Managed Risk Funds

Statements of Operations

Six months Ended June 30, 2016 (unaudited)

	LVIP American Global Balanced Allocation Managed Risk Fund				LVIP American Global Growth Allocation Managed Risk Fund
INVESTMENT INCOME:
Dividends from affiliated investment companies		$	3,758,774			$	4,512,393
Dividends from unaffiliated investment companies			10,576,008				17,821,680
Interest			9,503				36,052
			14,344,285				22,370,125
EXPENSES:
Distribution expenses-Service Class			3,418,471				6,675,133
Management fees			2,442,527				4,769,332
Accounting and administration expenses			96,907				175,697
Reports and statements to shareholders			36,095				51,923
Professional fees			34,603				57,598
Trustees’ fees and expenses			25,829				50,767
Custodian fees			11,616				20,412
Consulting fees			1,557				2,208
Registration fees			287				379
Other			11,785				22,519
Total operating expenses			6,079,677				11,825,968
NET INVESTMENT INCOME			8,264,608				10,544,157
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from affiliated investment companies			2,906,001				3,567,750
Distributions from unaffiliated investment companies			20,432,895				72,206,201
Sale of investments in affiliated investment companies			(942,992	)			(2,897,871	)
Sale of investments in unaffiliated investment companies			(22,303,581	)			(61,322,180	)
Foreign currencies			(5,612	)			(231,812	)
Futures contracts			(15,154,309	)			(55,434,531	)
Net realized loss			(15,067,598	)			(44,112,443	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies			27,202,167				39,390,052
Investments in unaffiliated investment companies			40,563,284				32,127,316
Futures contracts			(100,103	)			(18,224,829	)
Net change in unrealized appreciation (depreciation)			67,665,348				53,292,539
NET REALIZED AND UNREALIZED GAIN			52,597,750				9,180,096
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	60,862,358			$	19,724,253

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

LVIP American Global Allocation Managed Risk Funds–7

LVIP American Global Allocation Managed Risk Funds

Statements of Changes in Net Assets

	LVIP American Global Balanced Allocation Managed Risk Fund						LVIP American Global Growth Allocation Managed Risk Fund
	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,264,608		$	28,726,601		$	10,544,157		$	51,586,815
Net realized gain (loss)		(15,067,598	)		17,373,982			(44,112,443	)		7,305,104
Net change in unrealized appreciation (depreciation)		67,665,348			(100,219,875	)		53,292,539			(210,950,033	)
Net increase (decrease) in net assets resulting from operations		60,862,358			(54,119,292	)		19,724,253			(152,058,114	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(16,290	)		—			(21,227	)
Service Class		—			(50,351,498	)		—			(77,756,753	)
Net realized gain:
Standard Class		—			(5,823	)		—			(1,322	)
Service Class		—			(21,977,875	)		—			(9,705,501	)
Return of capital:
Standard Class		—			(2,752	)		—			(9,758	)
Service Class		—			(9,690,665	)		—			(42,143,572	)
		—			(82,044,903	)		—			(129,638,133	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		75,463			36,573			228,904			384,968
Service Class		78,968,108			379,742,046			86,167,102			696,069,948
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			24,865			—			32,307
Service Class		—			82,020,038			—			129,605,826
		79,043,571			461,823,522			86,396,006			826,093,049
Cost of shares redeemed:
Standard Class		(5,679	)		(10,880	)		(19,912	)		(340,799	)
Service Class		(126,712,001	)		(217,021,435	)		(212,997,814	)		(366,513,681	)
		(126,717,680	)		(217,032,315	)		(213,017,726	)		(366,854,480	)
Increase (decrease) in net assets derived from capital share transactions		(47,674,109	)		244,791,207			(126,621,720	)		459,238,569
NET INCREASE (DECREASE) IN NET ASSETS		13,188,249			108,627,012			(106,897,467	)		177,542,322
NET ASSETS:
Beginning of period		1,994,896,619			1,886,269,607			3,946,738,813			3,769,196,491
End of period	$	2,008,084,868		$	1,994,896,619		$	3,839,841,346		$	3,946,738,813
Undistributed (distributions in excess of) net investment income	$	8,204,320		$	(60,288	)	$	9,855,097		$	(689,060	)

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

LVIP American Global Allocation Managed Risk Funds–8

LVIP American Global Balanced Allocation Managed Risk Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period was as follows:

	LVIP American Global Balanced Allocation Managed Risk Fund
	Standard Class
	Six Months    Ended    6/30/161, 2    (unaudited)			12/31/15				Year Ended 12/31/14				12/31/13				3/16/123 to 12/31/12
Net asset value, beginning of period		$	10.503		$	11.223			$	11.066			$	10.144			$	10.000
Income (loss) from investment operations:
Net investment income4			0.063			0.199				0.241				0.237				0.337
Net realized and unrealized gain (loss)			0.287			(0.434	)			0.366				1.110				(0.038	)
Total from investment operations			0.350			(0.235	)			0.607				1.347				0.299
Less dividends and distributions from:
Net investment income			—			(0.314	)			(0.232	)			(0.195	)			(0.155	)
Net realized gain			—			(0.120	)			(0.218	)			(0.230	)			—
Return of capital			—			(0.051	)			—				—				—
Total dividends and distributions			—			(0.485	)			(0.450	)			(0.425	)			(0.155	)
Net asset value, end of period		$	10.853		$	10.503			$	11.223			$	11.066			$	10.144
Total return5			3.33%			(2.10%	)			5.49%				13.29%				3.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	659		$	567			$	553			$	657			$	11
Ratio of expenses to average net assets6			0.27%			0.27%				0.27%				0.27%				0.25%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.27%			0.27%				0.27%				0.28%				0.30%
Ratio of net investment income to average net assets			1.20%			1.77%				2.11%				2.17%				4.32%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.20%			1.77%				2.11%				2.16%				4.27%
Portfolio turnover			13%			20%				12%				53%				14%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Global Allocation Managed Risk Funds–9

LVIP American Global Balanced Allocation Managed Risk Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Global Balanced Allocation Managed Risk Fund
	Service Class
	Six Months    Ended    6/30/161, 2    (unaudited)			12/31/15				Year Ended 12/31/14				12/31/13				3/16/123 to 12/31/12
Net asset value, beginning of period		$	10.501		$	11.221			$	11.065			$	10.144			$	10.000
Income (loss) from investment operations:
Net investment income4			0.044			0.159				0.201				0.197				0.318
Net realized and unrealized gain (loss)			0.288			(0.433	)			0.365				1.111				(0.047	)
Total from investment operations			0.332			(0.274	)			0.566				1.308				0.271
Less dividends and distributions from:
Net investment income			—			(0.275	)			(0.192	)			(0.157	)			(0.127	)
Net realized gain			—			(0.120	)			(0.218	)			(0.230	)			—
Return of capital			—			(0.051	)			—				—				—
Total dividends and distributions			—			(0.446	)			(0.410	)			(0.387	)			(0.127	)
Net asset value, end of period		$	10.833		$	10.501			$	11.221			$	11.065			$	10.144
Total return5			3.16%			(2.45%	)			5.13%				12.91%				2.72%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,007,426		$	1,994,330			$	1,885,717			$	1,375,950			$	569,265
Ratio of expenses to average net assets6			0.62%			0.62%				0.62%				0.62%				0.60%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.62%			0.62%				0.62%				0.63%				0.65%
Ratio of net investment income to average net assets			0.85%			1.42%				1.77%				1.82%				3.97%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.85%			1.42%				1.77%				1.81%				3.92%
Portfolio turnover			13%			20%				12%				53%				14%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Global Allocation Managed Risk Funds–10

LVIP American Global Growth Allocation Managed Risk Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period was as follows:

	LVIP American Global Growth Allocation Managed Risk Fund
	Standard Class
	Six Months    Ended    6/30/161, 2    (unaudited)			12/31/15				Year Ended 12/31/14				12/31/13				3/16/123 to 12/31/12
Net asset value, beginning of period		$	10.803		$	11.574			$	11.648			$	10.214			$	10.000
Income (loss) from investment operations:
Net investment income4			0.048			0.190				0.232				0.243				0.325
Net realized and unrealized gain (loss)			0.033			(0.555	)			0.069				1.542				0.037
Total from investment operations			0.081			(0.365	)			0.301				1.785				0.362
Less dividends and distributions from:
Net investment income			—			(0.264	)			(0.232	)			(0.161	)			(0.148	)
Net realized gain			—			(0.027	)			(0.143	)			(0.190	)			—
Return of capital			—			(0.115	)			—				—				—
Total dividends and distributions			—			(0.406	)			(0.375	)			(0.351	)			(0.148	)
Net asset value, end of period		$	10.884		$	10.803			$	11.574			$	11.648			$	10.214
Total return5			0.75%			(3.16%	)			2.56%				17.49%				3.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,133		$	914			$	878			$	488			$	19
Ratio of expenses to average net assets6			0.27%			0.27%				0.26%				0.26%				0.23%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.27%			0.27%				0.26%				0.27%				0.29%
Ratio of net investment income to average net assets			0.90%			1.63%				1.95%				2.13%				4.15%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.90%			1.63%				1.95%				2.12%				4.09%
Portfolio turnover			15%			22%				15%				48%				48%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Global Allocation Managed Risk Funds–11

LVIP American Global Growth Allocation Managed Risk Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Global Growth Allocation Managed Risk Fund
	Service Class
	Six Months    Ended    6/30/161, 2    (unaudited)			12/31/15				Year Ended 12/31/14				12/31/13				3/16/123 to 12/31/12
Net asset value, beginning of period		$	10.802		$	11.572			$	11.647			$	10.214			$	10.000
Income (loss) from investment operations:
Net investment income4			0.029			0.149				0.190				0.198				0.304
Net realized and unrealized gain (loss)			0.033			(0.553	)			0.069				1.547				0.030
Total from investment operations			0.062			(0.404	)			0.259				1.745				0.334
Less dividends and distributions from:
Net investment income			—			(0.224	)			(0.191	)			(0.122	)			(0.120	)
Net realized gain			—			(0.027	)			(0.143	)			(0.190	)			—
Return of capital			—			(0.115	)			—				—				—
Total dividends and distributions			—			(0.366	)			(0.334	)			(0.312	)			(0.120	)
Net asset value, end of period		$	10.864		$	10.802			$	11.572			$	11.647			$	10.214
Total return5			0.57%			(3.49%	)			2.20%				17.10%				3.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	3,838,708		$	3,945,825			$	3,768,318			$	2,544,418			$	789,986
Ratio of expenses to average net assets6			0.62%			0.62%				0.61%				0.61%				0.58%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.62%			0.62%				0.61%				0.62%				0.64%
Ratio of net investment income to average net assets			0.55%			1.28%				1.60%				1.78%				3.80%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.55%			1.28%				1.60%				1.77%				3.74%
Portfolio turnover			15%			22%				15%				48%				12%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Global Allocation Managed Risk Funds–12

LVIP American Global Allocation Managed Risk Funds

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 American Global Balanced Allocation Managed Risk Fund and LVIP American Global Growth Allocation Managed Risk Fund (formerly LVIP Managed Risk American Balanced Allocation Fund and LVIP Managed Risk American Growth Allocation Fund) (each, a “Fund”, and collectively, the “Funds”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are non-diversified management investment companies registered under the 1940 Act. Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests a significant portion of its assets in the American Funds Insurance Series^® funds and American Funds^® retail funds (collectively, the “Underlying Funds”). The Underlying Funds, which are advised by an unaffiliated adviser, invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP American Global Balanced Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital.

The investment objective of the LVIP American Global Growth Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

1. Significant Accounting Policies

Each 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–The Funds value Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 to and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on each Fund’s federal income tax returns through the six months ended June 30, 2016 and for the open tax years (years ended December 31, 2012-December 31, 2015) and has concluded that no provision for federal income tax is required in the Funds’ financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the six months ended June 30, 2016, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Funds’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

LVIP American Global Allocation Managed Risk Funds–13

LVIP American Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series within 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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

Lincoln Investment Advisors Corporation (“LIAC”) is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LIAC is responsible for overall management of the Funds’ investment portfolios and providing certain administrative services to the Funds. For its services, LIAC receives a management fee at an annual rate of 0.25% of the average daily net assets of the Funds. The fee is in addition to the management fees indirectly paid to the investment advisers of the Underlying Funds (including LIAC).

Effective May 1, 2016, Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Funds’ managed risk strategy. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety of the Funds’ investment portfolios. For these services, LIAC, not the Funds, pays the Sub-Adviser a fee based on each 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 Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in “Accounting and administration expenses” on the Statements of Operations. For the six months ended June 30, 2016, fees for these administrative and legal services were as follows:

	LVIP American Global Balanced Allocation Managed Risk Fund			LVIP American Global Growth Allocation Managed Risk Fund
Administrative		$	55,069		$	108,045
Legal			14,170			27,803

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP American Global Balanced Allocation Managed Risk Fund			LVIP American Global Growth Allocation Managed Risk Fund
Trading operation		$	11,669		$	22,879

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP American Global Balanced Allocation Managed Risk Fund			LVIP American Global Growth Allocation Managed Risk Fund
Printing and mailing		$	24,712		$	32,138

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.35% of average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP American Global Allocation Managed Risk Funds–14

LVIP American Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Funds had liabilities payable and prepaid expenses to affiliates as follows:

	LVIP American Global Balanced Allocation Managed Risk Fund			LVIP American Global Growth Allocation Managed Risk Fund
Management fees payable to LIAC		$	409,366		$	790,364
Distribution fees payable to LFD			572,924			1,106,184
Printing and mailing fees payable to Lincoln Life			178			2,555

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

Affiliated investment companies, for purposes of the 1940 Act are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Funds held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Funds and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

LVIP American Global Balanced Allocation Managed Risk Fund

	Value      12/31/15			Purchases			Proceeds			Net Realized Gain (Loss)				Value       6/30/16			Dividends			Capital Gain Distributions
American Funds Insurance Series - Bond Fund		$	542,857,012		$	636,585,993		$	575,470,115		$	(952,402	)		$	629,018,312		$	3,565,048		$	2,116,748
American Funds Insurance Series - Mortgage Bond Fund			77,605,293			78,277,193			78,835,658			9,409				78,260,580			193,726			789,253
Total		$	620,462,305		$	714,863,186		$	654,305,773		$	(942,993	)		$	707,278,892		$	3,758,774		$	2,906,001

LVIP American Global Growth Allocation Managed Risk Fund

	Value        12/31/15			Purchases			Proceeds			Net Realized  Gain (Loss)				Value       6/30/16			Dividends			Capital Gain Distributions
American Funds Insurance Series - Bond Fund		$	572,953,564		$	769,350,000		$	651,841,113		$	(840,936	)		$	718,165,963		$	4,084,905		$	2,425,412
American Funds Insurance Series - Global Small Capitalization Fund			262,717,530			—			—			—				—			—			—
American Funds Insurance Series - High-Income Bond Fund*			148,932,026			—			—			—				—			—			—
American Funds Insurance Series - Mortgage Bond Fund			114,677,342			112,486,982			116,089,139			43,159				112,866,295			280,392			1,142,338
American Funds Insurance Series - New World Fund			—			170,501,477			136,998,188			(2,100,094	)			148,869,894			147,096			—
Total		$	1,099,280,462		$	1,052,338,459		$	904,928,440		$	(2,897,871	)		$	979,902,152		$	4,512,393		$	3,567,750

LVIP American Global Allocation Managed Risk Funds–15

LVIP American Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	LVIP American Global Balanced Allocation Managed Risk Fund			LVIP American Global Growth Allocation Managed Risk Fund
Purchases		$	245,529,985		$	554,364,041
Sales			275,449,162			640,956,031

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	LVIP American Global Balanced Allocation Managed Risk Fund				LVIP American Global Growth Allocation Managed Risk Fund
Cost of investments		$	1,963,903,051			$	3,802,183,002
Aggregate unrealized appreciation		$	60,814,968			$	95,931,868
Aggregate unrealized depreciation			(15,456,229	)			(75,693,048	)
Net unrealized appreciation		$	45,358,739			$	20,238,820

U.S. GAAP defines fair value as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2016:

LVIP American Global Balanced Allocation Managed Risk Fund
	Level 1				Level 2			Total
Investment Companies		$	2,000,373,652			$	—		$	2,000,373,652
Short-Term Investments			—				8,888,138			8,888,138
Total		$	2,000,373,652			$	8,888,138		$	2,009,261,790
LVIP American Global Growth Allocation Managed Risk Fund
	Level 1				Level 2			Total
Investment Companies		$	3,812,616,773			$	—		$	3,812,616,773
Short-Term Investments			—				9,805,049			9,805,049
Total		$	3,812,616,773			$	9,805,049		$	3,822,421,822
Futures Contracts		$	(20,052,538	)		$	—		$	(20,052,538	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Funds’ policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP American Global Allocation Managed Risk Funds–16

LVIP American Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	LVIP American Global Balanced  Allocation Managed  Risk Fund						LVIP American Global Growth  Allocation Managed  Risk Fund
	Six Months   Ended 6/30/16			Year Ended      12/31/15			Six Months   Ended 6/30/16			Year Ended      12/31/15
Shares sold:
Standard Class		7,280			3,317			21,462			34,495
Service Class		7,513,450			33,460,337			8,073,573			59,436,332
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,344			—			2,977
Service Class		—			7,732,457			—			11,934,498
		7,520,730			41,198,455			8,095,035			71,408,302
Shares redeemed:
Standard Class		(538	)		(962	)		(1,889	)		(28,749	)
Service Class		(12,113,564	)		(19,332,974	)		(20,016,419	)		(31,743,802	)
		(12,114,102	)		(19,333,936	)		(20,018,308	)		(31,772,551	)
Net increase (decrease)		(4,593,372	)		21,864,519			(11,923,273	)		39,635,751

5. Derivatives

U.S. GAAP requires enhanced disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity’s results of operations and financial position.

Futures Contracts–Each Fund may use futures in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Funds deposit U.S. or foreign cash or pledge 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 Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

LVIP American Global Balanced Allocation Managed Risk Fund

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized  in Income
Currency contracts (Futures contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(930,717	)		$	160,257
Equity contracts (Futures contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(14,223,592	)			(260,360	)
Total			$	(15,154,309	)		$	(100,103	)

LVIP American Global Allocation Managed Risk Funds–17

LVIP American Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

LVIP American Global Growth Allocation Managed Risk Fund

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location		Fair Value		Statement of Assets and Liabilities Location	Fair Value
Currency contracts (Futures contracts)		Net unrealized depreciation on futures contracts	$	1,485,405	Net unrealized depreciation on futures contracts	$	—
Equity contracts (Futures contracts)		Net unrealized depreciation on futures contracts		—	Net unrealized depreciation on futures contracts		(21,537,943	)
Total			$	1,485,405		$	(21,537,943	)

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Futures contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	1,622,074			$	(2,391,050	)
Equity contracts (Futures contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(57,056,605	)			(15,833,779	)
Total			$	(55,434,531	)		$	(18,224,829	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by each Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume Futures Contracts (Average Notional Value)			Liability Derivative Volume Futures Contracts (Average Notional Value)
LVIP American Global Balanced Allocation Managed Risk Fund		$	110,817,429		$	85,288,011
LVIP American Global Growth Allocation Managed Risk Fund			6,520,127			714,987,662

6. Market Risk

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.

7. Contractual Obligations

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

8. Subsequent Events

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

LVIP American Global Allocation Managed Risk Funds–18

LVIP American Global Allocation Managed Risk Funds

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with Milliman Financial Risk Management LLC (“Milliman”) (the “Sub-Advisory Agreement”) for various series of the Trust (each a “Fund” and 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and Milliman 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and Milliman provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of Milliman, information about proposed sub-advisory fees and compliance and regulatory matters. After reviewing the information received, the Independent Trustees requested supplemental information and LIAC and Milliman provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC, and Milliman to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of each Fund that the Sub-Advisory Agreement be approved for each Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the sub-advisory agreement between LIAC and Milliman with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by Milliman under the Sub-Advisory Agreement. The Board noted that Milliman has served as a consultant to LIAC with respect to the managed risk strategy for each Fund and that LIAC proposed to delegate the responsibility of managing each Fund’s managed risk strategy to Milliman as sub-adviser. The Board considered the criteria provided by LIAC in recommending Milliman be appointed a sub-adviser for the managed risk strategy of the Funds, including historical modeling and noted that the Board was familiar with the futures based managed risk overlay services provided by Milliman as a consultant to LIAC with respect to the Funds. The Board reviewed the services to be provided by Milliman, the backgrounds of the investment professionals proposed to service the Funds, Milliman’s consulting work for LIAC with respect to the managed risk strategy for the Funds, and the reputation, resources and investment approach of Milliman. They also reviewed information provided regarding the structure of portfolio manager compensation, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by Milliman were expected to be satisfactory.

Performance. With respect to performance, the Board considered that Milliman has served as a risk management consultant to LIAC with respect to the Funds’ futures based managed risk strategy and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by Milliman were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted Milliman’s view that the sub-advisory fees proposed by Milliman were competitive compared to other registered fund and institutional clients that employ the same futures based managed risk strategy as used for the Funds. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party and that LIAC would compensate Milliman from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party, and that LIAC would compensate Milliman from its fees. The Board reviewed materials provided by Milliman as to any additional benefits it would receive and noted Milliman’s statement that the Sub-Advisory Agreement may strengthen Milliman’s name recognition as well as create non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume.

Overall Conclusions. Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Funds.

LVIP American Global Allocation Managed Risk Funds–19

LVIP American Preservation Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP American Preservation Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 American Preservation Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16	Ending Account Value 6/30/16	Annualized Expense Ratio	Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$1,000.00	$1,029.60	0.18%		$0.91
Service Class Shares	1,000.00	1,027.90	0.53%		2.67
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,023.97	0.18%		$0.91
Service Class Shares	1,000.00	1,022.23	0.53%		2.66

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests significantly all of its assets in other investment companies (“Underlying Funds”). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP American Preservation Fund–1

LVIP American Preservation Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment Companies		6.99%
Fixed Income Fund		5.00%
Money Market Fund		1.99%
Unaffiliated Investment Companies		93.22%
Fixed Income Funds		92.08%
International Fixed Income Fund		1.00%
Money Market Fund		0.14%
Total Value of Securities		100.21%
Liabilities Net of Receivables and Other Assets		(0.21%)
Total Net Assets		100.00%

LVIP American Preservation Fund–2

LVIP American Preservation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of	Value
	Shares	(U.S. $)
AFFILIATED INVESTMENT COMPANIES–6.99%
Fixed Income Fund–5.00%
✢American Funds Insurance Series®–
Mortgage Bond Fund	2,477,197	$	26,704,185
			26,704,185
Money Market Fund–1.99%
*Lincoln Variable Insurance Products Trust–LVIP Government Money Market Fund (seven-day effective yield 0.05%)	1,062,613		10,626,133
			10,626,133
Total Affiliated Investment Companies (Cost $36,837,895)			37,330,318
UNAFFILIATED INVESTMENT COMPANIES–93.22%
Fixed Income Funds–92.08%
✧American Funds®–
Bond Fund of America	2,454,237		32,199,593
Intermediate Bond Fund of America	10,540,508		144,404,966
Short-Term Bond Fund of America	18,618,045		186,552,816

	Number of		Value
	Shares		(U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
Fixed Income Funds (continued)
✢American Funds Insurance Series®–
Bond Fund		4,312,400	$	48,298,885
High-Income Bond Fund		1,614,590		15,968,293
U.S. Government/AAA-Rated Securities Fund		5,130,266		64,282,227
				491,706,780
International Fixed Income Fund–1.00%
✢American Funds Insurance Series® –
Global Bond Fund		450,628		5,348,952
				5,348,952
Money Market Fund–0.14%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		759,475		759,475
				759,475
Total Unaffiliated Investment Companies (Cost $491,986,855)				497,815,207

TOTAL VALUE OF SECURITIES–100.21% (Cost $528,824,750)		535,145,525
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.21%)		(1,105,643	)
NET ASSETS APPLICABLE TO 53,260,914 SHARES OUTSTANDING–100.00%	$	534,039,882

_✧ Class R-6 shares.

* Standard Class shares.

✢ Class 1 shares.

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

LVIP American Preservation Fund–3

LVIP American Preservation Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	37,330,318
Investments in unaffiliated investment companies, at value		497,815,207
Total investments, at value		535,145,525
Receivable for fund shares sold		649,252
Dividends receivable from investment companies		518,823
Prepaid printing and mailing fees to Lincoln Life		756
Cash		12
TOTAL ASSETS		536,314,368
LIABILITIES:
Payable for investment companies purchased		1,278,128
Payable for fund shares redeemed		768,544
Due to manager and affiliates		211,973
Other accrued expenses payable		15,841
TOTAL LIABILITIES		2,274,486
TOTAL NET ASSETS	$	534,039,882
Investments in affiliated investment companies, at cost	$	36,837,895
Investments in unaffiliated investment companies, at cost		491,986,855
Total investments, at cost	$	528,824,750
Standard Class:
Net Assets	$	70,441
Shares Outstanding		7,013
Net Asset Value Per Share	$	10.044
Service Class:
Net Assets	$	533,969,441
Shares Outstanding		53,253,901
Net Asset Value Per Share	$	10.027
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	528,462,483
Accumulated net investment loss		(306,328	)
Accumulated net realized loss on investments		(437,048	)
Net unrealized appreciation of investments		6,320,775
TOTAL NET ASSETS	$	534,039,882

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

LVIP American Preservation Fund–4

LVIP American Preservation Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from affiliated investment companies	$	65,532
Dividends from unaffiliated investment companies		615,825
		681,357
EXPENSES:
Distribution fees-Service Class		850,848
Management fees		607,844
Accounting and administration expenses		34,769
Professional fees		15,886
Reports and statements to shareholders		8,695
Trustees’ fees and expenses		6,087
Custodian fees		3,548
Consulting fees		1,082
Pricing fees		34
Other		1,203
		1,529,996
Less management fees waived		(243,137	)
Total operating expenses		1,286,859
NET INVESTMENT LOSS		(605,502	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from affiliated investment companies		260,409
Distributions from unaffiliated investment companies		3,565,430
Sale of investments in affiliated investment companies		(2,735	)
Sale of investments in unaffiliated investment companies		(2,291,640	)
Net realized gain		1,531,464
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		366,841
Investments in unaffiliated investment companies		12,323,381
Net change in unrealized appreciation (depreciation)		12,690,222
NET REALIZED AND UNREALIZED GAIN		14,221,686
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,616,184

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

LVIP American Preservation Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(605,502	)	$	4,372,289
Net realized gain		1,531,464			459,290
Net change in unrealized appreciation (depreciation)		12,690,222			(5,810,887	)
Net increase (decrease) in net assets resulting from operations		13,616,184			(979,308	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,343	)
Service Class		—			(5,675,973	)
		—			(5,677,316	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,193			7,347
Service Class		136,906,850			237,033,802
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,343
Service Class		—			5,675,973
		136,909,043			242,718,465
Cost of shares redeemed:
Standard Class		(15,296	)		(54,507	)
Service Class		(51,237,435	)		(102,523,225	)
		(51,252,731	)		(102,577,732	)
Increase in net assets derived from capital share transactions		85,656,312			140,140,733
NET INCREASE IN NET ASSETS		99,272,496			133,484,109
NET ASSETS:
Beginning of period		434,767,386			301,283,277
End of period	$	534,039,882		$	434,767,386
Undistributed (Accumulated) net investment income (loss)	$	(306,328	)	$	299,174

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

LVIP American Preservation Fund–5

LVIP American Preservation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Preservation Fund Standard Class
	Six Months
	Ended															8/29/122
	6/30/161			Year Ended												to
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	9.755		$	9.888			$	9.788			$	10.020			$	10.000
Income (loss) from investment operations:
Net investment income3			0.005			0.150				0.137				0.153				0.239
Net realized and unrealized gain (loss)			0.284			(0.119	)			0.073				(0.264	)			(0.187	)
Total from investment operations			0.289			0.031				0.210				(0.111	)			0.052
Less dividends and distributions from:
Net investment income			—			(0.164	)			(0.110	)			(0.121	)			(0.032	)
Total dividends and distributions			—			(0.164	)			(0.110	)			(0.121	)			(0.032	)
Net asset value, end of period		$	10.044		$	9.755			$	9.888			$	9.788			$	10.020
Total return4			2.96%			0.31%				2.14%				(1.09%	)			0.50%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	70		$	81			$	128			$	224			$	10
Ratio of expenses to average net assets5			0.18%			0.18%				0.19%				0.23%				0.25%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.28%			0.28%				0.29%				0.35%				1.39%
Ratio of net investment income to average net assets			0.10%			1.50%				1.38%				1.54%				6.98%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.00%			1.40%				1.28%				1.42%				5.84%
Portfolio turnover			10%			21%				13%				55%				3%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Preservation Fund–6

LVIP American Preservation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP American Preservation Fund Service Class
	Six Months
	Ended																8/29/122
	6/30/161				Year Ended												to
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	9.755			$	9.888			$	9.789			$	10.018			$	10.000
Income (loss) from investment operations:
Net investment income (loss)3			(0.012	)			0.115				0.102				0.118				0.227
Net realized and unrealized gain (loss)			0.284				(0.119	)			0.073				(0.262	)			(0.188	)
Total from investment operations			0.272				(0.004	)			0.175				(0.144	)			0.039
Less dividends and distributions from:
Net investment income			—				(0.129	)			(0.076	)			(0.085	)			(0.021	)
Total dividends and distributions			—				(0.129	)			(0.076	)			(0.085	)			(0.021	)
Net asset value, end of period		$	10.027			$	9.755			$	9.888			$	9.789			$	10.018
Total return4			2.79%				(0.04%	)			1.78%				(1.43%	)			0.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	533,970			$	434,686			$	301,155			$	162,846			$	32,209
Ratio of expenses to average net assets5			0.53%				0.53%				0.54%				0.58%				0.60%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.63%				0.63%				0.64%				0.70%				1.74%
Ratio of net investment income (loss) to average net assets			(0.25%	)			1.15%				1.03%				1.19%				6.63%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.35%	)			1.05%				0.93%				1.07%				5.49%
Portfolio turnover			10%				21%				13%				55%				3%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP American Preservation Fund–7

LVIP American Preservation Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 American Preservation 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”). 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 operates under a fund of funds structure and invests significantly all of its assets in other open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”), American Funds Insurance Series^® Funds and American Funds^® retail funds (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek current income, consistent with the preservation of capital.

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 investments companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information.

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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.

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.25% of the average daily net assets of the Fund. The fee is in addition to the

LVIP American Preservation Fund–8

LVIP American Preservation Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC). LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.10% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

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 administrative expenses” on the Statement of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	13,307
Legal		3,425

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administrative expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounts to $2,816 for the six months ended June 30, 2016.

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 $4,988 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	63,598
Distribution fees payable to LFD		148,375
Prepaid printing and mailing fees to Lincoln Life		756

The Fund operates as a “fund of funds” structure in reliance on an SEC exemptive order (Release No. 29196). One of the conditions of the order requires that LIAC waive fees otherwise payable to it by a fund of fund in an amount at least equal to any compensation received by LIAC and its affiliates from an unaffiliated Underlying Fund, other than advisory fees (if any) paid to LIAC and its affiliates for managing an unaffiliated Underlying Fund. For the six months ended June 30, 2016, LIAC waived $2,816.

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.

LVIP American Preservation Fund–9

LVIP American Preservation Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value     12/31/15			Purchases			Sales			Net Realized  Gain (Loss)				Value     6/30/16			Dividends			Capital Gain Distributions
American Funds Insurance Series® - Mortgage Bond Fund		$	21,819,222		$	5,320,399		$	799,542		$	(2,735	)		$	26,704,185		$	63,919		$	260,409
LVIP Government Money Market Fund			13,093,130			2,562,737			5,029,734			—				10,626,133			1,613			—
Total		$	34,912,352		$	7,883,136		$	5,829,276		$	(2,735	)		$	37,330,318		$	65,532		$	260,409

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	136,341,929
Sales		47,759,805

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	528,824,750
Aggregate unrealized appreciation	$	6,437,945
Aggregate unrealized depreciation		(117,170	)
Net unrealized appreciation	$	6,320,775

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No  Expiration)
Short-Term	Long-Term	Total
$210,691	$—	$210,691

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)

LVIP American Preservation Fund–10

LVIP American Preservation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	535,145,525

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		221			737
Service Class		13,876,834			23,832,812
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			138
Service Class		—			581,777
		13,877,055			24,415,464
Shares redeemed:
Standard Class		(1,543	)		(5,481	)
Service Class		(5,185,110	)		(10,309,427	)
		(5,186,653	)		(10,314,908	)
Net increase		8,690,402			14,100,556

5. 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.

6. 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 American Preservation Fund–11

            LVIP AQR Enhanced Global Strategies Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP AQR Enhanced Global Strategies Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations	2
Statement of Net Assets	4
Statement of Operations	13
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	16

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 AQR Enhanced Global Strategies Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	979.40		0.70%		$3.45
Service Class Shares			1,000.00			978.20		0.95%		4.67
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,021.38		0.70%		$3.52
Service Class Shares			1,000.00			1,020.14		0.95%		4.77

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP AQR Enhanced Global Strategies Fund–1

LVIP AQR Enhanced Global Strategies Fund

Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations (unaudited)

As of June 30, 2016

Sector and geographical designations may be different than those presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock	77.07%
U.S. Markets	44.81%
Aerospace & Defense	1.90%
Airlines	1.49%
Auto Components	0.27%
Automobiles	0.26%
Banks	2.14%
Beverages	0.67%
Biotechnology	1.04%
Building Products	0.26%
Capital Markets	0.04%
Chemicals	0.80%
Commercial Services & Supplies	0.23%
Communications Equipment	0.40%
Consumer Finance	0.18%
Containers & Packaging	0.19%
Diversified Financial Services	0.43%
Diversified Telecommunication Services	0.45%
Electric Utilities	2.12%
Electronic Equipment, Instruments & Components	0.46%
Food & Staples Retailing	0.88%
Food Products	2.71%
Health Care Equipment & Supplies	0.23%
Health Care Providers & Services	3.25%
Hotels, Restaurants & Leisure	1.62%
Household Durables	0.20%
Household Products	1.26%
Independent Power & Renewable Electricity Producers	0.15%
Industrial Conglomerates	0.16%
Insurance	1.55%
Internet & Catalog Retail	0.69%
Internet Software & Services	2.07%
IT Services	0.68%
Leisure Products	0.18%
Life Sciences Tools & Services	0.34%
Machinery	0.05%
Media	0.93%
Multiline Retail	0.22%
Multi-Utilities	0.66%
Oil, Gas & Consumable Fuels	2.12%
Pharmaceuticals	2.00%
Professional Services	0.38%
Real Estate Investment Trusts	1.45%
Road & Rail	0.04%
Semiconductors & Semiconductor Equipment	1.14%
Software	2.05%
Specialty Retail	1.76%
Technology Hardware, Storage & Peripherals	1.84%

Security Type/Sector	Percentage of Net Assets
Textiles, Apparel & Luxury Goods	0.11%
Tobacco	0.76%
Developed Markets	32.10%
Aerospace & Defense	0.21%
Air Freight & Logistics	0.42%
Airlines	0.57%
Auto Components	0.19%
Automobiles	0.61%
Banks	1.91%
Beverages	0.55%
Biotechnology	0.14%
Building Products	0.03%
Capital Markets	0.56%
Chemicals	1.00%
Commercial Services & Supplies	0.17%
Communications Equipment	0.10%
Construction & Engineering	0.89%
Diversified Financial Services	0.23%
Diversified Telecommunication Services	1.17%
Electric Utilities	0.77%
Electrical Equipment	0.95%
Electronic Equipment, Instruments & Components	0.04%
Food & Staples Retailing	0.62%
Food Products	1.48%
Health Care Equipment & Supplies	0.08%
Health Care Providers & Services	0.13%
Hotels, Restaurants & Leisure	0.32%
Household Durables	1.13%
Household Products	0.19%
Industrial Conglomerates	0.06%
Insurance	2.97%
Internet Software & Services	0.25%
IT Services	0.70%
Leisure Products	0.16%
Life Sciences Tools & Services	0.28%
Machinery	0.03%
Marine	0.04%
Media	0.70%
Metals & Mining	2.24%
Multiline Retail	0.11%
Multi-Utilities	0.44%
Oil, Gas & Consumable Fuels	1.81%
Paper & Forest Products	0.15%
Personal Products	0.20%
Pharmaceuticals	2.90%
Professional Services	0.49%
Real Estate Investment Trusts	0.33%
Real Estate Management & Development	0.73%
Road & Rail	0.29%

LVIP AQR Enhanced Global Strategies Fund–2

LVIP AQR Enhanced Global Strategies Fund

Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations (continued)

Security Type/Sector	Percentage of Net Assets
Semiconductors & Semiconductor Equipment	0.40%
Software	0.35%
Specialty Retail	0.27%
Technology Hardware, Storage & Peripherals	0.25%
Textiles, Apparel & Luxury Goods	0.23%
Tobacco	1.16%
Wireless Telecommunication Services	0.10%
Emerging Markets	0.16%
Machinery	0.16%
Preferred Stock	0.04%
Right	0.01%
Investment Companies	9.55%
Money Market Fund	12.23%
Total Value of Securities	98.90%
Receivables and Other Assets Net of Liabilities	1.10%
Total Net Assets	100.00%

Holdings are for informational purpose only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Apple	1.16%
Microsoft	1.15%
Alphabet	1.02%
FirstEnergy	0.98%
Procter & Gamble	0.94%
Johnson & Johnson	0.87%
Nestle	0.84%
PNC Financial Services Group	0.84%
UnitedHealth Group	0.80%
Tyson Foods	0.78%
Total	9.38%

Geography	Percentage of Net Assets
Australia	1.64%
Belgium	0.37%
Canada	2.61%
China	0.16%
Denmark	1.02%
Finland	0.46%
France	2.94%
Germany	2.16%
Hong Kong	1.10%
Italy	0.64%
Japan	6.39%
Netherlands	1.43%
Spain	1.09%
Sweden	1.17%
Switzerland	3.01%
United Kingdom	5.03%
United States	55.45%
Total	86.67%

IT–Information Technology

LVIP AQR Enhanced Global Strategies Fund–3

LVIP AQR Enhanced Global Strategies Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–77.07%
U.S. MARKETS–44.81%
Aerospace & Defense–1.90%
Boeing		305	$	39,611
General Dynamics		346		48,177
L-3 Communications Holdings		163		23,910
Lockheed Martin		23		5,708
Northrop Grumman		373		82,910
Raytheon		249		33,852
Textron		285		10,420
United Technologies		34		3,487
				248,075
Airlines–1.49%
Delta Air Lines		1,554		56,612
Southwest Airlines		1,796		70,421
†United Continental Holdings		1,637		67,183
				194,216
Auto Components–0.27%
Goodyear Tire & Rubber		724		18,578
Lear		162		16,485
				35,063
Automobiles–0.26%
General Motors		1,199		33,932
				33,932
Banks–2.14%
Citigroup		516		21,873
Citizens Financial Group		1,192		23,816
JPMorgan Chase		553		34,363
PNC Financial Services Group		1,341		109,144
SunTrust Banks		874		35,904
Wells Fargo		1,155		54,666
				279,766
Beverages–0.67%
Coca-Cola		234		10,607
Dr Pepper Snapple Group		94		9,083
PepsiCo		635		67,272
				86,962
Biotechnology–1.04%
Amgen		221		33,625
†Biogen		21		5,078
Gilead Sciences		494		41,210
†Ionis Pharmaceuticals		687		16,000
†Medivation		52		3,136
†United Therapeutics		347		36,754
				135,803
Building Products–0.26%
Masco		1,110		34,343
				34,343

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Capital Markets–0.04%
Morgan Stanley		178	$	4,624
				4,624
Chemicals–0.80%
Dow Chemical		364		18,094
EI du Pont de Nemours		295		19,116
LyondellBasell Industries Class A		471		35,052
Monsanto		138		14,271
W.R. Grace		253		18,522
				105,055
Commercial Services & Supplies–0.23%
Cintas		115		11,285
Waste Management		281		18,622
				29,907
Communications Equipment–0.40%
Cisco Systems		1,500		43,035
†F5 Networks		51		5,806
Juniper Networks		134		3,014
				51,855
Consumer Finance–0.18%
Capital One Financial		46		2,921
Discover Financial Services		100		5,359
†Synchrony Financial		619		15,648
				23,928
Containers & Packaging–0.19%
International Paper		403		17,079
Sealed Air		160		7,355
				24,434
Diversified Financial Services–0.43%
†Berkshire Hathaway Class B		386		55,889
				55,889
Diversified Telecommunication Services–0.45%
AT&T		78		3,370
Verizon Communications		999		55,784
				59,154
Electric Utilities–2.12%
American Electric Power		743		52,077
Entergy		635		51,657
Exelon		876		31,851
FirstEnergy		3,662		127,840
Pinnacle West Capital		123		9,970
PPL		77		2,907
				276,302
Electronic Equipment, Instruments & Components–0.46%
†Arrow Electronics		611		37,821

LVIP AQR Enhanced Global Strategies Fund–4

LVIP AQR Enhanced Global Strategies Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Electronic Equipment, Instruments & Components (continued)
Avnet		554	$	22,443
				60,264
Food & Staples Retailing–0.88%
CVS Health		112		10,723
Kroger		85		3,127
†Rite Aid		307		2,299
Walgreens Boots Alliance		156		12,990
Wal-Mart Stores		1,182		86,310
				115,449
Food Products–2.71%
Archer-Daniels-Midland		1,371		58,802
Bunge		660		39,039
ConAgra Foods		1,385		66,217
General Mills		152		10,841
Kraft Heinz		200		17,696
Mead Johnson Nutrition		263		23,867
Mondelez International		772		35,134
Tyson Foods Class A		1,525		101,855
				353,451
Health Care Equipment & Supplies–0.23%
C.R. Bard		30		7,055
†Edwards Lifesciences		115		11,469
†Hologic		326		11,280
				29,804
Health Care Providers & Services–3.25%
Aetna		143		17,465
AmerisourceBergen		427		33,870
Anthem		420		55,163
Cardinal Health		333		25,977
Cigna		74		9,471
†Express Scripts Holding		323		24,483
†HCA Holdings		360		27,724
Humana		15		2,698
McKesson		324		60,475
@Quest Diagnostics		536		43,636
UnitedHealth Group		739		104,347
Universal Health Services Class B		145		19,446
				424,755
Hotels, Restaurants & Leisure–1.62%
Carnival		961		42,476
Darden Restaurants		585		37,054
Hilton Worldwide Holdings		854		19,241
Las Vegas Sands		1,026		44,621
†MGM Resorts International		124		2,806
Starwood Hotels & Resorts Worldwide		54		3,993
Yum Brands		740		61,361
				211,552

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Household Durables–0.20%
DR Horton		832	$	26,191
				26,191
Household Products–1.26%
Kimberly-Clark		300		41,244
Procter & Gamble		1,449		122,687
				163,931
Independent Power & Renewable Electricity Producers–0.15%
AES		1,526		19,045
				19,045
Industrial Conglomerates–0.16%
General Electric		663		20,871
				20,871
Insurance–1.55%
Allstate		1,010		70,650
American International Group		523		27,662
Hartford Financial Services Group		527		23,388
MetLife		430		17,127
Progressive		392		13,132
Travelers		423		50,354
				202,313
Internet & Catalog Retail–0.69%
†Amazon.com		120		85,874
†Priceline Group		3		3,745
				89,619
Internet Software & Services–2.07%
†Akamai Technologies		148		8,278
†Alphabet Class A		93		65,428
†Alphabet Class C		97		67,134
†eBay		1,953		45,720
†Facebook Class A		675		77,139
†LinkedIn Class A		36		6,813
				270,512
IT Services–0.68%
Accenture Class A		182		20,619
†Cognizant Technology Solutions Class A		456		26,101
International Business Machines		70		10,625
Total System Services		66		3,505
@Xerox		2,962		28,109
				88,959
Leisure Products–0.18%
Hasbro		279		23,433
				23,433
Life Sciences Tools & Services–0.34%
Agilent Technologies		761		33,758

LVIP AQR Enhanced Global Strategies Fund–5

LVIP AQR Enhanced Global Strategies Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Life Sciences Tools & Services (continued)
†Quintiles Transnational Holdings		163	$	10,647
				44,405
Machinery–0.05%
Cummins		64		7,196
				7,196
Media–0.93%
†Charter Communications Class A		40		9,058
Comcast Class A		218		14,211
Interpublic Group		1,052		24,301
News Class A		366		4,154
Time Warner		316		23,239
Viacom Class B		920		38,152
Walt Disney		90		8,804
				121,919
Multiline Retail–0.22%
Macy’s		565		18,990
Target		134		9,356
				28,346
Multi-Utilities–0.66%
Ameren		550		29,469
Public Service Enterprise Group		1,211		56,445
				85,914
Oil, Gas & Consumable Fuels–2.12%
Chevron		76		7,967
Exxon Mobil		502		47,058
HollyFrontier		1,106		26,290
Kinder Morgan		1,205		22,558
Marathon Petroleum		1,225		46,501
Phillips 66		299		23,723
Tesoro		663		49,672
Valero Energy		942		48,042
Williams		205		4,434
				276,245
Pharmaceuticals–2.00%
Eli Lilly & Co.		95		7,481
Johnson & Johnson		938		113,779
†Mallinckrodt		312		18,963
Merck		800		46,088
†Mylan		365		15,783
Pfizer		1,622		57,111
†Valeant Pharmaceuticals International		100		2,016
				261,221
Professional Services–0.38%
ManpowerGroup		217		13,962
Robert Half International		929		35,451
				49,413

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts–1.45%
American Tower		150	$	17,042
AvalonBay Communities		42		7,576
Boston Properties		100		13,190
Crown Castle International		100		10,143
Digital Realty Trust		49		5,341
Equinix		19		7,367
Equity Residential		100		6,888
Essex Property Trust		21		4,790
Extra Space Storage		42		3,887
Federal Realty Investment Trust		25		4,139
General Growth Properties		200		5,964
HCP		168		5,944
Host Hotels & Resorts		334		5,414
Kimco Realty		148		4,644
Macerich		48		4,099
Prologis		200		9,808
Public Storage		47		12,013
Realty Income		79		5,479
Simon Property Group		100		21,690
SL Green Realty		34		3,620
Ventas		100		7,282
Vornado Realty Trust		100		10,012
Welltower		100		7,617
Weyerhaeuser		200		5,954
				189,903
Road & Rail–0.04%
CSX		205		5,346
				5,346
Semiconductors & Semiconductor Equipment–1.14%
Intel		1,206		39,557
Lam Research		78		6,557
Maxim Integrated Products		646		23,056
†Micron Technology		576		7,926
QUALCOMM		713		38,195
Texas Instruments		442		27,691
Xilinx		124		5,720
				148,702
Software–2.05%
Activision Blizzard		80		3,170
†Citrix Systems		453		36,281
†Electronic Arts		101		7,652
Microsoft		2,943		150,592
†Nuance Communications		1,180		18,443
Oracle		1,043		42,690
†VMware Class A		146		8,354
				267,182
Specialty Retail–1.76%
Best Buy		929		28,427

LVIP AQR Enhanced Global Strategies Fund–6

LVIP AQR Enhanced Global Strategies Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Specialty Retail (continued)
Dick’s Sporting Goods		363	$	16,357
Foot Locker		207		11,356
Home Depot		520		66,399
Lowe’s		828		65,553
Ross Stores		156		8,844
Staples		1,936		16,688
TJX		200		15,446
				229,070
Technology Hardware, Storage & Peripherals–1.84%
Apple		1,589		151,908
EMC		606		16,465
Hewlett Packard Enterprise		658		12,022
HP		4,782		60,014
				240,409
Textiles, Apparel & Luxury Goods–0.11%
PVH		153		14,417
				14,417
Tobacco–0.76%
Altria Group		1,106		76,270
Philip Morris International		228		23,192
				99,462
Total U.S. Markets   (Cost $5,498,833)				5,848,607
§DEVELOPED MARKETS–32.10%
Aerospace & Defense–0.21%
†Leonardo-Finmeccanica		562		5,683
Thales		263		21,841
				27,524
Air Freight & Logistics–0.42%
Royal Mail		8,205		55,126
				55,126
Airlines–0.57%
Deutsche Lufthansa		2,316		27,230
International Consolidated Airlines Group		2,279		11,284
Japan Airlines		1,100		35,390
				73,904
Auto Components–0.19%
Magna International		203		7,126
NHK Spring		800		6,493
Nokian Renkaat		308		11,039
				24,658
Automobiles–0.61%
Ferrari		64		2,627

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Automobiles (continued)
Fiat Chrysler Automobiles		685	$	4,217
Fuji Heavy Industries		600		20,624
Mazda Motor		1,400		18,527
Mitsubishi Motors		2,500		11,541
†Peugeot		1,875		22,474
				80,010
Banks–1.91%
Banco Santander		7,146		27,731
Bankia		9,094		6,620
Barclays		14,292		26,582
BNP Paribas		481		21,095
Commerzbank		2,566		16,711
HSBC Holdings		1,705		10,563
ING Groep CVA		1,036		10,718
Mitsubishi UFJ Financial Group		1,886		8,455
Mizuho Financial Group		4,000		5,756
National Australia Bank		551		10,579
Resona Holdings		4,900		17,909
Societe Generale		1,243		38,888
Sumitomo Mitsui Financial Group		600		17,325
UniCredit		13,595		29,899
				248,831
Beverages–0.55%
Coca-Cola HBC		2,688		54,390
SABMiller		298		17,379
				71,769
Biotechnology–0.14%
Shire		287		17,737
Shire ADR		1		124
				17,861
Building Products–0.03%
Cie de Saint-Gobain		102		3,866
				3,866
Capital Markets–0.56%
3i Group		276		2,025
ICAP		544		3,061
Investec		2,420		15,042
Macquarie Group		704		36,646
Mediobanca		2,736		15,764
				72,538
Chemicals–1.00%
Evonik Industries		1,057		31,508
Hitachi Chemical		600		11,206
Kaneka		1,000		6,672
Mitsui Chemicals		11,000		40,422
Nitto Denko		100		6,343
Sumitomo Chemical		4,000		16,504

LVIP AQR Enhanced Global Strategies Fund–7

LVIP AQR Enhanced Global Strategies Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Chemicals (continued)
Syngenta		30	$	11,515
Teijin		2,000		6,627
				130,797
Commercial Services & Supplies–0.17%
ISS		582		21,889
				21,889
Communications Equipment–0.10%
Nokia		1,078		6,140
Telefonaktiebolaget LM Ericsson Class B		844		6,484
				12,624
Construction & Engineering–0.89%
ACS Actividades de Construccion y Servicios		1,156		31,708
†Brookfield Business Partners		3		57
CIMIC Group		2,111		56,992
Obayashi		700		7,453
Vinci		281		19,829
				116,039
Diversified Financial Services–0.23%
ASX		46		1,584
Deutsche Boerse		52		4,272
Hong Kong Exchanges and Clearing		300		7,310
Investor Class B		123		4,132
ORIX		1,000		12,940
				30,238
Diversified Telecommunication Services–1.17%
BT Group		1,644		9,036
Deutsche Telekom		1,073		18,297
Elisa		314		12,065
HKT Trust		3,000		4,323
Nippon Telegraph & Telephone		500		23,447
Orange		3,122		50,765
PCCW		1,000		672
Proximus SADP		374		11,885
TDC		3,485		17,078
Telstra		1,194		4,991
				152,559
Electric Utilities–0.77%
Chubu Electric Power		845		12,025
Endesa		2,999		60,176
Enel		1,745		7,747
Fortum		271		4,354
†Tokyo Electric Power Holdings		3,900		16,517
				100,819

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Electrical Equipment–0.95%
Mitsubishi Electric		1,000	$	11,938
OSRAM Licht		1,548		80,429
Prysmian		809		17,757
Vestas Wind Systems		199		13,526
				123,650
Electronic Equipment, Instruments & Components–0.04%
Hitachi High-Technologies		200		5,474
				5,474
Food & Staples Retailing–0.62%
Alimentation Couche-Tard Class B		212		9,104
Delhaize Group		30		3,169
Empire Class A		312		4,639
Koninklijke Ahold		1,713		37,827
METRO		714		21,960
Seven & i Holdings		100		4,193
				80,892
Food Products–1.48%
Ajinomoto		1,000		23,561
†Aryzta		294		10,865
MEIJI Holdings		300		30,827
Nestle		1,414		109,554
#WH Group 144A		23,500		18,612
				193,419
Health Care Equipment & Supplies–0.08%
Hoya		300		10,715
				10,715
Health Care Providers & Services–0.13%
Medipal Holdings		200		3,288
Suzuken Aichi		430		13,535
				16,823
Hotels, Restaurants & Leisure–0.32%
Flight Centre Travel Group		471		11,205
SJM Holdings		9,000		5,511
William Hill		7,473		25,741
				42,457
Household Durables–1.13%
Barratt Developments		952		5,173
Berkeley Group Holdings		170		5,741
Electrolux Class B		1,569		42,779
Panasonic		2,200		18,928
Persimmon		1,409		27,323
Sekisui House		100		1,751
Sony		300		8,839
Taylor Wimpey		16,103		28,568
Techtronic Industries		2,000		8,352
				147,454

LVIP AQR Enhanced Global Strategies Fund–8

LVIP AQR Enhanced Global Strategies Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Household Products–0.19%
Svenska Cellulosa Class B		791	$	25,415
				25,415
Industrial Conglomerates–0.06%
Siemens		81		8,312
				8,312
Insurance–2.97%
Ageas		963		33,473
AIA Group		800		4,811
Allianz		201		28,674
Axis Capital Holdings		1,094		60,170
CNP Assurances		1,076		15,875
Dai-ichi Life Insurance		300		3,358
Direct Line Insurance Group		1,003		4,637
Great-West Lifeco Class A		100		2,638
Hannover Rueck		267		27,976
Industrial Alliance Insurance & Financial Services		1,289		40,517
MS&AD Insurance Group Holdings		1,000		25,910
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		169		28,340
NN Group		1,571		43,247
Power Corp of Canada		100		2,129
QBE Insurance Group		425		3,357
SCOR		195		5,765
Sompo Japan Nipponkoa Holdings		600		15,967
Swiss Life Holding		90		20,799
Swiss Re		231		20,176
				387,819
Internet Software & Services–0.25%
Mixi		800		33,076
				33,076
IT Services–0.70%
Atos		556		45,842
Cap Gemini		353		30,461
†CGI Group Class A		257		10,979
Computershare		114		788
Fujitsu		1,000		3,677
				91,747
Leisure Products–0.16%
Bandai Namco Holdings		600		15,484
Yamaha		200		5,391
				20,875
Life Sciences Tools & Services–0.28%
†Lonza Group		217		36,046
				36,046

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Machinery–0.03%
JTEKT		300	$	3,400
				3,400
Marine–0.04%
Nippon Yusen		3,000		5,278
				5,278
Media–0.70%
Hakuhodo DY Holdings		400		4,794
Lagardere		535		11,637
Pearson		412		5,359
Publicis Groupe		46		3,078
Sky		297		3,375
Wolters Kluwer		1,006		40,734
WPP		1,092		22,759
				91,736
Metals & Mining–2.24%
Agnico Eagle Mines		60		3,211
Barrick Gold		1,749		37,337
BHP Billiton		3,724		48,036
Boliden		1,306		25,525
Fortescue Metals Group		6,855		18,344
†Glencore		15,172		31,271
Goldcorp		878		16,800
†Kinross Gold		5,562		27,294
†Newcrest Mining		183		3,172
Rio Tinto		940		29,203
†Turquoise Hill Resources		8,249		27,902
Yamana Gold		4,666		24,270
				292,365
Multiline Retail–0.11%
Dollarama		81		5,655
Harvey Norman Holdings		1,399		4,868
Isetan Mitsukoshi Holdings		500		4,450
				14,973
Multi-Utilities–0.44%
E.ON		4,136		41,752
Engie		1,004		16,121
				57,873
Oil, Gas & Consumable Fuels–1.81%
BP		6,577		38,499
Caltex Australia		888		21,410
Cameco		4,376		48,063
Cenovus Energy		687		9,502
Crescent Point Energy		100		1,580
Husky Energy		1,055		12,878
Origin Energy		1,565		6,838
Repsol		1,138		14,588
Royal Dutch Shell Class A		136		3,735

LVIP AQR Enhanced Global Strategies Fund–9

LVIP AQR Enhanced Global Strategies Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Oil, Gas & Consumable Fuels (continued)
Royal Dutch Shell Class B		893	$	24,672
Santos		1,966		6,959
Suncor Energy		1,506		41,778
Woodside Petroleum		253		5,130
				235,632
Paper & Forest Products–0.15%
Mondi		1,033		19,340
				19,340
Personal Products–0.20%
Kao		200		11,648
Unilever		315		15,093
				26,741
Pharmaceuticals–2.90%
Astellas Pharma		2,500		39,206
Bayer		126		12,655
Daiichi Sankyo		300		7,289
†Endo International		2,168		33,799
Galenica		17		22,917
GlaxoSmithKline		521		11,189
Mitsubishi Tanabe Pharma		600		10,841
Novartis		540		44,571
Orion Class B		675		26,210
Roche Holding		271		71,511
Sanofi		781		64,888
Shionogi		600		32,800
				377,876
Professional Services–0.49%
Adecco		885		44,638
Randstad Holding		490		19,596
				64,234
Real Estate Investment Trusts–0.33%
British Land		312		2,533
Goodman Group		814		4,366
Japan Retail Fund Investment		2		5,107
Klepierre		77		3,398
Land Securities Group		258		3,590
Link REIT		1,000		6,838
Scentre Group		1,243		4,604
Unibail-Rodamco		32		8,278
Westfield		470		3,775
				42,489
Real Estate Management & Development–0.73%
Brookfield Asset Management		150		4,962
Cheung Kong Property Holdings		500		3,150
Daiwa House Industry		200		5,873
Hulic		100		1,054
Kerry Properties		6,500		16,093

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Real Estate Management & Development (continued)
LendLease Group		830	$	7,884
New World Development		24,000		24,441
Sino Land		16,000		26,344
Tokyu Fudosan Holdings		100		624
Wheelock		1,000		4,698
				95,123
Road & Rail–0.29%
Nippon Express		4,000		18,279
West Japan Railway		300		19,012
				37,291
Semiconductors & Semiconductor Equipment–0.40%
ASM Pacific Technology		100		719
ASML Holding		98		9,647
Infineon Technologies		652		9,439
Marvell Technology Group		3,336		31,792
				51,597
Software–0.35%
Konami Holdings		500		19,075
Nexon		1,800		26,640
				45,715
Specialty Retail–0.27%
Kingfisher		4,154		17,842
Shimamura		100		14,879
†Sports Direct International		500		2,141
				34,862
Technology Hardware, Storage & Peripherals–0.25%
FUJIFILM Holdings		400		15,520
Konica Minolta		1,200		8,742
Seiko Epson		500		8,016
				32,278
Textiles, Apparel & Luxury Goods–0.23%
†Michael Kors Holdings		380		18,802
Yue Yuen Industrial Holdings		3,000		11,890
				30,692
Tobacco–1.16%
British American Tobacco		119		7,715
Imperial Tobacco Group		1,397		75,763
Japan Tobacco		477		19,224
Swedish Match		1,385		48,334
				151,036
Wireless Telecommunication Services–0.10%
NTT DOCOMO		500		13,484
				13,484
Total Developed Markets   (Cost $4,271,363)				4,189,241

LVIP AQR Enhanced Global Strategies Fund–10

LVIP AQR Enhanced Global Strategies Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS–0.16%
Machinery–0.16%
Yangzijiang Shipbuilding Holdings		31,200	$	20,926
				20,926
Total Emerging Markets   (Cost $22,384)				20,926
Total Common Stock   (Cost $9,792,580)				10,058,774
PREFERRED STOCK–0.04%
Porsche Automobil Holding 2.30%		108		4,992
Total Preferred Stock   (Cost $5,265)				4,992

	Number of Shares		Value (U.S. $)
RIGHT–0.01%
Spain–0.01%
†ACS Actividades de Construccion y Servicios		1,156	$	812
Total Right   (Cost $807)				812
INVESTMENT COMPANIES–9.55%
AQR Managed Futures Strategy Fund Class I		29,828		310,213
AQR Style Premia Alternative Fund Class I		92,634		935,605
Total Investment Companies   (Cost $1,232,040)				1,245,818
MONEY MARKET FUND–12.23%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		1,596,103		1,596,103
Total Money Market Fund   (Cost $1,596,103)				1,596,103

TOTAL VALUE OF SECURITIES–98.90% (Cost $12,626,795)	$	12,906,499
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.10%		144,015
NET ASSETS APPLICABLE TO 1,296,931 SHARES OUTSTANDING–100.00%	$	13,050,514
NET ASSET VALUE PER SHARE–LVIP AQR ENHANCED GLOBAL STRATEGIES FUND STANDARD CLASS ($1,076,489 / 106,852 Shares)		$10.075
NET ASSET VALUE PER SHARE–LVIP AQR ENHANCED GLOBAL STRATEGIES FUND SERVICE CLASS ($11,974,025 / 1,190,079 Shares)		$10.062
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)		$13,070,763
Undistributed net investment income		88,861
Accumulated net realized loss on investments		(395,285	)
Net unrealized appreciation of investments and derivatives		286,175
Total net assets		$13,050,514

#	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $18,612, which represents 0.14% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”
†	Non-income producing for the period.
«	Includes $14,181 cash collateral held at broker and $1,156 foreign currencies collateral held at broker for futures contracts, at value, $8,925 due to manager and affiliates, $11,291 expense reimbursement receivable from Lincoln Investment Advisors Corporation and $13,025 payable for fund shares redeemed as of June 30, 2016.
@	Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $71,745, which represents 0.55% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”
×	Emerging Markets – developing countries with relatively low per capita income, often with above-average economic growth potential but with more risk.

LVIP AQR Enhanced Global Strategies Fund–11

LVIP AQR Enhanced Global Strategies Fund

Statement of Net Assets (continued)

§  Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
1	10 yr Mini JGB		$ 147,175		$ 147,998			9/12/16		$     823
2	E-mini S&P 500 Index		207,847		209,020			9/19/16		1,173
1	Euro-Bund		183,564		185,461			9/9/16		1,897
(1)	Long Gilt		(165,273)		(171,052	)		9/29/16		(5,779)
4	U.S. Treasury 10 yr Notes		522,742		531,937			9/22/16		9,195
										$ 7,309

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

IT–Information Technology

JGB–Japanese Government Bond

REIT–Real Estate Investment Trust

yr–Year

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

LVIP AQR Enhanced Global Strategies Fund–12

LVIP AQR Enhanced Global Strategies Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	163,615
Foreign tax withheld		(10,486	)
		153,129
EXPENSES:
Management fees		44,346
Professional fees		31,366
Distribution fees-Service Class		14,741
Pricing fees		13,997
Custodian fees		5,847
Reports and statements to shareholders		4,915
Accounting and administration expenses		1,711
Consulting fees		855
Trustees’ fees and expenses		206
Other		71
		118,055
Less management fees waived		(5,784	)
Less expenses reimbursed		(52,541	)
Total operating expenses		59,730
NET INVESTMENT INCOME		93,399
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(273,655	)
Foreign currencies		682
Foreign currency exchange contracts		1,342
Futures contracts		27,849
Net realized loss		(243,782	)
Net change in unrealized appreciation (depreciation) of:
Investments		(142,085	)
Foreign currencies		(445	)
Futures contracts		9,238
Net change in unrealized appreciation (depreciation)		(133,292	)
NET REALIZED AND UNREALIZED LOSS		(377,074	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(283,675	)

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

LVIP AQR Enhanced Global Strategies Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended    12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	93,399		$	173,454
Net realized loss		(243,782	)		(67,288	)
Net change in unrealized appreciation (depreciation)		(133,292	)		80,647
Net increase (decrease) in net assets resulting from operations		(283,675	)		186,813
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(17,027	)
Service Class		—			(157,442	)
Return of capital:
Standard Class		—			(249	)
Service Class		—			(2,740	)
		—			(177,458	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,594			18,367
Service Class		197,884			1,405,592
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			17,276
Service Class		—			160,182
		201,478			1,601,417
Cost of shares redeemed:
Standard Class		(6,773	)		(12,762	)
Service Class		(102,749	)		(109,535	)
		(109,522	)		(122,297	)
Increase in net assets derived from capital share transactions		91,956			1,479,120
NET INCREASE (DECREASE) IN NET ASSETS		(191,719	)		1,488,475
NET ASSETS:
Beginning of period		13,242,233			11,753,758
End of period	$	13,050,514		$	13,242,233
Undistributed (distributions in excess of) net investment income	$	88,861		$	(4,538	)

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

LVIP AQR Enhanced Global Strategies Fund–13

LVIP AQR Enhanced Global Strategies Fund

Financial Highlights

Select data for each share of the Fund outstanding through each period were as follows:

	LVIP AQR Enhanced Global Strategies Fund Standard Class
	Six Months Ended 6/30/161     (unaudited)		Year Ended     12/31/15		5/1/142 to     12/31/14
Net asset value, beginning of period		$10.287		$10.249		$10.000
Income from investment operations:
Net investment income3		0.083		0.169		0.186
Net realized and unrealized gain (loss)		(0.295)		0.033		0.254
Total from investment operations		(0.212)		0.202		0.440
Less dividends and distributions from:
Net investment income		—		(0.162)		(0.190)
Return of capital		—		(0.002)		(0.001)
Total dividends and distributions		—		(0.164)		(0.191)
Net asset value, end of period		$10.075		$10.287		$10.249
Total return4		(2.06%)		1.96%		4.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$  1,077		$  1,102		$  1,076
Ratio of expenses to average net assets5		0.70%		0.70%		0.70%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5		1.61%		1.66%		1.89%
Ratio of net investment income to average net assets		1.68%		1.61%		2.70%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.77%		0.65%		1.51%
Portfolio turnover		40%		72%		44%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP AQR Enhanced Global Strategies Fund–14

LVIP AQR Enhanced Global Strategies Fund

Financial Highlights (continued)

Select data for each share of the Fund outstanding through each period were as follows:

	LVIP AQR Enhanced Global Strategies Fund Service Class
	Six Months Ended 6/30/161     (unaudited)		Year Ended     12/31/15		5/1/142 to     12/31/14
Net asset value, beginning of period		$10.286		$10.249		$10.000
Income from investment operations:
Net investment income3		0.071		0.142		0.169
Net realized and unrealized gain (loss)		(0.295)		0.032		0.254
Total from investment operations		(0.224)		0.174		0.423
Less dividends and distributions from:
Net investment income		—		(0.135)		(0.173)
Return of capital		—		(0.002)		(0.001)
Total dividends and distributions		—		(0.137)		(0.174)
Net asset value, end of period		$10.062		$10.286		$10.249
Total return4		(2.18%)		1.69%		4.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$11,974		$12,140		$10,678
Ratio of expenses to average net assets5		0.95%		0.95%		0.95%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5		1.86%		1.91%		2.14%
Ratio of net investment income to average net assets		1.43%		1.36%		2.45%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.52%		0.40%		1.26%
Portfolio turnover		40%		72%		44%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP AQR Enhanced Global Strategies Fund–15

LVIP AQR Enhanced Global Strategies Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 AQR Enhanced Global Strategies 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”). 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 long-term growth of capital.

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 and exchange-traded funds (ETFs), 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 and ETFs 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 or ETF 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 sale price on the valuation date. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at published net asset value. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. 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”).

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 return 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014–December 31, 2015), 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 six months ended June 30, 2016, the Fund did not incur any interest or 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 generally does not separate the portion of realized gains and losses on investments, resulting from changes in foreign exchange rates from that which is due to changes in market prices. The changes are included in net realized and unrealized gain or loss on investments. The Fund reports

LVIP AQR Enhanced Global Strategies Fund–16

LVIP AQR Enhanced Global Strategies Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Distributions received from investments in Real Estate Investment Trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Withholding taxes on foreign dividends and interest 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.69% of the average daily net assets of the Fund. LIAC has contractually agreed to waive 0.09% of the average daily net assets of the Fund’s advisory fee. The agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

LIAC has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.70% of the average daily net assets for the Standard Class and 0.95% for the Service Class. The agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

AQR Capital Management, LLC (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s investment portfolio. For its 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	414
Legal		113

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 $916 for the six months ended June 30, 2016.

LVIP AQR Enhanced Global Strategies Fund–17

LVIP AQR Enhanced Global Strategies Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had receivables from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	11,291
Management fees payable to LIAC		6,449
Distribution fees payable to LFD		2,466
Printing and mailing fees payable to Lincoln Life		10

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.

At June 30, 2016, Lincoln Life owned 96.83% of the Standard Class and 77.92% of the Service Class shares of the Fund.

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	4,752,105
Sales		4,547,996

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) were as follows:

Cost of investments	$	12,626,795
Aggregate unrealized appreciation	$	1,028,674
Aggregate unrealized depreciation		(748,970	)
Net unrealized appreciation	$	279,704

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$97,612	$—	$97,612

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)

LVIP AQR Enhanced Global Strategies Fund–18

LVIP AQR Enhanced Global Strategies Fund

Notes to Financial Statements (continued)

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)

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 June 30, 2016:

	Level 1		Level 2			Total
Common Stock
U.S. Markets
Aerospace & Defense		$248,075		$	—		$248,075
Airlines		194,216			—		194,216
Auto Components		35,063			—		35,063
Automobiles		33,932			—		33,932
Banks		279,766			—		279,766
Beverages		86,962			—		86,962
Biotechnology		135,803			—		135,803
Building Products		34,343			—		34,343
Capital Markets		4,624			—		4,624
Chemicals		105,055			—		105,055
Commercial Services & Supplies		29,907			—		29,907
Communications Equipment		51,855			—		51,855
Consumer Finance		23,928			—		23,928
Containers & Packaging		24,434			—		24,434
Diversified Financial Services		55,889			—		55,889
Diversified Telecommunication Services		59,154			—		59,154
Electric Utilities		276,302			—		276,302
Electronic Equipment, Instruments & Components		60,264			—		60,264
Food & Staples Retailing		115,449			—		115,449
Food Products		353,451			—		353,451
Health Care Equipment & Supplies		29,804			—		29,804
Health Care Providers & Services		381,119			43,636		424,755
Hotels, Restaurants & Leisure		211,552			—		211,552
Household Durables		26,191			—		26,191
Household Products		163,931			—		163,931
Independent Power & Renewable Electricity Producers		19,045			—		19,045
Industrial Conglomerates		20,871			—		20,871
Insurance		202,313			—		202,313
Internet & Catalog Retail		89,619			—		89,619
Internet Software & Services		270,512			—		270,512
IT Services		60,850			28,109		88,959
Leisure Products		23,433			—		23,433
Life Sciences Tools & Services		44,405			—		44,405
Machinery		7,196			—		7,196
Media		121,919			—		121,919
Multiline Retail		28,346			—		28,346
Multi-Utilities		85,914			—		85,914
Oil, Gas & Consumable Fuels		276,245			—		276,245
Pharmaceuticals		261,221			—		261,221
Professional Services		49,413			—		49,413
Real Estate Investment Trusts		189,903			—		189,903
Road & Rail		5,346			—		5,346

LVIP AQR Enhanced Global Strategies Fund–19

LVIP AQR Enhanced Global Strategies Fund

Notes to Financial Statements (continued)

	Level 1			Level 2			Total
Semiconductors & Semiconductor Equipment		$	148,702		$	—		$	148,702
Software			267,182			—			267,182
Specialty Retail			229,070			—			229,070
Technology Hardware, Storage & Peripherals			240,409			—			240,409
Textiles, Apparel & Luxury Goods			14,417			—			14,417
Tobacco			99,462			—			99,462
Developed Markets
Aerospace & Defense			—			27,524			27,524
Air Freight & Logistics			—			55,126			55,126
Airlines			—			73,904			73,904
Auto Components			7,126			17,532			24,658
Automobiles			—			80,010			80,010
Banks			—			248,831			248,831
Beverages			—			71,769			71,769
Biotechnology			124			17,737			17,861
Building Products			—			3,866			3,866
Capital Markets			—			72,538			72,538
Chemicals			—			130,797			130,797
Commercial Services & Supplies			—			21,889			21,889
Communications Equipment			—			12,624			12,624
Construction & Engineering			57			115,982			116,039
Diversified Financial Services			—			30,238			30,238
Diversified Telecommunication Services			4,323			148,236			152,559
Electric Utilities			—			100,819			100,819
Electrical Equipment			—			123,650			123,650
Electronic Equipment, Instruments & Components			—			5,474			5,474
Food & Staples Retailing			13,743			67,149			80,892
Food Products			—			193,419			193,419
Health Care Equipment & Supplies			—			10,715			10,715
Health Care Providers & Services			—			16,823			16,823
Hotels, Restaurants & Leisure			—			42,457			42,457
Household Durables			—			147,454			147,454
Household Products			—			25,415			25,415
Industrial Conglomerates			—			8,312			8,312
Insurance			105,454			282,365			387,819
Internet Software & Services			—			33,076			33,076
IT Services			10,979			80,768			91,747
Leisure Products			—			20,875			20,875
Life Sciences Tools & Services			—			36,046			36,046
Machinery			—			3,400			3,400
Marine			—			5,278			5,278
Media			—			91,736			91,736
Metals & Mining			136,814			155,551			292,365
Multiline Retail			5,655			9,318			14,973
Multi-Utilities			—			57,873			57,873
Oil, Gas & Consumable Fuels			113,801			121,831			235,632
Paper & Forest Products			—			19,340			19,340
Personal Products			—			26,741			26,741
Pharmaceuticals			33,799			344,077			377,876
Professional Services			—			64,234			64,234
Real Estate Investment Trusts			—			42,489			42,489
Real Estate Management & Development			4,962			90,161			95,123
Road & Rail			—			37,291			37,291
Semiconductors & Semiconductor Equipment			31,792			19,805			51,597
Software			—			45,715			45,715
Specialty Retail			—			34,862			34,862

LVIP AQR Enhanced Global Strategies Fund–20

LVIP AQR Enhanced Global Strategies Fund

Notes to Financial Statements (continued)

	Level 1			Level 2			Total
Technology Hardware, Storage & Peripherals		$	—		$	32,278		$	32,278
Textiles, Apparel & Luxury Goods			18,802			11,890			30,692
Tobacco			—			151,036			151,036
Wireless Telecommunication Services			—			13,484			13,484
Emerging Markets
Machinery			—			20,926			20,926
Preferred Stock			—			4,992			4,992
Right			812			—			812
Investment Companies			1,245,818			—			1,245,818
Money Market Fund			1,596,103			—			1,596,103
Total		$	9,107,026		$	3,799,473		$	12,906,499
Futures Contracts		$	7,309		$	—		$	7,309

There were no Level 3 investments at the end of the period.

As a result of utilizing international fair value pricing at June 30, 2016, a portion of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		353			1,766
Service Class		20,336			133,506
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,666
Service Class		—			15,448
		20,689			152,386
Shares redeemed:
Standard Class		(674	)		(1,258	)
Service Class		(10,464	)		(10,581	)
		(11,138	)		(11,839	)
Net increase		9,551			140,547

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

LVIP AQR Enhanced Global Strategies Fund–21

LVIP AQR Enhanced Global Strategies Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016.

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 against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives					Liability Derivatives
	Statement of Net Assets Location		Fair Value			Statement of Net Assets Location		Fair Value
Equity contracts (Futures contracts)		Receivables and other assets net of liabilities		$	1,996		Receivables and other assets net of liabilities		$	—
Interest rate contracts (Futures contracts)		Receivables and other assets net of liabilities			11,092		Receivables and other assets net of liabilities			(5,779	)
Total				$	13,088				$	(5,779	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	1,342			$	—
Equity contracts (Futures contracts)	Net realized loss on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(8,771	)			809
Interest rate contracts (Futures contracts)	Net realized gain from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			36,620				8,429
Total			$	29,191			$	9,238

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Foreign currency exchange contracts (average cost)		$      9,977		$    6,861
Futures contracts (average notional value)		1,004,242		202,980

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

LVIP AQR Enhanced Global Strategies Fund–22

LVIP AQR Enhanced Global Strategies Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/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), 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 June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Goldman Sachs		$	13,088		$	(5,779	)		$	7,309
Total		$	13,088		$	(5,779	)		$	7,309

Counterparty	Net Position			Fair Value of Non Cash Collateral Received			Cash Collateral Received			Fair Value of Non Cash Collateral Pledged			Cash Collateral Pledged			Net Amount(a)
Goldman Sachs		$	7,309		$	—		$	—		$	—		$	—		$	7,309
Total		$	7,309		$	—		$	—		$	—		$	—		$	7,309

^(a)Net amount represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default.

6. Credit and Market Risk

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.

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 invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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. As of June 30, 2016, Rule 144A and illiquid securities have been identified on the Statement of Net Assets.

LVIP AQR Enhanced Global Strategies Fund–23

LVIP AQR Enhanced Global Strategies Fund

Notes to Financial Statements (continued)

7. 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.

8. Subsequent Events

On June 7, 2016, the Board of Trustees of the Fund approved a plan of liquidation (“Plan”) for the Fund, and submission of the Plan to the beneficial owners of the Fund, including contract owners of variable life insurance policies and variable annuity contracts who have selected the Fund for investment through those policies or contracts and therefore have a beneficial interest in shares of the Fund (“Beneficial Owners”). The liquidation of the Fund will occur only if the Plan is approved by its Beneficial Owners. The Fund will be mailing Beneficial Owners a proxy statement with important information they should consider before voting on the plan.

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

LVIP AQR Enhanced Global Strategies Fund–24

            LVIP Baron Growth Opportunities Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Baron Growth Opportunities Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Baron Growth Opportunities Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

The Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”), 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. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	1,025.80		1.03	%		$	5.19
Service Class Shares			1,000.00			1,024.50		1.28	%			6.44
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,019.74		1.03	%		$	5.17
Service Class Shares			1,000.00			1,018.50		1.28	%			6.42

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Baron Growth Opportunities Fund–1

LVIP Baron Growth Opportunities Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage   of Net Assets
Common Stock		96.58%
Building Products		5.20%
Capital Markets		4.35%
Diversified Consumer Services		4.43%
Diversified Financial Services		4.89%
Diversified Telecommunication Services		0.90%
Electrical Equipment		0.55%
Food & Staples Retailing		3.01%
Food Products		2.64%
Health Care Equipment & Supplies		3.89%
Health Care Technology		1.62%
Hotels, Restaurants & Leisure		16.07%
Household Products		1.66%
Insurance		5.45%
Internet & Catalog Retail		0.90%
Internet Software & Services		5.12%
IT Services		7.05%
Life Sciences Tools & Services		2.71%
Machinery		3.32%
Media		1.23%
Multiline Retail		0.47%
Real Estate Investment Trusts		8.29%
Software		6.30%
Specialty Retail		1.53%
Textiles, Apparel & Luxury Goods		4.09%
Trading Companies & Distributors		0.91%
Convertible Preferred Stock		0.18%
Master Limited Partnerships		1.39%
Money Market Fund		1.77%
Total Value of Securities		99.92%
Receivables and Other Assets Net of Liabilities		0.08%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage   of Net Assets
Vail Resorts		6.28%
CoStar Group		3.72%
Middleby		3.32%
Gartner		3.32%
Arch Capital Group		3.22%
Gaming and Leisure Properties		3.11%
Choice Hotels International		2.87%
TreeHouse Foods		2.64%
Marriott Vacations Worldwide		2.63%
IDEXX Laboratories		2.40%
Total		33.51%

IT–Information Technology  

LVIP Baron Growth Opportunities Fund–2

LVIP Baron Growth Opportunities Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–96.58%
Building Products–5.20%
†Caesarstone Sdot-Yam		224,959	$	7,819,575
†Masonite International		150,000		9,921,000
†Trex		200,000		8,984,000
				26,724,575
Capital Markets–4.35%
Artisan Partners Asset Management		141,000		3,902,880
Cohen & Steers		215,000		8,694,600
Financial Engines		215,000		5,562,050
Moelis & Co.		185,138		4,165,605
				22,325,135
Diversified Consumer Services–4.43%
†Bright Horizons Family Solutions		165,000		10,941,150
†Nord Anglia Education		558,414		11,804,872
				22,746,022
Diversified Financial Services–4.89%
†Bats Global Markets		14,377		369,345
FactSet Research Systems		50,900		8,216,278
Morningstar		84,403		6,902,477
MSCI Class A		125,000		9,640,000
				25,128,100
Diversified Telecommunication Services–0.90%
†Iridium Communications		519,673		4,614,696
				4,614,696
Electrical Equipment–0.55%
Littelfuse		23,870		2,821,195
				2,821,195
Food & Staples Retailing–3.01%
†Performance Food Group		260,000		6,996,600
†Smart & Final Stores		570,000		8,487,300
				15,483,900
Food Products–2.64%
†TreeHouse Foods		132,000		13,549,800
				13,549,800
Health Care Equipment & Supplies–3.89%
†IDEXX Laboratories		132,600		12,313,236
†Neogen		32,550		1,830,938
West Pharmaceutical Services		76,910		5,835,931
				19,980,105
Health Care Technology–1.62%
†Inovalon Holdings Class A		461,748		8,316,081
				8,316,081
Hotels, Restaurants & Leisure–16.07%
Choice Hotels International		310,000		14,762,200
ClubCorp Holdings		329,089		4,278,157
Interval Leisure Group		91,900		1,461,210

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Marriott Vacations Worldwide		197,500	$	13,526,775
†Panera Bread Class A		36,000		7,629,840
†Penn National Gaming		156,600		2,184,570
†Pinnacle Entertainment		303,819		3,366,315
†Red Rock Resorts Class A		140,000		3,077,200
Vail Resorts		233,300		32,249,059
				82,535,326
Household Products–1.66%
Church & Dwight		82,800		8,519,292
				8,519,292
Insurance–5.45%
†Arch Capital Group		230,000		16,560,000
Primerica		200,000		11,448,000
				28,008,000
Internet & Catalog Retail–0.90%
†AO World		2,487,293		4,635,692
				4,635,692
Internet Software & Services–5.12%
†Benefitfocus		189,112		7,208,949
†CoStar Group		87,351		19,100,170
				26,309,119
IT Services–7.05%
Booz Allen Hamilton Holding		242,300		7,181,772
†Gartner		174,900		17,037,009
MAXIMUS		216,500		11,987,605
				36,206,386
Life Sciences Tools & Services–2.71%
Bio-Techne		48,600		5,480,622
†Mettler-Toledo International		23,200		8,466,144
				13,946,766
Machinery–3.32%
†Middleby		147,900		17,045,475
				17,045,475
Media–1.23%
Manchester United Class A		396,063		6,309,284
				6,309,284
Multiline Retail–0.47%
Hudson’s Bay		200,000		2,413,406
				2,413,406
Real Estate Investment Trusts–8.29%
Alexander’s		11,600		4,747,068
Alexandria Real Estate Equities		57,000		5,900,640
American Assets Trust		100,000		4,244,000
Douglas Emmett		330,000		11,721,600

LVIP Baron Growth Opportunities Fund–3

LVIP Baron Growth Opportunities Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Gaming and Leisure Properties		463,358	$	15,976,584
				42,589,892
Software–6.30%
†ANSYS		126,300		11,461,725
†Guidewire Software		95,000		5,867,200
Pegasystems		161,500		4,352,425
SS&C Technologies Holdings		380,000		10,670,400
				32,351,750
Specialty Retail–1.53%
Dick’s Sporting Goods		174,000		7,840,440
				7,840,440
Textiles, Apparel & Luxury Goods–4.09%
†Under Armour Class A		274,000		10,995,620
†Under Armour Class C		275,945		10,044,393
				21,040,013
Trading Companies & Distributors–0.91%
Air Lease		175,000		4,686,500
				4,686,500
Total Common Stock (Cost $251,148,537)				496,126,950

	Number of Shares		Value (U.S. $)
CONVERTIBLE PREFERRED STOCK–0.18%
Iridium Communications 6.75% exercise price $7.47		2,926	$	926,957
Total Convertible Preferred Stock (Cost $731,500)				926,957
MASTER LIMITED PARTNERSHIPS–1.39%
Carlyle Group		165,000		2,677,950
Oaktree Capital Group		100,000		4,476,000
Total Master Limited Partnerships (Cost $7,711,280)				7,153,950
MONEY MARKET FUND–1.77%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		9,076,749		9,076,749
Total Money Market Fund (Cost $9,076,749)				9,076,749

TOTAL VALUE OF SECURITIES–99.92% (Cost $268,668,066)	513,284,606
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.08%	411,157
NET ASSETS APPLICABLE TO 12,199,325 SHARES OUTSTANDING–100.00%	$513,695,763

NET ASSET VALUE PER SHARE–LVIP BARON GROWTH OPPORTUNITIES FUND STANDARD CLASS ($22,537,444 / 524,105 Shares)	$43.002
NET ASSET VALUE PER SHARE–LVIP BARON GROWTH OPPORTUNITIES FUND SERVICE CLASS ($491,158,319 / 11,675,220 Shares)	$42.068

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$216,892,366
Undistributed net investment income	2,557,381
Accumulated net realized gain on investments	50,311,005
Net unrealized appreciation of investments	243,935,011
Total net assets	$513,695,763

†  Non-income producing for the period.

« Includes $499,741 payable for fund shares redeemed and $512,951 due to manager and affiliates as of June 30, 2016.

IT–Information Technology

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

LVIP Baron Growth Opportunities Fund–4

LVIP Baron Growth Opportunites Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	6,592,932
Foreign tax withheld		(2,285	)
		6,590,647
EXPENSES:
Management fees		2,526,955
Distribution fees-Service Class		600,442
Accounting and administration expenses		63,636
Reports and statements to shareholders		34,726
Professional fees		20,346
Trustees’ fees and expenses		6,807
Custodian fees		6,259
Consulting fees		980
Pricing fees		121
Other		4,358
		3,264,630
Less management fees waived		(67,617	)
Total operating expenses		3,197,013
NET INVESTMENT INCOME		3,393,634
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		15,512,032
Foreign currencies		(9,547	)
Foreign currency exchange contracts		(11,390	)
Net realized gain		15,491,095
Net change in unrealized appreciation (depreciation) of:
Investments		(7,129,424	)
Foreign currencies		77
Net change in unrealized appreciation (depreciation)		(7,129,347	)
NET REALIZED AND UNREALIZED GAIN		8,361,748
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,755,382

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

LVIP Baron Growth Opportunites Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,393,634		$	(1,592,102	)
Net realized gain		15,491,095			35,254,858
Net change in unrealized appreciation (depreciation)		(7,129,347	)		(60,804,900	)
Net increase (decrease) in net assets resulting from operations		11,755,382			(27,142,144	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain:
Standard Class		—			(2,050,758	)
Service Class		—			(43,531,173	)
		—			(45,581,931	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		5,381,034			26,334,107
Service Class		24,201,881			63,415,310
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,050,758
Service Class		—			43,531,173
		29,582,915			135,331,348
Cost of shares redeemed:
Standard Class		(9,679,916	)		(7,588,936	)
Service Class		(55,689,835	)		(102,533,213	)
		(65,369,751	)		(110,122,149	)
Increase (decrease) in net assets derived from capital share transactions		(35,786,836	)		25,209,199
NET DECREASE IN NET ASSETS		(24,031,454	)		(47,514,876	)
NET ASSETS:
Beginning of period		537,727,217			585,242,093
End of period	$	513,695,763		$	537,727,217
Undistributed (accumulated) net investment income (loss)	$	2,557,381		$	(836,253	)

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

LVIP Baron Growth Opportunities Fund—5

LVIP Baron Growth Opportunities Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Baron Growth Opportunities Fund Standard Class
	Six Months    Ended    6/30/161			Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	41.922		$	47.819			$	45.941			$	35.526			$	31.857			$	30.546
Income (loss) from investment operations:
Net investment income (loss)2			0.320			(0.017	)			0.092				0.032				0.681				(0.158	)
Net realized and unrealized gain (loss)			0.760			(2.102	)			2.244				13.978				5.155				1.469
Total from investment operations			1.080			(2.119	)			2.336				14.010				5.836				1.311
Less dividends and distributions from:
Net investment income			—			—				(0.197	)			(0.184	)			(0.483	)			—
Net realized gain			—			(3.778	)			(0.261	)			(3.411	)			(1.684	)			—
Total dividends and distributions			—			(3.778	)			(0.458	)			(3.595	)			(2.167	)			—
Net asset value, end of period		$	43.002		$	41.922			$	47.819			$	45.941			$	35.526			$	31.857
Total return3			2.58%			(4.53%	)			5.12%				40.41%				18.54%				4.29%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	22,538		$	26,105			$	8,964			$	16,739			$	10,415			$	7,770
Ratio of expenses to average net assets			1.03%			1.01%				1.01%				1.03%				1.04%				1.04%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.06%			1.05%				1.05%				1.06%				1.08%				1.08%
Ratio of net investment income (loss) to average net assets			1.58%			(0.03%	)			0.20%				0.08%				1.97%				(0.49%	)
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			1.55%			(0.07%	)			0.16%				0.05%				1.93%				(0.53%	)
Portfolio turnover			6%			12%				12%				6%				18%				18%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Baron Growth Opportunities Fund–6

LVIP Baron Growth Opportunities Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Baron Growth Opportunities Fund Service Class
	Six Months    Ended    6/30/161			Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	41.063		$	47.034			$	45.201			$	35.084			$	31.488			$	30.270
Income (loss) from investment operations:
Net investment income (loss)2			0.264			(0.133	)			(0.022	)			(0.071	)			0.586				(0.233	)
Net realized and unrealized gain (loss)			0.741			(2.060	)			2.201				13.783				5.092				1.451
Total from investment operations			1.005			(2.193	)			2.179				13.712				5.678				1.218
Less dividends and distributions from:
Net investment income			—			—				(0.085	)			(0.184	)			(0.398	)			—
Net realized gain			—			(3.778	)			(0.261	)			(3.411	)			(1.684	)			—
Total dividends and distributions			—			(3.778	)			(0.346	)			(3.595	)			(2.082	)			—
Net asset value, end of period		$	42.068		$	41.063			$	47.034			$	45.201			$	35.084			$	31.488
Total return3			2.45%			(4.77%	)			4.85%				40.06%				18.24%				4.02%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	491,158		$	511,622			$	576,278			$	590,082			$	404,872			$	353,934
Ratio of expenses to average net assets			1.28%			1.26%				1.26%				1.28%				1.29%				1.29%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.31%			1.30%				1.30%				1.31%				1.33%				1.33%
Ratio of net investment income (loss) to average net assets			1.33%			(0.28%	)			(0.05%	)			(0.17%	)			1.72%				(0.74%	)
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			1.30%			(0.32%	)			(0.09%	)			(0.20%	)			1.68%				(0.78%	)
Portfolio turnover			6%			12%				12%				6%				18%				18%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Baron Growth Opportunities Fund–7

LVIP Baron Growth Opportunities Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Baron Growth Opportunities 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”), Lincoln Life & Annuity Company of New York (“LNY”) and 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 capital appreciation through long-term investments in securities of small and mid-sized companies with undervalued assets or favorable growth prospects.

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 (NYSE) 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in the foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the 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.

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

LVIP Baron Growth Opportunities Fund–8

LVIP Baron Growth Opportunities Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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., 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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that is aware of such dividends, net of all tax withholdings not elibible for rebates. Withholding taxes are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addtion, 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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer or management estimate. 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.

The Fund invests in master limited partnerships (MLPs) which make distributions that are primarily attributable to return of capital. The Fund records investment income and return of capital in the Statement of Operations using management’s estimate of the percentage of income included in the distributions received from each MLP based on historical information from the MLPs and other industry sources. These estimates may be adjusted based on information received from the MLPs after the tax and fiscal year ends.

The return of capital portion of the MLP distributions is a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed its cost basis, the distributions are treated as realized gains. The actual amounts of income and return of capital are only determined by each MLP after its fiscal year-end and may differ from the estimated amounts. For the six months ended June 30, 2016, the Fund estimated that 100% of the MLP distributions received would be treated as a return of capital.

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 commission to the Fund in cash. The commission rebates are included in “Net realized gain (loss) on investments” on the Statement of Operations and totaled $2,041 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 1.00% of the Fund’s average daily net assets. LIAC has contractually agreed to waive a portion of its advisory fee as follows: 0.00% on the first $250 million of average daily net assets of the Fund; 0.05% on the next $250 million, 0.10% on the next $250 million; and 0.15% in excess of $750 million of average daily net assets of the Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

BAMCO, Inc. (the “Sub-Adviser”) a subsidiary of Baron Capital Group, Inc., provides day-to-day portfolio management services to the Fund. 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 six months ended June 30, 2016, cost for these administrative and legal services were as follows:

Administrative	$	13,439
Legal		3,698

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 $29,438 for the six months ended June 30, 2016.

LVIP Baron Growth Opportunities Fund–9

LVIP Baron Growth Opportunities Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	410,492
Distribution fees payable to LFD	100,459
Printing and mailing fees payable to Lincoln Life	2,000

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Fund engaged in securities purchases of $24,984.

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	31,756,223
Sales		58,504,932

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	268,668,066
Aggregate unrealized appreciation	$	256,830,050
Aggregate unrealized depreciation		(12,213,510	)
Net unrealized appreciation	$	244,616,540

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 Baron Growth Opportunities Fund–10

LVIP Baron Growth Opportunities Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Common Stock	$	496,126,950
Convertible Preferred Stock		926,957
Master Limited Partnerships		7,153,950
Money Market Fund		9,076,749
Total	$	513,284,606

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		132,472			551,673
Service Class		611,292			1,370,686
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			48,311
Service Class		—			1,046,221
		743,764			3,016,891
Shares redeemed:
Standard Class		(231,080	)		(164,737	)
Service Class		(1,395,511	)		(2,209,844	)
		(1,626,591	)		(2,374,581	)
Net increase (decrease)		(882,827	)		642,310

5. Derivatives

U.S. GAAP requires disclosures that enable investors 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risks that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016.

LVIP Baron Growth Opportunities Fund–11

LVIP Baron Growth Opportunities Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of the derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) on foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(11,390)	$—

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Foreign currency exchange contracts (Average cost)		$19,432		$—

6. Market Risk

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 for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the 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 invests a significant portion of its assets in small-and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small-or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. As of June 30, 2016, there were no Rule 144A securities and no securities are determined to be illiquid.

7. 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.

8. Subsequent Event

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

LVIP Baron Growth Opportunities Fund–12

        LVIP BlackRock Dividend Value Managed Volatility Fund (formerly LVIP BlackRock Equity Dividend Managed Volatility Fund)   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP BlackRock Dividend Value

Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	7
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10
Other Fund Information	17

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 BlackRock Dividend Value Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,040.30		0.70%		$3.55
Service Class Shares		1,000.00		1,039.00		0.95%		4.82
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.38		0.70%		$3.52
Service Class Shares		1,000.00		1,020.14		0.95%		4.77

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP BlackRock Dividend Value Managed Volatility Fund–1

LVIP BlackRock Dividend Value Managed Volatility Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		93.59%
Aerospace & Defense		5.23%
Air Freight & Logistics		0.73%
Banks		10.96%
Beverages		1.61%
Capital Markets		2.17%
Chemicals		2.25%
Commercial Services & Supplies		0.48%
Communications Equipment		0.53%
Consumer Finance		0.19%
Containers & Packaging		1.32%
Distributors		0.36%
Diversified Financial Services		1.34%
Diversified Telecommunication Services		1.94%
Electric Utilities		5.63%
Electrical Equipment		0.74%
Energy Equipment & Services		0.70%
Food & Staples Retailing		1.14%
Food Products		0.68%
Gas Utilities		0.54%
Health Care Equipment & Supplies		0.50%
Health Care Providers & Services		3.86%
Hotels, Restaurants & Leisure		1.22%
Household Durables		0.83%
Household Products		1.27%
Industrial Conglomerates		2.77%
Insurance		4.39%
Leisure Products		0.18%
Machinery		0.71%
Media		1.66%
Metals & Mining		0.06%
Multiline Retail		1.64%
Multi-Utilities		5.43%
Oil, Gas & Consumable Fuels		9.96%
Paper & Forest Products		0.20%

Security Type/Sector	Percentage of Net Assets
Personal Products		0.78%
Pharmaceuticals		6.84%
Professional Services		0.37%
Real Estate Investment Trusts		0.29%
Road & Rail		0.40%
Semiconductors & Semiconductor Equipment		2.82%
Software		2.63%
Specialty Retail		2.00%
Technology Hardware, Storage & Peripherals		1.35%
Thrifts & Mortgage Finance		0.09%
Tobacco		2.18%
Water Utilities		0.33%
Wireless Telecommunication Services		0.29%
Money Market Fund		5.03%
Total Value of Securities		98.62%
Receivables and Other Assets Net of Liabilities		1.38%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Pfizer		2.78%
General Electric		2.45%
JPMorgan Chase		2.30%
Wells Fargo		2.09%
Occidental Petroleum		1.93%
Intel		1.87%
Lockheed Martin		1.86%
Merck		1.73%
Exxon Mobil		1.73%
Dollar General		1.64%
Total		20.38%

LVIP BlackRock Dividend Value Managed Volatility Fund–2

LVIP BlackRock Dividend Value Managed Volatility Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–93.59%
Aerospace & Defense–5.23%
Honeywell International		93,630	$	10,891,042
Lockheed Martin		74,220		18,419,177
Northrop Grumman		47,530		10,564,968
Raytheon		87,160		11,849,402
				51,724,589
Air Freight & Logistics–0.73%
United Parcel Service Class B		66,690		7,183,847
				7,183,847
Banks–10.96%
Bank of America		1,130,930		15,007,441
Bank of Hawaii		34,828		2,396,166
BB&T		40,984		1,459,440
Citigroup		342,950		14,537,651
First Niagara Financial Group		42,014		409,216
FirstMerit		43,664		885,069
FNB		50,888		638,136
JPMorgan Chase		366,070		22,747,590
PacWest Bancorp		72,367		2,878,759
People’s United Financial		58,407		856,247
SunTrust Banks		288,845		11,865,753
Trustmark		53,116		1,319,933
U.S. Bancorp		255,360		10,298,669
United Bankshares		47,370		1,776,849
Valley National Bancorp		65,288		595,427
Wells Fargo		436,060		20,638,720
				108,311,066
Beverages–1.61%
Coca-Cola		238,803		10,824,940
Diageo		183,668		5,130,887
				15,955,827
Capital Markets–2.17%
Federated Investors Class B		46,210		1,329,924
Goldman Sachs Group		35,830		5,323,621
Invesco		177,944		4,544,690
Morgan Stanley		335,960		8,728,241
Waddell & Reed Financial Class A		89,686		1,544,393
				21,470,869
Chemicals–2.25%
Dow Chemical		167,150		8,309,027
EI du Pont de Nemours		147,610		9,565,128
Huntsman		51,898		698,028
Olin		65,650		1,630,746
Praxair		18,370		2,064,604
				22,267,533
Commercial Services & Supplies–0.48%
Pitney Bowes		47,586		847,031
R.R. Donnelley & Sons		84,353		1,427,253

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Commercial Services & Supplies (continued)
Waste Management		36,463	$	2,416,403
				4,690,687
Communications Equipment–0.53%
Motorola Solutions		79,400		5,238,018
				5,238,018
Consumer Finance–0.19%
American Express		31,522		1,915,277
				1,915,277
Containers & Packaging–1.32%
International Paper		134,223		5,688,371
Packaging of America		50,017		3,347,638
Sonoco Products		38,997		1,936,591
WestRock		52,590		2,044,173
				13,016,773
Distributors–0.36%
Genuine Parts		35,305		3,574,631
				3,574,631
Diversified Financial Services–1.34%
CME Group		136,206		13,266,464
				13,266,464
Diversified Telecommunication Services–1.94%
AT&T		64,595		2,791,150
BCE		45,200		2,138,412
CenturyLink		86,124		2,498,457
Verizon Communications		210,260		11,740,918
				19,168,937
Electric Utilities–5.63%
Alliant Energy		85,012		3,374,976
American Electric Power		43,624		3,057,606
Edison International		34,391		2,671,149
Entergy		57,448		4,673,395
Eversource Energy		39,298		2,353,950
Exelon		190,670		6,932,761
FirstEnergy		51,236		1,788,649
Great Plains Energy		43,308		1,316,563
IDACORP		35,413		2,880,848
NextEra Energy		114,085		14,876,684
OGE Energy		53,402		1,748,916
PG&E		39,816		2,545,039
Pinnacle West Capital		44,591		3,614,546
PPL		52,026		1,963,982
Xcel Energy		41,854		1,874,222
				55,673,286
Electrical Equipment–0.74%
Eaton		48,900		2,920,797
Emerson Electric		47,512		2,478,226

LVIP BlackRock Dividend Value Managed Volatility Fund–3

LVIP BlackRock Dividend Value Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electrical Equipment (continued)
Rockwell Automation		16,450	$	1,888,789
				7,287,812
Energy Equipment & Services–0.70%
Helmerich & Payne		55,296		3,712,020
Schlumberger		40,780		3,224,882
				6,936,902
Food & Staples Retailing–1.14%
Kroger		256,360		9,431,484
Sysco		35,391		1,795,739
				11,227,223
Food Products–0.68%
General Mills		37,433		2,669,722
Mondelez International		87,930		4,001,694
				6,671,416
Gas Utilities–0.54%
AGL Resources		41,976		2,769,157
New Jersey Resources		35,655		1,374,500
Questar		45,243		1,147,815
				5,291,472
Health Care Equipment & Supplies–0.50%
Becton Dickinson		29,100		4,935,069
				4,935,069
Health Care Providers & Services–3.86%
Aetna		89,289		10,904,866
Anthem		77,200		10,139,448
@Quest Diagnostics		98,750		8,039,238
UnitedHealth Group		64,170		9,060,804
				38,144,356
Hotels, Restaurants & Leisure–1.22%
Darden Restaurants		37,853		2,397,609
McDonald’s		80,540		9,692,184
				12,089,793
Household Durables–0.83%
Garmin		65,426		2,775,371
Leggett & Platt		35,732		1,826,263
Tupperware Brands		64,666		3,639,402
				8,241,036
Household Products–1.27%
Kimberly-Clark		35,438		4,872,016
Procter & Gamble		90,800		7,688,036
				12,560,052
Industrial Conglomerates–2.77%
3M		17,960		3,145,155

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Industrial Conglomerates (continued)
General Electric		768,925	$	24,205,759
				27,350,914
Insurance–4.39%
Allstate		50,780		3,552,061
American International Group		168,590		8,916,725
Arthur J. Gallagher & Co.		47,678		2,269,473
Cincinnati Financial		38,506		2,883,714
Marsh & McLennan		26,650		1,824,459
Mercury General		15,831		841,576
MetLife		179,020		7,130,367
Old Republic International		55,380		1,068,280
Prudential Financial		109,030		7,778,200
Travelers		60,110		7,155,494
				43,420,349
Leisure Products–0.18%
Mattel		57,980		1,814,194
				1,814,194
Machinery–0.71%
Caterpillar		53,640		4,066,448
PACCAR		56,571		2,934,338
				7,000,786
Media–1.66%
Cinemark Holdings		40,915		1,491,761
Comcast Class A		183,510		11,963,017
Meredith		56,158		2,915,162
				16,369,940
Metals & Mining–0.06%
Commercial Metals		37,228		629,153
				629,153
Multiline Retail–1.64%
Dollar General		172,330		16,199,020
				16,199,020
Multi-Utilities–5.43%
Avista		44,947		2,013,626
Black Hills		36,125		2,277,320
CenterPoint Energy		65,606		1,574,544
CMS Energy		144,343		6,619,570
Dominion Resources		151,912		11,838,502
DTE Energy		53,840		5,336,621
NiSource		34,820		923,426
NorthWestern		41,766		2,634,182
Public Service Enterprise Group		188,120		8,768,273
SCANA		43,821		3,315,497
Sempra Energy		38,826		4,426,941
TECO Energy		41,837		1,156,375
WEC Energy Group		42,603		2,781,976
				53,666,853

LVIP BlackRock Dividend Value Managed Volatility Fund–4

LVIP BlackRock Dividend Value Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels–9.96%
Anadarko Petroleum		35,530	$	1,891,973
Chevron		153,119		16,051,465
ConocoPhillips		111,487		4,860,833
Exxon Mobil		182,430		17,100,988
Hess		80,410		4,832,641
HollyFrontier		44,811		1,065,157
Marathon Oil		148,850		2,234,239
Marathon Petroleum		121,980		4,630,361
Occidental Petroleum		252,963		19,113,884
ONEOK		116,426		5,524,414
Pioneer Natural Resources		10,720		1,620,971
Spectra Energy		84,080		3,079,850
Suncor Energy		196,080		5,437,298
TOTAL ADR		229,496		11,038,758
				98,482,832
Paper & Forest Products–0.20%
Domtar		56,293		1,970,818
				1,970,818
Personal Products–0.78%
Nu Skin Enterprises Class A		53,017		2,448,855
Unilever New York Shares		111,510		5,234,279
				7,683,134
Pharmaceuticals–6.84%
AstraZeneca		134,141		8,019,421
Eli Lilly		34,998		2,756,093
Johnson & Johnson		100,650		12,208,845
Merck & Co.		297,594		17,144,390
Pfizer		779,361		27,441,301
				67,570,050
Professional Services–0.37%
Nielsen Holdings		70,990		3,689,350
				3,689,350
Real Estate Investment Trusts–0.29%
Weyerhaeuser		96,030		2,858,813
				2,858,813
Road & Rail–0.40%
Union Pacific		45,402		3,961,325
				3,961,325
Semiconductors & Semiconductor Equipment–2.82%
Intel		563,744		18,490,803
NVIDIA		24,600		1,156,446
QUALCOMM		153,680		8,232,638
				27,879,887
Software–2.63%
Microsoft		273,490		13,994,483

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software (continued)
Oracle		293,770	$	12,024,006
				26,018,489
Specialty Retail–2.00%
Gap		228,140		4,841,131
Guess		52,827		795,046
Home Depot		106,750		13,630,907
Staples		63,022		543,250
				19,810,334
Technology Hardware, Storage & Peripherals–1.35%
Lenovo Group		3,948,000		2,399,730
Samsung Electronics GDR		13,890		8,680,417
Seagate Technology		91,951		2,239,926
				13,320,073
Thrifts & Mortgage Finance–0.09%
New York Community Bancorp		58,850		882,162
				882,162
Tobacco–2.18%
Altria Group		109,950		7,582,152
Philip Morris International		92,054		9,363,733
Reynolds American		84,872		4,577,147
				21,523,032
Water Utilities–0.33%
American Water Works		38,450		3,249,409
				3,249,409
Wireless Telecommunication Services–0.29%
SK Telecom ADR		138,110		2,889,261
				2,889,261
Total Common Stock (Cost $790,453,923)				925,083,113
MONEY MARKET FUND–5.03%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		49,761,124		49,761,124
Total Money Market Fund (Cost $49,761,124)				49,761,124

LVIP BlackRock Dividend Value Managed Volatility Fund–5

LVIP BlackRock Dividend Value Managed Volatility Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–98.62% (Cost $840,215,047)	$974,844,237
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.38%	13,655,497
NET ASSETS APPLICABLE TO 57,223,453 SHARES OUTSTANDING–100.00%	$988,499,734

NET ASSET VALUE PER SHARE–LVIP BLACKROCK DIVIDEND VALUE MANAGED VOLATILITY FUND STANDARD CLASS ($307,427,927 / 17,765,408 Shares)	$	17.305
NET ASSET VALUE PER SHARE–LVIP BLACKROCK DIVIDEND VALUE MANAGED VOLATILITY FUND SERVICE CLASS ($681,071,807 / 39,458,045 Shares)	$	17.261

COMPONENTS OF NET ASSETS AT June 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$939,312,816
Undistributed net investment income	9,092,555
Accumulated net realized loss on investments	(86,410,953	)
Net unrealized appreciation of investments and derivatives	126,505,316
Total net assets	$988,499,734

« Includes $19,628,353 cash collateral held at broker for futures contracts, $2,780,196 payable for securities purchased, $125,227 payable for fund shares redeemed $624,089 due to manager and affiliates and $2,734,739 foreign currencies collateral due to broker for futures contract as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $8,039,238, which represents 0.81% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(42)	British Pound Currency		$   (3,499,812)		$    (3,477,600	)		9/20/16		$      22,212
30	Dow Jones U.S. Real Estate Index		958,902		969,000			9/19/16		10,098
(1,973)	E-mini S&P 500 Index		(199,416,567)		(206,198,230	)		9/19/16		(6,781,663)
(146)	E-Mini S&P Mid Cap 400 Index		(20,919,676)		(21,797,800	)		9/19/16		(878,124)
(69)	Euro Currency		(9,570,308)		(9,580,218	)		9/20/16		(9,910)
(316)	Euro STOXX 50 Index		(9,690,755)		(10,011,942	)		9/19/16		(321,187)
(44)	FTSE 100 Index		(3,567,376)		(3,761,979	)		9/19/16		(194,603)
(56)	Japanese Yen Currency		(6,852,665)		(6,794,900	)		9/20/16		57,765
(46)	Nikkei 225 Index (OSE)		(6,907,591)		(6,935,748	)		9/9/16		(28,157)
										$(8,123,569)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 6 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

GDR–Global Depository Receipt

OSE–Osaka Securities Exchange

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

LVIP BlackRock Dividend Value Managed Volatility Fund–6

LVIP BlackRock Dividend Value Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	13,148,065
Foreign tax withheld		(156,734	)
		12,991,331
EXPENSES:
Management fees		3,332,091
Distribution fees-Service Class		773,305
Accounting and administration expenses		222,309
Reports and statements to shareholders		144,944
Professional fees		25,437
Index fees		21,369
Trustees’ fees and expenses		11,875
Custodian fees		8,294
Consulting fees		2,095
Pricing fees		845
Other		4,360
		4,546,924
Less management fees waived		(586,089	)
Total operating expenses		3,960,835
NET INVESTMENT INCOME		9,030,496
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		13,825,076
Foreign currencies		(22,418	)
Foreign currency exchange contracts		(29,626	)
Futures contracts		(1,896,220	)
Net realized gain		11,876,812
Net change in unrealized appreciation (depreciation) of:
Investments		23,513,307
Foreign currencies		77
Futures contracts		(7,113,482	)
Net change in unrealized appreciation (depreciation)		16,399,902
NET REALIZED AND UNREALIZED GAIN		28,276,714
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	37,307,210

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

LVIP BlackRock Dividend Value Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,030,496		$	13,590,199
Net realized gain (loss)		11,876,812			(13,617,145	)
Net change in unrealized appreciation (depreciation)		16,399,902			(44,075,631	)
Net increase (decrease) in net assets resulting from operations		37,307,210			(44,102,577	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(5,492,064	)
Service Class		—			(9,223,267	)
		—			(14,715,331	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		14,170,960			25,245,734
Service Class		90,358,060			179,256,040
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			5,492,064
Service Class		—			9,223,267
		104,529,020			219,217,105
Cost of shares redeemed:
Standard Class		(22,925,079	)		(42,311,814	)
Service Class		(30,225,905	)		(54,968,129	)
		(53,150,984	)		(97,279,943	)
Increase in net assets derived from capital share transactions		51,378,036			121,937,162
NET INCREASE IN NET ASSETS		88,685,246			63,119,254
NET ASSETS:
Beginning of period		899,814,488			836,695,234
End of period	$	988,499,734		$	899,814,488
Undistributed net investment income	$	9,092,555		$	62,058

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

LVIP BlackRock Dividend Value Managed Volatility Fund–7

LVIP BlackRock Dividend Value Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Dividend Value Managed Volatility Fund Standard Class
	Six Months  Ended  6/30/161, 2  (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/123				12/31/11
Net asset value, beginning of period		$	16.634		$	17.805			$	17.455			$	14.977			$	12.887			$	13.363
Income (loss) from investment operations:
Net investment income4			0.177			0.296				0.295				0.299				0.221				0.184
Net realized and unrealized gain (loss)			0.494			(1.162	)			0.314				2.428				1.966				(0.527	)
Total from investment operations			0.671			(0.866	)			0.609				2.727				2.187				(0.343	)
Less dividends and distributions from:
Net investment income			—			(0.305	)			(0.259	)			(0.249	)			(0.097	)			(0.133	)
Total dividends and distributions			—			(0.305	)			(0.259	)			(0.249	)			(0.097	)			(0.133	)
Net asset value, end of period		$	17.305		$	16.634			$	17.805			$	17.455			$	14.977			$	12.887
Total return5			4.03%			(4.87%	)			3.49%				18.21%				16.99%				(2.57%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	307,428		$	304,296			$	337,563			$	351,809			$	322,496			$	314,272
Ratio of expenses to average net assets			0.70%			0.72%				0.72%				0.76%				0.78%				0.78%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.83%			0.81%				0.81%				0.84%				0.83%				0.83%
Ratio of net investment income to average net assets			2.14%			1.72%				1.68%				1.84%				1.54%				1.35%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.01%			1.63%				1.59%				1.76%				1.49%				1.30%
Portfolio turnover			38%			24%				24%				14%				103%				26%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Commencing at the close of business on September 21, 2012, BlackRock Investment Management LLC (sub-adviser) is responsible for the day-to-day management of the Fund’s investment portfolio.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP BlackRock Dividend Value Managed Volatility Fund–8

LVIP BlackRock Dividend Value Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Dividend Value Managed Volatility Fund Service Class
	Six Months  Ended  6/30/161, 2  (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/123				12/31/11
Net asset value, beginning of period			16.613		$	17.781			$	17.434			$	14.961			$	12.874			$	13.348
Income (loss) from investment operations:
Net investment income4			0.156			0.252				0.251				0.261				0.186				0.150
Net realized and unrealized gain (loss)			0.492			(1.158	)			0.312				2.419				1.962				(0.525	)
Total from investment operations			0.648			(0.906	)			0.563				2.680				2.148				(0.375	)
Less dividends and distributions from:
Net investment income			—			(0.262	)			(0.216	)			(0.207	)			(0.061	)			(0.099	)
Total dividends and distributions			—			(0.262	)			(0.216	)			(0.207	)			(0.061	)			(0.099	)
Net asset value, end of period		$	17.261		$	16.613			$	17.781			$	17.434			$	14.961			$	12.874
Total return5			3.90%			(5.09%	)			3.23%				17.92%				16.69%				(2.81%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	681,072		$	595,518			$	499,132			$	332,144			$	75,798			$	39,098
Ratio of expenses to average net assets			0.95%			0.97%				0.97%				1.01%				1.03%				1.03%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.08%			1.06%				1.06%				1.09%				1.08%				1.08%
Ratio of net investment income to average net assets			1.89%			1.47%				1.43%				1.59%				1.29%				1.10%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.76%			1.38%				1.34%				1.51%				1.24%				1.05%
Portfolio turnover			38%			24%				24%				14%				103%				26%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Commencing at the close of business on September 21, 2012, BlackRock Investment Management LLC (sub-adviser) is responsible for the day-to-day management of the Fund’s investment portfolio.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP BlackRock Dividend Value Managed Volatility Fund–9

LVIP BlackRock Dividend Value Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 BlackRock Dividend Value Managed Volatility Fund (formerly, LVIP BlackRock Equity Dividend Managed Volatility 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”). 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 reasonable income by investing primarily in income-producing equity 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. 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 the 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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.

LVIP BlackRock Dividend Value Managed Volatility Fund–10

LVIP BlackRock Dividend Value Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. 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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.75% of the first $500 million of average daily net assets of the Fund, and 0.70% of average daily net assets of the Fund in excess of $500 million. LIAC has contractually agreed to waive a portion of its advisory fee. Effective May 1, 2016, the waiver amount is 0.11% on the first $750 million of average daily net assets of the Fund and 0.15% of average daily net assets in excess of $750 million. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to May 1, 2016, the waiver amount was 0.14% on the first $750 million of average daily net assets of the Fund and 0.18% of average daily net assets in excess of $750 million. Prior to February 8, 2016, the waiver amount was 0.06% on the first $250 million of average daily net assets of the Fund; 0.11% on the next $500 million; and 0.14% on the next $250 million; and 0.165% of average daily net assets in excess of $1 billion.

BlackRock Investment Management LLC (“BlackRock”) is responsible for managing the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays BlackRock a fee based on the Fund’s average daily net assets. Effective May 1, 2016, SSGA Funds Management, Inc. (“SSGA”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for managing the Fund’s volatility management overlay. For these services, LIAC, not the Fund, pays SSGA 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	23,810
Legal		6,547

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $18,332 for the six months ended June 30, 2016.

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 $136,890 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service (“12b-1 Fee”) at a rate not to exceed 0.35%

LVIP BlackRock Dividend Value Managed Volatility Fund–11

LVIP BlackRock Dividend Value Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

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, whereby the 12b-1 Fee is limited to 0.25% of average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	484,038
Distribution fees payable to LFD		136,989
Printing and mailing fees payable to Lincoln Life		3,062

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	327,257,878
Sales		442,103,796

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated because final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	840,215,047
Aggregate unrealized appreciation	$	160,972,808
Aggregate unrealized depreciation		(26,343,618	)
Net unrealized appreciation	$	134,629,190

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; however there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized, due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

As of December 31, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Pre-Enactment Short-Term Capital Losses Expiring In	Post-Enactment Losses (No Expiration)*
2017	Short-Term	Long-Term	Total
$36,214,077	$40,534,214	$20,899,956	$97,648,247

*Capital loss carryovers with no expiration must be utilized first.

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

LVIP BlackRock Dividend Value Managed Volatility Fund–12

LVIP BlackRock Dividend Value Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Total
Common Stock
Aerospace & Defense	$	51,724,589	$	—	$	51,724,589
Air Freight & Logistics		7,183,847		—		7,183,847
Banks		108,311,066		—		108,311,066
Beverages		10,824,940		5,130,887		15,955,827
Capital Markets		21,470,869		—		21,470,869
Chemicals		22,267,533		—		22,267,533
Commercial Services & Supplies		4,690,687		—		4,690,687
Communications Equipment		5,238,018		—		5,238,018
Consumer Finance		1,915,277		—		1,915,277
Containers & Packaging		13,016,773		—		13,016,773
Distributors		3,574,631		—		3,574,631
Diversified Financial Services		13,266,464		—		13,266,464
Diversified Telecommunication Services		19,168,937		—		19,168,937
Electric Utilities		55,673,286		—		55,673,286
Electrical Equipment		7,287,812		—		7,287,812
Energy Equipment & Services		6,936,902		—		6,936,902
Food & Staples Retailing		11,227,223		—		11,227,223
Food Products		6,671,416		—		6,671,416
Gas Utilities		5,291,472		—		5,291,472
Health Care Equipment & Supplies		4,935,069		—		4,935,069
Health Care Providers & Services		30,105,118		8,039,238		38,144,356
Hotels, Restaurants & Leisure		12,089,793		—		12,089,793
Household Durables		8,241,036		—		8,241,036
Household Products		12,560,052		—		12,560,052
Industrial Conglomerates		27,350,914		—		27,350,914
Insurance		43,420,349		—		43,420,349
Leisure Products		1,814,194		—		1,814,194
Machinery		7,000,786		—		7,000,786
Media		16,369,940		—		16,369,940
Metals & Mining		629,153		—		629,153
Multiline Retail		16,199,020		—		16,199,020
Multi-Utilities		53,666,853		—		53,666,853
Oil, Gas & Consumable Fuels		98,482,832		—		98,482,832
Paper & Forest Products		1,970,818		—		1,970,818
Personal Products		7,683,134		—		7,683,134
Pharmaceuticals		59,550,629		8,019,421		67,570,050
Professional Services		3,689,350		—		3,689,350
Real Estate Investment Trusts		2,858,813		—		2,858,813
Road & Rail		3,961,325		—		3,961,325
Semiconductors & Semiconductor Equipment		27,879,887		—		27,879,887
Software		26,018,489		—		26,018,489
Specialty Retail		19,810,334		—		19,810,334
Technology Hardware, Storage & Peripherals		2,239,926		11,080,147		13,320,073
Thrifts & Mortgage Finance		882,162		—		882,162
Tobacco		21,523,032		—		21,523,032
Water Utilities		3,249,409		—		3,249,409
Wireless Telecommunication Services		2,889,261		—		2,889,261
Money Market Fund		49,761,124		—		49,761,124

LVIP BlackRock Dividend Value Managed Volatility Fund–13

LVIP BlackRock Dividend Value Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2		Total
Total	$	942,574,544		$	32,269,693	$	974,844,237
Futures Contracts	$	(8,123,569	)	$	—	$	(8,123,569	)

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

As a result of utilizing international fair value pricing at June 30, 2016, a portion of the portfolio was categorized as Level 2.

During the period ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended    6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		845,185			1,463,746
Service Class		5,429,752			10,428,437
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			329,467
Service Class		—			554,299
		6,274,937			12,775,949
Shares redeemed:
Standard Class		(1,372,873	)		(2,459,516	)
Service Class		(1,819,055	)		(3,205,811	)
		(3,191,928	)		(5,665,327	)
Net increase		3,083,009			7,110,622

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

No foreign currency exchange contracts were outstanding at June 30, 2016.

LVIP BlackRock Dividend Value Managed Volatility Fund–14

LVIP BlackRock Dividend Value Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives					Liability Derivatives
	Statement of Net Assets Location		Fair Value			Statement of Net Assets Location		Fair Value
Currency Contracts (Futures contracts)		Receivables and other assets net of liabilities		$	79,977		Receivables and other assets net of liabilities		$	(331,097	)
Equity contracts (Futures contracts)		Receivables and other assets net of liabilities			10,098		Receivables and other assets net of liabilities			(7,882,547	)
Total				$	90,075				$	(8,213,644	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(29,626	)		$	—
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(165,831	)			(251,120	)
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(1,730,389	)			(6,862,362	)
Total			$	(1,925,846	)		$	(7,113,482	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Foreign currency exchange contracts (average cost)		$        28,222		$          45,153
Futures contracts (average notional value)		15,780,025		169,034,115

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 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.

LVIP BlackRock Dividend Value Managed Volatility Fund–15

LVIP BlackRock Dividend Value Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

At June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset	Gross Value of Derivative Liability	Net Position
Goldman Sachs Capital	$90,075	$(8,213,644)	$(8,123,569)
Counterparty	Net Position	Fair Value of Non Cash Collateral Received	Cash Collateral Received	Fair Value of Non Cash Collateral Pledged	Cash Collateral Pledged	Net Amounta
Goldman Sachs Capital	$(8,123,569)	$—	$—	$—	$8,123,569	$—

^aNet amount represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default.

6. Credit and Market Risk

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 for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

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 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.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate directly as a result of defaults or receives rental income from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. As of June 30, 2016, there were no Rule 144A securities held by the Fund. Illiquid securities have been identified on the Statement of Net Assets.

7. 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.

8. 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 BlackRock Dividend Value Managed Volatility Fund–16

LVIP BlackRock Dividend Value Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions. Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP BlackRock Dividend Value Managed Volatility Fund–17

          LVIP BlackRock Emerging Markets Managed Volatility Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP BlackRock Emerging Markets

Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Country and Sector Allocations and Top 10 Equity Holdings	2
Schedule of Investments	4
Statement of Assets and Liabilities	14
Statement of Operations	15
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	18
Other Fund Information	25

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 BlackRock Emerging Markets Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,026.40		0.73%		$3.68
Service Class Shares		1,000.00		1,025.10		0.98%		4.93
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.23		0.73%		$3.67
Service Class Shares		1,000.00		1,019.99		0.98%		4.92

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP BlackRock Emerging Markets Managed Volatility Fund–1

LVIP BlackRock Emerging Markets Managed Volatility Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Security Type/Country	Percentage  of Net Assets
Common Stock		80.97%
Brazil		3.94%
China		20.44%
Colombia		0.49%
Curacao		0.05%
Czech Republic		0.14%
Greece		0.24%
Hong Kong		4.24%
Hungary		0.26%
India		1.74%
Indonesia		2.24%
Malaysia		3.19%
Mexico		3.88%
Netherlands		0.41%
Peru		0.31%
Philippines		1.51%
Poland		0.84%
Republic of Korea		12.00%
Romania		0.06%
Russia		4.10%
South Africa		6.05%
Taiwan		10.48%
Thailand		2.19%
Turkey		1.18%
United Arab Emirates		0.99%
Exchange-Traded Funds		7.93%
Preferred Stock		3.43%
Money Market Fund		3.21%
Total Value of Securities		95.54%
Receivables and Other Assets Net of Liabilities		4.46%
Total Net Assets		100.00%

Sector designations may be different than the sector designations presented in other Fund materials.

Sector	Percentage  of Net Assets
Aerospace & Defense		0.24%
Air Freight & Logistics		0.09%
Airlines		0.11%
Auto Components		0.55%
Automobiles		1.69%
Banks		13.96%
Beverages		1.47%
Biotechnology		0.28%
Building Products		0.04%
Capital Markets		9.02%
Chemicals		1.72%
Commercial Services & Supplies		0.15%
Communications Equipment		0.02%
Construction & Engineering		0.83%
Construction Materials		0.83%
Consumer Finance		0.05%
Distributors		0.04%
Diversified Consumer Services		0.38%
Diversified Financial Services		1.45%
Diversified Telecommunication Services		1.78%
Electric Utilities		1.06%
Electrical Equipment		0.15%
Electronic Equipment, Instruments & Components		1.89%
Energy Equipment & Services		0.07%
Food & Staples Retailing		1.57%
Food Products		1.90%
Gas Utilities		0.43%
Health Care Equipment & Supplies		0.02%
Health Care Providers & Services		0.69%
Hotels, Restaurants & Leisure		0.54%
Household Durables		0.83%
Household Products		0.20%
Independent Power & Renewable Electricity Producers		0.69%
Industrial Conglomerates		2.05%
Insurance		2.92%
Internet & Catalog Retail		0.99%
Internet Software & Services		7.41%
IT Services		0.94%
Leisure Products		0.04%
Machinery		0.45%
Marine		0.10%
Media		2.24%
Metals & Mining		2.71%
Multiline Retail		0.65%
Multi-Utilities		0.07%
Oil, Gas & Consumable Fuels		7.14%
Paper & Forest Products		0.13%

LVIP BlackRock Emerging Markets Managed Volatility Fund–2

LVIP BlackRock Emerging Markets Managed Volatility Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (continued)

Sector	Percentage  of Net Assets
Personal Products		0.91%
Pharmaceuticals		1.02%
Real Estate Investment Trusts		0.60%
Real Estate Management & Development		2.01%
Retail		0.05%
Road & Rail		0.17%
Semiconductors & Semiconductor Equipment		4.19%
Software		0.11%
Specialty Retail		0.37%
Technology Hardware, Storage & Peripherals		4.57%
Textiles, Apparel & Luxury Goods		0.48%
Tobacco		0.45%
Trading Companies & Distributors		0.04%
Transportation Infrastructure		0.97%
Water Utilities		0.26%
Wireless Telecommunication Services		3.55%
Total		92.33%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage  of Net Assets
iShares MSCI India		3.79%
Samsung Electronics		3.11%
iShares India 50		3.02%
Tencent Holdings		3.01%
Taiwan Semiconductor Manufacturing		2.93%
Alibaba Group Holding ADR		1.93%
Naspers Class N		1.59%
China Mobile		1.58%
China Construction Bank		1.53%
iShares MSCI Chile Capped		1.12%
Total		23.61%

IT–Information Technology

LVIP BlackRock Emerging Markets Managed Volatility Fund–3

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–80.97%
Brazil–3.94%
Aes Tiete Energia		14,449	$	66,346
Ambev		276,766		1,641,314
Banco Bradesco		39,838		335,463
Banco do Brasil		71,683		379,358
BB Seguridade Participacoes		43,200		375,342
BM&FBovespa		106,800		592,465
†BR Malls Participacoes		28,990		116,599
BRF		30,900		431,424
BTG Pactual Group		13,400		76,338
CCR		45,200		236,391
†Centrais Eletricas Brasileiras		10,800		42,698
CETIP		14,613		198,567
Cia de Saneamento Basico do Estado de Sao Paulo		23,897		214,324
Cia Energetica de Minas Gerais		50,482		114,564
†Cia Siderurgica Nacional		49,700		120,370
Cielo		54,806		575,819
Cosan Industria e Comercio		9,653		100,037
CPFL Energia		20,549		131,140
†CPFL Energias Renovaveis		31,700		108,552
Embraer		46,000		249,454
Fibria Celulose		15,900		106,914
Gerdau		7,300		9,635
Hypermarcas		23,000		166,470
Itau Unibanco Holding		18,404		149,476
JBS		48,257		150,226
Kroton Educacional		100,872		426,122
Localiza Rent a Car		9,884		105,692
Lojas Americanas		8,820		31,164
Lojas Renner		44,500		329,286
M Dias Branco		1,700		55,176
Multiplan Empreendimentos Imobiliarios		2,900		54,347
Natura Cosmeticos		10,400		82,525
†Petroleo Brasileiro		174,100		620,024
Porto Seguro		3,100		25,593
Raia Drogasil		13,300		262,829
TIM Participacoes		39,600		83,211
Tractebel Energia		15,500		184,902
Transmissora Alianca de Energia Eletrica		5,800		34,956
Ultrapar Participacoes		21,219		468,994
Vale		94,700		477,583
WEG		26,340		112,582
				10,044,272
¨China–20.44%
#†3SBio 144A		44,500		45,919
†58.com ADR		4,733		217,197
Agile Property Holdings		99,000		52,516
Agricultural Bank of China		1,578,000		579,796
Air China		88,000		60,499

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
¨China (continued)
†Alibaba Group Holding ADR		61,866	$	4,920,203
†Aluminum Corp of China		206,000		65,262
†Angang Steel		56,000		25,207
Anhui Conch Cement		75,500		182,803
Anhui Gujing Distillery Class B		14,400		59,000
ANTA Sports Products		69,000		139,045
†Autohome ADR		4,006		80,561
AviChina Industry & Technology		108,000		75,455
†Baidu ADR		17,045		2,814,982
Bank of China		5,046,000		2,028,027
Bank of Communications		464,000		295,156
†=Baoxin Auto Group		10,322		5,641
BBMG		154,000		46,448
Beijing Capital International Airport		110,000		119,802
Beijing Jingneng Clean Energy		68,000		22,248
Belle International Holdings		416,000		244,843
†Biostime International Holdings		8,500		28,686
BOE Technology Group Class B		86,700		20,662
†BYD		36,000		217,380
#CGN Power 144A		758,000		211,855
†China Biologic Products		1,486		157,992
China Cinda Asset Management		622,000		210,916
China CITIC Bank		503,000		307,679
†China Coal Energy		131,000		68,637
China Communications Construction		290,000		314,386
China Communications Services		182,000		95,388
China Conch Venture Holdings		113,000		224,705
China Construction Bank		5,839,000		3,892,500
†China COSCO Holdings		144,500		51,300
†China Eastern Airlines		102,000		51,142
China Everbright Bank		211,000		96,928
China Galaxy Securities		210,500		189,968
China Hongqiao Group		85,000		57,291
#†China Huarong Asset Management 144A		371,000		147,225
China Huishan Dairy Holdings		222,000		90,637
#†China International Capital Class H 144A		42,800		65,599
China International Marine Containers Group		29,300		36,203
China Life Insurance		445,000		959,474
China Longyuan Power Group		183,000		152,769
China Medical System Holdings		114,000		174,719
China Merchants Bank		253,082		570,984
=China Merchants Property Development Class B		16,350		74,394
China Minsheng Banking		390,800		379,639
China Molybdenum		288,000		64,866
China National Building Material		178,000		78,283
China Oilfield Services		96,000		74,587
China Pacific Insurance Group		165,400		560,565
China Petroleum & Chemical		1,490,000		1,076,703

LVIP BlackRock Emerging Markets Managed Volatility Fund–4

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
¨China (continued)
China Railway Construction		101,500	$	127,869
†China Railway Group		242,000		181,884
#China Railway Signal & Communication Class H 144A		92,000		61,408
China Reinsurance Group Class H		199,000		45,668
China Shenhua Energy		220,000		409,178
†China Shipping Container Lines		192,000		40,086
China Shipping Development		68,000		38,647
China Southern Airlines		120,000		67,890
China Telecom		868,000		390,354
China Vanke Class B		64,000		126,388
China Zhongwang Holdings		86,800		38,800
Chongqing Changan Automobile Class B		44,900		62,895
Chongqing Rural Commercial Bank		202,000		102,881
CITIC Securities Class H		149,500		331,726
CNOOC		1,049,000		1,309,382
Country Garden Holdings		387,733		163,976
CRRC		235,000		211,325
CSG Holding Class B		40,100		31,732
CSPC Pharmaceutical Group		334,000		298,417
†Ctrip.com International ADR		22,177		913,692
#Dali Foods Group 144A		157,500		89,742
#Dalian Wanda Commercial Properties 144A		39,500		244,463
Datang International Power Generation		168,000		47,066
Dazhong Transportation Group Class B		74,700		59,424
Dongfeng Motor Group		142,000		149,675
ENN Energy Holdings		52,000		257,556
Evergrande Real Estate Group		241,000		148,676
Fosun International		123,000		159,956
Geely Automobile Holdings		245,000		133,633
GF Securities Class H		99,200		227,519
Golden Eagle Retail Group		17,000		18,958
GOME Electrical Appliances Holding		509,000		60,877
Great Wall Motor		156,000		130,427
Guangdong Electric Power Development Class B		38,040		17,662
Guangshen Railway		98,000		46,755
Guangzhou Automobile Group		104,000		124,800
Guangzhou Baiyunshan Pharmaceutical Holdings		12,000		28,470
Guangzhou R&F Properties		56,800		72,006
Haitian International Holdings		67,000		118,544
Haitong Securities		155,200		264,442
#Harbin Bank 144A		56,000		14,379
Hengan International Group		50,500		422,975
†Hengten Networks Group		1,432,000		60,665
Huadian Fuxin Energy		86,000		18,986
Huadian Power International		94,000		45,053
Huaneng Power International		324,000		201,243

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
¨China (continued)
Huaneng Renewables		326,000	$	109,110
#Huatai Securities Class H 144A		111,400		239,908
Industrial & Commercial Bank of China		5,026,000		2,802,844
Inner Mongolia Yitai Coal Class B		57,200		43,224
Intime Retail Group		62,500		52,103
†JD.com ADR		56,542		1,200,387
Jiangling Motors Class B		13,622		34,976
Jiangsu Expressway		52,000		72,617
Jiangxi Copper		62,000		69,579
Kingsoft		29,000		56,346
Lao Feng Xiang Class B		17,900		64,727
#Legend Holdings Class H 144A		35,600		84,417
Lenovo Group		390,000		237,055
Longfor Properties		63,500		82,848
†Luye Pharma Group		89,000		54,800
Metallurgical Corp of China		150,000		46,257
†Momo ADR		1,592		16,095
NetEase ADR		4,594		887,653
New China Life Insurance		37,200		133,198
New Oriental Education & Technology Group ADR		8,402		351,876
People’s Insurance Group of China		406,000		156,303
PetroChina		1,324,000		912,552
PICC Property & Casualty		232,060		365,876
Ping An Insurance Group of China		297,000		1,315,911
†Qihoo 360 Technology ADR		6,396		467,228
†@=Qinqin Foodstuffs Group Cayman		10,100		14,321
†Qunar Cayman Islands ADR		4,538		135,187
Shandong Weigao Group Medical Polymer		96,000		55,010
Shanghai Baosight Software		7,300		13,596
†Shanghai Electric Group		140,000		59,234
Shanghai Fosun Pharmaceutical Group		17,000		41,666
Shanghai Jinqiao Export Processing Zone Development Class B		43,500		73,586
Shanghai Lujiazui Finance & Trade Zone Development Class B		46,260		72,397
Shanghai Pharmaceuticals Holding		38,800		86,034
†Shanghai Zhenhua Heavy Industries Class B		107,200		51,306
#Shengjing Bank Class H 144A		44,000		45,560
Shenzhen Expressway Class H		78,000		71,375
Shenzhou International Group Holdings		41,000		198,262
†SINA		3,554		184,346
Sino-Ocean Land Holdings		213,000		92,730
Sinopec Engineering Group		105,500		95,731
†Sinopec Oilfield Service		162,000		31,168
Sinopec Shanghai Petrochemical		158,000		72,698
Sinopharm Group		78,000		374,688
Sinotrans Class H		65,000		29,020

LVIP BlackRock Emerging Markets Managed Volatility Fund–5

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
¨China (continued)
SOHO China		156,500	$	75,557
†SouFun Holdings ADR		20,354		102,381
Sunac China Holdings		78,000		48,657
Sunny Optical Technology Group		44,000		154,917
†TAL Education Group ADR		3,072		190,648
Tencent Holdings		334,800		7,680,203
#†=Tianhe Chemicals Group 144A		546,000		5,877
TravelSky Technology		62,000		119,860
Tsingtao Brewery		24,000		83,440
†Vipshop Holdings ADR		24,617		274,972
†Weibo ADR		1,808		51,365
Weichai Power		50,000		51,481
Weifu High-Technology Group Class B		13,200		28,017
Xinjiang Goldwind Science & Technology		35,600		48,975
Yantai Changyu Pioneer Wine Class B		12,600		38,170
Yanzhou Coal Mining		104,000		67,759
†YY ADR		2,387		80,848
Zhejiang Expressway		84,000		79,467
Zhuzhou CSR Times Electric		34,000		188,843
Zijin Mining Group		316,000		106,147
Zoomlion Heavy Industry Science & Technology		59,800		20,720
ZTE		36,520		46,452
				52,103,383
Colombia–0.49%
Almacenes Exito		11,594		56,365
Banco de Bogota		3,192		63,930
Bancolombia		11,538		93,698
Cementos Argos		25,213		102,721
†Cemex Latam Holdings		9,618		41,490
Corp Financiera Colombiana		8,574		112,427
†Ecopetrol		418,006		199,638
Empresa de Energia de Bogota		112,169		68,549
Grupo Argos		16,469		105,889
Grupo de Inversiones Suramericana		12,912		169,662
Grupo Nutresa		17,391		148,851
Interconexion Electrica		23,598		72,065
				1,235,285
Curacao–0.05%
Eclat Textile		14,000		135,770
				135,770
Czech Republic–0.14%
CEZ		12,438		212,193
Komercni banka		3,910		146,602
				358,795
Greece–0.24%
†Alpha Bank AE		84,613		158,545
†Eurobank Ergasias		84,824		53,695

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Greece (continued)
Hellenic Telecommunications Organization		11,462	$	104,725
†National Bank of Greece		339,838		75,393
OPAP		18,898		131,710
†Piraeus Bank		430,765		80,384
				604,452
nHong Kong–4.24%
†Alibaba Health Information Technology		176,000		129,900
†Alibaba Pictures Group		720,000		168,483
Beijing Enterprises Holdings		34,500		195,587
Beijing Enterprises Water Group		232,000		140,497
Brilliance China Automotive Holdings		146,000		150,742
†CAR		19,000		18,576
†China Agri-Industries Holdings		77,100		25,385
China Everbright		56,000		108,658
China Everbright International		182,000		203,503
China Gas Holdings		124,000		189,803
China Jinmao Holdings Group		170,000		48,102
China Merchants Holdings International		46,000		123,142
†China Minsheng Financial Holding		510,000		57,533
China Mobile		349,500		4,038,198
China Overseas Land & Investment		250,000		796,963
China Overseas Property Holdings		1		0
China Power International Development		180,000		66,445
China Resources Beer Holdings		84,000		183,602
China Resources Cement Holdings		52,000		16,764
China Resources Gas Group		52,000		158,139
China Resources Land		157,555		371,270
China Resources Power Holdings		128,000		192,096
China State Construction International Holdings		104,000		137,995
†China Taiping Insurance Holdings		112,194		211,134
†China Traditional Chinese Medicine		192,000		76,119
China Unicom Hong Kong		344,000		358,703
CITIC		373,000		545,261
COSCO Pacific		150,000		149,763
Far East Horizon		108,000		84,352
Fullshare Holdings		330,000		146,671
GCL-Poly Energy Holdings		928,000		121,973
Guangdong Investment		204,000		311,423
Haier Electronics Group		101,000		154,320
†=Hanergy Thin Film Power Group		830,000		0
Hopson Development Holdings		54,000		47,812
#†IMAX China Holding 144A		13,600		67,120
Kingboard Chemical Holdings		50,500		100,674
Kunlun Energy		256,000		213,039
Lee & Man Paper Manufacturing		67,000		50,054
Nine Dragons Paper Holdings		80,000		61,335

LVIP BlackRock Emerging Markets Managed Volatility Fund–6

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
nHong Kong (continued)
Shanghai Industrial Holdings		55,000	$	125,037
Shenzhen International Holdings		42,000		61,073
Shenzhen Investment		172,000		69,058
Shimao Property Holdings		107,500		136,676
Sino Biopharmaceutical		312,000		204,773
				10,817,753
Hungary–0.26%
MOL Hungarian Oil & Gas		2,218		128,402
OTP Bank		13,302		297,664
Richter Gedeon		11,311		224,977
				651,043
India–1.74%
Dr. Reddy’s Laboratories ADR		6,983		357,739
ICICI Bank ADR		56,775		407,645
Infosys ADR		57,564		1,027,517
Larsen & Toubro GDR		8,973		199,947
Mahindra & Mahindra GDR		20,259		431,534
#Reliance Industries GDR 144A		28,715		819,813
State Bank of India GDR		9,926		314,654
†Tata Motors ADR		12,773		442,840
Wipro ADR		34,300		423,948
				4,425,637
Indonesia–2.24%
†Astra Agro Lestari		20,777		23,309
Astra International		1,113,900		627,974
Bank Central Asia		794,400		804,376
Bank Danamon Indonesia		160,000		42,991
Bank Mandiri Persero		592,700		428,910
Bank Negara Indonesia Persero		418,800		165,966
Bank Rakyat Indonesia Persero		618,300		508,757
Bumi Serpong Damai		408,000		65,655
Charoen Pokphand Indonesia		422,000		120,802
Gudang Garam		29,600		154,873
Indocement Tunggal Prakarsa		64,700		83,207
Indofood CBP Sukses Makmur		117,300		154,204
Indofood Sukses Makmur		289,700		159,398
Jasa Marga Persero		99,500		39,918
Kalbe Farma		1,577,400		183,567
Lippo Karawaci		883,500		76,753
Matahari Department Store		176,200		268,548
Media Nusantara Citra		228,500		38,335
Mitra Keluarga Karyasehat		335,000		69,984
Perusahaan Gas Negara Persero		564,700		100,690
Semen Indonesia Persero		166,900		118,880
Surya Citra Media		508,900		127,879
Telekomunikasi Indonesia Persero		2,825,300		859,586
Tower Bersama Infrastructure		95,500		47,873
Unilever Indonesia		90,600		309,646
United Tractors		93,000		104,929

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Indonesia (continued)
†XL Axiata		109,000	$	30,302
				5,717,312
Malaysia–3.19%
AMMB Holdings		92,100		101,645
Astro Malaysia Holdings		146,100		106,182
Axiata Group		371,000		519,257
British American Tobacco Malaysia		14,000		183,009
CIMB Group Holdings		238,900		259,853
DiGi.Com		264,500		313,926
Gamuda		205,900		248,214
Genting		137,300		279,666
Genting Malaysia		126,100		139,425
HAP Seng Consolidated		44,400		85,022
Hong Leong Bank		30,400		99,718
Hong Leong Financial Group		6,500		23,719
IHH Healthcare		170,700		279,454
IJM		300,200		260,018
IOI		171,000		183,755
IOI Properties Group		106,691		62,191
KLCC Stapled Group		23,300		43,261
Kuala Lumpur Kepong		28,400		164,252
Lafarge Malaysia		26,900		52,245
Malakoff		175,600		69,733
Malayan Banking		323,700		654,798
Malaysia Airports Holdings		60,300		91,724
Maxis		198,500		290,248
MISC		73,900		136,747
Nestle Malaysia		4,700		89,208
Petronas Chemicals Group		208,100		341,198
Petronas Dagangan		17,500		101,575
Petronas Gas		40,000		218,948
PPB Group		35,700		146,667
Public Bank		167,260		805,935
RHB Bank		45,517		57,904
SapuraKencana Petroleum		202,400		74,376
Sime Darby		133,200		250,955
SP Setia		50,500		36,326
Telekom Malaysia		177,200		298,255
Tenaga Nasional		227,400		796,226
Westports Holdings		75,000		78,288
YTL		288,200		119,618
YTL Power International		204,120		71,390
				8,134,931
Mexico–3.88%
Alfa Class A		168,300		289,329
Alpek		17,877		29,325
Alsea SAB de CV		26,222		99,825
America Movil		628,640		386,484
Arca Continental		30,000		215,304
†Cemex		814,586		503,922

LVIP BlackRock Emerging Markets Managed Volatility Fund–7

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Mexico (continued)
Coca-Cola Femsa		30,240	$	250,586
Concentradora Fibra Danhos		23,500		42,675
El Puerto de Liverpool		9,000		95,225
Fibra Uno Administracion		194,590		414,564
Fomento Economico Mexicano		118,916		1,100,990
Fresnillo		12,616		277,823
Gentera		45,200		80,968
Gruma Class B		16,100		231,603
Grupo Aeroportuario del Pacifico Class B		24,997		256,977
Grupo Aeroportuario del Sureste Class B		13,528		215,559
Grupo Bimbo Class A		166,400		521,884
Grupo Carso Class A1		18,600		80,046
Grupo Comercial Chedraui		20,300		50,610
Grupo Elektra		2,990		41,583
Grupo Financiero Banorte Class O		156,843		876,585
Grupo Financiero Inbursa		141,310		240,302
Grupo Financiero Santander Mexico Class B		99,200		180,033
Grupo Lala		42,600		93,926
Grupo Mexico Class B		234,100		548,547
Grupo Sanborns		19,200		25,708
Grupo Televisa CPO		181,800		947,953
†IDEAL Class B1		50,800		74,244
Industrias Penoles		7,681		183,381
Infraestructura Energetica Nova		14,300		60,266
Kimberly-Clark de Mexico Class A		86,888		205,261
Megacable Holdings		24,080		97,729
Mexichem		55,800		117,628
#Nemak 144A		38,600		45,203
†OHL Mexico		22,700		27,812
†Organizacion Soriana Class B		16,400		39,182
Promotora y Operadora de Infraestructura		20,145		247,943
Wal-Mart de Mexico Class V		292,600		703,871
				9,900,856
Netherlands–0.41%
Steinhoff International Holdings		182,160		1,044,993
				1,044,993
Peru–0.31%
BBVA Banco Continental		26,863		27,455
†Cia de Minas Buenaventura ADR		12,627		150,893
Credicorp		4,006		618,246
				796,594
Philippines–1.51%
Aboitiz Equity Ventures		122,060		202,677
Aboitiz Power		94,400		92,665
Alliance Global Group		186,700		58,900
Ayala		14,710		266,178

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Philippines (continued)
Ayala Land		396,600	$	328,990
BDO Unibank		75,860		181,235
DMCI Holdings		245,000		65,923
Emperador		168,500		25,919
Energy Development		491,400		57,997
Globe Telecom		2,200		111,212
GT Capital Holdings		4,015		123,428
International Container Terminal Services		31,600		41,444
JG Summit Holdings		173,899		317,690
Jollibee Foods		31,280		161,320
LT Group		204,900		69,334
Manila Electric		9,920		65,525
Megaworld		559,000		55,620
Metro Pacific Investments		556,000		82,798
Metropolitan Bank & Trust		95,098		183,160
Petron		458,500		108,948
Philippine Long Distance Telephone		5,255		240,190
San Miguel		21,640		36,173
Semirara Mining & Power		17,100		45,632
SM Investments		19,672		406,690
SM Prime Holdings		459,100		268,207
Universal Robina		54,090		239,900
				3,837,755
Poland–0.84%
Bank Handlowy w Warszawie		224		4,080
Bank Pekao		7,888		275,404
Bank Zachodni WBK		1,176		78,642
†Cyfrowy Polsat		14,210		79,497
ING Bank Slaski		1,650		51,632
†KGHM Polska Miedz		9,844		166,135
LPP		83		106,488
†mBank		797		62,698
Orange Polska		79,341		102,311
PGE Polska Grupa Energetyczna		60,671		182,750
Polski Koncern Naftowy Orlen		19,340		339,717
Polskie Gornictwo Naftowe i Gazownictwo		120,732		172,120
†Powszechna Kasa Oszczednosci Bank Polski		46,103		273,269
Powszechny Zaklad Ubezpieczen		35,237		256,780
				2,151,523
Republic of Korea–12.00%
Amorepacific		1,940		731,359
AMOREPACIFIC Group		1,955		286,884
BGF retail		563		104,828
BS Financial Group		17,808		125,499
†Celltrion		4,686		393,934
CJ		979		172,847
CJ CheilJedang		539		182,551

LVIP BlackRock Emerging Markets Managed Volatility Fund–8

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Republic of Korea (continued)
†CJ Korea Express		308	$	58,235
Coway		2,722		247,845
Daelim Industrial		1,371		91,457
†Daewoo Engineering & Construction		6,943		34,099
Daewoo Securities		11,116		76,016
Dongbu Insurance		3,137		188,818
Dongsuh		2,021		58,795
Doosan		454		36,876
Doosan Heavy Industries & Construction		4,300		79,814
E-MART		1,297		195,721
GS Holdings		3,547		147,301
GS Retail		1,819		86,495
Hana Financial Group		16,473		334,911
Hankook Tire		3,937		175,159
Hanmi Pharm		406		251,273
Hanmi Science		872		117,239
Hanon Systems		8,150		74,588
Hanssem		650		90,529
Hanwha		2,219		68,936
Hanwha Chemical		7,360		153,783
Hanwha Life Insurance		10,192		51,356
Hotel Shilla		1,595		94,633
Hyosung		1,121		122,698
Hyundai Department Store		1,025		115,314
Hyundai Development Co-Engineering & Construction		2,872		99,637
Hyundai Engineering & Construction		5,716		167,232
Hyundai Glovis		1,285		192,486
†Hyundai Heavy Industries		2,747		254,330
Hyundai Mobis		3,574		786,292
Hyundai Motor		7,853		928,943
Hyundai Steel		3,777		151,974
Hyundai Wia		713		55,585
Industrial Bank of Korea		19,719		192,132
Kakao		2,354		191,549
Kangwon Land		6,493		235,599
KB Financial Group		22,163		630,226
KCC		341		113,422
KEPCO Plant Service & Engineering		1,029		58,177
Kia Motors		13,564		511,083
Korea Aerospace Industries		3,264		209,263
Korea Electric Power		15,064		790,740
Korea Gas		1,220		42,416
Korea Investment Holdings		2,023		74,582
Korea Zinc		550		243,897
†Korean Air Lines		2,185		49,424
KT&G		6,818		807,490
Kumho Petrochemical		746		38,977
LG		5,953		331,057
LG Chem		2,760		630,298
LG Display		13,605		315,004

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Republic of Korea (continued)
LG Electronics		6,232	$	293,507
LG Household & Health Care		559		545,895
LG Uplus		11,580		109,983
LIG Nex1		788		66,962
Lotte Chemical		871		216,781
@Lotte Confectionery		422		71,625
Lotte Shopping		557		98,523
NAVER		1,758		1,089,109
NCSoft		1,013		208,590
NH Investment & Securities		14,416		115,676
†OCI		1,157		91,719
Orion		236		193,715
POSCO		3,884		688,053
Posco Daewoo		2,500		54,915
S-1		1,342		125,829
Samsung C&T		4,369		470,359
Samsung Card		1,545		55,988
Samsung Electro-Mechanics		2,997		131,317
Samsung Electronics		6,364		7,925,416
Samsung Fire & Marine Insurance		2,001		459,590
†Samsung Heavy Industries		8,952		72,058
Samsung Life Insurance		4,938		432,127
Samsung SDI		3,661		346,621
Samsung SDS		1,974		247,229
Samsung Securities		3,314		102,835
Shinhan Financial Group		25,304		831,717
Shinsegae		352		59,900
SK Holdings		2,482		438,691
SK Hynix		33,446		951,772
SK Innovation		4,145		510,723
S-Oil		2,843		188,403
Woori Bank		25,299		210,345
Yuhan		502		134,149
				30,591,730
Romania–0.06%
New Europe Property Investments		12,188		139,027
				139,027
Russia–4.10%
Alrosa		91,600		99,284
†Bank Otkritie Financial		2,689		58,199
Bashneft		2,065		94,506
Gazprom		424,894		926,114
Gazprom ADR		130,025		561,834
Inter		947,000		37,374
†Lenta GDR		18,553		134,599
Lukoil		21,442		899,554
Lukoil ADR		8,278		345,441
Magnit		3,400		479,459
Magnitogorsk Iron & Steel Works		196,100		73,700
†Mail.Ru Group GDR		6,561		119,410

LVIP BlackRock Emerging Markets Managed Volatility Fund–9

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Russia (continued)
MegaFon		5,251	$	55,062
MMC Norilsk Nickel		3,255		434,662
Mobile TeleSystems		58,257		221,339
Moscow Exchange MICEX-RTS		106,235		186,920
Novatek		143,774		1,457,601
Novolipetsk Steel		34,900		45,342
PhosAgro		2,234		96,952
Polymetal International		13,784		193,165
†Polyus Gold		970		71,234
Rosneft		41,380		213,625
Rostelecom		38,040		54,813
RusHydro		4,280,000		41,227
Sberbank of Russia		276,300		574,805
Sberbank of Russia ADR		75,000		657,785
Severstal		12,019		131,799
Sistema		271,254		86,639
Surgutneftegas		1,280,456		664,922
Surgutneftegas ADR		100,398		512,312
Tatneft		92,560		479,732
Unipro		530,000		22,786
United RUSAL		249,474		79,111
†Uralkali		26,253		71,802
VTB Bank		116,460,000		123,903
VTB Bank GDR		74,000		153,108
				10,460,120
South Africa–6.05%
†Anglo American Platinum		2,518		62,951
†AngloGold Ashanti		26,726		482,632
†Aspen Pharmacare Holdings		18,337		452,356
Barclays Africa Group		21,700		212,837
†Bid		22,984		430,716
Bidvest Group		22,984		216,832
Capitec Bank Holdings		4,388		177,997
Discovery		20,666		172,636
FirstRand		211,590		645,749
Fortress Income Fund		54,293		132,815
Fortress Income Fund Class A		55,050		59,142
Foschini Group		12,247		115,625
Gold Fields		55,281		268,373
Growthpoint Properties		169,210		295,618
†Impala Platinum Holdings		45,628		147,010
Imperial Holdings		9,629		98,329
†Kumba Iron Ore		6,311		47,694
Liberty Holdings		10,044		81,974
Life Healthcare Group Holdings		49,143		120,908
Massmart Holdings		10,288		87,881
Mediclinic International		22,250		319,839
MMI Holdings		68,754		106,070
Mr Price Group		10,315		144,929
MTN Group		102,239		993,598
Naspers Class N		26,619		4,064,590

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
South Africa (continued)
Nedbank Group		12,714	$	161,394
Netcare		79,698		169,246
Pick n Pay Stores		13,295		64,734
Pioneer Foods Group		10,253		120,310
PSG Group		7,388		97,621
Rand Merchant Investment Holdings		29,588		82,972
Redefine Properties		297,737		228,530
Remgro		26,260		455,667
Resilient REIT		17,673		158,342
RMB Holdings		50,067		191,889
Sanlam		114,557		473,259
Santam		3,100		48,279
Sasol		38,383		1,038,404
Shoprite Holdings		21,790		246,792
Sibanye Gold		45,871		156,184
Standard Bank Group		79,094		688,864
Tiger Brands		11,306		278,538
Truworths International		27,290		158,812
Tsogo Sun Holdings		62,455		113,061
Vodacom Group		19,768		225,250
Woolworths Holdings		57,551		329,541
				15,426,790
Taiwan–10.48%
Advanced Semiconductor Engineering		356,000		405,020
Advantech		19,690		150,144
Asia Cement		153,805		133,701
Asustek Computer		45,000		372,458
AU Optronics		551,000		190,749
Catcher Technology		43,000		320,616
Cathay Financial Holding		469,743		514,874
Chang Hwa Commercial Bank		177,409		92,634
Cheng Shin Rubber Industry		108,750		229,292
China Development Financial Holding		764,000		185,305
China Life Insurance		252,200		196,332
China Steel		733,885		478,182
Chunghwa Telecom		241,000		871,617
†Compal Electronics		334,000		211,291
CTBC Financial Holding		973,529		512,041
Delta Electronics		132,000		644,071
E.Sun Financial Holding		509,847		302,036
Far Eastern New Century		321,351		240,481
†Far EasTone Telecommunications		131,000		317,203
Feng TAY Enterprise		21,630		89,929
First Financial Holding		558,375		293,621
Formosa Chemicals & Fibre		238,070		601,059
Formosa Petrochemical		135,000		368,082
Formosa Plastics		321,560		779,819
Foxconn Technology		69,735		164,727
Fubon Financial Holding		397,000		468,075
Giant Manufacturing		16,000		99,810
Hermes Microvision		3,000		124,393

LVIP BlackRock Emerging Markets Managed Volatility Fund–10

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Taiwan (continued)
Hon Hai Precision Industry		791,373	$	2,038,802
Hotai Motor		26,000		256,246
HTC		44,000		142,442
Hua Nan Financial Holdings		486,822		252,973
Innolux		575,050		194,301
†Inotera Memories		159,000		124,519
Inventec		176,000		125,842
Largan Precision		6,000		554,900
Lite-On Technology		152,855		210,526
MediaTek		92,910		709,977
Mega Financial Holding		603,423		456,412
Nan Ya Plastics		333,800		635,897
Nanya Technology		48,000		59,082
†Nien Made Enterprise		10,000		91,233
Novatek Microelectronics		39,000		146,168
†OBI Pharma		7,000		111,406
Pegatron		109,000		231,508
Pou Chen		140,000		188,442
President Chain Store		42,000		328,161
Quanta Computer		139,000		264,876
Shin Kong Financial Holding		913,411		179,801
Siliconware Precision Industries		121,413		185,151
SinoPac Financial Holdings		692,097		205,394
Taishin Financial Holding		551,078		213,057
Taiwan Cement		199,000		199,037
Taiwan Cooperative Financial Holding		437,678		193,444
Taiwan Mobile		114,000		398,458
Taiwan Semiconductor Manufacturing		1,482,000		7,468,831
Uni-President Enterprises		283,019		558,974
United Microelectronics		773,000		303,156
Vanguard International Semiconductor		46,000		76,036
Wistron		1		1
Yuanta Financial Holding		738,348		239,754
Yulon Nissan Motor		1,000		6,213
				26,708,582
Thailand–2.19%
Advanced Info Service NVDR		69,600		313,513
Airports of Thailand NVDR		21,400		237,956
Airports of Thailand-Foreign		9,000		99,886
Bangkok Bank NVDR		32,200		145,770
Bangkok Dusit Medical Services - Foreign		152,500		103,721
Bank of Ayudhya NVDR		72,200		78,361
BTS Group Holdings NVDR		570,700		156,153
Bumrungrad Hospital NVDR		29,600		154,137
Central Pattana-Foreign		111,600		189,758
Charoen Pokphand Foods NVDR		100,000		81,983
Charoen Pokphand Foods-Foreign		145,700		119,205
CP ALL NVDR		316,200		453,549
Delta Electronics Thailand NVDR		45,300		88,268
Glow Energy-Foreign		31,400		76,624

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Thailand (continued)
Home Product Center NVDR		384,193	$	108,611
Home Product Center-Foreign		41		11
Indorama Ventures-Foreign		80,500		66,434
Intouch Holdings NVDR		76,500		118,103
Intouch Holdings-Foreign		9,500		14,666
IRPC-Foreign		586,900		79,500
Kasikornbank NVDR		74,900		363,707
Krung Thai Bank-Foreign		209,100		96,993
Land & Houses NVDR		366,740		94,617
Minor International NVDR		74,580		85,723
Minor International-Foreign		39,490		44,952
PTT Exploration & Production NVDR		100,200		240,647
PTT Global Chemical NVDR		95,400		161,897
PTT NVDR		58,600		525,556
Siam Cement NVDR		22,400		304,314
Siam City Cement NVDR		3,500		29,525
Siam Commercial Bank NVDR		109,900		436,906
Thai Oil-Foreign		74,300		126,864
Thai Union Group-Foreign		122,800		76,881
TMB Bank-Foreign		917,700		56,410
Total Access Communication NVDR		39,000		35,893
True NVDR		1,104,746		226,801
				5,593,895
Turkey–1.18%
Akbank		113,447		325,152
Anadolu Efes Biracilik Ve Malt Sanayii		13,470		91,080
Arcelik		11,710		77,103
BIM Birlesik Magazalar		12,601		245,749
Coca-Cola Icecek		4,593		56,106
Emlak Konut Gayrimenkul Yatirim Ortakligi		155,534		154,907
Enka Insaat ve Sanayi		41,269		63,123
Eregli Demir ve Celik Fabrikalari		90,396		127,873
Ford Otomotiv Sanayi		4,019		42,775
Haci Omer Sabanci Holding		45,972		150,872
KOC Holding		39,095		178,791
TAV Havalimanlari Holding		14,493		62,242
Tofas Turk Otomobil Fabrikasi		6,590		54,186
Tupras Turkiye Petrol Rafinerileri		6,592		146,341
†Turk Hava Yollari		28,907		57,584
Turk Telekomunikasyon		20,154		42,481
†Turkcell Iletisim Hizmetleri		54,196		199,252
Turkiye Garanti Bankasi		130,527		344,778
Turkiye Halk Bankasi		39,324		117,034
Turkiye Is Bankasi Class C		110,314		175,241
Turkiye Sise ve Cam Fabrikalari		93,410		115,496
Turkiye Vakiflar Bankasi Class D		86,416		135,708
†Yapi ve Kredi Bankasi		34,564		47,921
				3,011,795

LVIP BlackRock Emerging Markets Managed Volatility Fund–11

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Arab Emirates–0.99%
Abu Dhabi Commercial Bank		109,965	$	181,842
Aldar Properties		259,992		191,693
†Arabtec Holding		105,385		39,354
DAMAC Properties Dubai		86,274		53,942
DP World		9,110		151,425
Dubai Financial Market		82,016		28,329
Dubai Investments		167,617		93,865
Dubai Islamic Bank		50,000		69,873
†Dubai Parks & Resorts		196,690		83,922
Emaar Malls Group		107,535		82,811
Emaar Properties		210,620		358,245
Emirates Telecommunications Group		108,888		561,790
First Gulf Bank		63,326		217,701
National Bank of Abu Dhabi		100,465		264,823
NMC Health		4,332		74,682
Union National Bank		64,469		71,965
				2,526,262
Total Common Stock (Cost $205,968,319)				206,418,555
EXCHANGE-TRADED FUNDS–7.93%
iShares India 50		272,464		7,710,731
iShares MSCI Chile Capped		77,634		2,856,931
iShares MSCI India		346,269		9,667,830
Total Exchange-Traded Funds (Cost $19,400,528)				20,235,492
DPREFERRED STOCK–3.43%
Brazil–2.33%
Banco Bradesco 4.94%		179,376		1,405,502
Braskem 6.82%		16,919		100,072
†Centrais Eletricas Brasileiras		16,900		92,173
Cia Brasileira de Distribuicao 0.61%		7,800		113,128
Cia de Transmissao de Energia Eletrica Paulista 3.13%		2,015		39,380
Cia Energetica de Minas Gerais 6.20%		19,079		42,942
Gerdau 1.30%		38,300		70,226
Itau Unibanco Holding 4.21%		176,908		1,666,478
Itausa - Investimentos Itau 4.39%		204,474		477,401
Lojas Americanas 0.69%		44,400		221,841
†Petroleo Brasileiro		263,444		769,263
Suzano Papel e Celulose 3.49%		31,800		112,260
Telefonica Brasil 4.45%		23,590		321,799

	Number of Shares		Value (U.S. $)
DPREFERRED STOCK (continued)
Brazil (continued)
Vale 2.64%		124,112	$	501,115
				5,933,580
Colombia–0.16%
Banco Davivienda 1.62%		3,488		31,980
Bancolombia 3.33%		21,180		184,327
Cementos Argos 2.03%		12,000		45,192
Grupo Argos 1.53%		5,525		33,859
Grupo Aval Acciones y Valores 4.97%		165,853		66,435
Grupo de Inversiones Suramericana 1.14%		3,624		46,999
				408,792
Republic of Korea–0.69%
Amorepacific 0.56%		430		92,834
Hyundai Motor
3.16%		1,908		160,250
3.23%		1,038		85,525
LG Chem 2.49%		358		59,760
LG Electronics 1.59%		811		20,496
LG Household & Health Care 0.84%		184		105,953
Samsung Electronics 1.74%		1,152		1,188,389
Samsung Fire & Marine Insurance 2.99%		250		37,912
				1,751,119
Russia–0.25%
AK Transneft 0.47%		77		200,837
Bashneft 0.47%		2,295		68,313
Sberbank of Russia 2.05%		45,800		64,468
Surgutneftegas 0.47%		498,600		299,418
Tatneft 6.20%		7,000		19,311
				652,347
Total Preferred Stock (Cost $10,164,566)				8,745,838
MONEY MARKET FUND–3.21%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		8,178,750		8,178,750
Total Money Market Fund (Cost $8,178,750)				8,178,750

TOTAL VALUE OF SECURITIES–95.54% (Cost $243,712,163)		243,578,635
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–4.46%		11,361,100
NET ASSETS APPLICABLE TO 31,858,923 SHARES OUTSTANDING–100.00%	$	254,939,735

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $2,188,488, which represents 0.86% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

LVIP BlackRock Emerging Markets Managed Volatility Fund–12

LVIP BlackRock Emerging Markets Managed Volatility Fund

Schedule of Investments (continued)

D Securities have been classified by country of origin. Classification by type of business has been presented on page 2 and 3.

n Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

† Non-income producing for the period.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $85,946, which represents 0.03% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $100,233, which represents 0.04% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

¨ Securities listed and traded on the Hong Kong Stock Exchange.

The following foreign currency exchange contract and futures contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contract

Counterparty	Contracts to Receive (Deliver)			In Exchange For		Settlement Date	Unrealized Appreciation (Depreciation)
BNYM	BRL	(3,000,000	)	USD	906,673	7/1/16	$(26,957)

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)	Notional Value			Expiration Date	Unrealized Appreciation (Depreciation)
(1,343)	E-mini MSCI Emerging Markets Index	$(54,080,648)		$(56,050,105	)	9/19/16	$(1,969,457)

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

BNYM–Bank of New York Mellon

BRL–Brazilian Real

CPO–Ordinary Participation Certificate

GDR–Global Depositary Receipt

NVDR–Nonvoting Depositary Receipt

REIT–Real Estate Investment Trust

USD–United States Dollar

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

LVIP BlackRock Emerging Markets Managed Volatility Fund–13

LVIP BlackRock Emerging Markets Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments, at value	$	243,578,635
Foreign currencies, at value		8,659,245
Cash collateral held at broker for futures contracts		3,834,429
Dividends receivable		1,435,033
Receivables for securities sold		1,142,934
Receivable for fund shares sold		85,108
TOTAL ASSETS		258,735,384
LIABILITIES:
Net unrealized depreciation on futures contracts		1,969,457
Payable for securities purchased		1,452,507
Due to manager and affiliates		160,879
Payable for fund shares redeemed		100,281
Other accrued expenses payable		72,043
Unrealized depreciation on foreign currency exchange contracts		26,957
Cash overdraft		13,525
TOTAL LIABILITIES		3,795,649
TOTAL NET ASSETS	$	254,939,735
Investments, at cost	$	243,712,163
Foreign currencies, at cost		8,532,395
Standard Class:
Net Assets	$	17,437,849
Shares Outstanding		2,177,874
Net Asset Value	$	8.007
Service Class:
Net Assets	$	237,501,886
Shares Outstanding		29,681,049
Net Asset Value	$	8.002
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	307,758,732
Undistributed net investment income		2,594,593
Accumulated net realized loss on investments		(53,396,978	)
Net unrealized depreciation of investments and derivatives		(2,016,612	)
TOTAL NET ASSETS	$	254,939,735

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

LVIP BlackRock Emerging Markets Managed Volatility Fund—14

LVIP BlackRock Emerging Markets Managed

Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	3,833,871
Foreign tax withheld		(332,033	)
		3,501,838
EXPENSES:
Management fees		669,125
Distribution fees-Service Class		285,301
Accounting and administration expenses		59,571
Professional fees		57,952
Custodian fees		50,965
Reports and statements to shareholders		43,501
Pricing fees		38,318
Index fees		10,000
Trustees’ fees and expenses		3,189
Consulting fees		1,838
Other		1,317
		1,221,077
Less management fees waived		(48,456	)
Total operating expenses		1,172,621
NET INVESTMENT INCOME		2,329,217
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(5,781,950	)
Foreign currencies		4,989
Foreign currency exchange contracts		(61,200	)
Futures contracts		(6,189,415	)
Net realized loss		(12,027,576	)
Net change in unrealized appreciation (depreciation) of:
Investments		18,959,332
Foreign currencies		212,900
Foreign currency exchange contracts		(26,957	)
Futures contracts		(2,310,488	)
Net change in unrealized appreciation (depreciation)		16,834,787
NET REALIZED AND UNREALIZED GAIN		4,807,211
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,136,428

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

LVIP BlackRock Emerging Markets Managed

Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,329,217		$	3,165,357
Net realized loss		(12,027,576	)		(16,429,472	)
Net change in unrealized appreciation (depreciation)		16,834,787			(24,567,220	)
Net increase (decrease) in net assets resulting from operations		7,136,428			(37,831,335	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(237,774	)
Service Class		—			(3,416,332	)
		—			(3,654,106	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,262,955			10,932,915
Service Class		18,950,979			105,174,900
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			237,774
Service Class		—			3,416,332
		22,213,934			119,761,921
Cost of shares redeemed:
Standard Class		(605,833	)		(73,222,265	)
Service Class		(15,834,796	)		(17,909,174	)
		(16,440,629	)		(91,131,439	)
Increase in net assets derived from capital share transactions		5,773,305			28,630,482
NET INCREASE (DECREASE) IN NET ASSETS		12,909,733			(12,854,959	)
NET ASSETS:
Beginning of period		242,030,002			254,884,961
End of period	$	254,939,735		$	242,030,002
Undistributed net investment income	$	2,594,593		$	265,376

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

LVIP BlackRock Emerging Markets Managed Volatility Fund–15

LVIP BlackRock Emerging Markets Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Emerging Markets Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)			12/31/15				Year Ended 12/31/14				12/31/13				8/29/123 to 12/31/12
Net asset value, beginning of period		$	7.801		$	9.348			$	9.954			$	10.895			$	10.000
Income (loss) from investment operations:
Net investment income4			0.082			0.136				0.144				0.125				0.014
Net realized and unrealized gain (loss)			0.124			(1.539	)			(0.626	)			(0.988	)			1.020
Total from investment operations			0.206			(1.403	)			(0.482	)			(0.863	)			1.034
Less dividends and distributions from:
Net investment income			—			(0.144	)			(0.124	)			(0.078	)			(0.139	)
Total dividends and distributions			—			(0.144	)			(0.124	)			(0.078	)			(0.139	)
Net asset value, end of period		$	8.007		$	7.801			$	9.348			$	9.954			$	10.895
Total return5			2.64%			(15.01%	)			(4.89%	)			(7.91%	)			10.42%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	17,438		$	14,278			$	76,657			$	172,665			$	110,885
Ratio of expenses to average net assets			0.73%			0.74%				0.71%				0.78%				0.80%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.77%			0.79%				0.76%				0.86%				1.22%
Ratio of net investment income to average net assets			2.15%			1.43%				1.45%				1.24%				0.39%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			2.11%			1.38%				1.40%				1.16%				(0.03%	)
Portfolio turnover			7%			36%				40%				29%				1%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP BlackRock Emerging Markets Managed Volatility Fund–16

LVIP BlackRock Emerging Markets Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Emerging Markets Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)			12/31/15				Year Ended 12/31/14				12/31/13				8/29/123 to 12/31/12
Net asset value, beginning of period		$	7.806		$	9.351			$	9.957			$	10.895			$	10.000
Income (loss) from investment operations:
Net investment income4			0.072			0.106				0.121				0.099				0.005
Net realized and unrealized gain (loss)			0.124			(1.529	)			(0.628	)			(0.986	)			1.021
Total from investment operations			0.196			(1.423	)			(0.507	)			(0.887	)			1.026
Less dividends and distributions from:
Net investment income			—			(0.122	)			(0.099	)			(0.051	)			(0.131	)
Total dividends and distributions			—			(0.122	)			(0.099	)			(0.051	)			(0.131	)
Net asset value, end of period		$	8.002		$	7.806			$	9.351			$	9.957			$	10.895
Total return5			2.51%			(15.22%	)			(5.13%	)			(8.13%	)			10.33%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	237,502		$	227,752			$	178,228			$	96,419			$	7,450
Ratio of expenses to average net assets			0.98%			0.99%				0.96%				1.03%				1.05%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.02%			1.04%				1.01%				1.11%				1.47%
Ratio of net investment income to average net assets			1.90%			1.18%				1.20%				0.99%				0.14%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			1.86%			1.13%				1.15%				0.91%				(0.28%	)
Portfolio turnover			7%			36%				40%				29%				1%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP BlackRock Emerging Markets Managed Volatility Fund–17

LVIP BlackRock Emerging Markets Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 BlackRock Emerging Markets Managed Volatility 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”). 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 invest primarily in securities included in a broad-based emerging markets index and to seek to approximate as closely as possible, before fees and expenses, the performance of that index while seeking to control the level of portfolio volatility.

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 and exchange-traded funds (“ETFs”), 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 and ETFs 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 or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities or ETFs listed on a foreign exchange are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the 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.

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

LVIP BlackRock Emerging Markets Managed Volatility Fund–18

LVIP BlackRock Emerging Markets Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. 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 are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addtion, 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 portfolios, including monitoring of the Fund’s investment sub-advisers and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.55% of the Fund’s average daily net assets.

LIAC has contractually agreed to waive a portion of its advisory fee. Effective May 1, 2016, the waiver amount is 0.02% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, the waiver amount was 0.05% of the Fund’s average daily net assets.

BlackRock Investment Management, LLC (“BlackRock”) is responsible for managing a portion of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays BlackRock a fee based on BlackRock’s managed portion of the Fund’s average daily net assets.

Effective May 1, 2016 SSGA Funds Management, Inc. (“SSGA”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for managing the Fund’s volatility management overlay. For these services, LIAC, not the Fund, pays SSGA 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	6,380
Legal		1,755

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimbursed Lincoln Life for the cost of these services, which amounts to $4,924 for the six months ended June 30, 2016.

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 $34,689 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne.

LVIP BlackRock Emerging Markets Managed Volatility Fund–19

LVIP BlackRock Emerging Markets Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	108,497
Distribution fees payable to LFD		47,774
Printing and mailing fees payable to Lincoln Life		4,608

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	30,833,657
Sales		15,550,584

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	243,712,163
Aggregate unrealized appreciation	$	35,907,520
Aggregate unrealized depreciation		(36,041,048	)
Net unrealized depreciation	$	(133,528	)

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$11,383,956	$24,289,791	$35,673,747

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)

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

LVIP BlackRock Emerging Markets Managed Volatility Fund–20

LVIP BlackRock Emerging Markets Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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 June 30, 2016:

	Level 1			Level 2			Level 3			Total
Common Stock
Brazil	$	10,034,637		$	9,635			$	—	$	10,044,272
China		13,082,589			38,920,561				100,233		52,103,383
Colombia		1,235,285			—				—		1,235,285
Curacao		—			135,770				—		135,770
Czech Republic		—			358,795				—		358,795
Greece		—			604,452				—		604,452
Hong Kong		—			10,817,753				—		10,817,753
Hungary		—			651,043				—		651,043
India		3,794,156			631,481				—		4,425,637
Indonesia		—			5,717,312				—		5,717,312
Malaysia		1,792,761			6,342,170				—		8,134,931
Mexico		9,623,033			277,823				—		9,900,856
Netherlands		—			1,044,993				—		1,044,993
Peru		796,594			—				—		796,594
Philippines		69,334			3,768,421				—		3,837,755
Poland		51,632			2,099,891				—		2,151,523
Republic of Korea		125,829			30,465,901				—		30,591,730
Romania		139,027			—				—		139,027
Russia		881,991			9,578,129				—		10,460,120
South Africa		478,995			14,947,795				—		15,426,790
Taiwan		—			26,708,582				—		26,708,582
Thailand		118,103			5,475,792				—		5,593,895
Turkey		91,080			2,920,715				—		3,011,795
United Arab Emirates		708,437			1,817,825				—		2,526,262
Exchange-Traded Funds		20,235,492			—				—		20,235,492
Preferred Stock		6,342,372			2,403,466				—		8,745,838
Money Market Fund		8,178,750			—				—		8,178,750
Total	$	77,780,097		$	165,698,305			$	100,233	$	243,578,635
Foreign Currency Exchange Contract	$	—		$	(26,957	)		$	—	$	(26,957	)
Futures Contracts	$	(1,969,457	)	$	—			$	—	$	(1,969,457	)

As a result of utilizing international fair value pricing at June 30, 2016, the majority of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the year. In accordance with the fair valuation procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP BlackRock Emerging Markets Managed Volatility Fund–21

LVIP BlackRock Emerging Markets Managed Volatility Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		425,017			1,210,723
Service Class		2,539,422			11,683,775
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			30,082
Service Class		—			431,562
		2,964,439			13,356,142
Shares redeemed:
Standard Class		(77,363	)		(7,611,078	)
Service Class		(2,034,068	)		(1,999,835	)
		(2,111,431	)		(9,610,913	)
Net increase		853,008			3,745,229

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

LVIP BlackRock Emerging Markets Managed Volatility Fund–22

LVIP BlackRock Emerging Markets Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives					Liability Derivatives
	Statement of Assets and Liabilities Location		Fair Value			Statement of Assets and Liabilities Location		Fair Value
Currency contracts (Foreign currency exchange contracts)		Unrealized depreciation on foreign currency exchange contracts		$	—		Unrealized depreciation on foreign currency exchange contracts		$	(26,957	)
Equity contracts (Futures contracts)		Net unrealized depreciation on futures contracts			—		Net unrealized depreciation on futures contracts			(1,969,457	)
Total				$	—				$	(1,996,414	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income				Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(61,200	)		$	(26,957	)
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(6,189,415	)			(2,310,488	)
Total			$	(6,250,615	)		$	(2,337,445	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivatives activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Foreign currency exchange contracts (Average cost)	$    116,786	$       16,046
Futures contracts (Average notional value)	15,558,549	34,667,076

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 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 Assets and Liabilities.

LVIP BlackRock Emerging Markets Managed Volatility Fund–23

LVIP BlackRock Emerging Markets Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

At June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset	Gross Value of Derivative Liability			Net Position
Goldman Sachs Capital	$—	$	(1,969,457	)	$	(1,969,457	)

Counterparty	Net Position			Fair Value of Non Cash Collateral Received	Cash Collateral Received	Fair Value of Non Cash Collateral Pledged	Cash Collateral Pledged		Net Amount(a)
Goldman Sachs Capital	$	(1,969,457	)	$—	$—	$—	$	1,969,457	$—

^(a)Net represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default.

6. Credit and Market Risk

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.

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 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. Rule 144A and illiquid securities are identified on the Schedule of Investments.

7. 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.

8. Subsequent Events

In March 2016, the Board approved a proposal, subject to shareholder approval, to merge the Fund with and into LVIP SSGA International Managed Volatility Fund (the “Acquiring Fund”). The merger is not expected to be a taxable event for contract holders. More information about the Acquiring Fund and the definitive terms of the merger will be included in the proxy materials that will be mailed to contract holders.

Management has determined that no additional material events or transactions occurred that would require recognition or disclosure in the Fund’s financial statements, except as disclosed above.

LVIP BlackRock Emerging Markets Managed Volatility Fund–24

LVIP BlackRock Emerging Markets Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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 approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions. Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP BlackRock Emerging Markets Managed Volatility Fund–25

              LVIP BlackRock Global Allocation V.I. Managed Risk Fund (formerly LVIP BlackRock Global Allocation V.I. Managed Volatility Fund)     a series of Lincoln Variable     Insurance Products Trust         Semiannual Report         June 30, 2016

LVIP BlackRock Global Allocation V.I.

Managed Risk Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio	Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00	$	994.30	0.10%		$0.50
Service Class Shares		1,000.00		992.50	0.45%		2.23
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,024.37	0.10%		$0.50
Service Class Shares		1,000.00		1,022.63	0.45%		2.26

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–1

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company		96.47	%
International Equity Fund		96.47	%
Unaffiliated Investment Company		3.30	%
Money Market Fund		3.30	%
Total Value of Securities		99.77	%
Receivables and Other Assets Net of Liabilities		0.23	%
Total Net Assets		100.00	%

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–2

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Schedule of Investments

June 30, 2016(unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–96.47%
International Equity Fund–96.47%
*BlackRock Global Allocation V.I. Fund		63,503,567	$	960,173,926
Total Affiliated Investment Company (Cost $1,076,684,501)				960,173,926

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANY–3.30%
Money Market Fund–3.30%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		32,836,379	$	32,836,379
				32,836,379
Total Unaffiliated Investment Company (Cost $32,836,379)				32,836,379

TOTAL VALUE OF SECURITIES–99.77% (Cost $1,109,520,880)		993,010,305
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.23%		2,259,735
NET ASSETS APPLICABLE TO 106,013,956 SHARES OUTSTANDING–100.00%	$	995,270,040

* Class I shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(191)	British Pound Currency	$	(16,072,735	)	$	(15,814,800	)		9/20/16	$	257,935
(205)	E-mini MSCI Emerging Markets Index		(8,391,216	)		(8,555,675	)		9/19/16		(164,459	)
(361)	E-mini S&P 500 Index		(37,020,117	)		(37,728,110	)		9/19/16		(707,993	)
(37)	E-mini S&P MidCap 400 Index		(5,397,212	)		(5,524,100	)		9/19/16		(126,888	)
(39)	Euro Currency		(5,433,062	)		(5,414,906	)		9/20/16		18,156
(175)	Euro STOXX 50 Index		(5,464,980	)		(5,544,588	)		9/19/16		(79,608	)
(189)	FTSE 100 Index		(15,736,214	)		(16,159,411	)		9/19/16		(423,197	)
(58)	Japanese Yen Currency		(7,084,966	)		(7,037,575	)		9/20/16		47,391
(46)	Nikkei 225 Index (OSE)		(6,937,957	)		(6,935,748	)		9/9/16		2,209
										$	(1,176,454	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–3

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	960,173,926
Investments in unaffiliated investment companies, at value		32,836,379
Total investments, at value		993,010,305
Cash collateral held at broker for futures contracts		3,427,770
Receivables for investment companies sold		501,258
Receivables for fund shares sold		137,189
Dividends receivable from investment companies		5,884
Foreign currencies collateral held at broker for future contracts, at value		984
TOTAL ASSETS		997,083,390
LIABILITIES:
Net unrealized depreciation on futures contracts		1,176,454
Due to manager and affiliates		351,973
Payables for fund shares redeemed		267,681
Other accrued expenses payable		17,242
TOTAL LIABILITIES		1,813,350
TOTAL NET ASSETS	$	995,270,040
Investments in affiliated investment companies, at cost	$	1,076,684,501
Investments in unaffiliated investment companies, at cost		32,836,379
Total investments, at cost	$	1,109,520,880
Standard Class:
Net Assets	$	262,887
Shares Outstanding		27,890
Net Asset Value Per Share	$	9.426
Service Class:
Net Assets	$	995,007,153
Shares Outstanding		105,986,066
Net Asset Value Per Share	$	9.388
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	1,125,701,119
Undistributed net investment income		5,412,200
Accumulated net realized loss on investments		(18,156,250	)
Net unrealized depreciation of investments and derivatives		(117,687,029	)
TOTAL NET ASSETS	$	995,270,040

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

LVIP BlackRock Global Allocation V.I. Managed Risk Fund—4

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	28,130
EXPENSES:
Management fees		3,634,130
Distribution fees-Service Class		1,695,467
Accounting and administration expenses		93,929
Reports and statements to shareholders		36,441
Professional fees		22,448
Trustees’ fees and expenses		12,749
Custodian fees		5,075
Consulting fees		2,213
Pricing fees		187
Other		6,094
		5,508,733
Less management fees waived		(3,342,040	)
Total operating expenses		2,166,693
NET INVESTMENT LOSS		(2,138,563	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss from:
Sale of investments in affiliated investment companies		(8,307,394	)
Foreign currencies		(257,427	)
Futures contracts		(6,233,506	)
Net realized loss		(14,798,327	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		10,796,404
Futures contracts		(901,082	)
Net change in unrealized appreciation (depreciation)		9,895,322
NET REALIZED AND UNREALIZED LOSS		(4,903,005	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,041,568	)

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

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Statements of Changes in Net Assets

	Six Month Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(2,138,563	)	$	6,538,938
Net realized gain (loss)		(14,798,327	)		7,760,822
Net change in unrealized appreciation (depreciation)		9,895,322			(63,731,913	)
Net decrease in net assets resulting from operations		(7,041,568	)		(49,432,153	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(2,959	)
Service Class		—			(7,251,296	)
Net realized gain:
Standard Class		—			(10,904	)
Service Class		—			(42,493,815	)
		—			(49,758,974	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		22,463			28,314
Service Class		79,740,952			320,433,565
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			13,863
Service Class		—			49,745,111
		79,763,415			370,220,853
Cost of shares redeemed:
Standard Class		(23,447	)		(55,748	)
Service Class		(53,552,521	)		(101,575,881	)
		(53,575,968	)		(101,631,629	)
Increase in net assets derived from capital share transactions		26,187,447			268,589,224
NET INCREASE IN NET ASSETS		19,145,879			169,398,097
NET ASSETS:
Beginning of period		976,124,161			806,726,064
End of period	$	995,270,040		$	976,124,161
Undistributed net investment income	$	5,412,200		$	7,550,763

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

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–5

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Global Allocation V.I. Managed Risk Fund Standard Class
	Six Months Ended 6/30/161,2									5/1/133 to
				Year Ended
	(unaudited)			12/31/15			12/31/14			12/31/13
Net asset value, beginning of period	$	9.480		$	10.490		$	10.709		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.004	)		0.109			0.299			0.235
Net realized and unrealized gain (loss)		(0.050	)		(0.565	)		(0.319	)		0.490
Total from investment operations		(0.054	)		(0.456	)		(0.020	)		0.725
Less dividends and distributions from:
Net investment income		—			(0.107	)		(0.108	)		—
Net realized gain		—			(0.447	)		(0.091	)		(0.016	)
Total dividends and distributions		—			(0.554	)		(0.199	)		(0.016	)
Net asset value, end of period	$	9.426		$	9.480		$	10.490		$	10.709
Total return5		(0.57%	)		(4.32%	)		(0.21%	)		7.25%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	263		$	265		$	304		$	2,961
Ratio of expenses to average net assets6		0.10%			0.11%			0.10%			0.10%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed6		0.79%			0.81%			0.80%			0.84%
Ratio of net investment income (loss) to average net assets		(0.09%	)		1.05%			2.77%			3.42%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.78%	)		0.35%			2.07%			2.68%
Portfolio turnover		4%			8%			3%			13%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–6

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Global Allocation V.I. Managed Risk Fund Service Class
	Six Months Ended 6/30/161, 2				Year Ended							5/1/133 to
			(unaudited)				12/31/15			12/31/14				12/31/13
Net asset value, beginning of period		$	9.459			$	10.466		$	10.684			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.020	)			0.072			0.260				0.213
Net realized and unrealized gain (loss)			(0.051	)			(0.561	)		(0.317	)			0.487
Total from investment operations			(0.071	)			(0.489	)		(0.057	)			0.700
Less dividends and distributions from:
Net investment income			—				(0.071	)		(0.070	)			—
Net realized gain			—				(0.447	)		(0.091	)			(0.016	)
Total dividends and distributions			—				(0.518	)		(0.161	)			(0.016	)
Net asset value, end of period		$	9.388			$	9.459		$	10.466			$	10.684
Total return5			(0.75%	)			(4.66%	)		(0.55%	)			7.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$995,007				$975,859			$806,422				$329,225
Ratio of expenses to average net assets6			0.45%				0.46%			0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed6			1.14%				1.16%			1.15%				1.19%
Ratio of net investment income (loss) to average net assets			(0.44%	)			0.70%			2.42%				3.07%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(1.13%	)			0.00%			1.72%				2.33%
Portfolio turnover			4%				8%			3%				13%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–7

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 BlackRock Global Allocation V.I. Managed Risk Fund (formerly LVIP BlackRock Global Allocation V.I. Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests substantially all its assets in other open-end investment companies, primarily the BlackRock Global Allocation V.I. Fund (collectively, “the Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The BlackRock Global Allocation V.I. Fund, which is advised by an unaffiliated adviser, invests primarily in a portfolio of equity, debt and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund’s federal income tax return through the six months ended June 30, 2016 and for all open tax years (years ended December 31, 2013-December 31, 2015), 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 six months ended June 30, 2016, 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 separates that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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.

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–8

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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-advisor, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.75% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds. LIAC has contractually agreed to waive a portion of its advisory fee. Effective May 1, 2016, the waiver amount is 0.67% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, the waiver amount was 0.70% of the Fund’s average daily net assets.

Effective May 1, 2016, Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Fund’s managed risk strategy. Prior to May 1, 2016 , LIAC was responsible for day-to-day management of the entirety of the Fund’s investment portfolios. 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	27,234
Legal		7,010

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounts to $14,742 for the six months ended June 30, 2016.

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 $28,998 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class. 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 other, an annual distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 fee is 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because the Underlying Funds have varied expense and fee levels, and the Fund may own different amounts of shares at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	65,390
Distribution fees payable to LFD		286,007
Printing and mailing fees to Lincoln Life		576

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.

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–9

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds or ETFs). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15			Purchases			Proceeds			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
BlackRock Global Allocation V.I. Fund		$	939,854,439		$	56,012,139		$	38,181,662		$	(8,307,394	)		$	960,173,926		$	—		$	—

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	56,012,139
Sales		38,181,662

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,109,520,880
Aggregate unrealized appreciation	$	—
Aggregate unrealized depreciation		(116,510,575	)
Net unrealized depreciation	$	(116,510,575	)

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, quotedprices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observablefor the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and defaultrates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchangecontracts, 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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies		$	993,010,305
Futures Contracts		$	(1,176,454	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–10

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		2,387			2,847
Service Class		8,584,606			30,789,471
Shares issued upon reinvestment of   dividends and distributions:
Standard Class		—			1,457
Service Class		—			5,252,997
		8,586,993			36,046,772
Shares redeemed:
Standard Class		(2,505	)		(5,238	)
Service Class		(5,771,048	)		(9,920,765	)
		(5,773,553	)		(9,926,003	)
Net increase		2,813,440			26,120,769

5. 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 in the normal course of pursuing its investment objectives and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts		$323,482	Net unrealized depreciation on futures contracts		$               —
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		2,209	Net unrealized depreciation on futures contracts		(1,502,145	)
Total			$325,691			$(1,502,145	)

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–11

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Futures contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(1,025,421	)		$	176,557
Equity contracts (Futures contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(5,208,085	)			(1,077,639	)
Total			$	(6,233,506	)		$	(901,082	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (Average notional value)	$35,578,428	$66,944,842

6. Market Risk

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.

7. 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.

8. Subsequent Events

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

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–12

LVIP BlackRock Global Allocation V.I. Managed Risk Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with Milliman Financial Risk Management LLC (“Milliman”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and Milliman 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and Milliman provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of Milliman, information about proposed sub-advisory fees and compliance and regulatory matters. After reviewing the information received, the Independent Trustees requested supplemental information and LIAC and Milliman provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC, and Milliman to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and Milliman with respect to the Fund, the Board considered the nature, extent and quality of services to be provided by Milliman under the Sub-Advisory Agreement. The Board considered the criteria provided by LIAC in recommending Milliman be appointed a sub-adviser for the risk management strategy of the Fund, including historical modeling and noted that the Board was familiar with the futures based managed risk overlay services provided by Milliman as a consultant to LIAC. The Board reviewed the services to be provided by Milliman, the backgrounds of the investment professionals proposed to service the Fund, Milliman’s consulting work for LIAC with respect to the risk management strategy for other funds in the Trust and the reputation, resources and investment approach of Milliman. They also reviewed information provided regarding the structure of portfolio manager compensation, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by Milliman were expected to be satisfactory.

Performance. With respect to performance, the Board considered that Milliman has served as a risk management consultant to LIAC with respect to other funds in the Trust with a futures based managed risk strategy and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the Board’s annual contract renewal process. The Board concluded that the services to be provided by Milliman were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted Milliman’s view that the sub-advisory fees proposed by Milliman were competitive compared to other registered fund and institutional clients that employ the same futures based managed risk strategy as proposed for the Fund. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party and that LIAC would compensate Milliman from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party, and that LIAC would compensate Milliman from its fees. The Board reviewed materials provided by Milliman as to any additional benefits it would receive and noted Milliman’s statement that the Sub-Advisory Agreement may strengthen Milliman’s name recognition as well as create non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–13

            LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund     a series of Lincoln Variable     Insurance Products Trust         Semiannual Report         June 30, 2016

LVIP BlackRock Global Growth ETF

Allocation Managed Risk Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Operations	5
Statement of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	7
Other Fund Information	12

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 BlackRock Global Growth ETF Allocation Managed Risk Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period May 2, 2016* to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 May 2, 2016* to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16
Actual*
Standard Class Shares		$	1,000.00		$	1,015.70		0.37	%		$	0.61
Service Class Shares			1,000.00			1,015.10		0.72	%			1.19
Hypothetical (5% return before expenses)**
Standard Class Shares		$	1,000.00		$	1,023.02		0.37	%		$	1.86
Service Class Shares			1,000.00			1,021.28		0.72	%			3.62

* The Fund commenced operations on May 2, 2016. The ending account value for “Actual” uses the performance since inception and is not annualized and the expenses paid during period for “Actual” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 60/366 (to reflect the actual since inception).

** “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all of its assets in iShares Exchange-Traded Funds (“Underlying ETFs”) or financial instruments that provide exposure to such Underlying ETFs (collectively, the “Underlying Funds”). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–1

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Investment Companies		99.83	%
Equity Funds		49.53	%
Fixed Income Funds		28.70	%
International Equity Funds		17.98	%
Money Market Fund		3.62	%
Total Value of Securities		99.83	%
Receivables and Other Assets Net of Liabilities		0.17	%
Total Net Assets		100.00	%

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–2

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–99.83%
Equity Funds–49.53%
iShares Core S&P 500 ETF		23,808		$	5,016,346
iShares Core S&P Mid-Cap ETF		7,612			1,137,157
iShares Edge MSCI Min Vol USA ETF		96,811			4,473,636
iShares Russell 2000 ETF		9,896			1,137,743
					11,764,882
Fixed Income Funds–28.70%
iShares Core U.S. Aggregate Bond ETF		30,007			3,377,888
iShares Core U.S. Credit Bond ETF		10,126			1,147,782
iShares Core U.S. Treasury Bond ETF		43,738			1,147,685
iShares MBS ETF		10,386			1,142,148
					6,815,503

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
International Equity Funds–17.98%
iShares Edge MSCI Min Vol EAFE ETF		43,939		$	2,917,110
iShares Edge MSCI Min Vol Emerging Markets ETF		26,230			1,353,206
					4,270,316
Money Market Fund–3.62%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		859,482			859,482
					859,482
Total Investment Companies (Cost $23,339,368)					23,710,183

TOTAL VALUE OF SECURITIES–99.83% (Cost $23,339,368)		23,710,183
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.17%		40,625
NET ASSETS APPLICABLE TO 2,339,667 SHARES OUTSTANDING–100.00%	$	23,750,808

NET ASSET VALUE–LVIP BLACKROCK GLOBAL GROWTH ETF ALLOCATION MANAGED RISK FUND STANDARD CLASS ($175,757 / 17,304 Shares)	$10.157
NET ASSET VALUE–LVIP BLACKROCK GLOBAL GROWTH ETF ALLOCATION MANAGED RISK FUND SERVICE CLASS ($23,575,051 / 2,322,363 Shares)	$10.151

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	23,408,224
Undistributed net investment income		93,964
Accumulated net realized loss on investments		(3,234	)
Net unrealized appreciation of investments and derivatives		251,854
Total net assets	$	23,750,808

« Includes $250,356 cash collateral held at broker for futures contracts, $26 foreign currencies collateral due to broker for futures contracts, $11,083 due to manager and affiliates, $7,395 reimbursement from Lincoln Investment Advisors Corporation, $135,522 payable for investment companies shares purchased and $62 payable for fund shares redeemed as of June 30, 2016.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)				Notional Value				Expiration Date		Unrealized Appreciation (Depreciation)
(2)    British Pound Currency		$	(167,517	)		$	(165,600	)		9/20/16		$	1,917
(5)    E-mini MSCI Emerging Markets Index			(199,076	)			(208,675	)		9/19/16			(9,599	)
(2)    E-mini Russell 2000 Index			(221,269	)			(229,480	)		9/19/16			(8,211	)
(18)    E-mini S&P 500 Index			(1,815,024	)			(1,881,180	)		9/19/16			(66,156	)
(3)    E-mini S&P MidCap 400 Index			(429,888	)			(447,900	)		9/19/16			(18,012	)
(3)    Euro Currency			(416,891	)			(416,531	)		9/20/16			360
(14)    Euro STOXX 50 Index			(432,416	)			(443,567	)		9/19/16			(11,151	)
(2)    FTSE 100 Index			(162,890	)			(170,999	)		9/19/16			(8,109	)
												$	(118,961	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–3

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Statement of Net Assets (continued)

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

EAFE–Europe Australasia Far East

ETF–Exchange Traded Fund

MBS–Mortgage-Backed Security

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

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–4

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Statement of Operations

May 2, 2016* to June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from investment companies	$	120,144
EXPENSES:
Distribution fees-Service Class		12,691
Management fees		9,114
Accounting and administration expenses		5,138
Professional fees		5,029
Reports and statements to shareholders		2,030
Custodian fees		258
Pricing fees		240
Trustees’ fees and expenses		47
Other		231
		34,778
Less expenses reimbursed		(8,598	)
Total operating expenses		26,180
NET INVESTMENT INCOME		93,964
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss from:
Foreign currencies		(79	)
Futures contracts		(3,155	)
Net realized loss		(3,234	)
Net change in unrealized appreciation
(depreciation) of:
Investments in investment companies		370,815
Futures contracts		(118,961	)
Net change in unrealized appreciation (depreciation)		251,854
NET REALIZED AND UNREALIZED GAIN		248,620
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	342,584

*Date of commencement of operations

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

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Statement of Changes in Net Assets

	5/2/16* to 6/30/16 (unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		$	93,964
Net realized loss			(3,234	)
Net change in unrealized appreciation (depreciation)			251,854
Net increase in net assets resulting from operations			342,584
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class			174,085
Service Class			23,349,656
			23,523,741
Cost of shares redeemed:
Standard Class			(96	)
Service Class			(115,421	)
			(115,517	)
Increase in net assets derived from capital share transactions			23,408,224
NET INCREASE IN NET ASSETS			23,750,808
NET ASSETS:
Beginning of period			—
End of period		$	23,750,808
Undistributed net investment income		$	93,964

*Date of commencement of operations.

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

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–5

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout the period was as follows:

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

	Standard Class 5/2/161 to 6/30/16 (unaudited)			Service Class 5/2/161 to 6/30/16 (unaudited)
Net asset value, beginning of period		$	10.000		$	10.000
Income from investment operations:
Net investment income2			0.048			0.042
Net realized and unrealized gain			0.109			0.109
Total from investment operations			0.157			0.151
Net asset value, end of period		$	10.157		$	10.151
Total return3			1.57%			1.51%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	176		$	23,575
Ratio of expenses to average net assets4			0.37%			0.72%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.61%			0.96%
Ratio of net investment income to average net assets			2.92%			2.57%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.68%			2.33%
Portfolio turnover			0%			0%

¹  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–6

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 BlackRock Global Growth ETF Allocation Managed Risk 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 non-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”). 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 operates under a fund of funds structure and invests substantially all of its assets in iShares Exchange-Traded Funds (“Underlying ETFs”) or financial instruments that provide exposure to such Underlying ETFs (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at http://www.sec.gov.

The Fund’s investment objective is to seek a balance between current income and growth of capital, with a greater emphasis on growth of capital.

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–ETFs, 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 (“NYSE”) on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 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 return 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 benefit or expense in the current year. Management has analyzed the tax positions to be taken on the Fund’s federal income tax return through the six months ended June 30, 2016 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 period May 2, 2016* through June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–7

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the period May 2, 2016* through June 30, 2016.

* Date of commencement of operations.

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 0.25% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.37% of the average daily net assets for the Standard Class and 0.72% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees and LIAC.

BlackRock Investment Management LLC (“BlackRock”) is responsible for the day-to-day management of the Fund’s investment porfolio. For these services, LIAC, not the Fund, pays BlackRock a fee based on the Fund’s average daily net assets.

Milliman Financial Risk Management LLC (“Milliman”) is responsible for managing the Fund’s managed risk strategy. For these services, LIAC, not the Fund, pays Miiliman a fee based on the Fund’s average 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 period May 2, 2016* through June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	110
Legal		28

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 $30 for the period May 2, 2016* through June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–8

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	7,395
Management fees payable to LIAC		4,622
Distribution fees payable to LFD		6,431
Printing and mailing fees payable to Lincoln Life		30

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.

At June 30, 2016, Lincoln Life directly owned 57.79% of the Standard Class shares and 94.30% of Service Class shares of the Fund.

* Date of commencement of operations.

3. Investments

For the period May 2, 2016* through June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	22,479,886
Sales		—

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	23,339,368
Aggregate unrealized appreciation	$	427,772
Aggregate unrealized depreciation		(56,957	)
Net unrealized appreciation	$	370,815

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

		Level 1
Investment Companies	$	23,710,183
Futures Contracts	$	(118,961	)

There were no Level 3 investments at the end of the period.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–9

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements (continued)

3. Investments (continued)

During the period May 2, 2016* through June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

* Date of commencement of operations.

4. Capital Shares

Transactions in capital shares were as follows:

	5/2/16* to 6/30/16
Shares sold:
Standard Class		17,313
Service Class		2,333,957
		2,351,270
Shares redeemed:
Standard Class		(9	)
Service Class		(11,594	)
		(11,603	)
Net increase		2,339,667

* Date of commencement of operations.

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Currency contracts (Futures contracts)	Receivables and other assets net of liabilities	$	2,277	Receivables and other assets net of liabilities	$	—
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities		—	Receivables and other assets net of liabilities		(121,238)
Total		$	2,277		$	(121,238)

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–10

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the period May 2, 2016* through June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	—			$	2,277
Equity contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(3,155	)			(121,238	)
Total			$	(3,155	)		$	(118,961	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the period May 2, 2016* through June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the period May 2, 2016* through June 30, 2016.

	Asset Derivative Volume			Liability Derivative Volume
Futures contracts (average notional value)		$	—		$	124,816

* Date of commencement of operations.

6. Market Risk

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.

7. 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.

8. 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 BlackRock Global Growth ETF Allocation Managed Risk Fund–11

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Other Fund Information (unaudited)

Approval of Investment Management and Subadvisory Agreements

On January 6, 2016, the Board of Trustees (the “Board”) of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things, (i) the approval of the investment management agreement between the Trust and Lincoln Investment Advisors Corporation (“LIAC”) and (ii) the approval of the sub-advisory agreements with BlackRock Investment Management LLC (“BlackRock”) and Milliman Financial Risk Management LLC (“Milliman”) (collectively, with the investment management agreement, the “Advisory Agreements”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”), BlackRock and Milliman 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 approval of investment management and sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life, BlackRock and Milliman provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of BlackRock and Milliman, information comparing the management fees and estimated operating expense ratio of the Fund to peer groups, information about estimated profitability and/or financial condition and compliance and regulatory matters. The Board noted that LIAC and BlackRock provided services to other funds in the Trust and that Milliman provided consulting services to LIAC with respect to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information and LIAC, BlackRock and Milliman provided materials in response. The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and Lincoln Life and LIAC employees, BlackRock and Milliman to consider the approval of the Advisory Agreements.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Advisory Agreements be approved. In considering the approval 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.

Investment Management Agreement

Nature, Extent and Quality of Services. In considering the approval of the investment management agreement with LIAC, the Board considered the nature, extent and quality of services expected to be provided to the Fund by LIAC, including LIAC personnel and resources and LIAC’s criteria for review of a sub-adviser’s performance. The Board considered that LIAC provided investment management services to the other funds in the Trust and that the Board had reviewed extensive information provided by LIAC in connection with the annual contract renewal process most recently concluded in September 2015. 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 compliance staff. The Board also considered that certain Lincoln Life personnel provide services to the other funds in the Trust on behalf of LIAC and that Lincoln Life was proposed to provide administrative services to the Fund under a separate administration agreement. The Board concluded that the services provided by LIAC were expected to be satisfactory.

Performance. With respect to performance, the Board considered that the Fund had not commenced operations.

Management Fee. The Board reviewed the Fund’s investment management fee and estimated expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a peer group for the Fund provided by LIAC based on information from Morningstar.

The Board noted that the investment management fees for the Fund were above the median investment management fee of its respective peer group. The Board considered that the Fund’s estimated operating expense ratio for standard class shares giving effect to the proposed expense limitation and acquired fund fees and expenses (“AFFE”) was lower than the median expense ratio of its respective peer group. In light of the nature, quality and extent of services to be provided by LIAC including overseeing the risk overlay to be sub-advised by Milliman, the Board concluded that the Fund’s investment management fee 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 the Fund had not commenced operations and that LIAC proposed an expense limitation for the Fund’s standard and service class shares through April 30, 2017 and concluded that economies of scale were appropriately shared with investors.

Profitability. The Board also reviewed the estimated profitability analysis to LIAC with respect to the Fund and concluded that the estimated profitability of LIAC in connection with the management of the Fund was not unreasonable.

Fallout Benefits. Because of its relationship with the Fund, LIAC and its affiliates may receive certain benefits. The Board considered materials previously provided as to any such benefits to LIAC and its affiliates. Lincoln Life and its affiliated insurance companies (“Lincoln Insurance Companies”) receive 12b-1 fees which are paid by the Fund 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 reimbursed. The Board also noted that

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–12

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Other Fund Information (continued)

Investment Management Agreement (continued)

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.

BlackRock Sub-Advisory Agreement

Nature, Extent and Quality of Services. In considering the approval of the sub-advisory agreement between LIAC and BlackRock with respect to the Fund, the Board considered the nature, extent and quality of day-to-day investment management services to be provided by BlackRock under the sub-advisory agreement. The Board considered that BlackRock provided sub-advisory services to other funds in the Trust and that the Board had considered those services in connection with the annual contract renewal process most recently concluded in September 2015. The Board reviewed the services to be provided by BlackRock, BlackRock’s experience with exchange traded funds and the reputation, resources and investment approach of BlackRock. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, soft dollar usage, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by BlackRock were expected to be satisfactory.

Performance. With respect to performance, the Board considered that the Fund had not commenced operations.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and considered BlackRock’s statement that there were no comparable BlackRock advised, sub-advised or institutional separate funds. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and BlackRock, an unaffiliated third party and that LIAC would compensate BlackRock from its fees. The Board concluded that the proposed sub-advisory fee was reasonable.

Profitability and Fallout Benefits. The Board noted that the sub-advisory fee schedule was negotiated between LIAC and BlackRock, an unaffiliated third party, and that LIAC would compensate BlackRock from its fees. The Board reviewed materials previously provided by BlackRock as to any additional benefits it receives and noted that BlackRock stated that the engagement raises its profile in the broker-dealer community and may facilitate the raising of assets for other investment products or services provided by BlackRock. BlackRock also noted that there are certain potential scale related benefits to the engagement by including the Fund in its managed assets.

Milliman Sub-Advisory Agreement

Nature, Extent and Quality of Services. In considering the approval of the sub-advisory agreement between LIAC and Milliman with respect to the Fund, the Board considered the nature, extent and quality of services to be provided by Milliman under the sub-advisory agreement. The Board considered the criteria provided by LIAC in recommending Milliman be appointed a sub-adviser for the risk management strategy of the Fund, including historical modeling and noted that the Board was familiar with the futures based managed risk overlay services provided by Milliman as a consultant to LIAC for other funds in the Trust. The Board reviewed the services to be provided by Milliman, the backgrounds of the investment professionals proposed to service the Fund, Milliman’s consulting work for LIAC with respect to the managed risk strategy for other funds of the Trust and the reputation, resources and investment approach of Milliman. They also reviewed information provided regarding the structure of portfolio manager compensation, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by Milliman were expected to be satisfactory.

Performance. With respect to performance, the Board considered that the Fund had not commenced operations.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted Milliman’s view that the sub-advisory fees proposed by Milliman were competitive compared to other registered fund and institutional clients that employ the same futures based managed risk strategy as proposed for the Fund. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party and that LIAC would compensate Milliman from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party, and that LIAC would compensate Milliman from its fees. The Board reviewed materials provided by Milliman as to any additional benefits it would receive and noted Milliman’s statement that the sub-advisory agreement may strengthen Milliman’s name recognition as well as create non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume.

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 approval of the Advisory Agreements is in the best interests of the Fund.

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–13

        LVIP BlackRock Inflation Protected Bond Fund     a series of Lincoln Variable     Insurance Products Trust         Semiannual Report         June 30, 2016

LVIP BlackRock Inflation Protected Bond Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	8
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	11

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 BlackRock Inflation Protected Bond Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	1,030.90		0.47	%		$	2.37
Service Class Shares			1,000.00			1,029.70		0.72	%			3.63
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,022.53		0.47	%		$	2.36
Service Class Shares			1,000.00			1,021.28		0.72	%			3.62

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP BlackRock Inflation Protected Bond Fund–1

LVIP BlackRock Inflation Protected Bond Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Non-Agency Collateralized Mortgage Obligations		0.10	%
Non-Agency Commercial Mortgage-Backed Securities		0.31	%
Sovereign Bonds		46.34	%
Australia		1.53	%
Canada		0.56	%
Denmark		0.40	%
France		9.90	%
Germany		6.52	%
Italy		6.10	%
Japan		5.88	%
New Zealand		1.42	%
Spain		1.46	%
Sweden		1.06	%
United Kingdom		11.51	%
U.S. Treasury Obligations		54.18	%
Money Market Fund		9.70	%
Total Value of Securities		110.63	%
Liabilities Net of Receivables and Other Assets		(10.63	%)
Total Net Assets		100.00	%

LVIP BlackRock Inflation Protected Bond Fund–2

LVIP BlackRock Inflation Protected Bond Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.10%
ABN Amro Mortgage
Series 2003-4 A4 5.50% 3/25/33		89,190		$	90,320
Series 2003-6 1A4 5.50% 5/25/33		156,828			161,195
Banc of America Mortgage Trust Series 2004-7 7A1 5.00% 8/25/19		59,801			58,925
¿Cendant Mortgage Capital Pass Through Series 2003-6 A3 5.25% 7/25/33		272,686			272,718
¿CHL Mortgage Pass Through Trust Series 2004-5 2A4 5.50% 5/25/34		134,201			134,888
MASTR Asset Securitization Trust Series 2003-10 3A1 5.50% 11/25/33		193,014			194,100
•PHHMC Trust Series 2007-6 A1 5.436% 12/18/37		102,882			102,239
¿WaMu Mortgage Pass Through Certificates Trust Series 2003-S11 3A5 5.95% 11/25/33		262,499			268,491
Wells Fargo Mortgage Backed Securities Trust Series 2007-3 3A1 5.50% 4/25/22		43,897			44,829
Total Non-Agency Collateralized Mortgage Obligations
(Cost $1,363,261)					1,327,705
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.31%
#BAMLL Commercial Mortgage Securities Trust Series 2012-PARK A 2.959% 12/10/30		1,014,000			1,061,730
#BB-UBS Trust Series 2012-SHOW A 3.43% 11/5/36		930,000			989,683
#Goldman Sachs Mortgage Securities Trust Series 2012-ALOH A 3.551% 4/10/34		883,000			955,389
#•Irvine Core Office Trust Series 2013-IRV A2 3.279% 5/15/48		798,000			843,853
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 A4 2.918% 2/15/46		357,000			374,083
Total Non-Agency Commercial Mortgage-Backed Securities
(Cost $4,070,146)					4,224,738
DSOVEREIGN BONDS–46.34%
Australia–1.53%
Australia Government Bonds 1.00% 11/21/18		AUD  4,875,000			3,823,508

		Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Australia (continued)
Australia Government Bonds (continued)
1.25% 2/21/22	AUD		4,450,000		$	3,778,830
3.00% 9/20/25	AUD		5,835,000			6,299,061
4.00% 8/20/20	AUD		4,780,000			6,704,749
						20,606,148
Canada–0.56%
Canadian Government Bond 4.25% 12/1/21	CAD		7,675,420			7,493,507
						7,493,507
Denmark–0.40%
Denmark Inflation Linked Government Bond 0.10% 11/15/23	DKK		33,419,369			5,320,880
						5,320,880
France–9.90%
France Government Bond O.A.T.
0.10% 3/1/21	EUR		7,996,000			9,364,003
0.10% 7/25/21	EUR		4,402,034			5,165,707
0.10% 3/1/25	EUR		10,923,653			13,062,795
0.25% 7/25/18	EUR		20,782,200			23,755,307
0.25% 7/25/24	EUR		13,920,725			16,929,883
#144A 0.70% 7/25/30	EUR		110,215			146,507
1.00% 7/25/17	EUR		21,849,592			24,838,014
1.10% 7/25/22	EUR		1,062,193			1,330,384
1.30% 7/25/19	EUR		11,799,223			14,082,864
2.10% 7/25/23	EUR		7,866,779			10,665,268
2.25% 7/25/20	EUR		10,967,064			13,873,258
						133,213,990
Germany–6.52%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% 4/15/18	EUR		13,900,009			15,833,402
Deutsche Bundesrepublik Inflation Linked Bonds
0.10% 4/15/23	EUR		21,746,872			26,009,591
0.10% 4/15/26	EUR		6,681,113			8,227,151
1.75% 4/15/20	EUR		30,714,757			37,665,654
						87,735,798
Italy–6.10%
Italy Buoni Poliennali Del Tesoro Inflation Linked Bonds
#144A 0.10% 5/15/22	EUR		2,009,444			2,227,371
#144A 1.25% 9/15/32	EUR		2,089,002			2,444,878
2.10% 9/15/16	EUR		53,483			59,757
2.10% 9/15/21	EUR		9,342,061			11,547,157
2.35% 9/15/19	EUR		18,233,564			22,014,339
#144A 2.35% 9/15/24	EUR		19,756,061			25,215,234
2.55% 9/15/41	EUR		8,972,401			12,907,836
3.10% 9/15/26	EUR		4,143,114			5,696,995
						82,113,567

LVIP BlackRock Inflation Protected Bond Fund–3

LVIP BlackRock Inflation Protected Bond Fund

Statement of Net Assets (continued)

		Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Japan–5.88%
Japanese Government CPI Linked Bonds
0.10% 9/10/23	JPY		997,365,600		$	10,199,178
0.10% 3/10/24	JPY		806,255,800			8,264,385
0.10% 9/10/24	JPY		1,023,357,500			10,578,939
0.10% 3/10/25	JPY		4,482,611,700			46,360,619
0.10% 3/10/26	JPY		279,351,330			2,901,315
1.10% 12/10/16	JPY		86,852,700			859,990
						79,164,426
New Zealand–1.42%
New Zealand Government Bonds
2.50% 9/20/35	NZD		3,945,000			3,187,454
3.00% 9/20/30	NZD		18,632,000			15,947,880
						19,135,334
Spain–1.46%
Spain Government Inflation Linked Bonds
0.30% 11/30/21	EUR		2,128,722			2,419,490
#144A 0.55% 11/30/19	EUR		6,598,429			7,563,902
#144A 1.80% 11/30/24	EUR		7,839,074			9,684,569
						19,667,961
Sweden–1.06%
Sweden Inflation Linked Bonds
0.25% 6/1/22	SEK		29,680,000			3,966,828
1.00% 6/1/25	SEK		31,395,000			4,578,578
4.00% 12/1/20	SEK		30,130,000			5,791,622
						14,337,028
United Kingdom–11.51%
United Kingdom Gilt Inflation Linked Bonds
0.125% 11/22/19	GBP		3,714,756			5,369,745
0.125% 3/22/24	GBP		14,934,455			22,762,461
0.125% 3/22/26	GBP		80,978			125,670
1.25% 11/22/17	GBP		33,969,635			47,409,151
1.875% 11/22/22	GBP		28,001,055			46,878,807
2.50% 4/16/20	GBP		3,040,000			14,866,719
2.50% 7/17/24	GBP		3,675,000			17,428,314
						154,840,867
Total Sovereign Bonds (Cost $611,249,409)						623,629,506

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS–54.18%
U.S. Treasury Inflation Index Bonds
0.125% 4/15/19		42,885,780		$	43,808,811
0.125% 4/15/21		6,067,155			6,220,436
2.125% 2/15/41		26,700,418			35,293,387
2.50% 1/15/29		9,743,311			12,363,160
U.S. Treasury Inflation Index Notes
0.125% 4/15/18		23,079,322			23,430,312
0.125% 4/15/20		33,102,756			33,875,805
0.125% 1/15/22		24,880,035			25,383,781
0.125% 7/15/22		48,837,784			49,991,333
0.125% 1/15/23		37,272,624			37,807,673
0.125% 7/15/24		25,876,195			26,165,776
0.25% 1/15/25		56,053,778			56,954,787
0.375% 7/15/23		22,829,405			23,629,918
0.375% 7/15/25		56,247,848			57,960,538
¥0.625% 7/15/21		43,914,179			46,259,415
0.625% 1/15/24		35,279,575			36,974,653
0.625% 1/15/26		26,125,058			27,530,978
1.125% 1/15/21		44,456,016			47,590,787
1.25% 7/15/20		34,900,945			37,536,002
1.375% 7/15/18		15,844,231			16,624,781
1.375% 1/15/20		16,628,536			17,764,498
1.875% 7/15/19		7,311,654			7,915,487
2.125% 1/15/19		14,008,008			15,034,445
2.375% 1/15/25		36,001,693			43,028,108
Total U.S. Treasury Obligations (Cost $706,104,734)					729,144,871
	Number of Shares
MONEY MARKET FUND–9.70%
BlackRock Liquidity TempFund		130,535,774			130,535,774
Total Money Market Fund (Cost $130,535,774)					130,535,774

TOTAL VALUE OF SECURITIES–110.63% (Cost $1,453,323,324)		1,488,862,594
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(10.63%)		(143,076,181	)
NET ASSETS APPLICABLE TO 131,671,680 SHARES OUTSTANDING–100.00%	$	1,345,786,413

NET ASSET VALUE PER SHARE–LVIP BLACKROCK INFLATION PROTECTED BOND FUND STANDARD CLASS ($544,178,419 / 53,125,921 Shares)	$	10.243
NET ASSET VALUE PER SHARE–LVIP BLACKROCK INFLATION PROTECTED BOND FUND SERVICE CLASS ($801,607,994 / 78,545,759 Shares)	$	10.206

LVIP BlackRock Inflation Protected Bond Fund–4

LVIP BlackRock Inflation Protected Bond Fund

Statement of Net Assets (continued)

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	1,445,380,828
Accumulated net investment loss		(2,601,621	)
Accumulated net realized loss on investments		(134,651,545	)
Net unrealized appreciation of investments and derivatives		37,658,751
TOTAL NET ASSETS	$	1,345,786,413

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $51,133,116, which represents 3.80% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

r Securities have been classified by country of origin.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

« Includes $2,686,846 cash collateral held at broker for futures contracts, $494,726 foreign currencies collateral held at broker for futures contracts, $626,245 due to manager and affiliates, $163,121,759 payable for securities purchased and $494,956 payable for fund shares redeemed as of June 30, 2016.

¿ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

¥ Fully or partially pledged as collateral for derivatives.

The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For				Settlement Date	Unrealized Appreciation (Depreciation)
BAML	JPY	1,993,990,500			USD	(19,406,233	)	7/6/16		$    (93,416)
BAML	JPY	(3,983,131,000	)		USD	38,800,761		8/3/16		187,396
BCLY	EUR	(230,140,000	)		USD	256,990,433		7/6/16		1,541,282
BCLY	GBP	(47,848,000	)		USD	70,073,539		7/6/16		6,374,249
BNYM	GBP	(6,445,000	)		USD	8,628,411		8/3/16		45,858
CITI	DKK	34,783,096			USD	(5,215,158	)	7/6/16		(24,073)
CITI	DKK	(34,783,096	)		USD	5,220,335		8/3/16		23,818
CITI	EUR	(193,000	)		USD	219,286		7/6/16		5,061
CITI	EUR	(150,000	)		USD	166,541		8/3/16		(134)
CITI	JPY	(6,450,000	)		USD	61,810		7/6/16		(660)
CITI	SEK	13,585,429			USD	(1,597,984	)	7/5/16		8,045
CITI	SEK	(13,585,429	)		USD	1,599,950		8/3/16		(8,189)
GSC	JPY	(4,700,000	)		USD	44,062		7/6/16		(1,459)
HSBC	DKK	(34,783,096	)		USD	5,225,653		7/6/16		34,568
HSBC	SEK	3,319,000			USD	(392,641	)	7/6/16		(264)
HSBC	SEK	(107,818,223	)		USD	12,770,101		8/3/16		7,402
MSC	EUR	74,028,000			USD	(81,926,047	)	7/5/16		240,273
MSC	EUR	234,241,000			USD	(260,350,419	)	7/6/16		(349,269)
MSC	EUR	(289,669,000	)		USD	321,610,530		8/3/16		(260,928)
MSC	GBP	47,786,000			USD	(63,201,285	)	7/5/16		415,192
MSC	GBP	(12,861,000	)		USD	18,110,440		7/6/16		988,794
MSC	GBP	(47,786,000	)		USD	63,215,406		8/3/16		(419,330)
MSC	JPY	(1,990,580,500	)		USD	17,930,242		7/6/16		(1,349,547)
NTI	SEK	(3,319,000	)		USD	400,355		7/6/16		7,977
RBC	CAD	(9,936,000	)		USD	7,628,348		7/6/16		(62,556)
RBS	EUR	(2,060,000	)		USD	2,290,954		8/3/16		1,945
RBS	GBP	60,709,000			USD	(81,732,526	)	7/6/16		(911,589)
RBS	GBP	(62,500,000	)		USD	84,145,211		8/3/16		916,421
RBS	JPY	(193,387,000	)		USD	1,886,594		8/3/16		11,858
SCB	AUD	(51,000	)		USD	36,947		7/6/16		(1,080)
SCB	AUD	(27,038,000	)		USD	20,135,728		8/3/16		(3,198)
SCB	NZD	(306,000	)		USD	206,329		7/6/16		(12,089)

LVIP BlackRock Inflation Protected Bond Fund–5

LVIP BlackRock Inflation Protected Bond Fund

Statement of Net Assets (continued)

Counterparty	Contracts to Receive (Deliver)			In Exchange For				Settlement Date	Unrealized Appreciation (Depreciation)
SCB	NZD	(25,395,000	)		USD	18,065,088		8/3/16		$    (34,159)
SSB	EUR	(4,058,000	)		USD	4,522,956		7/6/16		18,687
SSB	JPY	5,000,000			USD	(48,674	)	7/1/16		(254)
SSB	JPY	(8,830,000	)		USD	86,047		8/3/16		449
TD	CAD	9,773,000			USD	(7,525,217	)	7/6/16		39,517
TD	CAD	(9,773,000	)		USD	7,526,040		8/3/16		(39,462)
UBS	JPY	(3,978,281,000	)		USD	35,881,465		7/6/16		(2,650,220)
										$    4,646,916

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation (Depreciation)
(196)	Euro-BTP	$	(30,720,182)	$	(31,019,244)		9/9/16	$	(299,062)
(161)	Euro-Bund		(29,436,388)		(29,859,289)		9/9/16		(422,901)
50	Euro-O.A.T.		8,742,973		8,921,835		9/9/16		178,862
(24)	Japan 10 yr Bonds (OSE)		(35,410,175)		(35,540,406)		9/13/16		(130,231)
131	U.S. Treasury 2 yr Notes		28,543,861		28,731,984		10/3/16		188,123
(78)	U.S. Treasury 5 yr Notes		(9,374,255)		(9,528,797)		10/3/16		(154,542)
742	U.S. Treasury 10 yr Notes		97,023,577		98,674,406		9/22/16		1,650,829
(236)	U.S. Treasury 10 yr Ultra Bonds		(33,202,063)		(34,378,563)		9/22/16		(1,176,500)
(141)	U.S. Treasury Long Bonds		(23,278,650)		(24,300,469)		9/22/16		(1,021,819)
(166)	U.S. Treasury Ultra Bonds		(28,998,461)		(30,938,250)		9/22/16		(1,939,789)
								$	(3,127,030)

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

AUD–Australian Dollar

BAML–Bank of America Merrill Lynch

BCLY–Barclays Bank

BNYM–Bank of New York Mellon

CAD–Canadian Dollar

CITI–Citigroup Global Markets

CPI–Consumer Price Index

DKK–Danish Krone

EUR–Euro

GBP–British Pound Sterling

GSC–Goldman Sachs Capital

HSBC–Hong Kong Shanghai Bank

JPY–Japanese Yen

MASTR–Mortgage Asset Securitization Transactions, Inc.

MSC–Morgan Stanley & Company

NTI–Northern Trust Investments

NZD–New Zealand Dollar

O.A.T.–Obligations Assimilables du Tresor

OSE–Osaka Securities Exchange

RBC–Royal Bank of Canada

RBS–Royal Bank of Scotland

LVIP BlackRock Inflation Protected Bond Fund–6

LVIP BlackRock Inflation Protected Bond Fund

Statement of Net Assets (continued)

Summary of Abbreviations: (continued)

SCB–Standard Chartered Bank

SEK–Swedish Krona

SSB–State Street Bank

TD–Toronto Dominion

UBS–Union Bank of Switzerland

USD–United States Dollar

yr–Year

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

LVIP BlackRock Inflation Protected Bond Fund–7

LVIP BlackRock Inflation Protected Bond Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Interest	$	1,692,899
Dividends		207,899
		1,900,798
EXPENSES:
Management fees		2,753,521
Distribution fees-Service Class		980,423
Accounting and administration expenses		165,002
Reports and statements to shareholders		67,441
Custodian fees		37,879
Professional fees		34,677
Trustees’ fees and expenses		17,324
Pricing fees		4,735
Consulting fees		1,320
Other		6,301
Total operating expenses		4,068,623
NET INVESTMENT LOSS		(2,167,825	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		4,306,465
Foreign currencies		(1,867,751	)
Foreign currency exchange contracts		(8,329,862	)
Futures contracts		(6,138,271	)
Net realized loss		(12,029,419	)
Net change in unrealized appreciation (depreciation) of:
Investments		55,029,834
Foreign currencies		1,043,846
Foreign currency exchange contracts		(416,931	)
Futures contracts		(2,285,472	)
Net change in unrealized appreciation (depreciation)		53,371,277
NET REALIZED AND UNREALIZED GAIN		41,341,858
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,174,033

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

LVIP BlackRock Inflation Protected Bond Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)				Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss		$	(2,167,825	)		$	(806,124	)
Net realized loss			(12,029,419	)			(27,797,890	)
Net change in unrealized appreciation (depreciation)			53,371,277				(11,531,697	)
Net increase (decrease) in net assets resulting from operations			39,174,033				(40,135,711	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class			—				(6,500,326	)
Service Class			—				(9,934,795	)
			—				(16,435,121	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class			30,540,297				249,090,471
Service Class			43,122,889				96,615,381
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class			—				6,500,326
Service Class			—				9,934,795
			73,663,186				362,140,973
Cost of shares redeemed:
Standard Class			(39,962,827	)			(67,583,044	)
Service Class			(59,883,914	)			(121,609,658	)
			(99,846,741	)			(189,192,702	)
Increase (Decrease) in net assets derived from capital share transactions			(26,183,555	)			172,948,271
NET INCREASE IN NET ASSETS			12,990,478				116,377,439
NET ASSETS:
Beginning of period			1,332,795,935				1,216,418,496
End of period		$	1,345,786,413			$	1,332,795,935
Accumulated (distributions in excess of) net investment loss		$	(2,601,621	)		$	(433,796	)

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

LVIP BlackRock Inflation Protected Bond Fund–8

LVIP BlackRock Inflation Protected Bond Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Inflation Protected Bond Fund
	Standard Class
	Six Months Ended 6/30/161 (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	9.936			$	10.351			$	10.189			$	11.480			$	11.023			$	10.131
Income (loss) from investment operations:
Net investment income (loss)2			(0.009	)			0.010				0.120				0.035				0.097				0.220
Net realized and unrealized gain (loss)			0.316				(0.302	)			0.194				(0.997	)			0.618				1.010
Total from investment operations			0.307				(0.292	)			0.314				(0.962	)			0.715				1.230
Less dividends and distributions from:
Net investment income			—				(0.123	)			(0.152	)			(0.057	)			—				(0.231	)
Net realized gain			—				—				—				(0.272	)			(0.258	)			(0.107	)
Total dividends and distributions			—				(0.123	)			(0.152	)			(0.329	)			(0.258	)			(0.338	)
Net asset value, end of period		$	10.243			$	9.936			$	10.351			$	10.189			$	11.480			$	11.023
Total return3			3.09%				(2.82%	)			3.07%				(8.37%	)			6.51%				12.14%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	544,178			$	537,382			$	370,362			$	311,319			$	334,673			$	156,626
Ratio of expenses to average net assets			0.47%				0.46%				0.46%				0.48%				0.51%				0.52%
Ratio of net investment income (loss) to average net assets			(0.18%	)			0.10%				1.14%				0.32%				0.85%				2.06%
Portfolio turnover			48%				367%				378%				438%				483%				657%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP BlackRock Inflation Protected Bond Fund–9

LVIP BlackRock Inflation Protected Bond Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Inflation Protected Bond Fund
	Service Class
	Six Months Ended 6/30/161 (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	9.912			$	10.352			$	10.164			$	11.450			$	11.022			$	10.129
Income (loss) from investment operations:
Net investment income (loss)2			(0.022	)			(0.016	)			0.094				0.008				0.068				0.197
Net realized and unrealized gain (loss)			0.316				(0.301	)			0.193				(0.993	)			0.618				1.005
Total from investment operations			0.294				(0.317	)			0.287				(0.985	)			0.686				1.202
Less dividends and distributions from:
Net investment income			—				(0.123	)			(0.099	)			(0.029	)			—				(0.202	)
Net realized gain			—				—				—				(0.272	)			(0.258	)			(0.107	)
Total dividends and distributions			—				(0.123	)			(0.099	)			(0.301	)			(0.258	)			(0.309	)
Net asset value, end of period		$	10.206			$	9.912			$	10.352			$	10.164			$	11.450			$	11.022
Total return3			2.97%				(3.07%	)			2.82%				(8.60%	)			6.24%				11.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	801,608			$	795,414			$	846,056			$	804,355			$	392,748			$	241,007
Ratio of expenses to average net assets			0.72%				0.71%				0.71%				0.73%				0.76%				0.77%
Ratio of net investment income (loss) to average net assets			(0.43%	)			(0.15	)%			0.89%				0.07%				0.60%				1.81%
Portfolio turnover			48%				367%				378%				438%				483%				657%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP BlackRock Inflation Protected Bond Fund–10

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 BlackRock Inflation Protected Bond 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 non-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”). 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 maximize real return, consistent with preservation of real capital and prudent investment management.

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–Securities listed on a foreign exchange are valued at the last quoted sale price on the valuation date. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities and credit default swaps (“CDS”) contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Index swap contracts and 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”).

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 benefit or 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 six months ended June 30, 2016 and for the open tax years (years ended December 31, 2012–December 31, 2015) 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 six months ended June 30, 2016, 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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, these changes are included

LVIP BlackRock Inflation Protected Bond Fund–11

1. Significant Accounting Policies (continued)

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements (continued)

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.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions with Affiliates

Lincoln Investment Advisers 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 0.45% of the first $500 million of the average daily net assets of the Fund and 0.40% of average daily net assets in excess of $500 million.

BlackRock Financial 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	34,656
Legal		9,538

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 $58,442 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	458,734
Distribution fees payable to LFD		163,829
Printing and mailing fees payable to Lincoln Life		3,682

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.

LVIP BlackRock Inflation Protected Bond Fund–12

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	325,106,234
Purchases of U.S. government securities		341,939,943
Sales other than U.S. government securities		269,885,594
Sales of U.S. government securities		321,003,693

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated because final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for the Fund were as follows:

Cost of investments	$	1,453,323,324
Aggregate unrealized appreciation	$	49,057,671
Aggregate unrealized depreciation		(13,518,401	)
Net unrealized appreciation	$	35,539,270

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term		Long-Term		Total
$	60,074,625	$	49,979,341	$	110,053,966

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)

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.

LVIP BlackRock Inflation Protected Bond Fund–13

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1				Level 2			Total
Non-Agency Collateralized Mortgage Obligations		$	—			$	1,327,705		$	1,327,705
Non-Agency Commercial Mortgage-Backed Securities			—				4,224,738			4,224,738
Sovereign Bonds			—				623,629,506			623,629,506
U.S. Treasury Obligations			—				729,144,871			729,144,871
Money Market Funds			130,535,774				—			130,535,774
Total		$	130,535,774			$	1,358,326,820		$	1,488,862,594
Foreign Currency Exchange Contracts		$	—			$	4,646,916		$	4,646,916
Futures Contracts		$	(3,127,030	)		$	—		$	(3,127,030	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		3,019,723			24,250,035
Service Class		4,284,984			9,364,842
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			644,873
Service Class		—			987,358
		7,304,707			35,247,108
Shares redeemed:
Standard Class		(3,975,422	)		(6,595,157	)
Service Class		(5,983,802	)		(11,838,870	)
		(9,959,224	)		(18,434,027	)
Net increase (decrease)		(2,654,517	)		16,813,081

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts and foreign cross currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

LVIP BlackRock Inflation Protected Bond Fund–14

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objectives and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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.

Swap Contracts–The Fund may enter into index swap contracts in the normal course of pursuing its investment objective and strategies. Index swaps may be used to gain exposure to markets that the Fund invests in, such as the corporate bond market. The Fund may also use index swaps as a substitute for futures or options contracts if such contracts are not directly available to the Fund on favorable terms.

Index Swaps. Index swaps involve commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent the total return of the security, instrument or basket of instruments underlying the transaction exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent the total return of the security, instrument or basket of instruments underlying the transaction falls short of the offsetting interest obligation, the Fund will make a payment to the counterparty. The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the index swap

contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Receivables and other assets net of liabilities		$10,868,793	Receivables and other assets net of liabilities		$(6,221,877	)
Interest rate contracts (Futures contracts)	Receivables and other assets net of liabilities		2,017,814	Receivables and other assets net of liabilities		(5,144,844	)
Total			$12,886,607			$(11,366,721	)

LVIP BlackRock Inflation Protected Bond Fund–15

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income		Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$	(8,329,862)	$	(416,931)
Interest rate contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(6,138,271)		(2,285,472)
Total		$	(14,468,133)	$	(2,702,403)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume			Liability Derivative Volume
Foreign currency exchange contracts (Average cost)		$	54,539,777		$	554,395,954
Futures contracts (Average notional value)			134,291,097			207,736,656

At June 30, 2016, the Fund posted U.S. Treasury Obligations with a value of $2,148,103 as collateral for derivatives.

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 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.

LVIP BlackRock Inflation Protected Bond Fund–16

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

At June 30, 2016, the Fund has the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Bank of America Merrill Lynch		$	187,396		$	(93,416	)		$	93,980
Barclays Bank			7,915,531			—				7,915,531
Citigroup Global Markets			36,924			(33,056	)			3,868
Goldman Sachs Capital			—			(1,459	)			(1,459	)
Hong Kong Shanghai Bank			41,970			(264	)			41,706
JPMorgan Chase Bank			2,017,814			(5,144,844	)			(3,127,030	)
Morgan Stanley & Co.			1,644,259			(2,379,074	)			(734,815	)
Royal Bank of Canada			—			(62,556	)			(62,556	)
Royal Bank of Scotland			930,224			(911,589	)			18,635
Union Bank of Switzerland			—			(2,650,220	)			(2,650,220	)
Total		$	12,774,118		$	(11,276,478	)		$	1,497,640

Counterparty	Net Position				Fair Value of Non Cash Collateral Received				Cash Collateral Received			Fair Value of Non Cash Collateral Pledged			Cash Collateral Pledged			Net Amounta
Bank of America Merrill Lynch		$	93,980			$	—			$	—		$	—		$	—		$	93,980
Barclays Bank			7,915,531				—				—			—			—			7,915,531
Citigroup Global Markets			3,868				—				—			—			—			3,868
Goldman Sachs Capital			(1,459	)			—				—			—			—			(1,459	)
Hong Kong Shanghai Bank			41,706				—				—			—			—			41,706
JPMorgan Chase Bank			(3,127,030	)			(130,622	)			—			2,148,103			—			(1,109,549	)
Morgan Stanley & Co.			(734,815	)			—				—			—			—			(734,815	)
Royal Bank of Canada			(62,556	)			—				—			—			—			(62,556	)
Royal Bank of Scotland			18,635				—				—			—			—			18,635
Union Bank of Switzerland			(2,650,220	)			—				—			—			—			(2,650,220	)
Total		$	1,497,640			$	(130,622	)		$	—		$	2,148,103		$	—		$	3,515,121

^aNet amount represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default.

6. Credit and Market Risk

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.

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 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 primarily invests in inflation protected debt securities whose principal and/or interest payments are adjusted for inflation, unlike traditional debt securities that make fixed principal and interest payments. Under normal circumstances, the Fund will invest at least 80% of its net assets in inflation protected debt securities issued by the U.S. government, its agencies or instrumentalities, foreign governments and corporations, which may include synthetic investments such as options, forwards, futures contracts, or swap agreements that, when combined with non-inflation indexed bonds, have economic characteristics similar to inflation-indexed bonds.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes

LVIP BlackRock Inflation Protected Bond Fund–17

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

in interest rates and shifts in the market’s perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (“CMOs”). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on CMO’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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 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. As of June 30, 2016, no securities have been determined to be illiquid. Rule 144A securities are identified on the Statement of Net Assets.

7. 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.

8. 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 BlackRock Inflation Protected Bond Fund–18

        LVIP BlackRock Multi-Asset Income Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP BlackRock Multi-Asset Income Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 BlackRock Multi-Asset Income Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	1,051.00		0.36	%		$	1.84
Service Class Shares			1,000.00			1,049.70		0.61	%			3.11
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,023.07		0.36	%		$	1.81
Service Class Shares			1,000.00			1,021.83		0.61	%			3.07

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund invests substantially all of its assets in iShares Exchange-Traded Funds (“UnderlyingETFs”) or financial instruments that provide exposure to such Underlying ETFs (collectively, the “Underlying Funds”). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP BlackRock Multi-Asset Income Fund–1

LVIP BlackRock Multi-Asset Income Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Investment Companies		100.28	%
Equity Funds		18.67	%
Fixed Income Funds		63.70	%
International Equity Funds		11.53	%
Money Market Fund		6.38	%
Total Value of Securities		100.28	%
Liabilities Net of Receivables and Other Assets		(0.28	%)
Total Net Assets		100.00	%

LVIP BlackRock Multi-Asset Income Fund–2

LVIP BlackRock Multi-Asset Income Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–100.28%
Equity Funds–18.67%
iShares Core Dividend Growth ETF		5,938	$	161,929
iShares Core High Dividend ETF		8,477		696,386
iShares U.S. Energy ETF		2,840		108,942
iShares U.S. Preferred Stock ETF		20,964		836,254
iShares U.S. Real Estate ETF		1,931		158,921
				1,962,432
Fixed Income Funds–63.70%
iShares 0-5 Year High Yield Corporate Bond ETF		14,671		679,854
iShares 1-3 Year Credit Bond ETF		15,854		1,681,951
iShares 10+ Year Credit Bond ETF		11,567		724,673
iShares 20+ Year Treasury Bond ETF		1,183		164,319
iShares CMBS ETF		9,697		515,784
iShares Floating Rate Bond ETF		5,141		260,237
iShares iBoxx $ High Yield Corporate Bond ETF		26,641		2,256,226
iShares Intermediate Credit Bond ETF		3,713		413,257
				6,696,301

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
International Equity Fundss–11.53%
iShares Emerging Markets Dividend ETF		6,566	$	219,501
iShares Europe ETF		7,341		277,416
iShares International Developed Real Estate ETF		5,594		163,121
iShares International Select Dividend ETF		19,290		552,273
				1,212,311
Money Market Fund–6.38%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		671,109		671,109
				671,109
Total Investment Companies (Cost $10,431,137)				10,542,153

TOTAL VALUE OF SECURITIES–100.28% (Cost $10,431,137)		10,542,153
êLIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.28%)		(29,253	)
NET ASSETS APPLICABLE TO 1,111,935 SHARES OUTSTANDING–100.00%	$	10,512,900

NET ASSET VALUE PER SHARE–LVIP BLACKROCK MULTI-ASSET INCOME FUND STANDARD CLASS ($861,051 / 90,977 Shares)	$	9.464
NET ASSET VALUE PER SHARE–LVIP BLACKROCK MULTI-ASSET INCOME FUND SERVICE CLASS ($9,651,849 / 1,020,958 Shares)	$	9.454

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	10,868,158
Undistributed net investment income		126,678
Accumulated net realized loss on investments		(558,338	)
Net unrealized appreciation of investments and derivatives		76,402
Total net assets	$	10,512,900

ê Includes $19,886 cash collateral and $72,293 foreign currencies collateral held at broker for futures contracts, $6,095 expense reimbursement receivable from Lincoln Investment Advisors Corporation, $4,155 due to manager and affiliates, $145,894 payable for investment companies purchased and $198 payable for fund shares redeemed as of June 30, 2016.

LVIP BlackRock Multi-Asset Income Fund–3

LVIP BlackRock Multi-Asset Income Fund

Statement of Net Assets (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date	Unrealized Appreciation (Depreciation)
(1)  British Pound Currency		$  (91,005)		$  (82,800)	9/20/16		$    8,205
1   E-mini S&P 500 Index		104,365		104,510	9/19/16		145
(1)  Euro Currency		(142,523)		(138,844)	9/20/16		3,679
(7)  Euro STOXX 50 Index		(218,219)		(221,783)	9/19/16		(3,564)
(3)  U.S. Treasury 2 yr Notes		(653,339)		(657,984)	10/3/16		(4,645)
(3)  U.S. Treasury 5 yr Notes		(359,808)		(366,492)	10/3/16		(6,684)
(3)  U.S. Treasury 10 yr Notes		(388,495)		(398,953)	9/22/16		(10,458)
(1)  U.S. Treasury Long Bonds		(162,686)		(172,344)	9/22/16		(9,658)
(1)  U.S. Treasury Ultra Bond		(174,741)		(186,375)	9/22/16		(11,634)
							$(34,614)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

CMBS–Commercial Mortgage-Backed Security

ETF–Exchange-Traded Fund

yr–Year

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

LVIP BlackRock Multi-Asset Income Fund–4

LVIP BlackRock Multi-Asset Income Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from investment companies	$	155,307
EXPENSES:
Management fees		32,100
Professional fees		13,663
Distribution fees-Service Class		10,805
Reports and statements to shareholders		3,062
Accounting and administration expenses		1,130
Custodian fees		1,117
Consulting fees		853
Pricing fees		116
Trustees’ fees and expenses		103
Other		48
		62,997
Less management fees waived		(19,826	)
Less expenses reimbursed		(15,372	)
Total operating expenses		27,799
NET INVESTMENT INCOME		127,508
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of investments in investment companies		(281,996	)
Foreign currencies		91
Futures contracts		(29,710	)
Net realized loss		(311,615	)
Net change in unrealized appreciation (depreciation) of:
Investments in investment companies		705,656
Futures contracts		(34,125	)
Net change in unrealized appreciation (depreciation)		671,531
NET REALIZED AND UNREALZED GAIN		359,916
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	487,424

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

LVIP BlackRock Multi-Asset Income Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	127,508		$	272,879
Net realized loss		(311,615	)		(217,798	)
Net change in unrealized appreciation (depreciation)		671,531			(433,535	)
Net increase (decrease) in net assets resulting from operations		487,424			(378,454	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(25,899	)
Service Class		—			(249,732	)
		—			(275,631	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		81,257			507,320
Service Class		1,700,099			3,354,344
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			25,899
Service Class		—			249,732
		1,781,356			4,137,295
Cost of shares redeemed:
Standard Class		(18,629	)		(471,415	)
Service Class		(530,740	)		(529,035	)
		(549,369	)		(1,000,450	)
Increase in net assets derived from capital share transactions		1,231,987			3,136,845
NET INCREASE IN NET ASSETS		1,719,411			2,482,760
NET ASSETS:
Beginning of period		8,793,489			6,310,729
End of period	$	10,512,900		$	8,793,489
Undistributed (Distributions in excess of) net investment income	$	126,678		$	(830	)

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

LVIP BlackRock Multi-Asset Income Fund–5

LVIP BlackRock Multi-Asset Income Fund

Financial Highlights

Select data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Multi-Asset Income Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)			Year Ended 12/31/15				5/1/142 to 12/31/14
Net asset value, beginning of period		$	9.005		$	9.699			$	10.000
Income (loss) from investment operations:
Net investment income3			0.133			0.347				0.284
Net realized and unrealized gain (loss)			0.326			(0.727	)			(0.339	)
Total from investment operations			0.459			(0.380	)			(0.055	)
Less dividends and distributions from:
Net investment income			—			(0.314	)			(0.244	)
Return of capital			—			—				(0.002	)
Total dividends and distributions			—			(0.314	)			(0.246	)
Net asset value, end of period		$	9.464		$	9.005			$	9.699
Total return4			5.10%			(3.92%	)			(0.55%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	861		$	757			$	765
Ratio of expenses to average net assets5			0.36%			0.36%				0.36%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			1.10%			1.09%				1.32%
Ratio of net investment income to average net assets			2.93%			3.60%				4.20%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.19%			2.87%				3.24%
Portfolio turnover			27%			40%				31%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP BlackRock Multi-Asset Income Fund–6

LVIP BlackRock Multi-Asset Income Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP BlackRock Multi-Asset Income Fund Service Class
	Six Months Ended 6/30/161   (unaudited)			Year Ended 12/31/15				5/1/142 to 12/31/14
Net asset value, beginning of period		$	9.006		$	9.699			$	10.000
Income (loss) from investment operations:
Net investment income3			0.121			0.322				0.266
Net realized and unrealized gain (loss)			0.327			(0.725	)			(0.337	)
Total from investment operations			0.448			(0.403	)			(0.071	)
Less dividends and distributions from:
Net investment income			—			(0.290	)			(0.228	)
Return of capital			—			—				(0.002	)
Total dividends and distributions			—			(0.290	)			(0.230	)
Net asset value, end of period		$	9.454		$	9.006			$	9.699
Total return4			4.97%			(4.16%	)			(0.72%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	9,652		$	8,036			$	5,546
Ratio of expenses to average net assets5			0.61%			0.61%				0.61%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			1.35%			1.34%				1.57%
Ratio of net investment income to average net assets			2.68%			3.35%				3.95%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.94%			2.62%				2.99%
Portfolio turnover			27%			40%				31%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP BlackRock Multi-Asset Income Fund–7

LVIP BlackRock Multi-Asset Income Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 BlackRock Multi-Asset Income 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 non-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”). 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 maximize current income; capital appreciation is a secondary objective.

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–Exchange-traded funds (“ETFs”), 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. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their published net asset value. 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014–December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in the foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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. Income and capital gain distributions from investment companies are recorded on the ex-dividend date. 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 commission to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security,

LVIP BlackRock Multi-Asset Income Fund–8

LVIP BlackRock Multi-Asset Income Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.68% of the average daily net assets of the Fund. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.42% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

LIAC has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.36% of the average daily net assets for the Standard Class and 0.61% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

BlackRock Investment Management, LLC. (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	205
Legal		57

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 $696 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	6,095
Management fees payable to LIAC		2,181
Distribution fees payable to LFD		1,924
Printing and mailing fees payable to Lincoln Life		50

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.

At June 30, 2016, Lincoln Life directly owned 58.31% of the Standard Class shares and 46.57% of Service Class shares of the Fund.

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	3,529,373
Sales		2,319,292

LVIP BlackRock Multi-Asset Income Fund–9

LVIP BlackRock Multi-Asset Income Fund

Notes to Financial Statements (continued)

3. Investments (continued)

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	10,431,137
Aggregate unrealized appreciation	$	245,794
Aggregate unrealized depreciation		(134,778	)
Net unrealized appreciation	$	111,016

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$18,560	$34,191	$52,751

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	10,542,153
Futures Contracts	$	(34,614	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP BlackRock Multi-Asset Income Fund–10

LVIP BlackRock Multi-Asset Income Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		8,951			52,071
Service Class		186,949			347,701
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,874
Service Class		—			27,708
		195,900			430,354
Shares redeemed:
Standard Class		(2,026	)		(49,734	)
Service Class		(58,317	)		(54,909	)
		(60,343	)		(104,643	)
Net increase		135,557			325,711

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Currency contracts (Futures contracts)	Liabilities net of receivables and other assets		$11,884	Liabilities net of receivables and other assets		$        —
Equity contracts (Futures contracts)	Liabilities net of receivables and other assets		145	Liabilities net of receivables and other assets		(3,564	)
Interest rate contracts (Futures contracts)	Liabilities net of receivables and other assets		—	Liabilities net of receivables and other assets		(43,079	)
Total			$12,029			$(46,643	)

LVIP BlackRock Multi-Asset Income Fund–11

LVIP BlackRock Multi-Asset Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$ (6,081	)		$11,523
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		13,820			(512	)
Interest rate contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(37,449	)		(45,136	)
Total			$(29,710	)		$(34,125	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)		$133,794		$1,958,044

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 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 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) 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 June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset	Gross Value of Derivative Liability	Net Position
JPMorgan Chase Bank	$12,029	$(46,643)	$(34,614)

Counterparty	Net Position	Fair Value of  Non Cash Collateral Received	Cash Collateral Received	Fair Value of  Non Cash Collateral Pledged	Cash Collateral Pledged	Net Exposurea
JPMorgan Chase Bank	$(34,614)	$—	$—	$—	$34,614	$—

^aNet exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

6. Credit and Market Risk

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.

LVIP BlackRock Multi-Asset Income Fund–12

LVIP BlackRock Multi-Asset Income Fund

Notes to Financial Statements (continued)

7. 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.

8. 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 BlackRock Multi-Asset Income Fund–13

            LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statement of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	7
Other Fund Information	12

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period May 2, 2016* to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur 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 May 2, 2016* to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16
Actual*
Standard Class Shares		$	1,000.00		$	1,023.30		0.37	%		$	0.61
Service Class Shares			1,000.00			1,022.70		0.72	%			1.19
Hypothetical (5% return before expenses)**
Standard Class Shares		$	1,000.00		$	1,023.02		0.37	%		$	1.86
Service Class Shares			1,000.00			1,021.28		0.72	%			3.62

* The Fund commenced operations on May 2, 2016. The ending account value for “Actual” uses the performance since inception and is not annualized and the expenses paid during period for “Actual” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 60/366 (to reflect the actual since inception).

** “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all of its assets in iShares Exchange-Traded Funds (“Underlying ETFs”) or financial instruments that provide exposure to such Underlying ETFs (collectively, the “Underlying Funds”). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–1

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Investment Companies		90.37	%
Equity Funds		56.81	%
Fixed Income Funds		23.81	%
Money Market Fund		9.75	%
Total Value of Securities		90.37	%
Receivables and Other Assets Net of Liabilities		9.63	%
Total Net Assets		100.00	%

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–2

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of  Shares		Value (U.S. $)
INVESTMENT COMPANIES–90.37%
Equity Funds–56.81%
iShares Core S&P 500 ETF		14,499		$	3,054,939
iShares Core S&P Mid-Cap ETF		4,961			741,124
iShares Edge MSCI Min Vol USA ETF		57,165			2,641,595
iShares Russell 2000 ETF		8,281			952,067
					7,389,725
Fixed Income Funds–23.81%
iShares Core U.S. Aggregate Bond ETF		13,688			1,540,858
iShares Core U.S. Credit Bond ETF		4,552			515,969
iShares Core U.S. Treasury Bond ETF		19,787			519,211
iShares MBS ETF		4,732			520,378
					3,096,416

	Number of  Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Money Market Fund–9.75%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		1,268,742		$	1,268,742
					1,268,742
Total Investment Companies (Cost $11,545,147)					11,754,883

TOTAL VALUE OF SECURITIES–90.37% (Cost $11,545,147)		11,754,883
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–9.63%		1,252,074
NET ASSETS APPLICABLE TO 1,271,596 SHARES OUTSTANDING–100.00%	$	13,006,957

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)				Notional Value				Expiration Date		Unrealized Appreciation (Depreciation)
(13) E-mini S&P 500 Index		$	(1,320,178	)		$	(1,358,630	)		9/19/16		$	(38,452	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MBS–Mortgage-Backed Security

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

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–3

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in investment companies, at value	$	11,754,883
Receivables for fund shares sold		2,114,842
Cash collateral held at broker for futures contracts		77,842
Cash		47,297
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		7,500
Dividends and interest receivable		186
TOTAL ASSETS		14,002,550
LIABILITIES:
Payable for securities purchased		947,370
Net unrealized depreciation on futures contracts		38,452
Other accrued expenses payable		6,599
Due to manager and affiliates		3,055
Payables for fund shares redeemed		117
TOTAL LIABILITIES		995,593
TOTAL NET ASSETS	$	13,006,957
Investments in investment companies, at cost	$	11,545,147
Standard Class:
Net Assets	$	110,331
Shares Outstanding		10,780
Net Asset Value Per Share	$	10.235
Service Class:
Net Assets	$	12,896,626
Shares Outstanding		1,260,816
Net Asset Value Per Share	$	10.229
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	12,822,791
Undistributed net investment income		13,111
Accumulated net realized loss on investments		(229	)
Net unrealized appreciation of investments and derivatives		171,284
TOTAL NET ASSETS	$	13,006,957

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

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–4

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Statement of Operations

May 2, 2016* to June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from investment companies	$	19,680
EXPENSES:
Accounting and administration expenses		5,046
Professional fees		4,967
Distribution fees-Service Class		3,163
Management fees		2,301
Reports and statements to shareholders		468
Custodian fees		234
Pricing fees		120
Trustees’ fees and expenses		16
Other		52
		16,367
Less expenses reimbursed		(9,798	)
Total operating expenses		6,569
NET INVESTMENT INCOME		13,111
NET REALIZED AND UNREALIZED LOSS:
Net realized loss from:
Sale of investments in investment companies		(214	)
Futures contracts		(15	)
Net realized loss		(229	)
Net change in unrealized appreciation (depreciation) of:
Investments in investment companies		209,736
Futures contracts		(38,452	)
Net change in unrealized appreciation (depreciation)		171,284
NET REALIZED AND UNREALIZED GAIN		171,055
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	184,166

*Date of commencement of operations.

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

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Statement of Changes in Net Assets

	5/2/16* to 6/30/16 (unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		$	13,111
Net realized loss			(229	)
Net change in unrealized appreciation (depreciation)			171,284
Net increase in net assets resulting from operations			184,166
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class			107,976
Service Class			12,803,409
			12,911,385
Cost of shares redeemed:
Standard Class			(90	)
Service Class			(88,504	)
			(88,594	)
Increase in net assets derived from capital share transactions			12,822,791
NET INCREASE IN NET ASSETS			13,006,957
NET ASSETS:
Beginning of period			—
End of period		$	13,006,957
Undistributed net investment income		$	13,111

*Date of commencement of operations.

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

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–5

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout the period was as follows:

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

	Standard Class 5/2/161 to 6/30/16 (unaudited)		Service Class 5/2/161 to 6/3016 (unaudited)
Net asset value, beginning of period		$10.000		$10.000
Income from investment operations:
Net investment income2		0.029		0.023
Net realized and unrealized gain		0.206		0.206
Total from investment operations		0.235		0.229
Net asset value, end of period		$10.235		$10.229
Total return3		2.33%		2.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$     110		$12,897
Ratio of expenses to average net assets4		0.37%		0.72%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4		1.42%		1.77%
Ratio of net investment income to average net assets		1.74%		1.39%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.69%		0.34%
Portfolio turnover		1%		1%

¹ Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–6

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 BlackRock U.S. Growth ETF Allocation Managed Risk 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 non-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”). 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 operates under a fund of funds structure and invests substantially all of its assets in iShares Exchange-Traded Funds (“Underlying ETFs”) or financial instruments that provide exposure to such Underlying ETFs (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at http://www.sec.gov.

The Fund’s investment objective is to seek a balance between current income and growth of capital, with a greater emphasis on growth of capital.

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–ETFs, 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 (“NYSE”) on the valuation date. ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 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 return 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 benefit or expense in the current year. Management has analyzed the tax positions to be taken on the Fund’s federal income tax return through the six months ended June 30, 2016 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 period May 2, 2016* through June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain / loss are included with the 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.

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.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–7

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements (continued)

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the period May 2, 2016* through June 30, 2016.

* Date of commencement of operations.

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 0.25% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds.

LIAC had contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceeded 0.37% of the average daily net assets for the Standard Class and 0.72% for the Service Class. This agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustee and LIAC.

BlackRock Investment Management LLC (“BlackRock”) is responsible for the day-to-day management of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays BlackRock a fee based on the Fund’s average daily net assets.

Milliman Financial Risk Management LLC (“Milliman”) is responsible for managing the Fund’s managed risk strategy. For these services, LIAC, not the Fund, pays Milliman 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 period May 2, 2016* through June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	37
Legal		9

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 $20 for the period May 2, 2016* through June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	7,500
Management fees payable to LIAC		1,277
Distribution fees payable to LFD		1,758
Printing and mailing fees payable to Lincoln Life		20

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–8

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

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.

* Date of commencement of operations.

3. Investments

For the period May 2, 2016* through June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$10,296,592
Sales	19,974

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$11,545,147
Aggregate unrealized appreciation	$     209,736
Aggregate unrealized depreciation	—
Net unrealized appreciation	$     209,736

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies		$	11,754,883
Futures Contracts		$	(38,452	)

There were no Level 3 investments at the end of the period.

During the period May 2, 2016* through June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

* Date of commencement of operations.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–9

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	5/2/16* to     6/30/16
Shares sold:
Standard Class		10,789
Service Class		1,269,634
		1,280,423
Shares redeemed:
Standard Class		(9	)
Service Class		(8,818	)
		(8,827	)
Net increase		1,271,596

* Date of commencement of operations.

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation from open futures contracts	$—	Net unrealized depreciation from open futures contracts		$(38,452)

The effect of derivative instruments on the Statement of Operations for the period May 2, 2016* through June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized loss from futures contracts and net change unrealized appreciation (depreciation) of futures contracts		$	(15	)		$	(38,452	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the period May 2, 2016* through June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the period May 2, 2016* through June 30, 2016.

	Asset Derivative Volume			Liability Derivative Volume
Futures contracts (average notional value)		$	—		$	(38,991	)

* Date of commencement of operations.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–10

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements (continued)

6. 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.

7. Subsequent Event

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

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–11

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Other Fund Information (unaudited)

Approval of Investment Management and Subadvisory Agreements

On January 6, 2016, the Board of Trustees (the “Board”) of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things, (i) the approval of the investment management agreement between the Trust and Lincoln Investment Advisors Corporation (“LIAC”) and (ii) the approval of the sub-advisory agreements with BlackRock Investment Management LLC (“BlackRock”) and Milliman Financial Risk Management LLC (“Milliman”) (collectively, with the investment management agreement, the “Advisory Agreements”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”), BlackRock and Milliman 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 approval of investment management and sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life, BlackRock and Milliman provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of BlackRock and Milliman, information comparing the management fees and estimated operating expense ratio of the Fund to peer groups, information about estimated profitability and/or financial condition and compliance and regulatory matters. The Board noted that LIAC and BlackRock provided services to other funds in the Trust and that Milliman provided consulting services to LIAC with respect to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information and LIAC, BlackRock and Milliman provided materials in response. The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the Advisory Agreements. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and Lincoln Life and LIAC employees, BlackRock and Milliman to consider the approval of the Advisory Agreements.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Advisory Agreements be approved. In considering the approval 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.

Investment Management Agreement

Nature, Extent and Quality of Services. In considering the approval of the investment management agreement with LIAC, the Board considered the nature, extent and quality of services expected to be provided to the Fund by LIAC, including LIAC personnel and resources and LIAC’s criteria for review of a sub-adviser’s performance. The Board considered that LIAC provided investment management services to the other funds in the Trust and that the Board had reviewed extensive information provided by LIAC in connection with the annual contract renewal process most recently concluded in September 2015. 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 compliance staff. The Board also considered that certain Lincoln Life personnel provide services to the other funds in the Trust on behalf of LIAC and that Lincoln Life was proposed to provide administrative services to the Fund under a separate administration agreement. The Board concluded that the services provided by LIAC were expected to be satisfactory.

Performance. With respect to performance, the Board considered that the Fund had not commenced operations.

Management Fee. The Board reviewed the Fund’s investment management fee and estimated expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a peer group for the Fund provided by LIAC based on information from Morningstar.

The Board noted that the investment management fees for the Fund were above the median investment management fee of its respective peer group. The Board considered that the Fund’s estimated operating expense ratio for standard class shares giving effect to the proposed expense limitation and acquired fund fees and expenses (“AFFE”) was lower than the median expense ratio of its respective peer group. In light of the nature, quality and extent of services to be provided by LIAC including overseeing the risk overlay to be sub-advised by Milliman, the Board concluded that the Fund’s investment management fee 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 the Fund had not commenced operations and that LIAC proposed an expense limitation for the Fund’s standard and service class shares through April 30, 2017 and concluded that economies of scale were appropriately shared with investors.

Profitability. The Board also reviewed the estimated profitability analysis to LIAC with respect to the Fund and concluded that the estimated profitability of LIAC in connection with the management of the Fund was not unreasonable.

Fallout Benefits. Because of its relationship with the Fund, LIAC and its affiliates may receive certain benefits. The Board considered materials previously provided as to any such benefits to LIAC and its affiliates. Lincoln Life and its affiliated insurance companies (“Lincoln Insurance Companies”) receive 12b-1 fees which are paid by the Fund 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 reimbursed. The Board also noted that

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–12

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Other Fund Information (continued)

Investment Management Agreement (continued)

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.

BlackRock Sub-Advisory Agreement

Nature, Extent and Quality of Services. In considering the approval of the sub-advisory agreement between LIAC and BlackRock with respect to the Fund, the Board considered the nature, extent and quality of day-to-day investment management services to be provided by BlackRock under the sub-advisory agreement. The Board considered that BlackRock provided sub-advisory services to other funds in the Trust and that the Board had considered those services in connection with the annual contract renewal process most recently concluded in September 2015. The Board reviewed the services to be provided by BlackRock, BlackRock’s experience with exchange traded funds and the reputation, resources and investment approach of BlackRock. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, soft dollar usage, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by BlackRock were expected to be satisfactory.

Performance. With respect to performance, the Board considered that the Fund had not commenced operations.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and considered BlackRock’s statement that there were no comparable BlackRock advised, sub-advised or institutional separate funds. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and BlackRock, an unaffiliated third party and that LIAC would compensate BlackRock from its fees. The Board concluded that the proposed sub-advisory fee was reasonable.

Profitability and Fallout Benefits. The Board noted that the sub-advisory fee schedule was negotiated between LIAC and BlackRock, an unaffiliated third party, and that LIAC would compensate BlackRock from its fees. The Board reviewed materials previously provided by BlackRock as to any additional benefits it receives and noted that BlackRock stated that the engagement raises its profile in the broker-dealer community and may facilitate the raising of assets for other investment products or services provided by BlackRock. BlackRock also noted that there are certain potential scale related benefits to the engagement by including the Fund in its managed assets.

Milliman Sub-Advisory Agreement

Nature, Extent and Quality of Services. In considering the approval of the sub-advisory agreement between LIAC and Milliman with respect to the Fund, the Board considered the nature, extent and quality of services to be provided by Milliman under the sub-advisory agreement. The Board considered the criteria provided by LIAC in recommending Milliman be appointed a sub-adviser for the risk management strategy of the Fund, including historical modeling and noted that the Board was familiar with the futures based managed risk overlay services provided by Milliman as a consultant to LIAC for other funds in the Trust. The Board reviewed the services to be provided by Milliman, the backgrounds of the investment professionals proposed to service the Fund, Milliman’s consulting work for LIAC with respect to the managed risk strategy for other funds of the Trust and the reputation, resources and investment approach of Milliman. They also reviewed information provided regarding the structure of portfolio manager compensation, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by Milliman were expected to be satisfactory.

Performance. With respect to performance, the Board considered that the Fund had not commenced operations.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted Milliman’s view that the sub-advisory fees proposed by Milliman were competitive compared to other registered fund and institutional clients that employ the same futures based managed risk strategy as proposed for the Fund. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party and that LIAC would compensate Milliman from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party, and that LIAC would compensate Milliman from its fees. The Board reviewed materials provided by Milliman as to any additional benefits it would receive and noted Milliman’s statement that the sub-advisory agreement may strengthen Milliman’s name recognition as well as create non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume.

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 approval of the Advisory Agreements is in the best interests of the Fund.

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund–13

        LVIP BlackRock U.S. Opportunities Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	7
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10
Other Fund Information	16

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of
each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The
Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the
operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 BlackRock U.S. Opportunities Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expense shown in the table reflect fee reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	979.50		0.90	%		$	4.43
Service Class Shares			1,000.00			978.20		1.15	%			5.66
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,020.39		0.90	%		$	4.52
Service Class Shares			1,000.00			1,019.14		1.15	%			5.77

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–1

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		91.71	%
Aerospace & Defense		0.81	%
Airlines		0.95	%
Auto Components		1.67	%
Automobiles		0.22	%
Banks		1.83	%
Beverages		2.59	%
Biotechnology		0.36	%
Capital Markets		0.62	%
Chemicals		3.96	%
Communications Equipment		1.07	%
Containers & Packaging		1.43	%
Diversified Consumer Services		0.60	%
Diversified Financial Services		1.33	%
Diversified Telecommunication Services		1.75	%
Electric Utilities		3.22	%
Electrical Equipment		1.04	%
Electronic Equipment, Instruments & Components		2.02	%
Energy Equipment & Services		1.11	%
Food & Staples Retailing		0.95	%
Food Products		2.75	%
Health Care Equipment & Supplies		3.42	%
Health Care Providers & Services		2.68	%
Health Care Technology		0.39	%
Hotels, Restaurants & Leisure		2.19	%
Household Durables		2.41	%
Household Products		0.59	%
Industrial Conglomerates		1.21	%
Insurance		4.82	%
Internet & Catalog Retail		1.33	%
Internet Software & Services		0.43	%
IT Services		3.02	%
Machinery		2.99	%
Media		0.71	%
Metals & Mining		0.51	%
Multi-Utilities		2.20	%
Oil, Gas & Consumable Fuels		5.72	%

Security Type/Sector	Percentage of Net Assets
Personal Products		0.04	%
Pharmaceuticals		1.72	%
Professional Services		1.83	%
Real Estate Investment Trusts		8.10	%
Real Estate Management & Development		0.84	%
Road & Rail		0.85	%
Semiconductors & Semiconductor Equipment		4.33	%
Software		2.30	%
Specialty Retail		4.10	%
Textiles, Apparel & Luxury Goods		1.43	%
Trading Companies & Distributors		0.48	%
Transportation Infrastructure		0.79	%
Exchange-Traded Fund		0.23	%
Master Limited Partnerships		0.48	%
Money Market Fund		6.52	%
Total Value of Securities		98.94	%
Receivables and Other Assets Net of Liabilities		1.06	%
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Hartford Financial Services Group		1.94	%
Concho Resources		1.71	%
Ventas		1.65	%
VEREIT		1.45	%
Public Service Enterprise Group		1.42	%
Intercontinental Exchange		1.33	%
Boston Properties		1.32	%
Boston Scientific		1.30	%
Equifax		1.26	%
Pioneer Natural Resources		1.26	%
Total		14.64	%

Summary of Abbreviations:

IT–Information Technology

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–2

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–91.71%
Aerospace & Defense–0.81%
L-3 Communications Holdings		2,348		$	344,428
					344,428
Airlines–0.95%
Southwest Airlines		10,250			401,903
					401,903
Auto Components–1.67%
Delphi Automotive		7,193			450,282
Lear		2,540			258,470
					708,752
Automobiles–0.22%
†Tesla Motors		447			94,889
					94,889
Banks–1.83%
BankUnited		16,512			507,249
†SVB Financial Group		2,839			270,159
					777,408
Beverages–2.59%
Constellation Brands Class A		1,700			281,180
Molson Coors Brewing Class B		4,747			480,064
†Monster Beverage		2,100			337,491
					1,098,735
Biotechnology–0.36%
Shire ADR		839			154,354
					154,354
Capital Markets–0.62%
WisdomTree Investments		27,147			265,769
					265,769
Chemicals–3.96%
Eastman Chemical		6,849			465,047
FMC		4,500			208,395
Mosaic		13,017			340,785
†Platform Specialty Products		25,949			230,427
Sherwin-Williams		1,482			435,219
					1,679,873
Communications Equipment–1.07%
Harris		5,434			453,413
					453,413
Containers & Packaging–1.43%
†Crown Holdings		6,891			349,167
WestRock		6,600			256,542
					605,709
Diversified Consumer Services–0.60%
†ServiceMaster Global Holdings		6,400			254,720
					254,720

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Diversified Financial Services–1.33%
Intercontinental Exchange		2,200		$	563,112
					563,112
Diversified Telecommunication Services–1.75%
Cogent Communications Holdings		5,492			220,010
†SBA Communications Class A		4,842			522,645
					742,655
Electric Utilities–3.22%
Edison International		3,706			287,845
FirstEnergy		8,505			296,910
PPL		8,947			337,749
Xcel Energy		9,954			445,740
					1,368,244
Electrical Equipment–1.04%
Acuity Brands		1,776			440,377
					440,377
Electronic Equipment, Instruments & Components–2.02%
Amphenol Class A		5,207			298,517
CDW		6,252			250,580
†Universal Display		4,588			311,066
					860,163
Energy Equipment & Services–1.11%
US Silica Holdings		13,667			471,101
					471,101
Food & Staples Retailing–0.95%
†Sprouts Farmers Market		17,648			404,139
					404,139
Food Products–2.75%
Kellogg		5,365			438,052
Mead Johnson Nutrition		4,300			390,225
†Nomad Foods		2,366			18,881
Pinnacle Foods		6,933			320,929
					1,168,087
Health Care Equipment & Supplies–3.42%
†Boston Scientific		23,641			552,490
C.R. Bard		1,300			305,708
†Edwards Lifesciences		2,936			292,807
Zimmer Biomet Holdings		2,500			300,950
					1,451,955
Health Care Providers & Services–2.68%
Cigna		2,531			323,943
†DaVita HealthCare Partners		2,900			224,228
Humana		1,772			318,747
Universal Health Services Class B		2,013			269,943
					1,136,861

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–3

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Technology–0.39%
†Cerner		2,800		$	164,080
					164,080
Hotels, Restaurants & Leisure–2.19%
Aramark		12,490			417,416
Royal Caribbean Cruises		3,200			214,880
†Wingstop		10,880			296,480
					928,776
Household Durables–2.41%
Newell Brands		10,146			492,791
†Toll Brothers		8,829			237,588
Whirlpool		1,750			291,620
					1,021,999
Household Products–0.59%
Clorox		1,800			249,102
					249,102
Industrial Conglomerates–1.21%
Roper Technologies		3,027			516,285
					516,285
Insurance–4.82%
Allied World Assurance Holdings		9,822			345,145
Assured Guaranty		15,680			397,802
Hartford Financial Services Group		18,563			823,826
Reinsurance Group of America		4,941			479,228
					2,046,001
Internet & Catalog Retail–1.33%
†Liberty Interactive Corp QVC Group Class A		14,640			371,417
†TripAdvisor		3,000			192,900
					564,317
Internet Software & Services–0.43%
†comScore		7,709			184,091
					184,091
IT Services–3.02%
†Euronet Worldwide		4,468			309,141
Fidelity National Information Services		6,053			445,985
Global Payments		3,200			228,416
Sabre		11,092			297,155
					1,280,697
Machinery–2.99%
Snap-on		2,749			433,847
Stanley Black & Decker		4,500			500,490
Wabtec		4,798			336,964
					1,271,301

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Media–0.71%
Nexstar Broadcasting Group Class A		6,339		$	301,610
					301,610
Metals & Mining–0.51%
Goldcorp.		11,400			218,082
					218,082
Multi-Utilities–2.20%
Public Service Enterprise Group		12,972			604,625
Sempra Energy		2,900			330,658
					935,283
Oil, Gas & Consumable Fuels–5.72%
†Concho Resources		6,090			726,354
†Diamondback Energy		4,613			420,752
Energen		8,160			393,394
Hess		5,900			354,590
Pioneer Natural Resources		3,533			534,225
					2,429,315
Personal Products–0.04%
†Edgewell Personal Care		216			18,233
					18,233
Pharmaceuticals–1.72%
†Jazz Pharmaceuticals		1,441			203,628
†Mallinckrodt		3,191			193,949
Zoetis		7,000			332,220
					729,797
Professional Services–1.83%
Equifax		4,187			537,611
Nielsen Holdings		4,600			239,062
					776,673
Real Estate Investment Trusts–8.10%
Boston Properties		4,242			559,520
Equinix		500			193,865
Federal Realty Investment Trust		1,600			264,880
Pebblebrook Hotel Trust		7,662			201,127
Physicians Realty Trust		18,440			387,424
STAG Industrial		12,962			308,625
Ventas		9,614			700,091
VEREIT		60,648			614,971
Weyerhaeuser		7,056			210,057
					3,440,560
Real Estate Management & Development–0.84%
Kennedy-Wilson Holdings		18,737			355,254
					355,254
Road & Rail–0.85%
Kansas City Southern		4,015			361,711
					361,711

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–4

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment–4.33%
Broadcom		2,567		$	398,912
Lam Research		3,582			301,103
†MACOM Technology Solutions Holdings		5,707			188,217
Monolithic Power Systems		3,100			211,792
†NXP Semiconductors		6,090			477,091
Skyworks Solutions		4,104			259,701
					1,836,816
Software–2.30%
†Electronic Arts		5,464			413,953
†FireEye		7,300			120,231
†ServiceNow		3,500			232,400
†Take-Two Interactive Software		5,500			208,560
					975,144
Specialty Retail–4.10%
Best Buy		9,414			288,068
†Cabela’s		4,655			233,029
Dick’s Sporting Goods		5,465			246,253
Foot Locker		4,500			246,870
Ross Stores		8,453			479,201
Tractor Supply		2,700			246,186
					1,739,607
Textiles, Apparel & Luxury Goods–1.43%
†Sequential Brands Group		45,950			366,681
†Under Armour Class A		6,000			240,780
					607,461
Trading Companies & Distributors–0.48%
†SiteOne Landscape Supply		6,063			206,081
					206,081

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Transportation Infrastructure–0.79%
Macquarie Infrastructure		4,521		$	334,780
					334,780
Total Common Stock (Cost $37,220,740)					38,939,703
EXCHANGE-TRADED FUND–0.23%
SPDR S&P Biotech ETF		1,800			97,362
Total Exchange-Traded Fund (Cost $103,408)					97,362
MASTER LIMITED PARTNERSHIP–0.48%
MPLX		6,000			201,780
Total Master Limited Partnership (Cost $137,498)					201,780
MONEY MARKET FUND–6.52%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		2,769,556			2,769,556
Total Money Market Fund (Cost $2,769,556)					2,769,556

TOTAL VALUE OF SECURITIES–98.94% (Cost $40,231,202)		42,008,401
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.06%		448,956
NET ASSETS APPLICABLE TO 4,779,385 SHARES OUTSTANDING–100.00%	$	42,457,357
NET ASSET VALUE PER SHARE–LVIP BLACKROCK U.S. OPPORTUNITIES MANAGED VOLATILITY FUND STANDARD CLASS ($326,965 / 36,766 Shares)	$	8.893
NET ASSET VALUE PER SHARE–LVIP BLACKROCK U.S. OPPORTUNITIES MANAGED VOLATILITY FUND SERVICE CLASS ($42,130,392 / 4,742,619 Shares)	$	8.883
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	44,630,347
Undistributed net investment income		177,813
Net realized loss on investments		(3,707,550	)
Net unrealized appreciation of investments and derivatives		1,356,747
TOTAL NET ASSETS	$	42,457,357

† Non-income producing for the period.

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–5

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Statement of Net Assets (continued)

« Includes $12,728 foreign currencies collateral due to broker for futures contracts, $645,056 cash collateral held at broker for futures contracts, $35,327 due to manager and affiliates, $3,812 expense reimbursement receivable from Lincoln Investment Advisors Corporation, $541,767 payable for securities purchased, and $4,161 payable for fund shares redeemed as of June 30, 2016.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)				Notional Value				Expiration Date		Unrealized Appreciation (Depreciation)
(1)   British Pound Currency		$	(84,535	)		$	(82,800	)		9/20/16		$	1,735
(21)   E-mini Russell 2000 Index			(2,334,732	)			(2,409,540	)		9/19/16			(74,808	)
(27)   E-mini S&P 500 Index			(2,745,708	)			(2,821,770	)		9/19/16			(76,062	)
(53)   E-mini S&P MidCap 400 Index			(7,647,263	)			(7,912,900	)		9/19/16			(265,637	)
(1)   Euro Currency			(139,198	)			(138,844	)		9/20/16			354
(7)   Euro STOXX 50			(217,388	)			(221,784	)		9/19/16			(4,396	)
(1)   FTSE 100 Index			(83,152	)			(85,500	)		9/19/16			(2,348	)
(1)   Japanese Yen Currency			(122,048	)			(121,338	)		9/20/16			710
												$	(420,452	)

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

ETF–Exchange Traded Fund

IT–Information Technology

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

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–6

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Statements of Changes in Net Assets

INVESTMENT INCOME:
Dividends	$	401,344
Foreign tax withheld		(261	)
		401,083
EXPENSES:
Management fees		145,641
Distribution fees-Service Class		47,868
Professional fees		21,521
Reports and statements to shareholders		10,225
Accounting and administration expenses		9,221
Custodian fees		1,764
Trustees’ fees and expenses		474
Pricing fees		250
Consulting fees		32
Other		464
		237,460
Less expenses reimbursed		(14,349	)
Total operating expenses		223,111
NET INVESTMENT INCOME		177,972
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(1,858,478	)
Foreign currencies		183
Foreign currency exchange contracts		228
Futures contracts		(703,254	)
Net realized loss		(2,561,321	)
Net change in unrealized appreciation (depreciation) of:
Investments		2,428,507
Futures contracts		(366,896	)
Net change in unrealized appreciation (depreciation)		2,061,611
NET REALIZED AND UNREALIZED LOSS		(499,710	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(321,738	)

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

	Six Months Ended 6/30/16 (unaudited)			5/1/15* to 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	177,972		$	23,577
Net realized loss		(2,561,321	)		(1,146,032	)
Net change in unrealized appreciation (depreciation)		2,061,611			(704,864	)
Net decrease in net assets resulting from operations		(321,738	)		(1,827,319	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,300	)
Service Class		—			(27,148	)
Return of capital:
Standard Class		—			(96	)
Service Class		—			(6,420	)
		—			(34,964	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		256,342			515,479
Service Class		12,101,082			37,089,225
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,396
Service Class		—			33,568
		12,357,424			37,639,668
Cost of shares redeemed:
Standard Class		(423,904	)		(2,511	)
Service Class		(3,003,616	)		(1,925,683	)
		(3,427,520	)		(1,928,194	)
Increase in net assets derived from capital share transactions		8,929,904			35,711,474
NET INCREASE IN NET ASSETS		8,608,166			33,849,191
NET ASSETS:
Beginning of period		33,849,191			—
End of period	$	42,457,357		$	33,849,191
Undistributed (distributions in excess of) net investment income	$	177,813		$	(159	)

*Date of commencement of operations.

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

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–7

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Blackrock U.S. Opportunities Managed Volatility Fund Standard Class
	Six Months              Ended             6/30/161, 2              (unaudited)				5/1/153             to              12/31/15
Net asset value, beginning of period		$	9.076			$	10.000
Income (loss) from investment operations:
Net investment income4			0.050				0.028
Net realized and unrealized loss			(0.233	)			(0.927	)
Total from investment operations			(0.183	)			(0.899	)
Less dividends and distributions from:
Net investment income.			—				(0.023	)
Return of capital			—				(0.002	)
Total dividends and distributions			—				(0.025	)
Net asset value, end of period		$	8.893			$	9.076
Total return5			(2.05%	)			(8.99%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	327			$	501
Ratio of expenses to average net assets			0.90%				0.85%
Ratio of expenses to average net assets prior to expenses waived/reimbursed.			0.97%				1.09%
Ratio of net investment income to average net assets			1.16%				0.45%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.09%				0.21%
Portfolio turnover			53%				41%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–8

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Blackrock U.S. Opportunities Managed Volatility Fund Service Class
	Six months              ended            6/30/161, 2              (unaudited)				5/1/153            to              12/31/15
Net asset value, beginning of period		$	9.078			$	10.000
Income (loss) from investment operations:
Net investment income4			0.039				0.013
Net realized and unrealized loss			(0.234	)			(0.926	)
Total from investment operations			(0.195	)			(0.913	)
Less dividends and distributions from:
Net investment income			—				(0.007	)
Return of capital			—				(0.002	)
Total dividends and distributions			—				(0.009	)
Net asset value, end of period		$	8.883			$	9.078
Total return5			(2.18%	)			(9.13%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	42,130			$	33,349
Ratio of expenses to average net assets			1.15%				1.10%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.22%				1.34%
Ratio of net investment income to average net assets			0.91%				0.20%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.84%				(0.04%	)
Portfolio turnover			53%				41%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–9

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 BlackRock U.S. Opportunities Managed Volatility 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”). 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 long-term capital appreciation.

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 and exchange-traded funds (“ETFs”), except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sale price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs 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 or ETF 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximate fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. 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”).

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 benefit or expense in the current year. Management has analyzed the tax positions to be taken or to be taken on the Fund’s federal income tax returns through the six months ended June 30, 2016 and for the open tax year ended December 31, 2015 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 six months ended June 30, 2016, 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 valuation 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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.

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–10

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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 within 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. 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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Withholding taxes on foreign dividends have been 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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-advisers, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.75% of average daily net assets of the Fund. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.10% of average daily net assets of the Fund in excess of $500 million. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

LIAC has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding merger costs*) exceed 0.85% of the average daily net assets for the Standard Class and 1.10% for the Service Class. The agreement will continue through at least April 30, 2017 and cannot be terminated before that date without the mutual agreement of the Board and the LIAC.

BlackRock Investment Management LLC (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s investment portfolio. Effective May 1, 2016, SSGA Funds Management Inc., (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for the day-to-day management of the Fund’s volatility management overlay. For these services, LIAC, not the Fund, pays the Sub-Advisers 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	963
Legal		264

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $711 for the six months ended June 30, 2016.

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 $6,108 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–11

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement from LIAC	$	3,812
Management fees payable to LIAC		26,248
Distribution fees payable to LFD		8,681
Printing and mailing fees payable to Lincoln Life		398

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.

At June 30, 2016, Lincoln Life directly owned 2.73% of the Standard Class shares and 10.53% of the Service Class shares of the Fund.

* See Note 8

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$25,500,296
Sales	18,527,848

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	40,231,202
Aggregate unrealized appreciation	$	3,318,269
Aggregate unrealized depreciation		(1,541,070	)
Net unrealized appreciation	$	1,777,199

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; however there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized, due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$339,128	$249,723	$588,851

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–inputsare 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 BlackRock U.S. Opportunities Managed Volatility Fund–12

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2			Total
Common Stock	$	38,939,703	$	—		$	38,939,703
Exchange-Traded Funds		97,362		—			97,362
Master Limited Partnerships		201,780		—			201,780
Money Market Fund		2,769,556		—			2,769,556
Total	$	42,008,401	$	—		$	42,008,401
Futures Contracts	$	—	$	(420,452	)	$	(420,452	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			5/1/15* to 12/31/15
Shares sold:
Standard Class		29,646			55,275
Service Class		1,413,463			3,877,667
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			153
Service Class		—			3,677
		1,443,109			3,936,772
Shares redeemed:
Standard Class		(48,040	)		(268	)
Service Class		(344,548	)		(207,640	)
		(392,588	)		(207,908	)
Net increase		1,050,521			3,728,864

* Date of commencement of operations.

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. A change in a contracts value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts are unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

No foreign currency exchange contracts were outstanding at June 30, 2016.

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–13

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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 against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Currency contracts (Futures contracts)	Receivables and other assets net of liabilities	$	2,799	Receivables and other assets net of liabilities	$	—
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities		—	Receivables and other assets net of liabilities		(423,251	)
Total		$	2,799		$	(423,251	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(12,149	)		$	2,799
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(691,105	)			(369,695	)
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts			228				—
Total			$	(703,026	)		$	(366,896	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)		$500,368		$(5,933,331	)

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 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 counter party 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.

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–14

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

At June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

	Gross Value of	Gross Value
Counterparty	Derivative Asset	of Derivative Liability	Net Position
Goldman Sachs	$2,799	$(423,251)	$(420,452)

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

				Fair Value of				Fair Value of
				Non Cash				Non Cash		Cash
				Collateral		Cash Collateral		Collateral		Collateral
Counterparty	Net Position			Received		Received		Pledged		Pledged		Net Amounta
Goldman Sachs	$	(420,452	)	$	—	$	—	$	—	$	420,452	$	—

^aNet represents the receivable/(payable) that would be due from/(to) the counterparty in the event of default.

6. Market Risk

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 for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

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 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.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

7. 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.

8. Subsequent Events

In March 2016, the Board approved a proposal, subject to shareholder approval, to merge the Fund with and into LVIP Blended Mid Cap Managed Volatility Fund (the “Acquiring Fund”). The merger is not expected to be a taxable event for contract holders. More information about the Acquiring Fund and the definitive terms of the merger will be included in the proxy materials that will be mailed to contract holders.

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

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–15

LVIP BlackRock U.S. Opportunities Managed Volatility Fund

Other Fund Information

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP BlackRock U.S. Opportunities Managed Volatility Fund–16

                LVIP Blended Core Equity Managed Volatility Fund (formerly LVIP ClearBridge Variable Appreciation Managed Volatility Fund)   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Blended Core Equity Managed

Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Blended Core Equity Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00	$	1,037.70		0.00%		$—
Service Class Shares		1,000.00		1,035.90		0.35%		1.77
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,024.86		0.00%		$—
Service Class Shares		1,000.00		1,023.12		0.35%		1.76

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests a significant portion of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP Blended Core Equity Managed Volatility Fund–1

LVIP Blended Core Equity Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		93.93	%
Equity Funds		93.93	%
Unaffiliated Investment Company		5.40	%
Money Market Fund		5.40	%
Total Value of Securities		99.33	%
Receivables and Other Assets Net of Liabilities		0.67	%
Total Net Assets		100.00	%

LVIP Blended Core Equity Managed Volatility Fund–2

LVIP Blended Core Equity Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–93.93%
Equity Funds–93.93%
*ClearBridge® – Variable Appreciation Portfolio		2,698,385	$	97,357,743
T. Rowe Price Capital Opportunity Fund (Investor Class)		2,863,535		64,343,640
Total Affiliated Investment Companies (Cost $150,690,850)				161,701,383

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANY–5.40%
Money Market Fund–5.40%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		9,294,308	$	9,294,308
Total Unaffiliated Investment Company (Cost $9,294,308)				9,294,308

TOTAL VALUE OF SECURITIES–99.33% (Cost $159,985,158)		170,995,691
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.67%		1,161,177
NET ASSETS APPLICABLE TO 16,762,328 SHARES OUTSTANDING–100.00%	$	172,156,868

* Series I shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)				Notional Value				Expiration Date		Unrealized Appreciation (Depreciation)
(349)   E-mini S&P 500 Index		$	(35,346,166	)		$	(36,473,990	)		9/19/16		$	(1,127,824	)
(24)   E-mini S&P MidCap 400 Index			(3,451,398	)			(3,583,200	)		9/19/16			(131,802	)
												$	(1,259,626	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

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

LVIP Blended Core Equity Managed Volatility Fund–3

LVIP Blended Core Equity Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	161,701,383
Investments in unaffiliated investment companies, at value		9,294,308
Total investments, at value		170,995,691
Cash collateral held at broker for futures contracts		2,397,496
Receivables for fund shares sold		151,032
Expense reimbursement from Lincoln Investment Advisors Corporation		11,111
Dividends receivable from investment companies		1,947
TOTAL ASSETS		173,557,277
LIABILITIES:
Net unrealized depreciation on futures contracts		1,259,626
Payables for fund shares redeemed		69,951
Due to manager and affiliates		48,570
Other accrued expenses payable		16,100
Payable for investment companies purchased		6,162
TOTAL LIABILITIES		1,400,409
TOTAL NET ASSETS	$	172,156,868
Investments in affiliated investment companies, at cost	$	150,690,850
Investments in unaffiliated investment companies, at cost		9,294,308
Total investments, at cost	$	159,985,158
Standard Class:
Net Assets	$	84,636
Shares Outstanding		8,228
Net Asset Value Per Share	$	10.286
Service Class:
Net Assets	$	172,072,232
Shares Outstanding		16,754,100
Net Asset Value Per Share	$	10.270
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	172,251,812
Accumulated net investment loss		(220,954	)
Accumulated net realized loss on investments		(9,624,897	)
Net unrealized appreciation of investments and derivatives		9,750,907
TOTAL NET ASSETS	$	172,156,868

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

LVIP Blended Core Equity Managed Volatility Fund–4

LVIP Blended Core Equity Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	17,095
Dividends from affiliated investment companies		8,132
		25,227
EXPENSES:
Management fees		465,603
Distribution fees-Service Class		254,482
Accounting and administration expenses		37,205
Professional fees		14,597
Reports and statements to shareholders		13,892
Consulting fees		1,870
Trustees’ fees and expenses		1,792
Custodian fees		1,413
Pricing fees		45
Other		509
		791,408
Less management fees waived		(465,603	)
Less expenses reimbursed		(71,323	)
Total operating expenses		254,482
NET INVESTMENT LOSS		(229,255	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from affiliated investment companies		271,258
Sale of investments in affiliated investment companies		(5,641,362	)
Futures contracts		(1,358,577	)
Net realized loss		(6,728,681	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		13,134,833
Futures contracts		(861,786	)
Net change in unrealized appreciation (depreciation)		12,273,047
NET REALIZED AND UNREALIZED GAIN		5,544,366
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,315,111

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

LVIP Blended Core Equity Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(229,255	)	$	1,083,100
Net realized loss		(6,728,681	)		(2,704,884	)
Net change in unrealized appreciation (depreciation)		12,273,047			(3,237,292	)
Net increase (decrease) in net assets resulting from operations		5,315,111			(4,859,076	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,000	)
Service Class		—			(1,103,558	)
Net realized gain:
Standard Class		—			(433	)
Service Class		—			(688,700	)
		—			(1,793,691	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		146			14,249
Service Class		45,317,040			86,153,882
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,433
Service Class		—			1,792,258
		45,317,186			87,961,822
Cost of shares redeemed:
Standard Class		(1,897	)		(4,743	)
Service Class		(9,463,746	)		(15,007,382	)
		(9,465,643	)		(15,012,125	)
Increase in net assets derived from capital share transactions		35,851,543			72,949,697
NET INCREASE IN NET ASSETS		41,166,654			66,296,930
NET ASSETS:
Beginning of period		130,990,214			64,693,284
End of period	$	172,156,868		$	130,990,214
Undistributed (accumulated) net investment income (loss)	$	(220,954	)	$	8,301

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

LVIP Blended Core Equity Managed Volatility Fund–5

LVIP Blended Core Equity Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP Blended Core Equity Managed Volatility Fund Standard Class

	Six Months Ended 6/30/161, 2 (unaudited)				Year Ended 12/31/15				1/2/143 to 12/31/14
Net asset value, beginning of period		$	9.913			$	10.501			$	10.000
Income (loss) from investment operations:
Net investment income4			0.002				0.139				0.258
Net realized and unrealized gain (loss)			0.371				(0.550	)			0.375
Total from investment operations			0.373				(0.411	)			0.633
Less dividends and distributions from:
Net investment income			—				(0.120	)			(0.132	)
Net realized gain			—				(0.057	)			—
Total dividends and distributions			—				(0.177	)			(0.132	)
Net asset value, end of period		$	10.286			$	9.913			$	10.501
Total return5			3.77%				(3.90%	)			6.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	85			$	83			$	76
Ratio of expenses to average net assets6			0.00%				0.00%				0.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.74%				0.74%				0.88%
Ratio of net investment income to average net assets			0.04%				1.35%				2.55%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.70%	)			0.61%				1.67%
Portfolio turnover			37%				10%				6%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³ Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴ The average shares outstanding method has been applied for per share information.

⁵ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Blended Core Equity Managed Volatility Fund–6

LVIP Blended Core Equity Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP Blended Core Equity Managed Volatility Fund Service Class

	Six Months Ended 6/30/161, 2 (unaudited)				Year Ended 12/31/15				1/2/143 to 12/31/14
Net asset value, beginning of period		$	9.914			$	10.502			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.016	)			0.103				0.229
Net realized and unrealized gain (loss)			0.372				(0.550	)			0.368
Total from investment operations			0.356				(0.447	)			0.597
Less dividends and distributions from:
Net investment income			—				(0.084	)			(0.095	)
Net realized gain			—				(0.057	)			—
Total dividends and distributions			—				(0.141	)			(0.095	)
Net asset value, end of period		$	10.270			$	9.914			$	10.502
Total return5			3.59%				(4.24%	)			5.96%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	172,072			$	130,907			$	64,617
Ratio of expenses to average net assets6			0.35%				0.35%				0.35%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.09%				1.09%				1.23%
Ratio of net investment income (loss) to average net assets			(0.31%	)			1.00%				2.20%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(1.05%	)			0.26%				1.32%
Portfolio turnover			37%				10%				6%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³ Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴ The average shares outstanding method has been applied for per share information.

⁵ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Blended Core Equity Managed Volatility Fund–7

LVIP Blended Core Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Blended Core Equity Managed Volatility Fund (formerly LVIP ClearBridge Variable Appreciation Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests a significant portion of its assets in other open-end investment companies, which, in turn, invest at least 80% of their assets in equity securities. The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 return 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014–December 31, 2015), 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 six months ended June 30, 2016, 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.

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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(s),

LVIP Blended Core Equity Managed Volatility Fund–8

LVIP Blended Core Equity Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.64% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds. LIAC has contractually agreed to waive its advisory fee. The waiver amount is 0.64% of the average daily net asset of the Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.00% of the average daily net assets for the Standard Class and 0.35% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays the Sub-Adviser(s) 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 six months ended June 30, 2016, fees for these administrative and legal services were as follows:

Administrative	$	3,919
Legal		1,009

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimbursed Lincoln Life for the cost of these services, which amounted to $3,559 for the six months ended June 30, 2016.

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 $10,987 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	11,111
Distribution fees payable to LFD		48,214
Printing and mailing fees payable to Lincoln Life		356

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.

At June 30, 2016, Lincoln Life owned 12.53% of the Standard Class shares of the Fund.

LVIP Blended Core Equity Managed Volatility Fund–9

LVIP Blended Core Equity Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15		Purchases		Sales		Net Realized Gain (Loss)			Value 6/30/16		Dividends		Capital Gain Distributions
ClearBridge® - Variable Appreciation Portfolio	$	122,217,049	$	22,771,416	$	47,945,554	$	(5,725,214	)	$	97,357,743	$	17,095	$	271,258
T. Rowe Price Capital Opportunity Fund (Investor Class)		—		61,076,642		3,911,641		83,852			64,343,640		—		—
Total	$	122,217,049	$	83,848,058	$	51,857,195	$	(5,641,362	)	$	161,701,383	$	17,095	$	271,258

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	83,848,058
Sales		51,857,195

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	159,985,158
Aggregate unrealized appreciation	$	11,010,533
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	11,010,533

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$2,427,620	$537,575	$2,965,195

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 Blended Core Equity Managed Volatility Fund–10

LVIP Blended Core Equity Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	170,995,691
Futures Contracts	$	(1,259,626	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		14			1,439
Service Class		4,496,528			8,324,768
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			145
Service Class		—			182,093
		4,496,542			8,508,445
Shares redeemed:
Standard Class		(188	)		(465	)
Service Class		(947,174	)		(1,455,033	)
		(947,362	)		(1,455,498	)
Net increase		3,549,180			7,052,947

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts	$—	Net unrealized depreciation on futures contracts	$	(1,259,626	)

LVIP Blended Core Equity Managed Volatility Fund–11

LVIP Blended Core Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$(1,358,577)	$(861,786)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)		$3,452,189		$19,939,627

6. 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.

7. Subsequent Events

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

LVIP Blended Core Equity Managed Volatility Fund–12

LVIP Blended Core Equity Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions. Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Blended Core Equity Managed Volatility Fund–13

      LVIP Blended Large Cap Growth Managed Volatility Fund (formerly LVIP UBS Large Cap Growth Managed Volatility Fund)   a series of Lincoln Variable Insurance Products Trust     Semiannual Report   June 30, 2016

LVIP Blended Large Cap Growth

Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations   and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	7
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10
Other Fund Information	16

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Blended Large Cap Growth Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	951.00		0.75	%		$	3.64
Service Class Shares			1,000.00			949.80		1.00	%			4.85
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,021.13		0.75	%		$	3.77
Service Class Shares			1,000.00			1,019.89		1.00	%			5.02

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Blended Large Cap Growth Managed Volatility Fund–1

LVIP Blended Large Cap Growth Managed Volatility Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		91.03%
Aerospace & Defense		3.38%
Air Freight & Logistics		0.40%
Airlines		0.19%
Banks		2.04%
Beverages		2.03%
Biotechnology		4.24%
Capital Markets		0.40%
Chemicals		3.40%
Construction Materials		0.26%
Consumer Finance		1.63%
Containers & Packaging		0.49%
Diversified Financial Services		0.89%
Diversified Telecommunication Services		0.54%
Electric Utilities		1.44%
Electrical Equipment		0.30%
Energy Equipment & Services		0.38%
Food & Staples Retailing		0.53%
Food Products		0.74%
Health Care Equipment & Supplies		4.23%
Health Care Providers & Services		2.46%
Hotels, Restaurants & Leisure		1.96%
Household Durables		0.34%
Household Products		0.68%
Industrial Conglomerates		2.46%
Insurance		2.53%
Internet & Catalog Retail		4.43%
Internet Software & Services		8.18%
IT Services		4.15%
Life Sciences Tools & Services		0.18%
Machinery		0.42%
Media		2.87%
Metals & Mining		0.09%
Multi-Utilities		0.89%
Oil, Gas & Consumable Fuels		2.18%

Security Type/Sector	Percentage of Net Assets
Personal Products		1.59%
Pharmaceuticals		4.48%
Professional Services		1.35%
Real Estate Investment Trusts		1.75%
Road & Rail		1.32%
Semiconductors & Semiconductor Equipment		2.44%
Software		7.42%
Specialty Retail		4.01%
Technology Hardware, Storage & Peripherals		2.91%
Textiles, Apparel & Luxury Goods		1.74%
Tobacco		0.69%
Exchange-Traded Fund		1.11%
Money Market Fund		6.82%
Total Value of Securities		98.96%
Receivables and Other Assets Net of Liabilities		1.04%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Alphabet Class A		3.69%
Microsoft		3.54%
Amazon.com		3.47%
Facebook Class A		3.46%
Apple		2.91%
Home Depot		1.89%
salesforce.com		1.83%
Allergan		1.70%
Danaher		1.59%
Comcast Class A		1.48%
Total		25.56%

IT–Information Technology

LVIP Blended Large Cap Growth Managed Volatility Fund–2

LVIP Blended Large Cap Growth Managed Volatility Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–91.03%
Aerospace & Defense–3.38%
Boeing		11,990	$	1,557,141
General Dynamics		11,330		1,577,589
Honeywell International		82,410		9,585,931
Lockheed Martin		11,621		2,883,983
Northrop Grumman		6,840		1,520,395
†TransDigm Group		21,242		5,601,303
				22,726,342
Air Freight & Logistics–0.40%
FedEx		17,782		2,698,952
				2,698,952
Airlines–0.19%
American Airlines Group		18,110		512,694
Southwest Airlines		19,580		767,732
				1,280,426
Banks–2.04%
Bank of America		313,690		4,162,666
PNC Financial Services Group		29,470		2,398,563
†Signature Bank		16,342		2,041,443
Wells Fargo		108,050		5,114,007
				13,716,679
Beverages–2.03%
Anheuser-Busch InBev ADR		6,802		895,687
Coca-Cola		7,725		350,174
Constellation Brands Class A		7,460		1,233,884
Dr Pepper Snapple Group		20,510		1,981,881
Molson Coors Brewing Class B		15,530		1,570,549
†Monster Beverage		20,850		3,350,803
PepsiCo		40,129		4,251,266
				13,634,244
Biotechnology–4.24%
Amgen		17,973		2,734,592
†Celgene		95,148		9,384,447
Gilead Sciences		70,649		5,893,539
†Incyte		25,940		2,074,681
†Regeneron Pharmaceuticals		5,740		2,004,580
Shire ADR		10,800		1,988,064
†Vertex Pharmaceuticals		52,005		4,473,470
				28,553,373
Capital Markets–0.40%
BlackRock		2,740		938,532
Goldman Sachs Group		1,640		243,671
Invesco.		27,560		703,882
Northern Trust		12,230		810,360
				2,696,445
Chemicals–3.40%
Celanese Class A		22,600		1,479,170
Dow Chemical		45,640		2,268,764

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Chemicals (continued)
Ecolab		69,052	$	8,189,567
Monsanto		10,600		1,096,146
Mosaic		19,570		512,343
Sherwin-Williams		31,757		9,326,078
				22,872,068
Construction Materials–0.26%
CRH ADR		18,390		543,976
Martin Marietta Materials		1,570		301,440
Vulcan Materials		7,560		909,922
				1,755,338
Consumer Finance–1.63%
American Express		37,250		2,263,310
Capital One Financial		21,660		1,375,627
†Santander Consumer USA Holdings		184,490		1,905,782
†Synchrony Financial		214,222		5,415,532
				10,960,251
Containers & Packaging–0.49%
Ball		12,970		937,601
†Crown Holdings		19,540		990,092
International Paper		25,860		1,095,947
†Owens-Illinois		15,150		272,851
				3,296,491
Diversified Financial Services–0.89%
Intercontinental Exchange		3,120		798,595
MSCI		3,660		282,259
S&P Global		45,603		4,891,378
				5,972,232
Diversified Telecommunication Services–0.54%
†SBA Communications Class A		33,440		3,609,514
				3,609,514
Electric Utilities–1.44%
Avangrid		17,810		820,329
Duke Energy		7,880		676,025
Edison International		16,800		1,304,856
Eversource Energy		12,930		774,507
Exelon		27,820		1,011,535
NextEra Energy		23,380		3,048,752
PG&E		25,511		1,630,663
Pinnacle West Capital		5,180		419,891
				9,686,558
Electrical Equipment–0.30%
AMETEK		25,460		1,177,016
Eaton		13,590		811,731
				1,988,747
Energy Equipment & Services–0.38%
Baker Hughes		27,450		1,238,819

LVIP Blended Large Cap Growth Managed Volatility Fund––3

LVIP Blended Large Cap Growth Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Energy Equipment & Services (continued)
Ensco Class A		17,450	$	169,439
Halliburton		16,450		745,021
Tenaris ADR		13,190		380,400
				2,533,679
Food & Staples Retailing–0.53%
Costco Wholesale		12,340		1,937,874
Walgreens Boots Alliance		19,570		1,629,594
				3,567,468
Food Products–0.74%
Mondelez International		108,820		4,952,398
				4,952,398
Health Care Equipment & Supplies–4.23%
Abbott Laboratories		11,210		440,665
Baxter International		28,990		1,310,928
Becton Dickinson		8,420		1,427,948
†Boston Scientific		82,660		1,931,764
Cooper		31,309		5,371,685
†Intuitive Surgical		5,123		3,388,403
Medtronic		62,930		5,460,436
St. Jude Medical		22,570		1,760,460
Stryker		17,320		2,075,456
Zimmer Biomet Holdings		43,922		5,287,330
				28,455,075
Health Care Providers & Services–2.46%
Aetna		14,380		1,756,229
Cardinal Health		10,800		842,508
†Express Scripts Holding		57,491		4,357,818
†HCA Holdings		23,040		1,774,310
McKesson		17,410		3,249,577
UnitedHealth Group		32,470		4,584,764
				16,565,206
Hotels, Restaurants & Leisure–1.96%
†Chipotle Mexican Grill		4,242		1,708,508
Las Vegas Sands		13,330		579,722
McDonald’s		8,206		987,510
Starbucks		171,374		9,788,883
Wyndham Worldwide		1,763		125,578
				13,190,201
Household Durables–0.34%
†Mohawk Industries		12,010		2,279,018
				2,279,018
Household Products–0.68%
Colgate-Palmolive		62,380		4,566,216
				4,566,216
Industrial Conglomerates–2.46%
3M		14,623		2,560,780

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Industrial Conglomerates (continued)
Danaher		105,815	$	10,687,315
General Electric		104,010		3,274,235
				16,522,330
Insurance–2.53%
Allstate		14,000		979,300
American International Group		68,520		3,624,023
Chubb		5,800		758,118
Hartford Financial Services Group		42,100		1,868,398
Marsh & McLennan		69,434		4,753,452
MetLife		16,360		651,619
Principal Financial Group		20,020		823,022
Prudential Financial		16,540		1,179,964
XL Group		71,460		2,380,333
				17,018,229
Internet & Catalog Retail–4.43%
†Amazon.com		32,566		23,304,881
Expedia		13,651		1,451,101
†TripAdvisor		78,404		5,041,377
				29,797,359
Internet Software & Services–8.18%
†Alphabet Class A		35,304		24,837,423
†Alphabet Class C		9,988		6,912,695
†Facebook Class A		203,662		23,274,493
				55,024,611
IT Services–4.15%
Accenture Class A		16,476		1,866,566
†Alliance Data Systems		7,102		1,391,424
Automatic Data Processing		16,980		1,559,953
†Cognizant Technology Solutions Class A		119,824		6,858,726
Global Payments		32,710		2,334,840
MasterCard Class A		53,470		4,708,568
Visa Class A		124,217		9,213,175
				27,933,252
Life Sciences Tools & Services–0.18%
Thermo Fisher Scientific		8,160		1,205,722
				1,205,722
Machinery–0.42%
Illinois Tool Works		19,090		1,988,414
Pentair		14,690		856,280
				2,844,694
Media–2.87%
†Charter Communications Class A		18,215		4,164,767
Comcast Class A		152,610		9,948,646
Interpublic Group		55,020		1,270,962
Twenty-First Century Fox Class A		145,630		3,939,291
				19,323,666

LVIP Blended Large Cap Growth Managed Volatility Fund––4

LVIP Blended Large Cap Growth Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Metals & Mining–0.09%
Nucor		11,780	$	582,050
				582,050
Multi-Utilities–0.89%
Ameren		12,810		686,360
Dominion Resources		37,210		2,899,775
DTE Energy		3,510		347,911
Public Service Enterprise Group		5,428		252,999
Sempra Energy		15,730		1,793,535
				5,980,580
Oil, Gas & Consumable Fuels–2.18%
Anadarko Petroleum		10,650		567,113
†Cheniere Energy		7,910		297,021
Chevron		7,420		777,839
†Concho Resources		5,125		611,259
ConocoPhillips		18,060		787,416
Hess		13,780		828,178
Marathon Petroleum		28,440		1,079,582
†Newfield Exploration		18,891		834,604
ONEOK		8,088		383,776
Pioneer Natural Resources		31,070		4,698,095
TransCanada		72,520		3,279,354
Valero Energy		10,550		538,050
				14,682,287
Personal Products–1.59%
Coty Class A		48,570		1,262,334
Estee Lauder Class A		103,567		9,426,668
				10,689,002
Pharmaceuticals–4.48%
†Allergan		49,611		11,464,606
AstraZeneca ADR		54,310		1,639,619
Bristol-Myers Squibb		54,250		3,990,087
†Catalent		99,044		2,277,021
Eli Lilly & Co		11,960		941,850
Johnson & Johnson		24,060		2,918,478
Merck & Co		62,480		3,599,473
†Mylan		21,450		927,498
Perrigo		26,437		2,397,043
				30,155,675
Professional Services–1.35%
Equifax		13,770		1,768,068
†IHS Class A		1,700		196,537
Nielsen Holdings		38,740		2,013,318
†Verisk Analytics Class A		62,634		5,078,365
				9,056,288
Real Estate Investment Trusts–1.75%
American Tower		31,460		3,574,170
AvalonBay Communities		7,530		1,358,337
Crown Castle International		18,100		1,835,883

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Equinix		2,960	$	1,147,681
Public Storage		4,210		1,076,034
Regency Centers		7,850		657,281
Simon Property Group		9,815		2,128,873
				11,778,259
Road & Rail–1.32%
Canadian Pacific Railway		47,504		6,118,040
CSX		16,820		438,666
JB Hunt Transport Services		16,590		1,342,629
Kansas City Southern		5,830		525,225
Norfolk Southern		5,140		437,568
				8,862,128
Semiconductors & Semiconductor Equipment–2.44%
Applied Materials		20,770		497,857
Broadcom		62,611		9,729,749
Lam Research		7,750		651,465
Linear Technology		28,100		1,307,493
Microchip Technology		21,560		1,094,386
NVIDIA		49,623		2,332,777
†NXP Semiconductors		3,990		312,577
Skyworks Solutions		8,050		509,404
				16,435,708
Software–7.42%
†Adobe Systems		14,010		1,342,018
†Atlassian		97,300		2,520,070
†Electronic Arts		28,755		2,178,479
Microsoft		465,365		23,812,727
†salesforce.com		154,911		12,301,482
†ServiceNow		109,469		7,268,742
SS&C Technologies Holdings		17,920		503,194
				49,926,712
Specialty Retail–4.01%
Advance Auto Parts		20,220		3,268,158
Home Depot		99,356		12,686,768
L Brands		9,230		619,610
Ross Stores		5,770		327,101
Signet Jewelers		7,210		594,176
TJX		122,906		9,492,030
				26,987,843
Technology Hardware, Storage & Peripherals–2.91%
Apple		204,821		19,580,888
				19,580,888
Textiles, Apparel & Luxury Goods–1.74%
NIKE Class B		121,897		6,728,714
†Under Armour Class A		56,067		2,249,969
†Under Armour Class C		56,465		2,055,325

LVIP Blended Large Cap Growth Managed Volatility Fund––5

LVIP Blended Large Cap Growth Managed Volatility Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Textiles, Apparel & Luxury Goods (continued)
VF		11,310	$	695,452
				11,729,460
Tobacco–0.69%
Altria Group		66,939		4,616,113
				4,616,113
Total Common Stock (Cost $494,196,242)				612,289,777

	Number of Shares		Value (U.S. $)
EXCHANGE-TRADED FUND–1.11%
SPDR® S&P 500 ETF Trust		35,600	$	7,459,268
Total Exchange-Traded Fund (Cost $6,902,346)				7,459,268
MONEY MARKET FUND–6.82%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		45,851,964		45,851,964
Total Money Market Fund (Cost $45,851,964)				45,851,964

TOTAL VALUE OF SECURITIES–98.96% (Cost $546,950,552)		665,601,009
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.04%		6,971,477
NET ASSETS APPLICABLE TO 22,684,596 SHARES OUTSTANDING–100.00%	$	672,572,486

NET ASSET VALUE PER SHARE–LVIP BLENDED LARGE CAP GROWTH MANAGED VOLATILITY FUND STANDARD CLASS ($241,136,432 / 8,036,079 Shares)	$	30.007
NET ASSET VALUE PER SHARE–LVIP BLENDED LARGE CAP GROWTH MANAGED VOLATILITY FUND SERVICE CLASS ($431,436,054 / 14,648,517 Shares)	$	29.453

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	575,299,439
Undistributed net investment income		821,668
Accumulated net realized loss		(17,455,876	)
Net unrealized appreciation of investments, foreign currencies and derivatives		113,907,255
Total net assets	$	672,572,486

† Non-income producing for the period.

« Includes $9,231,247 cash collateral held at broker for futures contracts, $455,484 due to manager and affiliates, $5,565,724 payable for securities purchased and $76,567 payable for fund shares redeemed as of June 30, 2016.

Summary of Abbreviations:

ADR–American Depositary Receipt

IT–Information Technology

SPDR–Standard & Poor’s Depositary Receipt

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)				Notional Value				Expiration Date		Unrealized Appreciation (Depreciation)
(1,482)   E-mini S&P 500 Index		$	(150,143,033	)		$	(154,883,820	)		9/19/16		$	(4,740,787	)

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional value presented above represents 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 5 in “Notes to Financial Statements”.

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

LVIP Blended Large Cap Growth Managed Volatility Fund–6

LVIP Blended Large Cap Growth Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	3,749,944
Foreign tax withheld		(16,309	)
		3,733,635
EXPENSES:
Management fees		2,378,193
Distribution fees-Service Class		498,015
Accounting and administration expenses		157,678
Reports and statements to shareholders		152,832
Professional fees		20,313
Trustees’ fees and expenses		8,421
Custodian fees		4,724
Consulting fees		2,041
Pricing fees		221
Other		2,780
		3,225,218
Less management fees waived		(313,251	)
Total operating expenses		2,911,967
NET INVESTMENT INCOME		821,668
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		10,116,368
Foreign currencies		4,194
Foreign currency exchange contracts		(304	)
Futures contracts		(5,446,947	)
Net realized gain		4,673,311
Net change in unrealized appreciation (depreciation) of:
Investments		(32,357,414	)
Foreign currencies		(2,453	)
Futures contracts		(5,008,665	)
Net change in unrealized appreciation (depreciation)		(37,368,532	)
NET REALIZED AND UNREALIZED LOSS		(32,695,221	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(31,873,553	)

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

LVIP Blended Large Cap Growth Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	821,668		$	(568,826	)
Net realized gain (loss)		4,673,311			(16,721,342	)
Net change in unrealized appreciation (depreciation)		(37,368,532	)		23,818,868
Net increase (decrease) in net assets resulting from operations		(31,873,553	)		6,528,700
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,727,410			3,629,190
Service Class		87,391,575			168,966,935
		90,118,985			172,596,125
Cost of shares redeemed:
Standard Class		(15,297,173	)		(35,293,298	)
Service Class		(23,063,836	)		(35,727,092	)
		(38,361,009	)		(71,020,390	)
Increase in net assets derived from capital share transactions		51,757,976			101,575,735
NET INCREASE IN NET ASSETS		19,884,423			108,104,435
NET ASSETS:
Beginning of period		652,688,063			544,583,628
End of period	$	672,572,486		$	652,688,063
Undistributed net investment income	$	821,668		$	—

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

LVIP Blended Large Cap Growth Managed Volatility Fund–7

LVIP Blended Large Cap Growth Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Blended Large Cap Growth Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161, 2, 3 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/124		12/31/11
Net asset value, beginning of period	$	31.553		$	31.136		$	29.555		$	23.551		$	20.234	$	21.503
Income (loss) from investment operations:
Net investment income (loss)5		0.061			0.011			0.006			(0.024	)		0.118		0.128
Net realized and unrealized gain (loss)		(1.607	)		0.406			1.575			6.028			3.199		(1.350	)
Total from investment operations		(1.546	)		0.417			1.581			6.004			3.317		(1.222	)
Less dividends and distributions from:
Net investment income		—			—			—			—			—		(0.047	)
Total dividends and distributions		—			—			—			—			—		(0.047	)
Net asset value, end of period	$	30.007		$	31.553		$	31.136		$	29.555		$	23.551	$	20.234
Total return6		(4.90%	)		1.34%			5.35%			25.49%			16.39%		(5.69%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	241,136		$	266,788			$294,661			$309,717		$	277,091	$	274,479
Ratio of expenses to average net assets		0.75%			0.72%			0.72%			0.74%			0.75%		0.76%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.85%			0.83%			0.83%			0.85%			0.84%		0.84%
Ratio of net investment income (loss) to average net assets		0.41%			0.04%			0.02%			(0.09%	)		0.52%		0.60%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		0.31%			(0.07%	)		(0.09%	)		(0.20%	)		0.43%		0.52%
Portfolio turnover		62%			57%			58%			48%			122%		89%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Effective February 8, 2016, Wellington Management Company LLP was added as a sub-adviser to the Fund.

⁴  Commencing close of business on September 21, 2012, UBS Asset Management (Americas) Inc. replaced Janus Capital Management LLC, as the Fund’s sub-adviser.

⁵  The average shares outstanding method has been applied for per share information.

⁶  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Blended Large Cap Growth Managed Volatility Fund–8

LVIP Blended Large Cap Growth Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Blended Large Cap Growth Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2, 3 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/124		12/31/11
Net asset value, beginning of period	$	31.009		$	30.675		$	29.190		$	23.318		$	20.084	$	21.348
Income (loss) from investment operations:
Net investment income (loss)5		0.023			(0.066	)		(0.068	)		(0.089	)		0.060		0.075
Net realized and unrealized gain (loss)		(1.579	)		0.400			1.553			5.961			3.174		(1.339	)
Total from investment operations		(1.556	)		0.334			1.485			5.872			3.234		(1.264	)
Net asset value, end of period	$	29.453		$	31.009		$	30.675		$	29.190		$	23.318	$	20.084
Total return6		(5.02%	)		1.09%			5.09%			25.18%			16.10%		(5.92%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	431,436		$	385,900		$	249,923		$	169,959		$	64,140	$	51,548
Ratio of expenses to average net assets		1.00%			0.97%			0.97%			0.99%			1.00%		1.01%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.10%			1.08%			1.08%			1.10%			1.09%		1.09%
Ratio of net investment income (loss) to average net assets		0.16%			(0.21%	)		(0.23%	)		(0.34%	)		0.27%		0.35%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		0.06%			(0.32%	)		(0.34%	)		(0.45%	)		0.18%		0.27%
Portfolio turnover		62%			57%			58%			48%			122%		89%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Effective February 8, 2016, Wellington Management Company LLP was added as a sub-adviser to the Fund.

⁴  Commencing close of business on September 21, 2012, UBS Asset Management (Americas) Inc. replaced Janus Capital Management LLC, as the Fund’s sub-adviser.

⁵  The average shares outstanding method has been applied for per share information.

⁶  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Blended Large Cap Growth Managed Volatility Fund–9

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Blended Large Cap Growth Managed Volatility Fund (formerly, LVIP UBS Large Cap Growth Managed Volatility 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”). 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 long-term growth of capital in a manner consistent with the preservation of capital.

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 and exchange-traded funds (“ETFs”) 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 and ETFs 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 or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities or ETFs 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. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 generally does not separate that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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.

LVIP Blended Large Cap Growth Managed Volatility Fund–10

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes 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 commission to the Fund in cash. Commission rebates are included in “Net realized gain (loss) from investments” on the Statement of Operations and totaled $21,440 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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-advisers, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.75% of the first $500 million of the Fund’s average daily net assets and 0.70% of the Fund’s average daily net assets in excess of $500 million. Effective May 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.12% on the first $100 million of the Fund’s average daily net assets and 0.07% of the Fund’s average daily net assets in excess of $100 million. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to May 1, 2016, the waiver amount was 0.15% on the first $100 million of the Fund’s average daily net assets and 0.10% of the Fund’s average daily net assets in excess of $100 million.

UBS Asset Management (Americas) Inc. (“UBS”), is responsible for the day-to-day management of a portion of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays UBS a fee based on UBS’s managed portion of the Fund’s average daily net assets.

Effective February 8, 2016, Wellington Management Company LLP (“Wellington”), is responsible for the day-to-day management of a portion of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays Wellington a fee based on Wellington’s managed portion of the Fund’s average daily net assets.

Effective May 1, 2016, SSGA Funds Management, Inc. (“SSGA”), is responsible for the day-to-day management of the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for the day-to-day management of the Fund’s volatility management overlay. For these services, LIAC, not the Fund, pays SSGA 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 administrative expenses” on the Statement of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	16,841
Legal		4,632

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administrative expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $12,980 for the six months ended June 30, 2016.

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 $119,721 for the six months ended June 30, 2016.

LVIP Blended Large Cap Growth Managed Volatility Fund–11

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	365,303
Distribution fees payable to LFD		88,320
Printing and mailing fees payable to Lincoln Life		1,861

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	370,663,528
Sales		554,840,593

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	546,950,552
Aggregate unrealized appreciation	$	131,054,329
Aggregate unrealized depreciation		(12,403,872	)
Net unrealized appreciation	$	118,650,457

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; however, there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized, due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

As of December 31, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Pre-Enactment Short-Term Capital Losses Expiring	Post-Enactment Losses (No Expiration)*
2017	Short-Term	Long-Term	Total
$6,459,439	$15,230,867	$—	$21,690,306

*Capital Loss Carryovers with no expiration must be utilized first.

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

LVIP Blended Large Cap Growth Managed Volatility Fund–12

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Common Stock	$	612,289,777
Exchange-Traded Fund		7,459,268
Money Market Fund		45,851,964
Total	$	665,601,009
Futures Contracts	$	(4,740,787	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		90,860			115,473
Service Class		2,984,920			5,454,283
		3,075,780			5,569,756
Shares redeemed:
Standard Class		(509,933	)		(1,124,021	)
Service Class		(781,183	)		(1,156,836	)
		(1,291,116	)		(2,280,857	)
Net increase		1,784,664			3,288,899

5. 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.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016.

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 against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short

LVIP Blended Large Cap Growth Managed Volatility Fund–13

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities	$—	Receivables and other assets net of liabilities	$(4,740,787)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(304)		$	—
Equity contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(5,446,947)			(5,008,665)
Total			$	(5,447,251)		$	(5,008,665)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (average notional value)	$16,677,464	$101,951,466

6. Market Risk

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.

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.

7. 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.

LVIP Blended Large Cap Growth Managed Volatility Fund–14

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements (continued)

8. 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 Blended Large Cap Growth Managed Volatility Fund–15

LVIP Blended Large Cap Growth Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions. Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Blended Large Cap Growth Managed Volatility Fund–16

    LVIP Blended Mid Cap Managed Volatility Fund (formerly LVIP Ivy Mid Cap Growth Managed Volatility Fund)   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016  

LVIP Blended Mid Cap Managed

Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	10
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	13
Other Fund Information	21

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Blended Mid Cap Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	988.50		0.80	%		$3.96
Service Class Shares		1,000.00		987.20		1.05	%		5.19
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,020.89		0.80	%		$4.02
Service Class Shares		1,000.00		1,019.64		1.05	%		5.27

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Blended Mid Cap Managed Volatility Fund–1

LVIP Blended Mid Cap Managed Volatility Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		95.64%
Aerospace & Defense		0.68%
Air Freight & Logistics		1.13%
Airlines		1.13%
Auto Components		0.84%
Automobiles		0.28%
Banks		2.09%
Beverages		1.07%
Biotechnology		3.48%
Building Products		1.97%
Capital Markets		2.23%
Chemicals		2.11%
Commercial Services & Supplies		0.87%
Communications Equipment		1.47%
Construction & Engineering		0.09%
Construction Materials		0.38%
Containers & Packaging		0.51%
Diversified Consumer Services		0.28%
Diversified Financial Services		2.64%
Diversified Telecommunication Services		0.46%
Electrical Equipment		0.96%
Electronic Equipment, Instruments & Components		1.61%
Energy Equipment & Services		0.05%
Food & Staples Retailing		1.11%
Food Products		4.28%
Gas Utilities		0.17%
Health Care Equipment & Supplies		4.88%
Health Care Providers & Services		3.71%
Health Care Technology		0.50%
Hotels, Restaurants & Leisure		2.66%
Household Durables		1.94%
Household Products		0.32%
Industrial Conglomerates		0.25%
Insurance		1.76%
Internet & Catalog Retail		0.96%
Internet Software & Services		4.06%
IT Services		2.84%
Leisure Products		1.98%
Life Sciences Tools & Services		0.69%
Machinery		2.82%
Marine		0.09%
Media		0.38%

Metals & Mining	0.30%
Multiline Retail	0.73%
Multi-Utilities	0.12%
Oil, Gas & Consumable Fuels	3.27%
Pharmaceuticals	2.22%
Professional Services	2.10%
Real Estate Investment Trusts	1.70%
Real Estate Management & Development	0.16%
Road & Rail	0.74%
Semiconductors & Semiconductor Equipment	2.87%
Software	7.60%
Specialty Retail	7.22%
Textiles, Apparel & Luxury Goods	2.92%
Trading Companies & Distributors	1.76%
Wireless Telecommunication Services	0.20%
Master Limited Partnerships	0.40%
Money Market Fund	3.50%
Options Purchased	0.01%
Total Value of Securities	99.55%
Options Written	(0.01%	)
Receivables and Other Assets Net of Liabilities	0.46%
Total Net Assets	100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Intuitive Surgical		1.87%
Zoetis		1.74%
Fastenal		1.66%
Mead Johnson Nutrition		1.63%
Electronic Arts		1.58%
CoStar Group		1.52%
Microchip Technology		1.40%
Tractor Supply		1.35%
Northern Trust		1.34%
Fortune Brands Home & Security		1.26%
Total		15.34%

IT-Information Technology

LVIP Blended Mid Cap Managed Volatility Fund–2

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–95.64%
Aerospace & Defense–0.68%
†DigitalGlobe		10,600	$	226,734
Rockwell Collins		6,700		570,438
Textron		16,900		617,864
†TransDigm Group		3,600		949,284
				2,364,320
Air Freight & Logistics–1.13%
CH Robinson Worldwide		4,000		297,000
Expeditors International of Washington		74,654		3,661,032
				3,958,032
Airlines–1.13%
Alaska Air Group		11,700		681,993
Allegiant Travel		1,700		257,550
Copa Holdings Class A		4,000		209,040
Southwest Airlines		38,600		1,513,506
†Spirit Airlines		5,800		260,246
†United Continental Holdings		24,900		1,021,896
				3,944,231
Auto Components–0.84%
BorgWarner		89,870		2,652,962
Delphi Automotive		4,200		262,920
				2,915,882
Automobiles–0.28%
Ferrari		6,900		282,417
Harley-Davidson		4,000		181,200
†Tesla Motors		2,400		509,472
				973,089
Banks–2.09%
BankUnited		13,100		402,432
Fifth Third Bancorp		17,200		302,548
First Republic Bank		42,192		2,953,018
†Signature Bank		21,311		2,662,170
†SVB Financial Group		6,300		599,508
Webster Financial		11,585		393,311
				7,312,987
Beverages–1.07%
Brown-Forman Class B		7,900		788,104
Constellation Brands Class A		8,000		1,323,200
Dr Pepper Snapple Group		5,300		512,139
†Monster Beverage		6,900		1,108,899
				3,732,342
Biotechnology–3.48%
†ACADIA Pharmaceuticals		51,564		1,673,767
†Agios Pharmaceuticals		3,500		146,632
†Alkermes		60,339		2,607,852
†Alnylam Pharmaceuticals		4,800		266,352
†BioMarin Pharmaceutical		36,287		2,823,129

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†Bluebird Bio		1,400	$	60,606
†Clovis Oncology		1,700		23,324
†Incyte		10,800		863,784
†Intercept Pharmaceuticals		1,300		185,484
†Ironwood Pharmaceuticals		14,700		192,203
†Medivation		28,121		1,695,696
†Neurocrine Biosciences		5,300		240,885
†Puma Biotechnology		1,600		47,664
†Seattle Genetics		8,200		331,362
†Ultragenyx Pharmaceutical		2,700		132,057
†United Therapeutics		3,400		360,128
†Vertex Pharmaceuticals		5,800		498,916
				12,149,841
Building Products–1.97%
Allegion		13,500		937,305
AO Smith		17,460		1,538,400
Fortune Brands Home & Security		76,171		4,415,633
				6,891,338
Capital Markets–2.23%
†E*TRADE Financial		25,800		606,042
Financial Engines		6,000		155,220
Invesco		7,200		183,888
Lazard Class A		20,500		610,490
Northern Trust		70,832		4,693,328
State Street		9,600		517,632
TD Ameritrade Holding		28,100		800,147
WisdomTree Investments		22,900		224,191
				7,790,938
Chemicals–2.11%
Air Products & Chemicals		3,800		539,752
Ashland		6,700		768,959
Celanese Class A		14,500		949,025
CF Industries Holdings		14,000		337,400
NewMarket		1,000		414,380
PolyOne		8,000		281,920
RPM International		17,900		894,105
Scotts Miracle-Gro Class A		28,502		1,992,575
Sherwin-Williams		4,100		1,204,047
				7,382,163
Commercial Services & Supplies–0.87%
†Copart		10,200		499,902
KAR Auction Services		15,700		655,318
Ritchie Bros Auctioneers		15,300		516,834
Rollins		21,600		632,232
†Stericycle		2,300		239,476
Waste Connections		6,700		482,735
				3,026,497

LVIP Blended Mid Cap Managed Volatility Fund–3

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Communications Equipment–1.47%
†F5 Networks		3,600	$	409,824
Harris		44,474		3,710,911
Motorola Solutions		4,100		270,477
†Palo Alto Networks		6,200		760,368
				5,151,580
Construction & Engineering–0.09%
Valmont Industries		2,300		311,121
				311,121
Construction Materials–0.38%
Eagle Materials		3,700		285,455
Vulcan Materials		8,600		1,035,096
				1,320,551
Containers & Packaging–0.51%
Ball		15,200		1,098,808
Sealed Air		14,700		675,759
				1,774,567
Diversified Consumer Services–0.28%
Service International		29,700		803,088
Sotheby’s		6,200		169,880
				972,968
Diversified Financial Services–2.64%
CBOE Holdings		13,800		919,356
CME Group		43,273		4,214,790
FactSet Research Systems		1,800		290,556
Intercontinental Exchange		4,200		1,075,032
†Markit		9,800		319,480
Moody’s		9,400		880,874
MSCI		6,000		462,720
S&P Global		9,800		1,051,148
				9,213,956
Diversified Telecommunication Services–0.46%
†SBA Communications Class A		15,000		1,619,100
				1,619,100
Electrical Equipment–0.96%
AMETEK		10,000		462,300
†Generac Holdings		49,942		1,745,972
Hubbell		2,900		305,863
†Sensata Technologies Holding		23,900		833,871
				3,348,006
Electronic Equipment, Instruments & Components–1.61%
Amphenol Class A		24,000		1,375,920
Cognex		8,500		366,350
†IPG Photonics		4,100		328,000
†Keysight Technologies		7,500		218,175
†Trimble Navigation		137,482		3,349,062
				5,637,507

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Energy Equipment & Services–0.05%
Oceaneering International		5,600	$	167,216
				167,216
Food & Staples Retailing–1.11%
PriceSmart		2,800		261,996
†Sprouts Farmers Market		11,300		258,770
Whole Foods Market		104,830		3,356,657
				3,877,423
Food Products–4.28%
†Blue Buffalo Pet Products		84,635		1,975,381
Flowers Foods		22,900		429,375
†Hain Celestial Group		80,863		4,022,934
Hershey		10,000		1,134,900
JM Smucker		2,100		320,061
McCormick & Co		9,200		981,364
Mead Johnson Nutrition		62,575		5,678,681
†WhiteWave Foods		8,400		394,296
				14,936,992
Gas Utilities–0.17%
Atmos Energy		7,500		609,900
				609,900
Health Care Equipment & Supplies–4.88%
†Align Technology		39,496		3,181,403
Cooper		4,200		720,594
DENTSPLY SIRONA		16,052		995,866
†Edwards Lifesciences		30,636		3,055,328
†Hologic		20,100		695,460
†IDEXX Laboratories		9,800		910,028
†Intuitive Surgical		9,868		6,526,794
Teleflex		3,400		602,854
West Pharmaceutical Services		4,800		364,224
				17,052,551
Health Care Providers & Services–3.71%
†Acadia Healthcare		34,587		1,916,120
AmerisourceBergen		15,100		1,197,732
†Centene		8,300		592,371
†DaVita HealthCare Partners		7,100		548,972
†Diplomat Pharmacy		36,891		1,291,185
†Envision Healthcare Holdings		15,900		403,383
†Henry Schein		14,077		2,488,814
Humana		2,600		467,688
†Laboratory Corp of America Holdings		19,571		2,549,514
†MEDNAX		6,200		449,066
†Team Health Holdings		4,300		174,881
Universal Health Services Class B		3,000		402,300
†WellCare Health Plans		4,600		493,488
				12,975,514
Health Care Technology–0.50%
†athenahealth		1,900		262,219

LVIP Blended Mid Cap Managed Volatility Fund–4

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Technology (continued)
†Cerner		9,800	$	574,280
†Medidata Solutions		6,400		299,968
†Veeva Systems Class A		17,500		597,100
				1,733,567
Hotels, Restaurants & Leisure–2.66%
Bloomin’ Brands		11,500		205,505
Brinker International		8,100		368,793
†Chipotle Mexican Grill		1,400		563,864
Choice Hotels International		9,100		433,342
Dunkin’ Brands Group		83,853		3,657,668
Extended Stay America		20,500		306,475
Hilton Worldwide Holdings		22,000		495,660
Marriott International Class A		12,000		797,520
†MGM Resorts International		28,400		642,692
†Norwegian Cruise Line Holdings		9,772		389,316
†Panera Bread Class A		1,400		296,716
Papa John’s International		5,800		394,400
Royal Caribbean Cruises		6,400		429,760
Wynn Resorts		3,300		299,112
				9,280,823
Household Durables–1.94%
DR Horton		89,734		2,824,826
Harman International Industries		7,700		553,014
†Mohawk Industries		3,200		607,232
Newell Brands		14,200		689,694
†NVR		350		623,119
PulteGroup		16,200		315,738
†Tempur Sealy International		6,900		381,708
†Toll Brothers		11,400		306,774
Whirlpool		2,900		483,256
				6,785,361
Household Products–0.32%
Church & Dwight		8,000		823,120
Clorox		2,200		304,458
				1,127,578
Industrial Conglomerates–0.25%
Roper Technologies		5,200		886,912
				886,912
Insurance–1.76%
Aon		13,000		1,419,990
FNF Group		27,700		1,038,750
Progressive		13,000		435,500
Willis Towers Watson		26,048		3,238,027
				6,132,267
Internet & Catalog Retail–0.96%
†Ctrip.com International ADR		13,000		535,600
†Liberty Interactive Corp QVC Group Class A		10,500		266,385

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet & Catalog Retail (continued)
†TripAdvisor		31,181	$	2,004,938
†Vipshop Holdings ADR		27,200		303,824
†Wayfair Class A		6,400		249,600
				3,360,347
Internet Software & Services–4.06%
†Akamai Technologies		29,186		1,632,373
†CoStar Group		24,245		5,301,412
†GrubHub		70,663		2,195,499
†Match Group		20,500		309,037
MercadoLibre		2,700		379,809
†Pandora Media		220,357		2,743,445
†Twitter		15,800		267,178
†VeriSign		11,900		1,028,874
†Zillow Group		8,600		315,190
				14,172,817
IT Services–2.84%
†Alliance Data Systems		3,400		666,128
†Black Knight Financial Services Class A		19,800		744,480
Booz Allen Hamilton Holding		15,100		447,564
†CoreLogic		17,500		673,400
†EPAM Systems		3,900		250,809
Fidelity National Information Services		14,500		1,068,360
†Fiserv		13,700		1,489,601
†Gartner		9,400		915,654
†Genpact		11,200		300,608
Global Payments		10,200		728,076
Paychex		6,900		410,550
Sabre		29,500		790,305
†Vantiv Class A		19,100		1,081,060
†WEX		3,800		336,946
				9,903,541
Leisure Products–1.98%
Mattel		117,797		3,685,868
Polaris Industries		39,676		3,243,910
				6,929,778
Life Sciences Tools & Services–0.69%
Agilent Technologies		12,500		554,500
Bruker		11,900		270,606
†Illumina		2,400		336,912
†Mettler-Toledo International		2,200		802,824
†Quintiles Transnational Holdings		6,700		437,644
				2,402,486
Machinery–2.82%
CLARCOR		4,200		255,486
†Colfax		7,400		195,804
Donaldson		13,500		463,860
Flowserve		10,000		451,700

LVIP Blended Mid Cap Managed Volatility Fund–5

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
Graco		10,100	$	797,799
IDEX		36,310		2,981,051
†Middleby		4,600		530,150
Nordson		3,500		292,635
PACCAR		5,400		280,098
Snap-on		4,000		631,280
Toro		4,500		396,900
†WABCO Holdings		2,900		265,553
Wabtec		8,200		575,886
Woodward		23,596		1,360,073
Xylem		8,400		375,060
				9,853,335
Marine–0.09%
†Kirby		5,000		311,950
				311,950
Media–0.38%
†Discovery Communications Class C		9,800		233,730
Interpublic Group		27,800		642,180
Omnicom Group		5,700		464,493
				1,340,403
Metals & Mining–0.30%
Carpenter Technology		4,400		144,892
Compass Minerals International		2,700		200,313
Silver Wheaton		16,400		385,892
†Stillwater Mining		27,900		330,894
				1,061,991
Multiline Retail–0.73%
Dollar General		18,700		1,757,800
†Dollar Tree		8,300		782,192
				2,539,992
Multi-Utilities–0.12%
NiSource		15,700		416,364
				416,364
Oil, Gas & Consumable Fuels–3.27%
Cabot Oil & Gas		86,172		2,218,067
Cimarex Energy		19,861		2,369,815
†Concho Resources		2,900		345,883
†Continental Resources		61,803		2,797,822
†Diamondback Energy		2,800		255,388
EQT		5,900		456,837
Noble Energy		54,749		1,963,847
Pioneer Natural Resources		2,100		317,541
Range Resources		6,000		258,840
Tesoro		5,700		427,044
				11,411,084
Pharmaceuticals–2.22%
†Akorn		8,000		227,880

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Pharmaceuticals (continued)
†Catalent		17,100	$	393,129
†Endo International		9,100		141,869
†Horizon Pharma		7,500		123,525
†Jazz Pharmaceuticals		2,700		381,537
†Mallinckrodt		3,800		230,964
†Pacira Pharmaceuticals		5,100		172,023
Zoetis		128,449		6,096,190
				7,767,117
Professional Services–2.10%
Equifax		8,600		1,104,240
†IHS Class A		5,900		682,099
ManpowerGroup		6,400		411,776
Nielsen Holdings		7,200		374,184
Robert Half International		8,500		324,360
†TransUnion		15,200		508,288
†Verisk Analytics Class A		48,667		3,945,920
				7,350,867
Real Estate Investment Trusts–1.70%
American Campus Communities		8,600		454,682
Crown Castle International		17,000		1,724,310
Equinix		3,100		1,201,963
Federal Realty Investment Trust		2,700		446,985
Iron Mountain		9,800		390,334
MGM Growth Properties		16,600		442,888
SL Green Realty		4,200		447,174
Taubman Centers		5,400		400,680
VEREIT		41,800		423,852
				5,932,868
Real Estate Management & Development–0.16%
Jones Lang LaSalle		5,600		545,720
				545,720
Road & Rail–0.74%
†Avis Budget Group		10,100		325,523
†Genesee & Wyoming		7,400		436,230
†Herc Holdings		7,200		79,704
JB Hunt Transport Services		6,200		501,766
Kansas City Southern		5,300		477,477
Landstar System		4,400		302,104
†Old Dominion Freight Line		7,600		458,356
				2,581,160
Semiconductors & Semiconductor Equipment–2.87%
ARM Holdings ADR		16,300		741,813
†Integrated Device Technology		14,300		287,859
Linear Technology		13,900		646,767
Maxim Integrated Products		48,319		1,724,505
Microchip Technology		96,026		4,874,280
†Microsemi		14,700		480,396
Monolithic Power Systems		2,016		137,733

LVIP Blended Mid Cap Managed Volatility Fund–6

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions		10,500	$	664,440
Xilinx		10,400		479,752
				10,037,545
Software–7.60%
Activision Blizzard		11,100		439,893
†ANSYS		29,335		2,662,151
†Atlassian		25,400		657,860
†Autodesk		5,400		292,356
†Check Point Software Technologies		3,900		310,752
†Electronic Arts		72,821		5,516,919
†Ellie Mae		14,837		1,359,811
†Fortinet		11,500		363,285
†Guidewire Software		38,214		2,360,097
Intuit		12,300		1,372,803
†Mobileye		15,700		724,398
†NetSuite		10,500		764,400
†Proofpoint		4,300		271,287
†Red Hat		49,856		3,619,546
†ServiceNow		59,759		3,967,998
†Splunk		6,300		341,334
SS&C Technologies Holdings		16,200		454,896
†Tableau Software Class A		6,080		297,434
†Workday Class A		8,300		619,761
†Zendesk		6,300		166,194
				26,563,175
Specialty Retail–7.22%
†AutoZone		2,100		1,667,064
Bed Bath & Beyond		51,589		2,229,677
†Burlington Stores		14,000		933,940
†CarMax		24,500		1,201,235
Dick’s Sporting Goods		6,900		310,914
DSW Class A		81,479		1,725,725
†Five Below		7,500		348,075
L Brands		16,400		1,100,932
†Michaels		24,100		685,404
†O’Reilly Automotive		5,400		1,463,940
†Restoration Hardware Holdings		4,300		123,324
Ross Stores		28,100		1,592,989
Signet Jewelers		6,900		568,629
Tiffany & Co		48,775		2,957,716
Tractor Supply		51,574		4,702,517
†Ulta Salon Cosmetics & Fragrance		3,200		779,648
Williams-Sonoma		54,217		2,826,332
				25,218,061
Textiles, Apparel & Luxury Goods–2.92%
Burberry Group		101,726		1,582,391
Coach		13,600		554,064

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Textiles, Apparel & Luxury Goods (continued)
Hanesbrands		63,000	$	1,583,190
†Kate Spade & Co		119,666		2,466,316
†lululemon athletica		32,823		2,424,307
PVH		6,900		650,187
†Under Armour Class A		18,713		750,953
Wolverine World Wide		9,600		195,072
				10,206,480
Trading Companies & Distributors–1.76%
Fastenal		130,610		5,797,778
WW Grainger		1,600		363,600
				6,161,378
Wireless Telecommunication Services–0.20%
†T-Mobile U.S		16,100		696,647
				696,647
Total Common Stock (Cost $316,207,603)				334,122,226
MASTER LIMITED PARTNERSHIPS–0.40%
Oaktree Capital Group		31,558		1,412,536
Total Master Limited Partnerships (Cost $1,635,974)				1,412,536
MONEY MARKET FUND–3.50%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		12,243,737		12,243,737
Total Money Market Fund (Cost $12,243,737)				12,243,737
	Number of Contracts
OPTIONS PURCHASED–0.01%
Equity Put Options–0.01%
Alkermes strike price $38,expiration date 8/19/16 (GSC)		181		19,910
Total Options Purchased (Premium paid $51,625)				19,910

TOTAL VALUE OF SECURITIES–99.55% (Cost $330,138,939) $ 347,798,409

LVIP Blended Mid Cap Managed Volatility Fund–7

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Net Assets (continued)

	Number of  Contracts			Value (U.S. $)
OPTIONS WRITTEN–(0.01%)
Equity Call Options–(0.01%)
@=Alkermes strike price $52, expiration date 8/19/16 (GSC)		(181	)		(11,494	)
Signature Bank strike price $145, expiration date 9/16/16 (MSC)		(109	)		(9,810	)
					(21,304	)
Equity Put Options–0.00%
Alkermes strike price $30, expiration date 8/19/16 (GSC)		(181	)		(2,262	)
					(2,262	)
Total Options Written (Premium received $(83,519))					(23,566	)
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.46%					1,592,017
NET ASSETS APPLICABLE TO 30,207,476 SHARES OUTSTANDING–100.00%				$	349,366,860

NET ASSET VALUE PER SHARE–LVIP BLENDED MID CAP MANAGED VOLATILITY FUND STANDARD CLASS ($21,763,643 / 1,839,706 Shares)	$11.830
NET ASSET VALUE PER SHARE–LVIP BLENDED MID CAP MANAGED VOLATILITY FUND SERVICE CLASS ($327,603,217 / 28,367,770 Shares)	$11.548

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	364,501,622
Accumulated net investment income		56,494
Accumulated net realized loss on investments		(28,828,787	)
Net unrealized appreciation of investments and derivatives		13,637,531
TOTAL NET ASSETS	$	349,366,860

† Non-income producing for the period.

« Includes $5,858,883 cash collateral held at broker for futures contracts, $275,676 due to manager and affiliates, $399,507 payable for securities purchased and $87,791 payable for fund shares redeemed as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $(11,494), which represents 0.00% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $(11,494), which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(101)	E-mini Russell 2000 Index		$(11,229,646	)	$	(11,588,740	)		9/19/16	$	(359,094	)
(333)	E-mini S&P 500 Index		(33,854,097	)		(34,801,830	)		9/19/16		(947,733	)
(558)	E-mini S&P MidCap 400 Index		(80,534,335	)		(83,309,400	)		9/19/16		(2,775,065	)
											$(4,081,892	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

LVIP Blended Mid Cap Managed Volatility Fund–8

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Net Assets (continued)

Summary of Abbreviations:

GSC–Goldman Sachs Capital

IT–Information Technology

MSC–Morgan Stanley Capital

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

LVIP Blended Mid Cap Managed Volatility Fund–9

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	1,770,875
Foreign tax withheld		(1,461	)
		1,769,414
EXPENSES:
Management fees		1,233,571
Distribution fees-Service Class		385,331
Accounting and administration expenses		80,681
Reports and statements to shareholders		63,247
Professional fees		34,787
Trustees’ fees and expenses		4,294
Custodian fees		3,613
Consulting fees		1,911
Pricing fees		791
Other		1,571
		1,809,797
Less management fees waived		(96,877	)
Total operating expenses		1,712,920
NET INVESTMENT INCOME		56,494
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(32,313,926	)
Foreign currencies		(96,544	)
Foreign currency exchange contracts		93,839
Futures contracts		(7,100,985	)
Options written		158,063
Options purchased		(88,936	)
Net realized loss		(39,348,489	)
Net change in unrealized appreciation (depreciation) of:
Investments		39,447,711
Foreign currencies		219
Futures contracts		(3,366,453	)
Options written		59,953
Options purchased		(31,715	)
Net change in unrealized appreciation (depreciation)		36,109,715
NET REALIZED AND UNREALIZED LOSS		(3,238,774	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,182,280	)

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

LVIP Blended Mid Cap Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	56,494		$	(284,782	)
Net realized gain (loss)		(39,348,489	)		42,593,937
Net change in unrealized appreciation (depreciation)		36,109,715			(59,698,091	)
Net decrease in net assets resulting from operations		(3,182,280	)		(17,388,936	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments:
Standard Class		—			(264,768	)
Service Class		—			(3,648,154	)
		—			(3,912,922	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,072,988			9,087,501
Service Class		41,468,434			101,262,639
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			264,768
Service Class		—			3,648,154
		43,541,422			114,263,062
Cost of shares redeemed:
Standard Class		(2,785,640	)		(7,644,302	)
Service Class		(17,333,870	)		(44,461,299	)
		(20,119,510	)		(52,105,601	)
Increase in net assets derived from capital share transactions		23,421,912			62,157,461
NET INCREASE IN NET ASSETS		20,239,632			40,855,603
NET ASSETS:
Beginning of period		329,127,228			288,271,625
End of period	$	349,366,860		$	329,127,228
Undistributed net investment income	$	56,494		$	—

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

LVIP Blended Mid Cap Managed Volatility Fund–10

LVIP Blended Mid Cap Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Blended Mid Cap Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161, 2				Year Ended
	(unaudited)				12/31/153				12/31/14				12/31/13				12/31/124				12/31/11
Net asset value, beginning of period		$	11.968			$	12.639			$	13.635			$	11.109			$	10.431			$	11.288
Income (loss) from investment operations:
Net investment income (loss)5			0.015				0.018				(0.044	)			(0.057	)			(0.014	)			(0.036	)
Net realized and unrealized gain (loss)			(0.153	)			(0.548	)			(0.952	)			2.800				0.692				(0.821	)
Total from investment operations			(0.138	)			(0.530	)			(0.996	)			2.743				0.678				(0.857	)
Less dividends and distributions from:
Net realized gain			—				(0.141	)			—				(0.217	)			—				—
Total dividends and distributions			—				(0.141	)			—				(0.217	)			—				—
Net asset value, end of period		$	11.830			$	11.968			$	12.639			$	13.635			$	11.109			$	10.431
Total return6			(1.15%	)			(4.20%	)			(7.31%	)			24.82%				6.50%				(7.59%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	21,764			$	22,752			$	22,489			$	20,774			$	16,610			$	17,721
Ratio of expenses to average net assets			0.80%				0.80%				0.84%				0.91%				0.95%				0.93%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.86%				0.85%				0.86%				0.95%				1.02%				1.00%
Ratio of net investment income (loss) to average net assets			0.27%				0.14%				(0.34%	)			(0.46%	)			(0.13%	)			(0.31%	)
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			0.21%				0.09%				(0.36%	)			(0.50%	)			(0.20%	)			(0.38%	)
Portfolio turnover			57%				148%				149%				140%				231%				113%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective February 8, 2016 and May 1, 2016, respectively, T. Rowe Price Associates, Inc. and SSGA Funds Management, Inc. were added as sub-advisers to the Fund.

³  Effective May 1, 2015, Ivy Investment Management Company replaced Columbia Management Investment Advisors, LLC as the Fund’s sub-adviser.

⁴  Commencing after the close of business on September 21, 2012, Columbia Management Investment Advisors LLC, replaced Turner Investments L.P. as the Fund’s sub-adviser.

⁵  The average shares outstanding method has been applied for per share information.

⁶  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Blended Mid Cap Managed Volatility Fund–11

LVIP Blended Mid Cap Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Blended Mid Cap Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2				Year ended
	(unaudited)				12/31/153				12/31/14				12/31/13				12/31/124				12/31/11
Net asset value, beginning of period		$	11.698			$	12.388			$	13.398			$	10.946			$	10.304			$	11.178
Income (loss) from investment operations:
Net investment income (loss)5			0.001				(0.014	)			(0.074	)			(0.088	)			(0.041	)			(0.064	)
Net realized and unrealized gain (loss)			(0.151	)			(0.535	)			(0.936	)			2.757				0.683				(0.810	)
Total from investment operations			(0.150	)			(0.549	)			(1.010	)			2.669				0.642				(0.874	)
Less dividends and distributions from:
Net realized gain			—				(0.141	)			—				(0.217	)			—				—
Total dividends and distributions			—				(0.141	)			—				(0.217	)			—				—
Net asset value, end of period		$	11.548			$	11.698			$	12.388			$	13.398			$	10.946			$	10.304
Total return6			(1.28%	)			(4.44%	)			(7.55%	)			24.52%				6.23%				(7.83%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	327,603			$	306,375			$	265,783			$	178,054			$	42,985			$	36,278
Ratio of expenses to average net assets			1.05%				1.05%				1.09%				1.16%				1.20%				1.18%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.11%				1.10%				1.11%				1.20%				1.27%				1.25%
Ratio of net investment gain (loss) to average net assets			0.02%				(0.11%	)			(0.59%	)			(0.71%	)			(0.38%	)			(0.56%	)
Ratio of net investment loss to average net assets prior to expenses waived/reimbursed			(0.04%	)			(0.16%	)			(0.61%	)			(0.75%	)			(0.45%	)			(0.63%	)
Portfolio turnover			57%				148%				149%				140%				231%				113%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective February 8, 2016 and May 1, 2016, respectively, T. Rowe Price Associates, Inc. and SSGA Funds Management, Inc. were added as sub-advisers to the Fund.

³  Effective May 1, 2015, Ivy Investment Management Company replaced Columbia Management Investment Advisors, LLC as the Fund’s sub-adviser.

⁴  Commencing after the close of business on September 21, 2012, Columbia Management Investment Advisors LLC, replaced Turner Investments L.P. as the Fund’s sub-adviser.

⁵  The average shares outstanding method has been applied for per share information.

⁶  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Blended Mid Cap Managed Volatility Fund–12

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Blended Mid Cap Managed Volatility Fund (formerly LVIP Ivy Mid Cap Growth Managed Volatility 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”). 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 capital appreciation.

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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 expenses and penalties in other expenses on the Statement of Operations. During the six months ended June 30, 2016, 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 investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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.

LVIP Blended Mid Cap Managed Volatility Fund –13

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all withholding taxes not eligible for rebates. Withholding taxes on foreign dividends have been 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. Distributions received from Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. 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.

The Fund invests in master limited partnerships (“MLPs”) which make distributions that are primarily attributable to return of capital. The Fund records investment income and return of capital in the Statement of Operations using management’s estimate of the percentage of income included in the distributions received from each MLP based on historical information from the MLPs and other industry sources. These estimates may be adjusted based on information received from the MLPs after the tax and fiscal year ends.

The return of capital portion of the MLP distributions is a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed its cost basis, the distributions are treated as realized gains. The actual amounts of income and return of capital are only determined by each MLP after its fiscal year-end and may differ from the estimated amounts. For the six months ended June 30, 2016, the Fund estimated that 100% of the MLP distributions received would be treated as a return of capital.

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 commission to the Fund in cash. Commission rebates are included in “Net realized gain (loss) on investments” on the Statement of Operations and totaled $70,343 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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(s), and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.90% of the first $25 million of the average daily net assets of the Fund; 0.85% of the next $50 million; 0.80% of the next $75 million; 0.70% of the next $100 million; and 0.65% of average daily net assets in excess of $250 million.

Effective May 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.12% on the first $25 million of the Fund’s average daily net assets; 0.07% on the next $50 million; 0.02% on the next $225 million; 0.04% on the next $300 million; and 0.07% on the next $200 million of the Fund’s average daily net assets. When the Fund’s daily net assets exceed $800 million, the waiver amount is 0.22% of the first $25 million of the Fund’s average daily net assets; 0.17% on the next $50 million; 0.12% on the next $75 million; 0.02% on the next $100 million; and 0.07% in excess of $250 million of the Fund’s daily net assets. This agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to May 1, 2016, LIAC had contractually agreed to waive a portion of its advisory fee. The waiver amount was 0.15% on the first $25 million of the Fund’s average daily net assets; 0.10% on the next $50 million; 0.05% on the next $225 million; 0.07% on the next $300 million; and 0.10% on the next $200 million of the Fund’s average daily net assets. When the Fund’s daily net assets exceeded $800 million, the waiver amount was 0.25% of the first $25 million of the Fund’s average daily net assets; 0.20% on the next $50 million; 0.15% on the next $75 million; 0.05% on the next $100 million; and 0.10% in excess of $250 million of the Fund’s daily net assets. LIAC voluntarily waived fees in the amount of $3,793 during the period. This voluntary waiver is not subject to recapture by LIAC and entails no obligation on the part of LIAC to waive additional amounts.

Ivy Investment Management Company (“Ivy”) is responsible for managing a portion of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays Ivy a fee based on Ivy’s managed portion of the Fund’s average daily net assets. Effective February 8, 2016 T. Rowe Price Associates, Inc. (“T. Rowe Price”) is responsible for managing a portion of the Fund’s investment portfolio. For these services, LIAC, not the

LVIP Blended Mid Cap Managed Volatility Fund –14

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Fund, pays T. Rowe Price a fee based on T. Rowe Price’s managed portion of the Fund’s average daily net assets. Effective May 1, 2016 SSGA Funds Management, Inc. (SSGA) is responsible for managing the Fund’s managed volatility strategy. Prior to May 1, 2016, LIAC was responsible for managing the Fund’s volatility management overlay. For these services, LIAC, not the Fund, pays SSGA 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	8,612
Legal		2,368

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimbursed Lincoln Life for the cost of these services, which amounts to $6,578 for the six months ended June 30, 2016.

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 $42,014 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	203,326
Distribution fees payable to LFD		67,541
Printing and mailing fees payable to Lincoln Life		4,809

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	178,793,522
Sales		310,983,076

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated because final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	330,087,314
Aggregate unrealized appreciation	$	35,899,689
Aggregate unrealized depreciation		(18,208,504	)
Net unrealized appreciation	$	17,691,185

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

LVIP Blended Mid Cap Managed Volatility Fund –15

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 2			Level 3			Total
Common Stock
Aerospace & Defense		$	2,364,320		$	—		$	—		$	2,364,320
Air Freight & Logistics			3,958,032			—			—			3,958,032
Airlines			3,944,231			—			—			3,944,231
Auto Components			2,915,882			—			—			2,915,882
Automobiles			973,089			—			—			973,089
Banks			7,312,987			—			—			7,312,987
Beverages			3,732,342			—			—			3,732,342
Biotechnology			12,149,841			—			—			12,149,841
Building Products			6,891,338			—			—			6,891,338
Capital Markets			7,790,938			—			—			7,790,938
Chemicals			7,382,163			—			—			7,382,163
Commercial Services & Supplies			3,026,497			—			—			3,026,497
Communications Equipment			5,151,580			—			—			5,151,580
Construction & Engineering			311,121			—			—			311,121
Construction Materials			1,320,551			—			—			1,320,551
Containers & Packaging			1,774,567			—			—			1,774,567
Diversified Consumer Services			972,968			—			—			972,968
Diversified Financial Services			9,213,956			—			—			9,213,956
Diversified Telecommunication Services			1,619,100			—			—			1,619,100
Electrical Equipment			3,348,006			—			—			3,348,006
Electronic Equipment, Instruments & Components			5,637,507			—			—			5,637,507
Energy Equipment & Services			167,216			—			—			167,216
Food & Staples Retailing			3,877,423			—			—			3,877,423
Food Products			14,936,992			—			—			14,936,992
Gas Utilities			609,900			—			—			609,900
Health Care Equipment & Supplies			17,052,551			—			—			17,052,551
Health Care Providers & Services			12,975,514			—			—			12,975,514
Health Care Technology			1,733,567			—			—			1,733,567
Hotels, Restaurants & Leisure			9,280,823			—			—			9,280,823
Household Durables			6,785,361			—			—			6,785,361
Household Products			1,127,578			—			—			1,127,578
Industrial Conglomerates			886,912			—			—			886,912
Insurance			6,132,267			—			—			6,132,267
Internet & Catalog Retail			3,360,347			—			—			3,360,347
Internet Software & Services			14,172,817			—			—			14,172,817
IT Services			9,903,541			—			—			9,903,541
Leisure Products			6,929,778			—			—			6,929,778
Life Sciences Tools & Services			2,402,486			—			—			2,402,486
Machinery			9,853,335			—			—			9,853,335
Marine			311,950			—			—			311,950

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LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2		Level 3			Total
Media	$	1,340,403		$	—	$	—		$	1,340,403
Metals & Mining		1,061,991			—		—			1,061,991
Multiline Retail		2,539,992			—		—			2,539,992
Multi-Utilities		416,364			—		—			416,364
Oil, Gas & Consumable Fuels		11,411,084			—		—			11,411,084
Pharmaceuticals		7,767,117			—		—			7,767,117
Professional Services		7,350,867			—		—			7,350,867
Real Estate Investment Trusts		5,932,868			—		—			5,932,868
Real Estate Management & Development		545,720			—		—			545,720
Road & Rail		2,581,160			—		—			2,581,160
Semiconductors & Semiconductor Equipment		10,037,545			—		—			10,037,545
Software		26,563,175			—		—			26,563,175
Specialty Retail		25,218,061			—		—			25,218,061
Textiles, Apparel & Luxury Goods		8,624,089			1,582,391		—			10,206,480
Trading Companies & Distributors		6,161,378			—		—			6,161,378
Wireless Telecommunication Services		696,647			—		—			696,647
Master Limited Partnerships		1,412,536			—		—			1,412,536
Money Market Fund		12,243,737			—		—			12,243,737
Options Purchased		19,910			—		—			19,910
Total	$	346,216,018		$	1,582,391	$	—		$	347,798,409
Futures Contracts	$	(4,081,892	)	$	—	$	—		$	(4,081,892	)
Options Written	$	(12,072	)	$	—	$	(11,494	)	$	(23,566	)

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		181,042			687,309
Service Class		3,694,681			7,919,901
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			22,002
Service Class		—			310,164
		3,875,723			8,939,376
Shares redeemed:
Standard Class		(242,446	)		(587,426	)
Service Class		(1,517,981	)		(3,493,408	)
		(1,760,427	)		(4,080,834	)
Net increase		2,115,296			4,858,542

5. 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.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The

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LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts and foreign cross currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. No foreign currency exchange contracts or foreign cross currency exchange contracts were outstanding at June 30, 2016.

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Options Contracts–During the six months ended June 30, 2016, the Fund entered into options contracts in the normal course of pursuing its investment objectives and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; to increase yield during low interest rate environment; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the options purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

Transactions in options written during the six months ended June 30, 2016 for the Fund were as follows:

Call Options	Number of Contracts			Premiums
Options outstanding at December 31, 2015		—		$	—
Options written		(746	)		(136,262	)
Options terminated in closing sales transactions		456			62,653
Options outstanding at June 30, 2016		(290	)	$	(73,609	)

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LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Put Options	Number of Contracts			Premiums
Options outstanding at December 31, 2015		—		$	—
Options written		(1,364	)		(174,463	)
Options expired		214			70,915
Options terminated in closing sales transactions		969			93,638
Options outstanding at June 30, 2016		(181	)	$	(9,910	)

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities	$	—	Receivables and other assets net of liabilities	$	(4,081,892	)
Interest rate contracts (Options purchased)	Options purchased, at value		19,910	Options purchased, at value		—
Interest rate contracts (Options written)	Options written, at value		—	Options written, at value		(23,566	)
Total		$	19,910		$	(4,105,458	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$	93,839		$	—
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(7,100,985	)		(3,366,453	)
Equity contracts (Options written)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written		158,063			59,953
Equity contracts (Options purchased)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased		(88,936	)		(31,715	)
Total		$	(6,938,019	)	$	(3,338,215	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016:

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)		$3,502,292		$62,093,808
Foreign currency exchange contracts (average cost)		3,165		12,356
Options contracts (average notional value)		22,489		31,354

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 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

LVIP Blended Mid Cap Managed Volatility Fund –19

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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.

At June 30, 2016, the Fund held no assets or liabilities that are subject to the offsetting provisions.

6. Market Risk

The Fund invests a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities have been identified on the Statement of Net Assets.

7. 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.

8. Subsequent Events

Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund’s financial statements as disclosed above.

LVIP Blended Mid Cap Managed Volatility Fund –20

LVIP Blended Mid Cap Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Blended Mid Cap Managed Volatility Fund–21

                      LVIP Clarion Global Real Estate Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Clarion Global Real Estate Fund

Index

Disclosure of Fund Expenses	1
Security Type/Country and Sector Allocations and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	6
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Clarion Global Real Estate Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,069.00		0.76%	$3.91
Service Class Shares		1,000.00		1,067.80		1.01%	5.19
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.08		0.76%	$3.82
Service Class Shares		1,000.00		1,019.84		1.01%	5.07

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Clarion Global Real Estate Fund–1

LVIP Clarion Global Real Estate Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Security Type/Country	Percentage of Net Assets
Common Stock	98.54%
Australia	6.83%
France	7.07%
Germany	2.71%
Hong Kong	5.68%
Japan	13.11%
Netherlands	0.90%
Spain	0.21%
Sweden	0.46%
United Kingdom	4.93%
United States	56.64%
Money Market Fund	0.89%
Total Value of Securities	99.43%
Receivables and Other Assets Net of Liabilities	0.57%
Total Net Assets	100.00%

Sector designations may be different than the sector designations presented in other Fund materials.

Sector	Percentage of Net Assets
Diversified REITs	18.63%
Health Care REITs	5.52%
Hotel & Resort REITs	3.45%
Industrial REITs	5.71%
Office REITs	11.87%
Real Estate Development	1.23%
Real Estate Operating Companies	3.39%
Residential REITs	9.35%
Retail REITs	31.22%
Specialized REITs	8.17%
Total	98.54%

 REITs - Real Estate Investment Trusts

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Simon Property Group	5.63%
Welltower	3.67%
Equity Residential	3.50%
General Growth Properties	3.30%
Public Storage	3.11%
AvalonBay Communities	2.90%
Unibail-Rodamco	2.79%
Kimco Realty	2.65%
Prologis	2.61%
Klepierre	2.60%
Total	32.76%

LVIP Clarion Global Real Estate Fund–2

LVIP Clarion Global Real Estate Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–98.54%
Australia–6.83%
GPT Group		616,403	$	2,506,697
†@=GPT Group In-Specie		4,536,115		0
Mirvac Group		3,281,623		4,990,843
Scentre Group		2,633,071		9,752,787
Vicinity Centres		1,687,889		4,211,029
Westfield		851,646		6,841,000
				28,302,356
France–7.07%
Gecina		43,029		5,828,202
ICADE		16,214		1,139,364
Klepierre		244,164		10,773,799
Unibail-Rodamco		44,738		11,573,455
				29,314,820
Germany–2.71%
Deutsche Wohnen		40,352		1,373,908
†LEG Immobilien		92,831		8,686,049
Vonovia		32,733		1,195,212
				11,255,169
nHong Kong–5.68%
Cheung Kong Property Holdings		809,000		5,097,228
Henderson Land Development		144,100		813,987
Link REIT		1,439,200		9,841,547
Sun Hung Kai Properties		645,900		7,795,296
				23,548,058
Japan–13.11%
Daito Trust Construction		14,200		2,305,546
†GLP J-Reit		1,680		2,120,614
Invincible Investment		561		354,612
Japan Real Estate Investment		135		833,838
Japan Retail Fund Investment		3,769		9,624,019
Kenedix Office Investment		662		3,945,458
Mitsubishi Estate		525,800		9,644,641
Mitsui Fudosan		377,200		8,657,036
Mori Hills REIT Investment		2,024		3,177,710
Nippon Building Fund		137		843,925
Nippon Prologis REIT		2,461		6,012,162
Orix JREIT		2,213		3,811,197
Sumitomo Realty & Development		112,000		3,037,145
				54,367,903
Netherlands–0.90%
Eurocommercial Properties CVA		53,099		2,261,316
NSI		364,256		1,453,203
				3,714,519
Spain–0.21%
†Hispania Activos Inmobiliarios SOC IMI		74,305		869,271
				869,271

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Sweden–0.46%
Hufvudstaden Class A		122,580	$	1,923,951
				1,923,951
United Kingdom–4.93%
British Land		267,686		2,173,421
Derwent London		41,893		1,461,546
Great Portland Estates		316,663		2,650,611
Hammerson		339,951		2,448,524
Land Securities Group		751,976		10,464,109
Safestore Holdings		249,568		1,233,016
				20,431,227
United States–56.64%
Alexandria Real Estate Equities		35,700		3,695,664
AvalonBay Communities		66,565		12,007,660
CubeSmart		90,330		2,789,390
DCT Industrial Trust		97,950		4,705,518
DDR		338,300		6,136,762
Digital Realty Trust		84,600		9,220,554
Equity Residential		210,550		14,502,684
Gaming and Leisure Properties		159,800		5,509,904
General Growth Properties		458,900		13,684,398
Healthcare Realty Trust		105,800		3,701,942
Healthcare Trust of America Class A		122,857		3,973,195
Highwoods Properties		54,050		2,853,840
Host Hotels & Resorts		368,700		5,976,627
Kilroy Realty		102,100		6,768,209
Kimco Realty		350,630		11,002,769
MGM Growth Properties		88,421		2,359,072
Paramount Group		148,500		2,367,090
Pebblebrook Hotel Trust		109,852		2,883,615
Prologis		220,890		10,832,446
Public Storage		50,400		12,881,736
QTS Realty Trust		39,600		2,216,808
Regency Centers		68,800		5,760,624
Simon Property Group		107,600		23,338,433
SL Green Realty		97,200		10,348,884
Spirit Realty Capital		561,224		7,166,830
Sun Communities		73,100		5,602,384
Sunstone Hotel Investors		256,566		3,096,752
UDR		171,000		6,313,320
VEREIT		737,500		7,478,250
Vornado Realty Trust		103,881		10,400,566
Welltower		199,800		15,218,766
				234,794,692
Total Common Stock (Cost $300,471,144)				408,521,966

LVIP Clarion Global Real Estate Fund–3

LVIP Clarion Global Real Estate Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–0.89%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		3,680,319	$	3,680,319
Total Money Market Fund (Cost $3,680,319)				3,680,319

TOTAL VALUE OF SECURITIES–99.43% (Cost $304,151,463)		$412,202,285
★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.57%		2,368,741
NET ASSETS APPLICABLE TO 41,796,464 SHARES OUTSTANDING–100.00%	$	414,571,026
NET ASSET VALUE PER SHARE–LVIP CLARION GLOBAL REAL ESTATE FUND STANDARD CLASS ($297,836,637 / 29,937,706 Shares)		$9.949
NET ASSET VALUE PER SHARE–LVIP CLARION GLOBAL REAL ESTATE FUND SERVICE CLASS ($116,734,389 / 11,858,758 Shares)		$9.844
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	394,196,095
Undistributed net investment income		4,558,701
Accumulated net realized loss on investments		(92,230,467	)
Net unrealized appreciation of investments and derivatives		108,046,697
Total net assets	$	414,571,026

D Securities have been classified by country of origin. Classification by type of business has been presented on page 2.

n Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

† Non-income producing for the period.

★ Includes $260,557 payable for fund shares redeemed, $876,305 payable for securities purchased and $257,504 due to manager and affiliates as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $0, which represents 0.00% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

The following foreign currency exchange contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BBH	AUD	1,174,987		USD	(876,857	)		7/1/16	$   (584)
BBH	GBP	(928,493	)	USD	1,248,295			7/1/16	12,232
BBH	GBP	(553,767	)	USD	733,852			7/5/16	(3,366)
									$ 8,282

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

LVIP Clarion Global Real Estate Fund–4

LVIP Clarion Global Real Estate Fund

Statement of Net Assets (continued)

Summary of Abbreviations:

AUD–Australian Dollar

BBH–Brown Brothers Harriman, New York

CVA–Dutch Certificate

GBP–British Pound Sterling

REIT–Real Estate Investment Trust

USD–U.S. Dollar

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

LVIP Clarion Global Real Estate Fund–5

LVIP Clarion Global Real Estate Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	5,876,864
Foreign tax withheld		(286,930	)
		5,589,934
EXPENSES:
Management fees		1,383,332
Distribution fees-Service Class		141,156
Accounting and administration expenses		50,155
Professional fees		26,557
Reports and statements to shareholders		20,008
Custodian fees		17,208
Pricing fees		5,625
Trustees’ fees and expenses		5,291
Consulting fees		861
Other		2,204
Total operating expenses		1,652,397
NET INVESTMENT INCOME		3,937,537
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		7,951,890
Foreign currencies		19,644
Foreign currency exchange contracts		(73,429	)
Net realized gain		7,898,105
Net change in unrealized appreciation (depreciation) of:
Investments		14,738,969
Foreign currencies		(9,821	)
Foreign currency exchange contracts		8,282
Net change in unrealized appreciation (depreciation)		14,737,430
NET REALIZED AND UNREALIZED GAIN		22,635,535
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,573,072

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

LVIP Clarion Global Real Estate Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,937,537		$	8,329,286
Net realized gain (loss)		7,898,105			(2,795,896	)
Net change in unrealized appreciation (depreciation)		14,737,430			(23,802,434	)
Net increase (decrease) in net assets resulting from operations		26,573,072			(18,269,044	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(9,545,336	)
Service Class		—			(3,424,340	)
		—			(12,969,676	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		10,366,353			67,562,516
Service Class		7,386,802			29,901,969
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			9,545,336
Service Class		—			3,424,340
		17,753,155			110,434,161
Cost of shares redeemed:
Standard Class		(28,873,988	)		(213,201,932	)
Service Class		(15,941,942	)		(28,865,950	)
		(44,815,930	)		(242,067,882	)
Decrease in net assets derived from capital share transactions		(27,062,775	)		(131,633,721	)
NET DECREASE IN NET ASSETS		(489,703	)		(162,872,441	)
NET ASSETS:
Beginning of period		415,060,729			577,933,170
End of period	$	414,571,026		$	415,060,729
Undistributed net investment income	$	4,558,701		$	621,164

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

LVIP Clarion Global Real Estate Fund–6

LVIP Clarion Global Real Estate Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Clarion Global Real Estate Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)			Year Ended
				12/31/15				12/31/14				12/31/13			12/31/122			12/31/11
Net asset value, beginning of period		$	9.306		$	9.732			$	8.778			$	8.497		$	6.815		$	7.462
Income (loss) from investment operations:
Net investment income3			0.095			0.157				0.212				0.156			0.148			0.130
Net realized and unrealized gain (loss)			0.548			(0.288	)			1.000				0.125			1.534			(0.777	)
Total from investment operations			0.643			(0.131	)			1.212				0.281			1.682			(0.647	)
Less dividends and distributions from:
Net investment income			—			(0.295	)			(0.258	)			—			—			—
Total dividends and distributions			—			(0.295	)			(0.258	)			—			—			—
Net asset value, end of period		$	9.949		$	9.306			$	9.732			$	8.778		$	8.497		$	6.815
Total return4			6.90%			(1.22%	)			13.89%				3.31%			24.68%			(8.67%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	297,837		$	297,101			$	459,143			$	359,296		$	254,075		$	141,780
Ratio of expenses to average net assets			0.76%			0.74%				0.73%				0.77%			0.84%			0.84%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.76%			0.74%				0.81%				1.03%			1.07%			1.06%
Ratio of net investment income to average net assets			2.04%			1.61%				2.25%				1.77%			1.91%			1.77%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.04%			1.61%				2.17%				1.51%			1.68%			1.55%
Portfolio turnover			20%			51%				33%				40%			120%			95%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective after the close of business on September 28, 2012, CBRE Clarion Securities LLC replaced Cohen & Steers Capital Management, Inc. as the Fund’s sub-adviser.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP Clarion Global Real Estate Fund–7

LVIP Clarion Global Real Estate Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Clarion Global Real Estate Fund Service Class
	Six Months Ended 6/30/161 (unaudited)			Year Ended
				12/31/15				12/31/14				12/31/13			12/31/122			12/31/11
Net asset value, beginning of period		$	9.219		$	9.643			$	8.681			$	8.425		$	6.773		$	7.435
Income (loss) from investment operations:
Net investment income3			0.082			0.130				0.186				0.133			0.127			0.111
Net realized and unrealized gain (loss)			0.543			(0.283	)			0.989				0.123			1.525			(0.773	)
Total from investment operations			0.625			(0.153	)			1.175				0.256			1.652			(0.662	)
Less dividends and distributions from:
Net investment income			—			(0.271	)			(0.213	)			—			—			—
Total dividends and distributions			—			(0.271	)			(0.213	)			—			—			—
Net asset value, end of period		$	9.844		$	9.219			$	9.643			$	8.681		$	8.425		$	6.773
Total return4			6.78%			(1.47%	)			13.60%				3.04%			24.39%			(8.90%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	116,734		$	117,960			$	118,790			$	112,568		$	106,546		$	88,540
Ratio of expenses to average net assets			1.01%			0.99%				0.98%				1.02%			1.09%			1.09%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.01%			0.99%				1.06%				1.28%			1.32%			1.31%
Ratio of net investment income to average net assets			1.79%			1.36%				2.00%				1.52%			1.66%			1.52%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.79%			1.36%				1.92%				1.26%			1.43%			1.30%
Portfolio turnover			20%			51%				33%				40%			120%			95%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective after the close of business on September 28, 2012, CBRE Clarion Securities LLC replaced Cohen & Steers Capital Management, Inc. as the Fund’s sub-adviser.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP Clarion Global Real Estate Fund–8

LVIP Clarion Global Real Estate Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Clarion Global Real Estate 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 non-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”). 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 total return through a combination of current income and long-term capital appreciation.

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 sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in the foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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.

LVIP Clarion Global Real Estate Fund–9

LVIP Clarion Global Real Estate Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the such distributions by the issuer or management estimate. 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 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 commission to the Fund in cash. Commission rebates are included in “Net realized gain (loss) from investments” on the Statement of Operations and totaled $20,227 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.73% of the first $250 million of the average net assets of the Fund; and 0.63% of the average net assets of the Fund in excess of $250 million.

CBRE Clarion Securities LLC (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	10,490
Legal		2,887

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 $15,500 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	230,765
Distribution fees payable to LFD		23,448
Printing and mailing fees payable to Lincoln Life		3,291

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.

LVIP Clarion Global Real Estate Fund–10

LVIP Clarion Global Real Estate Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	80,709,065
Sales		102,837,919

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	304,151,463
Aggregate unrealized appreciation	$	117,228,934
Aggregate unrealized depreciation		(9,178,112	)
Net unrealized appreciation	$	108,050,822

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; however, there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized, due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

As of December 31, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Pre-Enactment Short-Term Capital Losses Expiring		Post-Enactment Losses (No Expiration)*
2016	2017	Short-Term	Long-Term	Total
$23,657,023	$43,681,858	$10,935,307	$—	$78,274,188

*Capital Loss Carryovers with no expiration must be utilized first.

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)

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.

LVIP Clarion Global Real Estate Fund–11

LVIP Clarion Global Real Estate Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Total
Common Stock
Australia	$	—	$	28,302,356	$	28,302,356
France		—		29,314,820		29,314,820
Germany		—		11,255,169		11,255,169
Hong Kong		—		23,548,058		23,548,058
Japan		—		54,367,903		54,367,903
Netherlands		—		3,714,519		3,714,519
Spain		—		869,271		869,271
Sweden		—		1,923,951		1,923,951
United Kingdom		—		20,431,227		20,431,227
United States		234,794,692		—		234,794,692
Money Market Fund		3,680,319		—		3,680,319
Total	$	238,475,011	$	173,727,274	$	412,202,285
Foreign Currency Exchange Contracts	$	—	$	8,282	$	8,282

The value of Level 3 investments was zero at the end of the period.

As a result of utilizing international fair value pricing at June 30, 2016, a portion of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		1,106,168			6,919,549
Service Class		794,622			3,080,807
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,061,684
Service Class		—			386,122
		1,900,790			11,448,162
Shares redeemed:
Standard Class		(3,094,940	)		(23,235,686	)
Service Class		(1,730,936	)		(2,990,230	)
		(4,825,876	)		(26,225,916	)
Net decrease		(2,925,086	)		(14,777,754	)

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain

LVIP Clarion Global Real Estate Fund–12

LVIP Clarion Global Real Estate Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Receivables and other assets net of liabilities	$12,232	Receivables and other assets net of liabilities	$(3,950)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$(73,429)		$8,282

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Foreign currency exchange contracts (average cost)	$438,258	$351,640

6. Market Risk

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.

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 concentrates its investments in the real estate industry and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund is also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations. Its investments may also tend to fluctuate more in value than a portfolio that invests in a broader range of industries.

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

LVIP Clarion Global Real Estate Fund–13

LVIP Clarion Global Real Estate Fund

Notes to Financial Statements (continued)

6. Market Risk (continued)

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 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. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities are identified on the Statement of Net Assets.

7. 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.

8. 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 Clarion Global Real Estate Fund–14

                            LVIP ClearBridge Large Cap Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP ClearBridge Large Cap Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statement of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 ClearBridge Large Cap Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16
Actual*
Standard Class Shares		$1,000.00		$   993.80		0.10%		$0.50
Service Class Shares		1,000.00		992.00		0.45%		2.23
Hypothetical (5% return before expenses)*
Standard Class Shares		$1,000.00		$1,024.37		0.10%		$0.50
Service Class Shares		1,000.00		1,022.63		0.45%		2.26

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests a significant portion of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP ClearBridge Large Cap Managed Volatility Fund–1

LVIP ClearBridge Large Cap Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Investment Companies	99.19%
Equity Funds	93.80%
Money Market Fund	5.39%
Total Value of Securities	99.19%
Receivables and Other Assets Net of Liabilities	0.81%
Total Net Assets	100.00%

LVIP ClearBridge Large Cap Managed Volatility Fund–2

LVIP ClearBridge Large Cap Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–99.19%
Equity Funds–93.80%
ClearBridge® –
Variable Aggressive Growth Portfolio		1,187,370	$	29,518,020
Variable Appreciation Portfolio		836,803		30,191,853
*QS Batterymarch® –
U.S. Large Cap Equity Fund		479,397		7,425,867
*QS Batterymarch Insurance Series® –
Global Dividend Fund		640,195		7,643,926
				74,779,666

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Money Market Fund–5.39%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		4,298,354	$	4,298,354
				4,298,354
Total Investment Companies (Cost $81,205,457)				79,078,020

TOTAL VALUE OF SECURITIES–99.19% (Cost $81,205,457)		79,078,020
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.81%		647,981
NET ASSETS APPLICABLE TO 8,649,770 SHARES OUTSTANDING–100.00%	$	79,726,001

*   Institutional Class shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)				Notional        Value				Expiration Date		Unrealized Appreciation (Depreciation)
(5)  British Pound Currency		$	(418,944	)		$	(414,00	0)		9/20/16		$	4,944
(132)  E-mini S&P 500 Index			(13,369,419	)			(13,795,32	0)		9/19/16			(425,901	)
(13)  E-mini S&P MidCap 400 Index			(1,871,219	)			(1,940,90	0)		9/19/16			(69,681	)
(5)  Euro Currency			(694,207	)			(694,21	9)		9/20/16			(12	)
(24)  Euro STOXX 50 Index			(738,282	)			(760,40	1)		9/19/16			(22,119	)
(5)  FTSE 100 Index			(409,535	)			(427,49	8)		9/19/16			(17,963	)
(4)  Japanese Yen Currency			(488,142	)			(485,35	0)		9/20/16			2,792
(3)  Nikkei 225 Index (OSE)			(453,089	)			(452,33	2)		9/9/16			757
												$	(527,183	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements”

OSE–Osaka Securities Exchange

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

LVIP ClearBridge Large Cap Managed Volatility Fund–3

LVIP ClearBridge Large Cap Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments, at value	$	79,078,020
Cash collateral held at broker for futures contracts		1,160,305
Receivable for securities sold		141,614
Receivable for fund shares sold		78,526
Dividends and interest receivable		71,094
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		3,712
TOTAL ASSETS		80,533,271
LIABILITIES:
Net unrealized depreciation on futures contracts		527,183
Cash overdraft		156,869
Payable for securities purchased		54,471
Due to manager and affiliates		24,725
Other accrued expenses payable		14,319
Payable for fund shares redeemed		12,787
Foreign currencies due to broker		16,916
TOTAL LIABILITIES		807,270
TOTAL NET ASSETS	$	79,726,001
Investments, at cost	$	81,205,457
Standard Class:
Net Assets	$	852,703
Shares Outstanding		92,364
Net Asset Value Per Share	$	9.232
Service Class:
Net Assets	$	78,873,298
Shares Outstanding		8,557,406
Net Asset Value Per Share	$	9.217
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	81,317,640
Undistributed net investment income		53,118
Accumulated net realized gain on investments		1,009,863
Net unrealized depreciation of investments and derivatives		(2,654,620	)
TOTAL NET ASSETS	$	79,726,001

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

LVIP ClearBridge Large Cap Managed Volatility Fund–4

LVIP ClearBridge Large Cap Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from investment companies	$	207,119
EXPENSES:
Management fees		239,355
Distribution fees-Service Class		120,255
Accounting and administration expenses		25,441
Professional fees		11,123
Reports and statements to shareholders		8,648
Custodian fees		1,182
Trustees’ fees and expenses		831
Pricing fees		113
Consulting fees		57
Other		234
		407,239
Less management fees waived		(235,488	)
Less expenses reimbursed		(16,807	)
Total operating expenses		154,944
NET INVESTMENT INCOME		52,175
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of investments in investment companies		(188,397	)
Foreign currencies		2,920
Foreign currency exchange contracts		863
Futures contracts		(611,621	)
Net realized loss		(796,235	)
Net change in unrealized appreciation (depreciation) of:
Investments in investment companies		1,257,441
Futures contracts		(486,172	)
Net change in unrealized appreciation (depreciation)		771,269
NET REALIZED AND UNREALIZED LOSS		(24,966	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,209

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

LVIP ClearBridge Large Cap Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			5/1/15* to 12/31/2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	52,175		$	317,639
Net realized gain (loss)		(796,235	)		1,817,030
Net change in unrealized appreciation (depreciation)		771,269			(3,425,889	)
Net increase (decrease) in net assets resulting from operations		27,209			(1,291,220	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(2,537	)
Service Class		—			(330,019	)
		—			(332,556	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		473,697			404,254
Service Class		25,516,629			60,709,674
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,537
Service Class		—			330,019
		25,990,326			61,446,484
Cost of shares redeemed:
Standard Class		(26,631	)		(3,638	)
Service Class		(3,250,280	)		(2,833,693	)
		(3,276,911	)		(2,837,331	)
Increase in net assets derived from capital share transactions		22,713,415			58,609,153
NET INCREASE IN NET ASSETS		22,740,624			56,985,377
NET ASSETS:
Beginning of period		56,985,377			—
End of period	$	79,726,001		$	56,985,377
Undistributed net investment income	$	53,118			943

*Date of commencement of operations.

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

LVIP ClearBridge Large Cap Managed Volatility Fund–5

LVIP ClearBridge Large Cap Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP ClearBridge Large Cap Managed Volatility Fund Standard Class
		Six Months  Ended      6/30/161,2    (unaudited)		5/1/153     to         12/31/15
Net asset value, beginning of period			$   9.290		$ 10.000
Income (loss) from investment operations:
Net investment income4			0.023		0.142
Net realized and unrealized loss			(0.081)		(0.774)
Total from investment operations			(0.058)		(0.632)
Less dividends and distributions from:
Net investment income			—		(0.078)
Total dividends and distributions			—		(0.078)
Net asset value, end of period			$   9.232		$   9.290
Total return5			(0.62%)		(6.33%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$      853		$      396
Ratio of expenses to average net assets6			0.10%		0.10%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.83%		0.98%
Ratio of net investment income to average net assets			0.50%		2.24%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.23%)		1.36%
Portfolio turnover			3%		3%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP ClearBridge Large Cap Managed Volatility Fund–6

LVIP ClearBridge Large Cap Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP ClearBridge Large Cap Managed Volatility Fund Service Class
		Six Months  Ended      6/30/161, 2    (unaudited)		5/1/153   to        12/31/15
Net asset value, beginning of period			$   9.291		$10.000
Income (loss) from investment operations:
Net investment income4			0.007		0.120
Net realized and unrealized loss			(0.081)		(0.774)
Total from investment operations			(0.074)		(0.654)
Less dividends and distributions from:
Net investment income			—		(0.055)
Total dividends and distributions			—		(0.055)
Net asset value, end of period			$   9.217		$  9.291
Total return5			(0.80%)		(6.54%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$ 78,873		$56,589
Ratio of expenses to average net assets6			0.45%		0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.18%		1.33%
Ratio of net investment income to average net assets			0.15%		1.89%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.58%)		1.01%
Portfolio turnover			3%		3%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP ClearBridge Large Cap Managed Volatility Fund–7

LVIP ClearBridge Large Cap Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 ClearBridge Large Cap Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests a significant portion of its assets in open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers, primarily ClearBridge Funds (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek long-term capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 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 return 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 benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund’s federal income tax return through the six months ended June 30, 2016 and for all open tax years (year ended December 31, 2015), 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 six months ended June 30, 2016, 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 generally does not separate the portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain / loss are included with the 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.

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

LVIP ClearBridge Large Cap Managed Volatility Fund–8

LVIP ClearBridge Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 0.69% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.66% of the average daily net assets of the Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, the waiver was 0.69% of the average daily net assets of the Fund.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.10% of the average daily net assets for the Standard Class and 0.45% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	1,795
Legal		462

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,620 for the six months ended June 30, 2016.

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 $6,033 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.35% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	3,712
Management fees payable to LIAC		1,938
Distribution fees payable to LFD		22,369
Printing and mailing fees payable to Lincoln Life		417

LVIP ClearBridge Large Cap Managed Volatility Fund–9

LVIP ClearBridge Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	23,105,754
Sales		2,268,035

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	81,205,457
Aggregate unrealized appreciation	$	1,517,803
Aggregate unrealized depreciation		(3,645,240	)
Net unrealized depreciation	$	(2,127,437	)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	79,078,020
Futures Contracts	$	(527,183	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP ClearBridge Large Cap Managed Volatility Fund–10

LVIP ClearBridge Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			5/1/15* to 12/31/15
Shares sold:
Standard Class		52,696			42,714
Service Class		2,822,701			6,355,850
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			272
Service Class		—			35,349
		2,875,397			6,434,185
Shares redeemed:
Standard Class		(2,932	)		(386	)
Service Class		(355,964	)		(300,530	)
		(358,896	)		(300,916	)
Net increase		2,516,501			6,133,269

* Date of commencement of operations.

5. Derivatives

U.S. GAAP requires disclosures that enables 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives					Liability Derivatives
	Statement of Assets and Liabilities       Location		Fair Value			Statement of Assets and Liabilities Location		Fair Value
Currency contracts (Futures contracts)		Net unrealized depreciation on futures contracts		$	7,736		Net unrealized depreciation on futures contracts		$	(12	)
Equity contracts (Futures contracts)		Net unrealized depreciation on futures contracts			757		Net unrealized depreciation on futures contracts			(535,664	)
Total				$	8,493				$	(535,676	)

LVIP ClearBridge Large Cap Managed Volatility Fund–11

LVIP ClearBridge Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain on foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	863			$	-
Equity contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(639,868	)			(485,238	)
Currency contracts (Futures contracts)	Net realized gain from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			28,247				(934	)
Total			$	(610,758	)		$	(486,172	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)		$1,496,315		$10,552,868

6. Market Risk

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.

7. 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.

8. 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 ClearBridge Large Cap Managed Volatility Fund–12

LVIP ClearBridge Large Cap Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP ClearBridge Large Cap Managed Volatility Fund–13

                      LVIP Delaware Bond Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Delaware Bond Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	21
Statement of Operations	22
Statements of Changes in Net Assets	22
Financial Highlights	23
Notes to Financial Statements	25

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Delaware Bond Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses   Paid During Period      1/1/16 to     6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,048.30		0.35%	$1.78
Service Class Shares		1,000.00		1,046.40		0.70%	3.56
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.12		0.35%	$1.76
Service Class Shares		1,000.00		1,021.38		0.70%	3.52

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Delaware Bond Fund–1

LVIP Delaware Bond Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage   of Net Assets
Agency Collateralized Mortgage Obligations		2.77%
Agency Commercial Mortgage-Backed Securities		1.50%
Agency Mortgage-Backed Securities		34.28%
Corporate Bonds		32.36%
Aerospace & Defense		0.11%
Air Freight & Logistics		0.22%
Airlines		0.36%
Auto Components		0.05%
Automobiles		0.02%
Banks		4.84%
Beverages		1.03%
Biotechnology		0.57%
Building Products		0.18%
Capital Markets		1.30%
Chemicals		1.00%
Commercial Services & Supplies		0.30%
Communications Equipment		0.11%
Computers & Peripherals		0.16%
Construction & Engineering		0.04%
Construction Materials		0.10%
Consumer Finance		1.07%
Diversified Financial Services		1.33%
Diversified Telecommunication Services		0.92%
Electric Utilities		5.16%
Electronic Equipment, Instruments & Components		0.14%
Food & Staples Retailing		0.74%
Food Products		0.31%
Gas Utilities		0.21%
Health Care Equipment & Supplies		0.54%
Health Care Providers & Services		0.14%
Hotels, Restaurants & Leisure		0.30%
Independent Power & Renewable Electricity Producers		0.09%
Insurance		1.29%
Internet Software & Services		0.18%

Security Type/Sector	Percentage   of Net Assets
IT Services		0.21%
Media		1.91%
Metals & Mining		0.24%
Multi-Utilities		0.90%
Oil, Gas & Consumable Fuels		1.39%
Paper & Forest Products		0.35%
Pharmaceuticals		0.41%
Real Estate Investment Trusts		1.53%
Road & Rail		0.27%
Semiconductors & Semiconductor Equipment		0.21%
Software		0.63%
Specialty Retail		0.38%
Technology Hardware, Storage & Peripherals		0.07%
Textiles, Apparel & Luxury Goods		0.09%
Tobacco		0.39%
Wireless Telecommunication Services		0.57%
Municipal Bonds		2.44%
Non-Agency Asset-Backed Securities		7.76%
Non-Agency Collateralized Mortgage Obligations		1.01%
Non-Agency Commercial Mortgage-Backed Securities		4.68%
Regional Bonds		0.49%
Senior Secured Loans		0.59%
Sovereign Bonds		0.29%
U.S. Treasury Obligations		9.23%
Preferred Stock		0.47%
Money Market Fund		1.29%
Short-Term Investments		11.40%
Total Value of Securities		110.56%
Liabilities Net of Receivables and Other Assets		(10.56%)
Total Net Assets		100.00%

LVIP Delaware Bond Fund–2

LVIP Delaware Bond Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Principal Amount°		Value    (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–2.77%
•Fannie Mae Connecticut Avenue Securities Series 2015-C04 2M1 2.153% 4/25/28		10,600,329	$	10,584,287
Fannie Mae REMIC Trust Series 2004-W11 1A2 6.50% 5/25/44		156,485		189,872
Fannie Mae REMICs Series 2002-83 GH 5.00% 12/25/17		647,928		661,671
Series 2003-38 MP 5.50% 5/25/23		1,671,176		1,829,290
Series 2005-70 PA 5.50% 8/25/35		573,533		655,070
Series 2005-110 MB 5.50% 9/25/35		370,694		395,986
Series 2007-40 PT 5.50% 5/25/37		172,206		195,015
•*Series 2008-15 SB 6.147% 8/25/36		1,199,166		263,122
Series 2009-11 LC 4.50% 3/25/49		61,399		66,022
•*Series 2010-129 SM 5.547% 11/25/40		6,628,994		1,067,052
Series 2011-134 PA 4.00% 9/25/40		526,716		546,100
•*Series 2012-122 SD 5.647% 11/25/42		12,724,410		2,941,213
Series 2012-145 MZ 3.50% 1/25/43		1,335,799		1,463,317
Series 2013-2 LZ 3.00% 2/25/43		573,145		576,915
*Series 2013-23 IL 3.00% 3/25/33		717,535		78,203
*Series 2013-31 MI 3.00% 4/25/33		15,383,291		1,864,652
Series 2013-34 GP 3.00% 5/25/42		29,051,110		30,538,295
*Series 2013-43 IX 4.00% 5/25/43		25,539,691		5,386,055
*Series 2013-44 DI 3.00% 5/25/33		21,181,658		2,928,144
Series 2013-44 Z 3.00% 5/25/43		1,710,062		1,719,489
*Series 2013-55 AI 3.00% 6/25/33		16,035,610		1,958,402
*Series 2014-36 MI 3.50% 10/25/33		1,368,682		159,013
•*Series 2014-68 BS 5.697% 11/25/44		9,058,386		1,971,684

	Principal Amount°		Value    (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
•*Series 2014-90 SA 5.697% 1/25/45		25,629,166	$	5,646,100
*Series 2015-27 IA 4.00% 6/25/43		2,263,725		390,463
•*Series 2015-27 SA 5.997% 5/25/45		3,481,568		798,609
*Series 2015-44 AI 3.50% 1/25/34		8,193,751		1,098,711
Series 2015-44 Z 3.00% 9/25/43		7,934,203		8,121,795
*Series 2015-45 AI 3.00% 1/25/33		2,833,347		228,914
Series 2015-59 EB 3.00% 8/25/35		6,730,551		6,983,700
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		224,804		258,162
Series 2557 WE 5.00% 1/15/18		552,098		564,498
Series 2717 MH 4.50% 12/15/18		272,107		278,624
•Series 3232 KF 0.892% 10/15/36		212,727		213,150
Series 3455 MB 4.50% 6/15/23		3,185,881		3,338,268
Series 3656 PM 5.00% 4/15/40		4,978,751		5,559,061
•Series 3800 AF 0.942% 2/15/41		428,415		430,140
*Series 4109 AI 3.00% 7/15/31		25,455,306		2,407,041
*Series 4120 IK 3.00% 10/15/32		13,854,095		1,676,114
*Series 4146 IA 3.50% 12/15/32		7,419,598		1,050,138
•*Series 4159 KS 5.708% 1/15/43		6,330,551		1,552,552
Series 4163 CW 3.50% 4/15/40		1,440,984		1,499,012
Series 4180 ZB 3.00% 3/15/43		1,088,236		1,111,747
*Series 4181 DI 2.50% 3/15/33		6,453,609		693,216
•*Series 4184 GS 5.678% 3/15/43		10,654,270		2,606,721
*Series 4185 LI 3.00% 3/15/33		4,927,526		615,473
*Series 4191 CI 3.00% 4/15/33		2,184,575		267,385
Series 4356 GZ 2.00% 1/15/43		1,138,132		1,013,514
Series 4435 DY 3.00% 2/15/35		6,300,000		6,553,712
*Series 4453 DI 3.50% 11/15/33		5,310,885		609,549
*Series 4479 TI 4.00% 7/15/34		2,138,357		315,275
*Series 4520 AI 3.50% 10/15/35		2,985,805		403,574
Series 4537 AZ 3.00% 12/15/45		1,523,008		1,550,173
Series 4592 WT 5.50% 6/15/46		22,544,306		25,114,131
Freddie Mac Strips
•*Series 267 S5 5.558% 8/15/42		13,697,007		3,181,660
•*Series 299 S1 5.558% 1/15/43		10,255,560		2,360,451
•*Series 326 S2 5.508% 3/15/44		6,908,521		1,604,976

LVIP Delaware Bond Fund–3

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value    (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN4 M2 2.853% 10/25/24		1,938,339	$	1,951,851
•Series 2015-DNA3 M2 3.303% 4/25/28		4,760,000		4,893,443
•Series 2015-HQ2 M2 2.403% 5/25/25		4,225,000		4,190,974
•Series 2015-HQA1 M2 3.103% 3/25/28		4,250,000		4,348,613
•Series 2015-HQA2 M2 3.253% 5/25/28		5,315,000		5,442,308
•Series 2016-DNA1 M2 3.353% 7/25/28		3,700,000		3,815,361
•Series 2016-DNA3 M2 2.446% 12/25/28		2,215,000		2,229,753
•Series 2016-HQA2 M2 2.703% 11/25/28		2,560,000		2,574,841
¿Freddie Mac Structured Pass Through Securities Series T-58 2A 6.50% 9/25/43		566,168		675,056
GNMA
Series 2010-42 PC 5.00% 7/20/39		1,468,000		1,689,595
Series 2010-113 KE 4.50% 9/20/40		7,175,000		8,173,680
Series 2013-113 AZ 3.00% 8/20/43		10,513,714		10,757,598
Series 2015-133 AL 3.00% 5/20/45		8,300,000		8,448,593
Total Agency Collateralized Mortgage Obligations (Cost $218,156,969)				217,327,144
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.50%
Freddie Mac Multifamily Structured Pass Through Certificates
¿2.183% 5/25/22		5,295,000		5,400,783
¿Series K041 A2 3.171% 10/25/24		13,885,000		15,125,347
¿Series K716 A2 3.13% 6/25/21		5,840,000		6,264,653
FREMF Mortgage Trust
#•Series 2011-K10 144A 4.79% 11/25/49		6,545,000		7,116,786
#•Series 2011-K13 B 144A 4.767% 1/25/48		2,020,000		2,202,100
#•Series 2011-K14 B 144A 5.341% 2/25/47		2,900,000		3,246,131
#•Series 2011-K15 B 144A 5.116% 8/25/44		4,485,000		4,950,594
#•Series 2012-K22 B 144A 3.811% 8/25/45		5,215,000		5,447,057

	Principal Amount°		Value    (U.S. $)
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust (continued)
#•Series 2012-K22 C 144A 3.811% 8/25/45		4,625,000	$	4,593,891
#•Series 2012-K23 C 144A 3.782% 10/25/45		1,830,000		1,811,487
#•Series 2012-K708 B 144A 3.883% 2/25/45		6,245,000		6,452,667
#•Series 2012-K708 C 144A 3.883% 2/25/45		1,700,000		1,698,790
#•Series 2013-K25 C 144A 3.743% 11/25/45		4,660,000		4,409,423
#•Series 2013-K26 144A 3.722% 12/25/45		4,900,000		5,095,767
#•Series 2013-K30 C 144A 3.668% 6/25/45		5,134,000		4,740,591
#•Series 2013-K31 C 144A 3.741% 7/25/46		12,096,997		11,469,831
#•Series 2013-K33 B 144A 3.618% 8/25/46		4,025,000		4,107,699
#•Series 2013-K35 C 144A 4.077% 8/25/23		1,215,000		1,186,664
#•Series 2013-K712 B 144A 3.484% 5/25/45		7,505,000		7,679,503
#•Series 2013-K713 B 144A 3.274% 4/25/46		4,355,000		4,426,043
#•Series 2013-K713 C 144A 3.274% 4/25/46		7,217,000		7,176,769
#•Series 2014-K716 C 144A 4.084% 8/25/47		3,425,000		3,384,321
Total Agency Commercial Mortgage-Backed Securities (Cost $117,254,717)				117,986,897
AGENCY MORTGAGE-BACKED SECURITIES–34.28%
Fannie Mae S.F. 15 yr
2.50% 5/1/31		2,911,399		3,020,321
3.00% 9/1/30		6,374,348		6,705,711
3.00% 12/1/30		7,033,642		7,420,004
3.00% 2/1/31		9,778,165		10,290,709
3.00% 3/1/31		19,574,435		20,591,913
3.50% 4/1/26		14,296,376		15,229,635
3.50% 7/1/26		1,657,245		1,757,792
3.50% 11/1/26		1,673,814		1,775,574
3.50% 12/1/28		1,488,214		1,591,455
3.50% 8/1/29		7,367,286		7,811,952
3.50% 4/1/30		3,661,152		3,918,931
4.00% 11/1/25		2,886,777		3,077,486
4.00% 3/1/26		3,628,107		3,873,111
4.00% 12/1/26		2,335,252		2,488,989
4.00% 1/1/27		17,196,792		18,332,638
4.00% 5/1/27		5,242,849		5,589,094
4.00% 8/1/27		2,913,029		3,104,446

LVIP Delaware Bond Fund–4

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value    (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 20 yr
3.00% 8/1/33		2,741,794	$	2,890,323
3.00% 1/1/36		16,030,931		16,824,092
3.00% 5/1/36		16,235,760		17,038,447
Fannie Mae S.F. 30 yr
3.50% 2/1/45		17,924,374		19,060,774
3.50% 2/1/46		53,054,850		56,011,601
3.50% 3/1/46		11,173,666		11,800,317
3.50% 5/1/46		11,160,972		11,786,893
4.00% 11/1/42		18,971,133		20,674,926
4.00% 8/1/43		1,326,174		1,436,793
4.00% 3/1/46		2,126,324		2,307,207
4.00% 4/1/46		34,192,920		37,088,418
4.50% 6/1/38		26,662,413		29,297,115
4.50% 4/1/39		6,187,838		6,764,806
4.50% 6/1/39		63,513,741		69,551,692
4.50% 9/1/39		1,191,810		1,303,666
4.50% 11/1/39		4,208,532		4,676,266
4.50% 3/1/40		1,069,739		1,171,836
4.50% 4/1/40		2,095,873		2,297,055
4.50% 6/1/40		4,090,896		4,544,061
4.50% 8/1/40		1,279,118		1,408,909
4.50% 9/1/40		14,965,102		16,517,399
4.50% 11/1/40		1,828,142		2,003,864
4.50% 3/1/41		2,311,780		2,534,265
4.50% 4/1/41		6,056,890		6,624,629
4.50% 5/1/41		1,239,126		1,358,409
4.50% 6/1/41		15,549,872		16,999,923
4.50% 7/1/41		12,626,525		14,005,465
4.50% 8/1/41		2,100,239		2,341,802
4.50% 10/1/41		24,013,130		26,322,249
4.50% 12/1/41		10,146,017		11,118,044
4.50% 1/1/42		75,600,207		82,861,674
4.50% 4/1/42		1,332,475		1,459,965
4.50% 5/1/42		1,424,253		1,570,602
4.50% 9/1/42		39,567,825		43,303,961
4.50% 1/1/43		6,283,100		6,881,493
4.50% 8/1/43		791,011		865,858
4.50% 9/1/43		5,185,546		5,680,083
4.50% 10/1/43		29,107,090		32,216,850
4.50% 11/1/43		4,993,450		5,453,205
4.50% 2/1/44		70,722,783		77,440,686
4.50% 4/1/44		11,498,209		12,542,461
4.50% 5/1/44		14,722,114		16,059,317
4.50% 6/1/44		10,906,215		11,922,650
4.50% 8/1/44		53,411,848		58,437,417
4.50% 10/1/44		24,521,657		26,824,184
4.50% 12/1/44		4,224,998		4,622,922
4.50% 1/1/45		43,581,065		47,595,553
4.50% 2/1/45		18,564,902		20,280,261
4.50% 3/1/46		45,839,263		50,587,973
5.00% 2/1/35		4,046,526		4,516,713

	Principal Amount°		Value    (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.00% 7/1/35		477,013	$	532,381
5.00% 10/1/35		2,442,249		2,718,599
5.00% 11/1/35		1,223,115		1,360,810
5.00% 4/1/37		700,265		777,399
5.00% 12/1/39		1,936,567		2,174,596
5.00% 1/1/40		427,099		480,712
5.00% 7/1/40		3,806,470		4,256,776
5.50% 5/1/33		6,088,593		6,904,704
5.50% 6/1/33		1,263,965		1,433,373
5.50% 1/1/34		651,854		739,503
5.50% 2/1/34		355,913		403,768
5.50% 4/1/34		653,106		740,665
5.50% 5/1/34		9,084,158		10,306,971
5.50% 9/1/34		2,773,965		3,150,180
5.50% 11/1/34		503,498		571,050
5.50% 12/1/34		715,090		812,544
5.50% 2/1/35		542,696		615,464
5.50% 3/1/35		412,474		467,975
5.50% 5/1/35		7,952,709		9,030,532
5.50% 6/1/35		1,236,661		1,399,614
5.50% 10/1/35		1,158,243		1,311,769
5.50% 12/1/35		451,094		512,288
5.50% 1/1/36		3,266,669		3,705,210
5.50% 4/1/36		4,457,967		5,039,793
5.50% 5/1/36		731,868		828,544
5.50% 7/1/36		1,045,208		1,187,176
5.50% 9/1/36		14,104,289		15,996,642
5.50% 10/1/36		738,019		831,013
5.50% 11/1/36		1,426,587		1,606,201
5.50% 1/1/37		6,264,603		7,082,317
5.50% 2/1/37		2,988,221		3,365,246
5.50% 4/1/37		6,728,383		7,579,907
5.50% 8/1/37		13,728,724		15,575,994
5.50% 9/1/37		3,246,295		3,650,190
5.50% 1/1/38		39,623,952		44,944,141
5.50% 2/1/38		1,584,054		1,790,063
5.50% 3/1/38		2,560,839		2,902,006
5.50% 6/1/38		6,129,736		6,897,098
5.50% 7/1/38		1,192,521		1,341,870
5.50% 9/1/38		457,795		518,970
5.50% 12/1/38		668,126		757,661
5.50% 1/1/39		14,436,385		16,388,826
5.50% 2/1/39		7,860,974		8,910,955
5.50% 6/1/39		3,408,549		3,861,019
5.50% 10/1/39		5,880,970		6,619,740
5.50% 11/1/39		1,247,396		1,405,538
5.50% 12/1/39		9,201,797		10,459,175
5.50% 3/1/40		35,007,014		39,726,092
5.50% 7/1/40		5,916,611		6,704,189
5.50% 3/1/41		15,307,773		17,359,330
5.50% 6/1/41		8,449,658		9,587,359
5.50% 7/1/41		27,041,171		30,719,013

LVIP Delaware Bond Fund–5

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value    (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 9/1/41		30,402,674	$	34,297,504
6.00% 4/1/35		860,393		995,114
6.00% 5/1/36		1,414,904		1,620,541
6.00% 6/1/36		797,894		914,736
6.00% 9/1/36		1,295,895		1,511,015
6.00% 2/1/37		996,037		1,140,039
6.00% 5/1/37		1,923,019		2,199,571
6.00% 8/1/37		1,085,659		1,244,075
6.00% 9/1/37		381,402		436,181
6.00% 10/1/37		435,445		498,458
6.00% 1/1/38		922,956		1,054,802
6.00% 5/1/38		4,998,563		5,720,879
6.00% 8/1/38		389,166		456,139
6.00% 9/1/38		827,006		946,198
6.00% 10/1/38		359,325		411,656
6.00% 11/1/38		612,246		705,494
6.00% 1/1/39		1,215,779		1,393,042
6.00% 9/1/39		10,645,327		12,180,165
6.00% 10/1/39		15,215,213		17,658,520
6.00% 3/1/40		1,234,743		1,413,591
6.00% 4/1/40		1,856,328		2,126,451
6.00% 9/1/40		966,217		1,106,661
6.00% 10/1/40		12,395,951		14,175,294
6.00% 5/1/41		13,465,434		15,417,172
6.00% 7/1/41		17,888,815		20,483,892
6.50% 10/1/36		380,036		437,340
Fannie Mae S.F. 30 yr TBA
3.00% 8/1/46		728,643,000		754,799,972
4.50% 8/1/46		123,102,000		134,295,948
Freddie Mac S.F. 15 yr
3.50% 7/1/26		644,359		687,337
Freddie Mac S.F. 20 yr
3.00% 6/1/36		2,741,069		2,873,581
Freddie Mac S.F. 30 yr
3.50% 2/1/45		33,887,122		35,741,299
3.50% 8/1/45		22,487,677		23,899,743
3.50% 11/1/45		28,217,561		29,816,559
3.50% 6/1/46		25,168,059		26,598,335
4.50% 10/1/35		6,592,373		7,212,332
4.50% 4/1/39		689,742		763,644
4.50% 10/1/39		2,027,012		2,222,370
4.50% 11/1/39		365,069		400,434
4.50% 5/1/40		13,212,070		14,736,924
4.50% 8/1/40		2,181,239		2,391,939
4.50% 3/1/41		4,626,375		5,080,592
4.50% 4/1/41		9,019,562		9,905,960
4.50% 9/1/41		896,705		980,896
4.50% 3/1/42		8,569,234		9,423,154
4.50% 7/1/42		7,303,908		8,044,199
4.50% 8/1/44		9,736,143		10,744,676
4.50% 7/1/45		13,875,434		15,231,476

	Principal Amount°		Value    (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
5.00% 6/1/36		6,871,789	$	7,630,368
5.50% 11/1/36		363,003		405,947
5.50% 7/1/37		559,231		627,772
5.50% 9/1/37		377,057		423,067
5.50% 4/1/38		3,234,584		3,635,559
5.50% 7/1/38		1,359,796		1,530,038
5.50% 6/1/39		1,406,342		1,579,043
5.50% 3/1/40		947,576		1,061,973
5.50% 8/1/40		8,311,832		9,322,823
5.50% 1/1/41		1,026,901		1,154,032
5.50% 6/1/41		22,297,535		25,066,018
6.00% 2/1/36		611,128		701,686
6.00% 8/1/38		2,738,503		3,176,683
6.00% 5/1/40		2,225,711		2,548,642
6.00% 7/1/40		5,052,412		5,787,439
6.50% 4/1/39		1,545,243		1,775,144
6.50% 9/1/39		6,470,831		7,507,392
GNMA I S.F. 30 yr
7.00% 12/15/34		912,858		1,112,621
GNMA II S.F. 30 yr
5.50% 5/20/37		2,055,094		2,292,602
5.50% 4/20/40		2,127,875		2,333,573
6.00% 4/20/46		3,300,392		3,801,162
Total Agency Mortgage-Backed Securities (Cost $2,664,673,437)				2,693,377,270
CORPORATE BONDS–32.36%
Aerospace & Defense–0.11%
Lockheed Martin 3.55% 1/15/26		8,195,000		8,919,536
				8,919,536
Air Freight & Logistics–0.22%
Aviation Capital Group
#144A 4.875% 10/1/25		3,970,000		3,901,478
#144A 6.75% 4/6/21		5,665,000		6,408,531
United Parcel Service 5.125% 4/1/19		6,265,000		6,940,223
				17,250,232
Airlines–0.36%
#¿Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		4,016,222		4,086,506
¿American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		2,265,211		2,355,820
¿American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		4,758,220		4,793,669

LVIP Delaware Bond Fund–6

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value    (U.S. $)
CORPORATE BONDS (continued)
Airlines (continued)
¿American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		4,560,000	$	4,826,623
¿United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		2,498,232		2,637,459
¿United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		6,136,108		6,496,605
¿United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28		2,745,000		2,796,469
				27,993,151
Auto Components–0.05%
O’Reilly Automotive 3.55% 3/15/26		3,925,000		4,123,558
				4,123,558
Automobiles–0.02%
General Motors 6.75% 4/1/46		1,515,000		1,803,353
				1,803,353
Banks–4.84%
#Banco Nacional de Costa Rica 144A 5.875% 4/25/21		2,115,000		2,184,689
Bank Nederlandse Gemeenten
#144A 1.625% 4/19/21		10,232,000		10,389,358
#144A 2.375% 3/16/26		1,410,000		1,481,343
Bank of America 4.45% 3/3/26		42,150,000		44,172,821
BB&T 2.05% 5/10/21		6,700,000		6,802,765
#BBVA Bancomer 144A 7.25% 4/22/20		3,485,000		3,859,637
•Branch Banking & Trust 0.976% 9/13/16		9,948,000		9,952,168
Citizens Bank 2.55% 5/13/21		3,555,000		3,593,341
Citizens Financial Group 4.30% 12/3/25		6,520,000		6,875,842
Compass Bank 3.875% 4/10/25		7,055,000		6,782,564
Cooperatieve Rabobank 2.50% 1/19/21		5,130,000		5,261,708
Credit Suisse Group Funding Guernsey
#144A 3.125% 12/10/20		6,635,000		6,631,709
#144A 4.55% 4/17/26		17,250,000		17,930,081
Fifth Third Bancorp 2.875% 7/27/20		3,065,000		3,201,883
Fifth Third Bank
2.25% 6/14/21		5,250,000		5,335,559
3.85% 3/15/26		8,100,000		8,523,427
•HSBC Holdings 6.875% 12/29/49		4,415,000		4,403,963
JPMorgan Chase 3.15% 7/5/16		10,000,000		10,000,000

	Principal Amount°		Value    (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
JPMorgan Chase (continued)
3.20% 6/15/26		7,585,000	$	7,805,799
4.25% 10/1/27		24,895,000		26,398,807
KeyBank
3.30% 6/1/25		3,310,000		3,494,033
3.40% 5/20/26		16,335,000		16,621,173
6.95% 2/1/28		9,418,000		12,209,326
KFW 1.50% 6/15/21		7,960,000		8,065,454
Lloyds Banking Group 3.10% 7/6/21		1,850,000		1,848,631
•National City Bank 1.052% 6/7/17		5,705,000		5,697,070
PNC Bank
2.60% 7/21/20		6,405,000		6,636,432
6.875% 4/1/18		10,370,000		11,325,658
RBC USA Holdco 5.25% 9/15/20		5,562,000		6,288,197
Santander UK Group Holdings
2.875% 10/16/20		3,440,000		3,420,303
3.125% 1/8/21		4,830,000		4,846,808
SunTrust Bank
2.90% 3/3/21		3,360,000		3,482,600
3.30% 5/15/26		8,265,000		8,349,592
SVB Financial Group
3.50% 1/29/25		8,080,000		8,070,199
#Swedbank 144A 2.65% 3/10/21		8,985,000		9,297,022
Toronto-Dominion Bank
2.125% 4/7/21		6,635,000		6,756,872
2.50% 12/14/20		7,120,000		7,369,243
U.S. Bancorp
2.35% 1/29/21		5,640,000		5,825,618
3.60% 9/11/24		13,190,000		14,222,948
•@USB Capital IX 3.50% 10/29/49		21,538,000		17,634,237
Wachovia 5.75% 6/15/17		9,719,000		10,138,530
Wells Fargo
2.10% 5/8/17		9,500,000		9,582,821
4.30% 7/22/27		195,000		210,827
Zions Bancorp 4.50% 6/13/23		6,497,000		6,895,623
				379,876,681
Beverages–1.03%
Anheuser-Busch InBev Finance 3.65% 2/1/26		42,925,000		46,073,941
#JB 144A 3.75% 5/13/25		7,760,000		8,061,453
Molson Coors Brewing
2.10% 7/15/21		2,850,000		2,862,001
3.00% 7/15/26		4,665,000		4,670,430
4.20% 7/15/46		3,925,000		3,958,445
Pernod Ricard
#144A 3.25% 6/8/26		9,670,000		9,917,571
#144A 4.45% 1/15/22		5,200,000		5,736,442
				81,280,283

LVIP Delaware Bond Fund–7

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value    (U.S. $)
CORPORATE BONDS (continued)
Biotechnology–0.57%
AbbVie
3.20% 5/14/26		6,765,000	$	6,866,915
4.30% 5/14/36		4,700,000		4,809,510
4.45% 5/14/46		6,100,000		6,211,081
Biogen
4.05% 9/15/25		3,090,000		3,332,506
5.20% 9/15/45		6,915,000		7,806,689
Celgene 3.25% 8/15/22		15,170,000		15,689,967
				44,716,668
Building Products–0.18%
Fortune Brands Home & Security 3.00% 6/15/20		4,465,000		4,616,538
Masco 3.50% 4/1/21		9,685,000		9,930,031
				14,546,569
Capital Markets–1.30%
Affiliated Managers Group 3.50% 8/1/25		6,540,000		6,545,723
Bank of New York Mellon
2.50% 4/15/21		4,190,000		4,344,640
2.80% 5/4/26		6,375,000		6,620,801
Barclays 4.375% 1/12/26		9,525,000		9,650,254
Jefferies Group 6.45% 6/8/27		2,021,000		2,249,488
Lazard Group 3.75% 2/13/25		10,210,000		10,168,098
Morgan Stanley
3.875% 1/27/26		14,895,000		15,844,035
3.95% 4/23/27		8,505,000		8,619,928
State Street
2.55% 8/18/20		4,480,000		4,651,665
3.10% 5/15/23		4,195,000		4,343,801
3.55% 8/18/25		10,125,000		11,023,543
UBS Group Funding Jersey
#144A 4.125% 9/24/25		7,990,000		8,297,879
#144A 4.125% 4/15/26		9,300,000		9,684,741
				102,044,596
Chemicals–1.00%
CF Industries 6.875% 5/1/18		13,307,000		14,464,110
Dow Chemical 8.55% 5/15/19		18,837,000		22,374,720
Eastman Chemical
3.80% 3/15/25		4,960,000		5,251,613
4.65% 10/15/44		18,120,000		18,606,341
Methanex 4.25% 12/1/24		5,270,000		4,711,069
OCP
#144A 4.50% 10/22/25		5,200,000		5,100,680
#144A 6.875% 4/25/44		2,640,000		2,794,319
PPG Industries 2.30% 11/15/19		5,345,000		5,392,154
				78,695,006
Commercial Services & Supplies–0.30%
Penske Truck Leasing
#144A 3.30% 4/1/21		6,305,000		6,488,343

	Principal Amount°		Value    (U.S. $)
CORPORATE BONDS (continued)
Commercial Services & Supplies (continued)
Penske Truck Leasing (continued)
#144A 3.375% 2/1/22		12,463,000	$	12,725,309
Waste Management 2.40% 5/15/23		4,035,000		4,099,520
				23,313,172
Communications Equipment–0.11%
Cisco Systems 1.65% 6/15/18		8,495,000		8,607,924
				8,607,924
Computers & Peripherals–0.16%
#Diamond 1 Finance / Diamond 2 Finance 144A 6.02% 6/15/26		12,350,000		12,898,352
				12,898,352
Construction & Engineering–0.04%
Vale Overseas 5.875% 6/10/21		2,840,000		2,850,650
				2,850,650
Construction Materials–0.10%
#Cemex 144A 7.75% 4/16/26		4,208,000		4,425,133
#Nemak 144A 5.50% 2/28/23		3,500,000		3,640,000
				8,065,133
Consumer Finance–1.07%
BMW US Capital
#144A 2.00% 4/11/21		9,930,000		10,065,624
#144A 2.80% 4/11/26		11,420,000		11,728,625
Ford Motor Credit
3.096% 5/4/23		7,645,000		7,763,666
3.336% 3/18/21		11,385,000		11,820,510
General Motors Financial
3.45% 4/10/22		9,020,000		9,025,322
3.70% 5/9/23		6,250,000		6,291,700
4.375% 9/25/21		5,090,000		5,377,488
5.25% 3/1/26		1,930,000		2,102,000
#Hyundai Capital America 144A 3.00% 3/18/21		11,155,000		11,567,423
Toyota Motor Credit 2.80% 7/13/22		8,105,000		8,531,404
				84,273,762
Diversified Financial Services–1.33%
AerCap Ireland Capital 3.95% 2/1/22		10,775,000		10,801,937
Berkshire Hathaway
2.75% 3/15/23		4,690,000		4,850,192
3.125% 3/15/26		8,615,000		9,044,303
#•Credit Suisse Group 144A 6.25% 12/29/49		7,855,000		7,427,209
#ERAC USA Finance 144A 5.25% 10/1/20		11,406,000		12,816,204
General Electric Capital
#144A 3.80% 6/18/19		4,305,000		4,626,338

LVIP Delaware Bond Fund–8

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value    (U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
General Electric Capital (continued)
5.55% 5/4/20		2,865,000	$	3,305,202
6.00% 8/7/19		8,039,000		9,212,807
National Rural Utilities Cooperative Finance
2.70% 2/15/23		7,455,000		7,762,303
2.85% 1/27/25		5,465,000		5,722,292
•4.75% 4/30/43		9,921,000		9,747,383
•5.25% 4/20/46		3,410,000		3,497,947
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25		6,855,000		6,885,203
#Temasek Financial I 144A 2.375% 1/23/23		2,910,000		3,012,729
•Voya Financial 5.65% 5/15/53		6,020,000		5,681,375
				104,393,424
Diversified Telecommunication Services–0.92%
AT&T
3.60% 2/17/23		6,495,000		6,785,184
4.125% 2/17/26		13,450,000		14,476,652
5.65% 2/15/47		13,360,000		15,359,084
CenturyLink 5.80% 3/15/22		7,008,000		6,830,628
#Colombia Telecomunicaciones 144A 5.375% 9/27/22		3,055,000		2,894,613
#Digicel Group 144A 8.25% 9/30/20		3,035,000		2,549,400
#GTP Acquisition Partners I 144A 2.35% 6/15/20		3,515,000		3,511,872
SBA Tower Trust
#144A 2.24% 4/16/18		5,285,000		5,301,939
#144A 2.898% 10/15/19		4,020,000		4,075,818
Verizon Communications 4.862% 8/21/46		9,805,000		10,761,713
				72,546,903
Electric Utilities–5.16%
Alabama Power 4.30% 1/2/46		5,610,000		6,311,110
Ameren
2.70% 11/15/20		420,000		432,992
3.65% 2/15/26		6,315,000		6,822,896
#American Transmission Systems 144A 5.25% 1/15/22		11,987,000		13,594,265
Appalachian Power
3.40% 6/1/25		6,345,000		6,746,144
4.45% 6/1/45		4,660,000		5,070,793
Berkshire Hathaway Energy 3.75% 11/15/23		9,680,000		10,594,295
Cleveland Electric Illuminating 5.50% 8/15/24		7,535,000		8,925,562
@ComEd Financing III 6.35% 3/15/33		4,578,000		4,970,541
Commonwealth Edison 3.65% 6/15/46		1,630,000		1,669,880

	Principal Amount°		Value    (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Commonwealth Edison (continued)
4.35% 11/15/45		7,785,000	$	8,867,964
Dominion Resources 3.90% 10/1/25		7,110,000		7,631,035
Duke Energy
3.75% 4/15/24		2,600,000		2,796,443
4.80% 12/15/45		5,585,000		6,493,093
Duke Energy Carolinas 3.875% 3/15/46		4,030,000		4,340,350
Duke Energy Ohio 3.70% 6/15/46		405,000		413,939
#•Electricite de France 144A 5.25% 12/29/49		11,025,000		10,624,241
•Emera 6.75% 6/15/76		12,460,000		12,657,840
#Emera US Finance 144A 4.75% 6/15/46		3,225,000		3,286,152
#•Enel 144A 8.75% 9/24/73		10,620,000		12,120,075
#Enel Finance International 144A 6.00% 10/7/39		4,430,000		5,252,602
Entergy 4.00% 7/15/22		6,665,000		7,161,482
Entergy Arkansas 3.50% 4/1/26		2,525,000		2,770,748
Entergy Louisiana 4.05% 9/1/23		7,435,000		8,290,754
Entergy Mississippi
2.85% 6/1/28		6,035,000		6,139,605
3.10% 7/1/23		4,960,000		5,141,690
Exelon 3.95% 6/15/25		11,430,000		12,242,056
Great Plains Energy 4.85% 6/1/21		3,823,000		4,205,124
Indiana Michigan Power 4.55% 3/15/46		3,895,000		4,346,984
Interstate Power & Light 3.40% 8/15/25		4,935,000		5,340,539
IPALCO Enterprises
3.45% 7/15/20		12,475,000		12,724,500
5.00% 5/1/18		2,440,000		2,562,000
ITC Holdings
3.25% 6/30/26		4,530,000		4,543,051
3.65% 6/15/24		4,300,000		4,482,870
Kansas City Power & Light 3.65% 8/15/25		11,565,000		12,260,380
LG&E & KU Energy
3.75% 11/15/20		6,819,000		7,330,180
4.375% 10/1/21		12,420,000		13,721,492
#Metropolitan Edison 144A 4.00% 4/15/25		8,455,000		8,858,819
MidAmerican Energy 4.25% 5/1/46		12,290,000		13,936,663
NextEra Energy Capital Holdings
2.40% 9/15/19		15,525,000		15,862,017
3.625% 6/15/23		2,860,000		3,019,042
NV Energy 6.25% 11/15/20		7,380,000		8,745,817

LVIP Delaware Bond Fund–9

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value    (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Pennsylvania Electric 5.20% 4/1/20		6,983,000	$	7,391,310
Public Service of New Hampshire 3.50% 11/1/23		4,715,000		5,061,090
Public Service of Oklahoma 5.15% 12/1/19		7,063,000		7,865,731
South Carolina Electric & Gas 4.10% 6/15/46		7,475,000		7,930,085
Southern
2.75% 6/15/20		23,780,000		24,668,896
3.25% 7/1/26		9,495,000		9,883,260
4.40% 7/1/46		8,905,000		9,612,814
Southwestern Electric Power 6.45% 1/15/19		3,925,000		4,381,156
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		4,895,000		5,243,176
Wisconsin Electric Power 4.30% 12/15/45		4,440,000		5,075,209
Xcel Energy 3.30% 6/1/25		14,225,000		15,031,216
				405,451,968
Electronic Equipment, Instruments & Components–0.14%
FLIR Systems 3.125% 6/15/21		3,505,000		3,602,856
#Fortive 144A 3.15% 6/15/26		6,835,000		7,048,833
				10,651,689
Food & Staples Retailing–0.74%
CVS Health 3.875% 7/20/25		7,674,000		8,457,078
Sysco 3.30% 7/15/26		23,040,000		23,953,306
Walgreens Boots Alliance
3.10% 6/1/23		15,745,000		16,060,813
3.45% 6/1/26		7,045,000		7,246,790
4.80% 11/18/44		2,265,000		2,446,306
				58,164,293
Food Products–0.31%
#JBS Investments 144A 7.75% 10/28/20		2,495,000		2,644,700
#JBS USA Finance 144A 5.75% 6/15/25		2,065,000		1,951,425
#Kraft Heinz Foods 144A 3.00% 6/1/26		15,755,000		15,916,993
#Sigma Alimentos 144A 4.125% 5/2/26		3,600,000		3,645,000
				24,158,118
Gas Utilities–0.21%
AGL Capital 3.25% 6/15/26		5,465,000		5,597,275
Dominion Gas Holdings 4.60% 12/15/44		10,280,000		10,742,292
				16,339,567

	Principal Amount°		Value    (U.S. $)
CORPORATE BONDS (continued)
Health Care Equipment & Supplies–0.54%
Becton Dickinson 6.375% 8/1/19		11,104,000	$	12,656,062
St. Jude Medical 2.80% 9/15/20		4,225,000		4,359,706
Thermo Fisher Scientific 3.00% 4/15/23		15,770,000		16,123,216
Zimmer Holdings 4.625% 11/30/19		8,274,000		9,002,865
				42,141,849
Health Care Providers & Services–0.14%
Aetna 3.20% 6/15/26		10,015,000		10,325,104
#@Highmark 144A 6.125% 5/15/41		1,062,000		1,074,553
				11,399,657
Hotels, Restaurants & Leisure–0.30%
Marriott International 3.125% 6/15/26		10,060,000		10,203,446
Starbucks 2.45% 6/15/26		4,580,000		4,657,127
@Starwood Hotels & Resorts Worldwide 3.75% 3/15/25		8,235,000		8,589,410
				23,449,983
Independent Power & Renewable Electricity Producers–0.09%
AES Gener
#144A 5.00% 7/14/25		4,360,000		4,497,161
#144A 5.25% 8/15/21		2,390,000		2,549,011
				7,046,172
Insurance–1.29%
Berkshire Hathaway Finance 2.90% 10/15/20		6,595,000		7,006,422
#Five Corners Funding Trust 144A 4.419% 11/15/23		3,540,000		3,826,521
MetLife 6.817% 8/15/18		9,489,000		10,597,182
#MetLife Capital Trust X 144A 9.25% 4/8/38		7,696,000		10,580,561
#Principal Life Global Funding II 144A 3.00% 4/18/26		5,920,000		6,045,646
Prudential Financial
•5.375% 5/15/45		5,340,000		5,393,400
•5.625% 6/15/43		3,710,000		3,873,500
•5.875% 9/15/42		3,195,000		3,458,587
TIAA Asset Management Finance
#144A 2.95% 11/1/19		5,690,000		5,833,769
#144A 4.125% 11/1/24		25,310,000		26,634,903
XLIT
4.45% 3/31/25		7,970,000		8,057,200
5.50% 3/31/45		6,937,000		6,876,912
•6.50% 12/29/49		4,450,000		3,103,875
				101,288,478
Internet Software & Services–0.18%
Priceline Group 3.60% 6/1/26		7,010,000		7,254,670

LVIP Delaware Bond Fund–10

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Internet Software & Services (continued)
#Tencent Holdings 144A 3.375% 5/2/19		6,765,000	$	7,022,226
				14,276,896
IT Services–0.21%
Fidelity National Information Services 5.00% 10/15/25		14,440,000		16,422,944
				16,422,944
Media–1.91%
21st Century Fox America 4.95% 10/15/45		10,830,000		12,381,322
#Charter Communications Operating 144A 4.908% 7/23/25		34,165,000		37,419,934
#Columbus International 144A 7.375% 3/30/21		2,800,000		2,967,300
Comcast 3.15% 3/1/26		33,335,000		35,524,843
Grupo Televisa
5.00% 5/13/45		3,770,000		3,637,451
6.125% 1/31/46		1,900,000		2,107,613
Historic TW 6.875% 6/15/18		15,977,000		17,656,390
Omnicom Group 3.60% 4/15/26		1,491,000		1,573,540
#Sky 144A 3.75% 9/16/24		27,281,000		28,393,410
Time Warner 2.95% 7/15/26		2,535,000		2,559,521
#VTR Finance 144A 6.875% 1/15/24		2,975,000		2,973,453
WPP Finance 2010 5.625% 11/15/43		2,715,000		3,130,669
				150,325,446
Metals & Mining–0.24%
#•BHP Billiton Finance USA 144A 6.25% 10/19/75		5,145,000		5,430,547
#MMC Norilsk Nickel 144A 5.55% 10/28/20		2,000,000		2,126,036
Rio Tinto Finance USA 3.75% 6/15/25		10,441,000		10,942,815
				18,499,398
Multi-Utilities–0.90%
Ameren Illinois 9.75% 11/15/18		14,616,000		17,353,051
American Water Capital 3.40% 3/1/25		5,960,000		6,469,449
Black Hills 3.95% 1/15/26		2,475,000		2,631,343
CMS Energy 6.25% 2/1/20		7,694,000		8,864,381
#Credit Suisse Group Funding Guernsey 144A 3.80% 6/9/23		8,905,000		8,895,570
DTE Energy 3.30% 6/15/22		7,620,000		8,041,516
NiSource Finance 6.125% 3/1/22		6,578,000		7,837,200
Puget Energy 6.00% 9/1/21		2,034,000		2,369,905
SCANA 4.125% 2/1/22		5,188,000		5,396,521

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Multi-Utilities (continued)
WEC Energy Group 3.55% 6/15/25		2,960,000	$	3,182,160
				71,041,096
Oil, Gas & Consumable Fuels–1.39%
Chevron 2.954% 5/16/26		8,440,000		8,733,282
CNOOC Finance 2015 Australia 2.625% 5/5/20		3,860,000		3,902,657
ConocoPhillips 4.95% 3/15/26		6,070,000		6,896,097
Energy Transfer Partners
4.75% 1/15/26		3,990,000		4,111,009
9.70% 3/15/19		4,776,000		5,410,573
EnLink Midstream Partners 2.70% 4/1/19		4,349,000		4,229,659
Enterprise Products Operating
3.95% 2/15/27		8,565,000		9,103,653
•7.034% 1/15/68		1,624,000		1,711,686
Noble Energy 5.05% 11/15/44		5,535,000		5,594,745
Petrobras Global Finance 8.375% 5/23/21		3,010,000		3,113,845
Petroleos Mexicanos
6.625% 6/15/35		1,240,000		1,284,640
#144A 6.875% 8/4/26		2,890,000		3,238,245
#Petronas Global Sukuk 144A 2.707% 3/18/20		5,475,000		5,546,739
Plains All American Pipeline 8.75% 5/1/19		7,183,000		8,216,167
Regency Energy Partners 5.875% 3/1/22		10,345,000		11,078,274
Shell International Finance
2.875% 5/10/26		3,200,000		3,255,309
4.00% 5/10/46		4,670,000		4,775,472
Williams Partners 7.25% 2/1/17		6,510,000		6,705,671
Woodside Finance
#144A 3.65% 3/5/25		3,985,000		3,899,761
#144A 8.75% 3/1/19		7,519,000		8,667,264
				109,474,748
Paper & Forest Products–0.35%
Georgia-Pacific 8.00% 1/15/24		13,854,000		18,535,433
International Paper 5.15% 5/15/46		8,290,000		8,977,971
				27,513,404
Pharmaceuticals–0.41%
AstraZeneca 3.375% 11/16/25		8,875,000		9,315,271
Mylan
#144A 3.15% 6/15/21		1,355,000		1,375,982
#144A 3.95% 6/15/26		21,165,000		21,462,538
				32,153,791

LVIP Delaware Bond Fund–11

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Real Estate Investment Trusts–1.53%
Alexandria Real Estate Equities 3.95% 1/15/27		2,590,000	$	2,675,239
American Tower
4.00% 6/1/25		8,447,000		8,999,577
4.40% 2/15/26		3,210,000		3,491,822
#American Tower Trust I 144A 3.07% 3/15/23		6,675,000		6,869,378
AvalonBay Communities 2.95% 5/11/26		11,075,000		11,142,026
Corporate Office Properties
3.60% 5/15/23		4,970,000		4,838,752
5.25% 2/15/24		5,560,000		5,945,786
Crown Castle International 5.25% 1/15/23		7,985,000		8,989,593
DDR 7.875% 9/1/20		6,092,000		7,363,632
Education Realty Operating Partnership 4.60% 12/1/24		6,595,000		6,781,282
Hospitality Properties Trust 4.50% 3/15/25		6,075,000		6,117,598
Host Hotels & Resorts 3.75% 10/15/23		6,460,000		6,517,106
#PLA Administradora Industrial S de RL 144A 5.25% 11/10/22		3,995,000		4,059,919
Regency Centers 5.875% 6/15/17		2,173,000		2,259,075
Simon Property Group 2.50% 7/15/21		3,000,000		3,092,898
Sovran Acquisition 3.50% 7/1/26		5,675,000		5,738,117
#Trust F 144A 5.25% 1/30/26		2,370,000		2,423,325
UDR 4.00% 10/1/25		2,075,000		2,253,332
#WEA Finance 144A 3.75% 9/17/24		14,530,000		15,173,694
WP Carey 4.60% 4/1/24		5,270,000		5,415,621
				120,147,772
Road & Rail–0.27%
Burlington Northern Santa Fe 4.70% 9/1/45		11,389,000		13,426,560
Norfolk Southern 2.90% 6/15/26		7,210,000		7,434,209
				20,860,769
Semiconductors & Semiconductor Equipment–0.21%
Intel 2.60% 5/19/26		5,515,000		5,628,388
National Semiconductor 6.60% 6/15/17		10,220,000		10,761,854
				16,390,242
Software–0.63%
CDK Global 4.50% 10/15/24		5,870,000		5,840,844
Oracle 1.90% 9/15/21		2,580,000		2,591,360

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Software (continued)
Oracle (continued)
2.40% 9/15/23		32,265,000	$	32,411,096
4.00% 7/15/46		8,300,000		8,389,823
				49,233,123
Specialty Retail–0.38%
Home Depot 3.00% 4/1/26		3,900,000		4,149,959
Lowe’s
2.50% 4/15/26		5,170,000		5,272,345
3.375% 9/15/25		6,090,000		6,667,429
3.70% 4/15/46		8,845,000		9,118,832
Target 3.625% 4/15/46		4,495,000		4,603,213
				29,811,778
Technology Hardware, Storage & Peripherals–0.07%
#Samsung Electronics America 144A 1.75% 4/10/17		5,285,000		5,299,624
				5,299,624
Textiles, Apparel & Luxury Goods–0.09%
#INVISTA Finance 144A 4.25% 10/15/19		7,405,000		7,256,900
				7,256,900
Tobacco–0.39%
Reynolds American
4.00% 6/12/22		9,150,000		9,957,305
4.45% 6/12/25		18,261,000		20,488,459
				30,445,764
Wireless Telecommunication Services–0.57%
America Movil 5.00% 3/30/20		5,250,000		5,827,127
#Crown Castle Towers 144A 4.883% 8/15/20		30,655,000		33,453,256
#Millicom International Cellular 144A 6.625% 10/15/21		2,750,000		2,833,737
#Vimpel Communications Via VIP Finance Ireland 144A 7.748% 2/2/21		2,205,000		2,444,123
				44,558,243
Total Corporate Bonds (Cost $2,440,835,253)				2,542,002,665
MUNICIPAL BONDS–2.44%
California State Various Purposes 7.55% 4/1/39		2,655,000		4,199,599
Dallas Area Rapid Transit Series A 5.00% 12/1/46		8,095,000		9,987,368
Los Angeles, California Department of Water & Power Revenue Taxable Build America Bonds

LVIP Delaware Bond Fund–12

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
6.574% 7/1/45		16,555,000	$	24,969,907
Massachusetts State Transportation Fund Revenue Recovery Zone Economic Development Taxable Build America Bonds 5.731% 6/1/40		6,425,000		9,023,784
New Jersey State Turnpike Authority Revenue Taxable Build America Bonds Series A 7.102% 1/1/41		13,481,000		20,402,550
New Jersey State Turnpike Revenue Authority Taxable Build America Bonds Series F 7.414% 1/1/40		2,595,000		4,074,280
New Jersey Turnpike Authority Series E 5.00% 1/1/45		7,955,000		9,514,180
New York City, New York
Series C 5.00% 8/1/26		3,665,000		4,747,678
Series C 5.00% 8/1/27		2,040,000		2,623,889
New York City, New York Taxable Build America Bonds Series F-1 6.271% 12/1/37		18,710,000		26,815,733
New York Metropolitan Transportation Authority Revenue Taxable Build America Bonds Series E 6.814% 11/15/40		3,690,000		5,382,861
New York Triborough Bridge & Tunnel Authority Revenue Taxable Build America Bond Series A2 5.45% 11/15/32		18,055,000		22,842,283
Oregon State Taxable Pension 5.892% 6/1/27		3,475,000		4,588,981
San Francisco Bay Area California Toll Authority Bridge Revenue Taxable Build America Bonds Series S3 6.907% 10/1/50		13,685,000		21,972,910
South Carolina Public Service Authority Series D 4.77% 12/1/45		3,163,000		3,655,479
Texas Water Development Board Series A 5.00% 10/15/45		2,645,000		3,263,216
University of Missouri (Curators University) Taxable Build America Bonds 5.792% 11/1/41		9,235,000		13,332,477
Total Municipal Bonds (Cost $148,011,420)				191,397,175

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES–7.76%
Ally Master Owner Trust
Series 2012-5 A 1.54% 9/15/19		13,755,000	$	13,798,199
Series 2014-4 A2 1.43% 6/17/19		10,755,000		10,780,326
#•ALM VII Series 2012-7A A1 144A 2.053% 10/19/24		14,750,000		14,584,638
American Express Credit Account Master Trust
•Series 2012-1 A 0.712% 1/15/20		3,275,000		3,276,916
•Series 2013-2 A 0.862% 5/17/21		3,380,000		3,382,458
•Series 2014-1 A 0.812% 12/15/21		7,000,000		6,999,999
Series 2014-3 A 1.49% 4/15/20		6,195,000		6,242,658
•American Express Credit Account Secured Note Trust Series 2012-4 A 0.682% 5/15/20		15,940,000		15,947,962
#•AMMC CDO Series 2015-16A A1 144A 2.13% 4/14/27		9,135,000		9,103,046
#•Ares XXXII Series 2014-32A A1 144A 2.106% 11/15/25		15,000,000		14,944,800
#ARI Fleet Lease Trust Series 2015-A A2 144A 1.11% 11/15/18		1,476,972		1,476,968
Avery Point VI
#•Series 2015-6A A 144A 2.083% 8/5/27		8,350,000		8,316,416
#•Series 2015-6A B 144A 2.583% 8/5/27		3,000,000		2,936,046
Avis Budget Rental Car Funding AESOP
#Series 2013-1A A 144A 1.92% 9/20/19		6,000,000		6,014,756
#Series 2014-1A A 144A 2.46% 7/20/20		7,920,000		8,031,869
BA Credit Card Trust
•Series 2014-A3 A 0.732% 1/15/20		9,745,000		9,759,507
•Series 2015-A1 A 0.772% 6/15/20		20,995,000		21,019,237
•Series 2016-A1 A 0.835% 10/15/21		7,350,000		7,350,000
#•BlueMountain CLO Series 2013-4A B1 144A 2.528% 4/15/25		5,000,000		4,878,015
•BMW Vehicle Lease Trust Series 2016-1 A2B 0.948% 1/22/18		4,200,000		4,208,512

LVIP Delaware Bond Fund–13

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Cabela’s Credit Card Master Note Trust Series 2015-1A A1 2.26% 3/15/23		4,000,000	$	4,100,014
#California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18		491,689		492,055
Capital One Multi-Asset Execution Trust
•Series 2007-A2 A2 0.522% 12/16/19		6,840,000		6,834,071
•Series 2007-A5 A5 0.482% 7/15/20		9,020,000		8,991,569
•Series 2014-A4 A 0.802% 6/15/22		7,460,000		7,418,591
•Series 2016-A1 A1 0.90% 2/15/22		10,000,000		10,017,261
#•Cent CLO 20 Series 2013-20A A 144A 2.118% 1/25/26		9,000,000		8,925,381
#•Cent CLO 21 Series 2014-21A A1B 144A 2.024% 7/27/26		15,000,000		14,755,725
Chase Issuance Trust
•Series 2007-B1 B1 0.692% 4/15/19		21,012,000		20,957,180
•Series 2013-A9 A 0.862% 11/16/20		7,500,000		7,501,895
•Series 2014-A5 A5 0.812% 4/15/21		9,125,000		9,112,555
•Series 2016-A1 A 0.852% 5/17/21		6,100,000		6,101,754
Chesapeake Funding
#•Series 2012-2A A 144A 0.92% 5/7/24		45,656		45,647
#•Series 2014-1A A 144A 0.885% 3/7/26		4,206,741		4,190,903
#CIT Equipment Collateral Series 2014-VT1 A2 144A 0.86% 5/22/17		1,119,526		1,118,421
Citibank Credit Card Issuance Trust
Series 2007-A8 A8 5.65% 9/20/19		3,775,000		3,990,876
•Series 2013-A4 A4 0.872% 7/24/20		4,500,000		4,492,575
Series 2014-A6 A6 2.15% 7/15/21		9,340,000		9,604,412
•Series 2014-A9 A9 0.701% 11/23/18		5,480,000		5,481,331
fCiticorp Residential Mortgage Securities Series 2006-3 A5 5.908% 11/25/36		5,708,000		5,651,296
•CNH Equipment Trust Series 2016-B A2B 1.05% 10/15/19		5,830,000		5,822,638

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Discover Card Execution Note Trust
•Series 2014-A1 A1 0.872% 7/15/21		4,785,000	$	4,795,994
Series 2015-A3 A 1.45% 3/15/21		6,635,000		6,704,091
•Series 2016-A2 A2 0.982% 9/15/21		4,395,000		4,413,007
#•Dryden XVI-Leveraged Loan CDO Series 2006-16A A1 144A 0.874% 10/20/20		885,553		883,518
#FirstKey Lending Trust Series 2015-SFR1 A 144A 2.553% 3/9/47		3,425,666		3,448,918
#•Flagship VII Series 2013-7A A1 144A 2.104% 1/20/26		14,000,000		13,891,752
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		5,135,000		5,140,259
•Ford Credit Auto Owner Trust 2016-b Series 2016-B A2B 0.752% 3/15/19		6,000,000		6,006,170
•Ford Credit Floorplan Master Owner Trust A Series 2015-2 A2 1.012% 1/15/22		10,000,000		9,972,035
•GE Dealer Floorplan Master Note Trust Series 2015-1 A 0.938% 1/20/20		5,010,000		4,994,260
#•Golden Credit Card Trust Series 2014-2A A 144A 0.892% 3/15/21		12,895,000		12,819,765
#GreatAmerica Leasing Receivables Series 2014-1 A3 144A 0.89% 7/15/17		2,282,288		2,280,975
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		1,756,300		1,553,974
#Hyundai Auto Lease Securitization Trust Series 2014-A A4 144A 1.01% 9/15/17		7,145,000		7,144,695
•Hyundai Auto Receivables Trust Series 2015-C A2B 0.812% 11/15/18		6,692,482		6,697,208
#•JFIN CLO Series 2014-1A A 144A 2.134% 4/20/25		9,500,000		9,465,116
#•KKR Financial CLO Series 2013-1A A1 144A 1.778% 7/15/25		10,000,000		9,853,730
#•MAPS CLO Fund II Series 2007-2A A1 144A 0.874% 7/20/22		7,527,954		7,412,746
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.002% 7/16/18		4,565,000		4,563,300

LVIP Delaware Bond Fund–14

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.022% 5/15/20		5,785,000	$	5,793,643
•Morgan Stanley ABS Capital I Trust Series 2005-HE5 M1 1.083% 9/25/35		5,027,244		5,005,112
•New Century Home Equity Loan Trust Series 2005-2 M1 0.883% 6/25/35		5,310,760		5,268,429
•Nissan Auto Lease Trust Series 2015-B A2B 0.972% 12/15/17		3,992,571		3,998,227
•Nissan Auto Receivables Owner Trust Series 2015-C A2B 0.792% 11/15/18		5,329,530		5,329,542
#•OHA Credit Partners IX Series 2013-9A A1 144A 2.034% 10/20/25		3,373,174		3,353,019
#•Penarth Master Issuer Series 2015-2A A1 144A 0.848% 5/18/19		4,000,000		3,983,212
#Porsche Innovative Lease Owner Trust Series 2015-1 A3 144A 1.19% 7/23/18		5,300,000		5,305,569
•RAMP Series Trust Series 2005-RS3 M1 0.873% 3/25/35		3,257,652		3,241,836
#•Saranac CLO I Series 2013-1A A1A 144A 2.116% 10/26/24		10,000,000		9,951,230
#•Shackleton V CLO Series 2014-5A A 144A 2.132% 5/7/26		10,425,000		10,339,807
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		7,870,000		7,889,932
Series 2015-2 A 1.60% 4/15/21		6,010,000		6,034,343
#•Telos CLO Series 2013-4A A 144A 1.933% 7/17/24		11,500,000		11,408,403
#•THL Credit Wind River CLO Series 2013-2A A2B 144A 2.273% 1/18/26		6,265,000		6,216,359
Toyota Auto Receivables Owner Trust
•Series 2015-B A2B 0.652% 11/15/17		2,295,357		2,295,825
Series 2015-B A3 1.27% 5/15/19		7,000,000		7,030,789
•Series 2016-B A2B 0.692% 10/15/18		5,005,000		5,007,226
Trade MAPS 1
#•Series 2013-1A A 144A 1.145% 12/10/18		10,390,000		10,348,356
#•Series 2013-1A B 144A 1.695% 12/10/18		6,067,000		6,021,531
#•Venture XVI CLO Series 2014-16A A1L 144A 2.128% 4/15/26		12,000,000		11,898,648

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Volkswagen Auto Lease Trust Series 2015-A A3 1.25% 12/20/17		5,365,000	$	5,364,992
#Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19		15,785,000		15,690,517
Volvo Financial Equipment
#Series 2014-1A A3 144A 0.82% 4/16/18		1,535,106		1,532,270
#Series 2014-1A B 144A 1.66% 11/16/20		4,300,000		4,301,585
#Series 2016-1A A3 144A 1.67% 2/18/20		1,250,000		1,251,923
•World Financial Network Credit Card Master Trust Series 2015-A A 0.922% 2/15/22		4,830,000		4,824,081
Total Non-Agency Asset-Backed Securities (Cost $609,570,448)				609,386,397
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.01%
Agate Bay Mortgage Trust
#•Series 2015-1 B1 144A 3.82% 1/25/45		3,739,049		3,744,188
#•Series 2015-1 B2 144A 3.82% 1/25/45		2,112,616		2,081,257
¿CHL Mortgage Pass Through Trust Series 2005-6 1A11 5.25% 2/25/26		244,382		243,939
JPMorgan Mortgage Trust
#•Series 2014-2 B1 144A 3.426% 6/25/29		2,709,489		2,713,065
#•Series 2014-2 B2 144A 3.426% 6/25/29		1,008,816		983,494
#•Series 2014-IVR6 2A4 144A 2.50% 7/25/44		3,315,000		3,346,830
#•Series 2015-4 B1 144A 3.634% 6/25/45		3,521,237		3,427,897
#•Series 2015-4 B2 144A 3.634% 6/25/45		2,521,609		2,404,793
JPMorgan Trust
#•Series 2015-1 B1 144A 2.663% 12/25/44		4,624,783		4,570,205
#•Series 2015-1 B2 144A 2.663% 12/25/44		3,892,732		3,778,610
#•Series 2015-5 B2 144A 2.901% 5/25/45		3,855,480		3,609,290
#•Series 2015-6 B1 144A 3.645% 10/25/45		2,548,570		2,601,300
#•Series 2015-6 B2 144A 3.645% 10/25/45		2,471,906		2,475,618
#•New Residential Mortgage Loan Trust Series 2015-2A A1 144A 3.75% 8/25/55		5,708,185		5,975,423

LVIP Delaware Bond Fund–15

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Sequoia Mortgage Trust
•Series 2013-4 B2 3.499% 4/25/43		2,297,772	$	2,259,045
#•Series 2013-11 B1 144A 3.668% 9/25/43		3,127,999		3,110,114
#•Series 2014-2 A4 144A 3.50% 7/25/44		3,686,902		3,790,596
#•Series 2015-1 B2 144A 3.887% 1/25/45		2,678,129		2,694,781
•Thornburg Mortgage Securities Trust Series 2007-4 1A1 2.48% 9/25/37		2,816,530		2,677,528
Towd Point Mortgage Trust
#•Series 2015-5 A1B 144A 2.75% 5/25/55		5,412,750		5,479,943
#•Series 2015-6 A1B 144A 2.75% 4/25/55		5,576,344		5,649,319
#•Series 2016-1 A1B 144A 2.75% 2/25/55		4,455,208		4,514,032
#•Series 2016-2 A1 144A 3.00% 8/25/55		3,586,609		3,662,998
#•WinWater Mortgage Loan Trust Series 2015-3 B1 144A 3.914% 3/20/45		3,789,260		3,941,599
Total Non-Agency Collateralized Mortgage Obligations (Cost $78,792,057)				79,735,864
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–4.68%
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 6.00% 2/10/51		6,355,000		6,621,787
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		3,564,175		3,682,280
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.901% 12/10/49		3,550,000		3,562,644
Series 2014-GC25 A4 3.635% 10/10/47		7,035,000		7,641,172
Series 2015-GC27 A5 3.137% 2/10/48		16,130,000		16,926,783
Series 2016-P3 A4 3.329% 4/15/49		6,000,000		6,403,193
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		6,130,000		6,387,952

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust (continued)
Series 2014-CR16 A4 4.051% 4/10/47		6,121,000	$	6,859,231
Series 2014-CR19 A5 3.796% 8/10/47		9,045,000		9,953,585
Series 2014-CR20 A4 3.59% 11/10/47		3,183,000		3,461,463
Series 2014-CR20 AM 3.938% 11/10/47		12,495,000		13,606,163
#Series 2015-3BP A 144A 3.178% 2/10/35		20,950,000		22,067,190
Series 2015-CR23 A4 3.497% 5/10/48		3,305,000		3,555,755
Commercial Mortgage Trust Series 2007-GG9 AM 5.475% 3/10/39		4,110,209		4,178,996
DB-JPM Series 2016-C1 A4 3.276% 5/10/49		7,315,000		7,789,837
DB-UBS Mortgage Trust
#Series 2011-LC1A A3 144A 5.002% 11/10/46		6,096,000		6,828,901
#•Series 2011-LC1A C 144A 5.883% 11/10/46		7,500,000		8,510,113
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		15,710,000		16,771,394
GS Mortgage Securities Trust
#•Series 2010-C1 C 144A 5.635% 8/10/43		3,460,000		3,779,236
Series 2014-GC24 A5 3.931% 9/10/47		11,450,000		12,689,482
Series 2015-GC32 A4 3.764% 7/10/48		4,050,000		4,459,580
Hilton USA Trust
#Series 2013-HLT AFX 144A 2.662% 11/5/30		5,590,000		5,613,868
#Series 2013-HLT BFX 144A 3.367% 11/5/30		11,790,000		11,847,769
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		9,235,000		9,593,038
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		14,195,000		15,590,625
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		13,480,000		14,173,689
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.675% 8/12/37		1,895,000		2,056,589

LVIP Delaware Bond Fund–16

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued)
•Series 2005-LDP5 D 5.718% 12/15/44		3,600,000	$	3,588,012
Series 2006-LDP8 AM 5.44% 5/15/45		11,962,000		11,967,723
Series 2013-LC11 B 3.499% 4/15/46		5,425,000		5,623,161
Series 2015-JP1 A5 3.914% 1/15/49		9,875,000		11,017,647
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		122,252		122,493
•Series 2006-C6 AJ 5.452% 9/15/39		7,527,000		7,495,668
Series 2006-C6 AM 5.413% 9/15/39		16,607,000		16,664,814
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		5,675,000		6,219,125
Series 2015-C23 A4 3.719% 7/15/50		12,800,000		14,047,107
Series 2015-C26 A5 3.531% 10/15/48		10,054,800		10,875,236
Series 2016-C29 A4 3.325% 5/15/49		5,620,000		5,981,119
•Morgan Stanley Capital I Trust Series 2006-HQ10 B 5.448% 11/12/41		3,200,000		3,008,111
#TimberStar Trust I Series 2006-1A A 144A 5.668% 10/15/36		3,716,000		3,733,433
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5 A3 2.918% 10/15/45		4,330,000		4,553,338
Series 2012-LC5 B 4.142% 10/15/45		3,750,000		3,987,211
Series 2014-LC18 A5 3.405% 12/15/47		1,975,000		2,113,390
Series 2015-NXS3 A4 3.617% 9/15/57		5,100,000		5,538,742
WF-RBS Commercial Mortgage Trust Series 2012-C10 A3 2.875% 12/15/45		15,609,638		16,361,225
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $360,844,865)				367,509,870
DREGIONAL BONDS–0.49%
Province of British Columbia Canada 2.25% 6/2/26		11,430,000		11,733,135

	Principal Amount°		Value (U.S. $)
DREGIONAL BONDS (continued)
Province of Manitoba Canada 2.125% 6/22/26		6,895,000	$	6,863,455
Province of Quebec Canada 2.50% 4/20/26		7,585,000		7,814,780
				26,411,370
Japan Finance Organization For Municipalities #144A 2.125% 4/13/21		11,608,000		11,808,064
				11,808,064
Total Regional Bonds (Cost $37,396,352)				38,219,434
«SENIOR SECURED LOANS–0.59%
FCA US Tranche B 1st Lien 3.50% 5/24/17		3,405,237		3,407,723
First Data Tranche B 1st Lien 4.452% 3/24/21		15,000,000		14,975,025
Level 3 Financing Tranche B 1st Lien 4.00% 1/15/20		11,950,000		11,957,469
Univision Communications Tranche C4 1st Lien 4.00% 3/1/20		11,604,444		11,556,750
USI Tranche B 1st Lien 4.25% 12/27/19		4,661,946		4,609,499
Total Senior Secured Loans (Cost $46,278,319)				46,506,466
DSOVEREIGN BONDS–0.29%
Croatia–0.03%
#Croatia Government International Bond 144A 6.375% 3/24/21		2,000,000		2,186,550
				2,186,550
Germany–0.05%
FMS Wertmanagement 1.375% 6/8/21		3,765,000		3,791,859
				3,791,859
Guatemala–0.04%
#Guatemala Government Bond 144A 4.50% 5/3/26		3,000,000		3,056,250
				3,056,250
Indonesia–0.03%
#Indonesia Government International Bond 144A 4.875% 5/5/21		2,300,000		2,502,947
				2,502,947

LVIP Delaware Bond Fund–17

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Paraguay–0.04%
#Paraguay Government International Bond 144A 5.00% 4/15/26		3,000,000	$	3,172,500
				3,172,500
Qatar–0.06%
Qatar Government International Bond
#144A 3.25% 6/2/26		2,340,000		2,391,773
#144A 4.625% 6/2/46		2,015,000		2,199,550
				4,591,323
Uruguay–0.04%
Uruguay Government International Bond 4.375% 10/27/27		3,321,000		3,520,260
				3,520,260
Total Sovereign Bonds (Cost $21,839,542)				22,821,689
U.S. TREASURY OBLIGATIONS–9.23%
U.S. Treasury Bonds
2.50% 5/15/46		106,610,000		111,099,240
3.00% 11/15/45		151,570,000		174,287,766
U.S. Treasury Notes
1.125% 6/30/21		12,975,000		13,043,417
1.375% 5/31/21		162,250,000		165,181,209
1.625% 5/15/26		134,665,000		136,316,801
2.25% 11/15/25		116,965,000		124,791,596
Total U.S. Treasury Obligations (Cost $711,149,259)				724,720,029
	Number of Shares
PREFERRED STOCK–0.47%
•General Electric 5.00%		17,606,000		18,701,973
•@Integrys Energy Group 6.00%		285,850		7,735,816
#•PNC Preferred Funding Trust II 1.875%		11,400,000		10,060,500
#•@USB Realty 1.775%		715,000		572,894
Total Preferred Stock (Cost $36,288,660)				37,071,183

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–1.29%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		101,294,696	$	101,294,696
Total Money Market Fund (Cost $101,294,696)				101,294,696
	Principal Amount°
SHORT-TERM INVESTMENTS–11.40%
Certificates of Deposit–3.16%
Banco Estado Chile
0.58% 7/1/16		50,000,000		50,000,350
0.66% 8/26/16		25,000,000		25,007,217
Bank of Montreal Chicago
0.86% 12/7/16		25,000,000		25,003,050
0.99% 10/17/16		25,000,000		25,021,965
Barclays Bank New York 0.58% 7/25/16		25,000,000		25,003,433
Credit Suisse New York 1.28% 1/9/17		23,000,000		23,035,556
Swedbank New York 0.80% 7/5/16		75,000,000		75,000,345
				248,071,916
≠Discounted Commercial Paper–7.92%
Abbey National Treasury Services 0.82% 7/1/16		63,000,000		63,000,000
Air Products & Chemicals 0.891% 7/5/16		53,700,000		53,697,315
BMW US Capital 0.41% 7/12/16		28,730,000		28,726,389
BNP Paribas 0.84% 7/1/16		78,785,000		78,785,000
Cornell University
0.42% 7/21/16		12,000,000		11,997,360
0.43% 7/25/16		15,000,000		14,995,800
0.43% 8/4/16		19,300,000		19,292,280
0.44% 8/11/16		16,250,000		16,241,713
0.44% 8/24/16		13,200,000		13,191,684
Dartmouth College
0.471% 8/17/16		25,000,000		24,985,500
0.501% 9/19/16		10,000,000		9,997,500
Duke University
0.43% 7/25/16		13,753,000		13,749,476
0.471% 8/16/16		21,409,000		21,397,848
0.601% 9/19/16		25,000,000		24,972,550
JPMorgan Securities
0.571% 8/2/16		41,000,000		40,984,629
0.623% 7/22/16		25,000,000		24,993,950

LVIP Delaware Bond Fund–18

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
SHORT-TERM INVESTMENTS (continued)
≠Discounted Commercial Paper (continued)
Nestle Finance International 0.581% 7/27/16		15,380,000	$	15,376,067
Princeton University
0.40% 7/15/16		11,500,000		11,500,215
0.43% 8/18/16		24,000,000		24,000,881
Sanofi 0.541% 9/13/16		25,000,000		24,972,917
University of California 0.43% 7/7/16		20,950,000		20,948,533
University of Chicago
0.45% 7/7/16		25,000,000		24,998,000
0.48% 8/15/16		15,000,000		14,990,850

	Principal Amount°		Value (U.S. $)
SHORT-TERM INVESTMENTS (continued)
≠Discounted Commercial Paper (continued)
Westpac Banking 0.967% 10/3/16		25,000,000	$	24,958,900
				622,755,357
Floating Rate Note–0.32%
Royal Bank of Canada
•0.88% 10/14/16		25,000,000		25,017,775
				25,017,775
Total Short Term Investments (Cost $895,703,318)				895,845,048

TOTAL VALUE OF SECURITIES–110.56% (Cost $8,488,089,312)		8,685,201,827
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(10.56%)		(829,220,110	)
NET ASSETS APPLICABLE TO 551,856,097 SHARES OUTSTANDING–100.00%	$	7,855,981,717

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $1,187,666,275, which represents 15.12% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

* Interest only security. An interest only security is the interest only portion of a fixed income security which is separated and sold individually from the principal portion of the security.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $40,577,451, which represents 0.52% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

¿ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

≠ The rate shown is the effective yield at the time of purchase.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at June 30, 2016.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2016.

The following futures contracts and swap contracts were outstanding at June 30, 2016:¹

Futures Contracts

	Contracts to Buy (Sell)	Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
1,217	U.S. Treasury 10 yr Notes		$	161,355,323		$	161,841,984		9/22/16		$	486,661
828	U.S. Treasury Long Bond			139,249,932			142,700,625		9/22/16			3,450,693
											$	3,937,354

LVIP Delaware Bond Fund–19

LVIP Delaware Bond Fund

Schedule of Investments (continued)

Swap Contracts

CDS Contracts

Counterparty	Swap Referenced         Obligation	Notional Value2		Annual     Protection     Payments		Termination   Date		Upfront Payments Paid     (Received)		Unrealized Appreciation (Depreciation)
	Protection Sold:
HSBC	CDX.EM.253		19,490,000		1.00%		6/20/21		$(1,705,885)		$234,041

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

²Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

³Markit’s Emerging Markets CDX Index, or the CDX.EM Index is composed of fourteen sovereign issuers from the following regions: Latin America, Middle East, Eastern Europe, Africa and Asia.

Summary of Abbreviations:

CDS–Credit Default Swap

CDX.EM–Credit Default Swap Index Emerging Markets

CLO–Collateralized Loan Obligation

DB–Deutsche Bank

GE–General Electric

GNMA–Government National Mortgage Association

GS–Goldman Sachs

HSBC–Hong Kong Shanghai Bank

JPM–JPMorgan

JPMBB–JPMorgan Barclays Bank

JPMDB–JPMorgan Deutsche Bank

LB–Lehman Brothers

RBS–Royal Bank of Scotland

REMIC–Real Estate Mortgage Investment Conduit

S.F.–Single Family

TBA–To be announced

UBS–Union Bank of Switzerland

WF–Wells Fargo

yr–Year

LVIP Delaware Bond Fund–20

LVIP Delaware Bond Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments, at value	$	8,685,201,827
Receivable for securities sold		1,446,942,262
Dividends and interest receivable		39,148,241
Cash		6,069,151
Net unrealized appreciation on futures contracts		3,937,354
Receivable for fund shares sold		2,308,800
Net unrealized appreciation on credit default swap contracts		234,041
Annual protection payments on swap contracts		4,901
TOTAL ASSETS		10,183,846,577
LIABILITIES:
Payable for securities purchased		2,315,620,183
Cash collateral due to broker		4,575,801
Due to manager and affiliates		2,867,059
Payable for fund shares redeemed		2,697,254
Upfront payments received on credit default swap contracts		1,705,885
Other accrued expenses payable		398,678
TOTAL LIABILITIES		2,327,864,860
TOTAL NET ASSETS	$	7,855,981,717
Investments, at cost	$	8,488,089,312
Standard Class:
Net Assets	$	4,659,152,868
Shares Outstanding		327,050,395
Net Asset Value Per Share	$	14.246
Service Class:
Net Assets	$	3,196,828,849
Shares Outstanding		224,805,702
Net Asset Value Per Share	$	14.220
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	7,518,498,857
Undistributed net investment income		77,506,005
Accumulated net realized gain on investments		58,689,923
Net unrealized appreciation of investments and derivatives		201,286,932
TOTAL NET ASSETS	$	7,855,981,717

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

LVIP Delaware Bond Fund—21

LVIP Delaware Bond Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Interest	$	96,105,063
Dividends		214,388
		96,319,451
EXPENSES:
Management fees		11,620,848
Distribution fees-Service Class		5,307,808
Accounting and administration expenses		948,570
Reports and statements to shareholders		228,781
Professional fees		105,399
Trustees’ fees and expenses		98,554
Custodian fees		58,040
Pricing fees		39,437
Consulting fees		3,439
Other		39,522
Total operating expenses		18,450,398
NET INVESTMENT INCOME		77,869,053
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		71,774,601
Foreign currencies		(1,182,509	)
Foreign currency exchange contracts		239,061
Futures contracts		(12,873,017	)
Swap contracts		11,495,353
Net realized gain		69,453,489
Net change in unrealized appreciation (depreciation) of:
Investments		199,511,280
Foreign currencies		61,538
Foreign currency exchange contracts		6,156
Futures contracts		7,128,445
Swap contracts		(131,550	)
Net change in unrealized appreciation (depreciation)		206,575,869
NET REALIZED AND UNREALIZED GAIN		276,029,358
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	353,898,411

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

LVIP Delaware Bond Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	77,869,053		$	156,224,266
Net realized gain		69,453,489			13,067,341
Net change in unrealized appreciation (depreciation)		206,575,869			(153,766,941	)
Net increase in net assets resulting from operations		353,898,411			15,524,666
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(109,096,427	)
Service Class		—			(60,998,481	)
Net realized gain:
Standard Class		—			(10,444,367	)
Service Class		—			(6,883,908	)
		—			(187,423,183	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		250,411,367			675,558,333
Service Class		245,135,890			473,919,065
Net asset value of shares issued upon reinvestment of dividend and distributions:
Standard Class		—			119,540,794
Service Class		—			67,882,389
		495,547,257			1,336,900,581
Cost of shares redeemed:
Standard Class		(356,895,668	)		(444,721,637	)
Service Class		(174,423,656	)		(270,769,066	)
		(531,319,324	)		(715,490,703	)
Increase (decrease) in net assets derived from capital share transactions		(35,772,067	)		621,409,878
NET INCREASE IN NET ASSETS		318,126,344			449,511,361
NET ASSETS:
Beginning of period		7,537,855,373			7,088,344,012
End of period	$	7,855,981,717		$	7,537,855,373
Undistributed (distributions in excess of) net investment income	$	77,506,005		$	(363,048	)

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

LVIP Delaware Bond Fund–22

LVIP Delaware Bond Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Bond Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	13.590	$	13.903		$	13.466		$	14.212		$	13.916		$	13.695
Income (loss) from investment operations:
Net investment income2		0.152		0.315			0.315			0.303			0.345			0.427
Net realized and unrealized gain (loss)		0.504		(0.261	)		0.488			(0.634	)		0.571			0.611
Total from investment operations		0.656		0.054			0.803			(0.331	)		0.916			1.038
Less dividends and distributions from:
Net investment income		—		(0.335	)		(0.290	)		(0.247	)		(0.290	)		(0.479	)
Net realized gain		—		(0.032	)		(0.076	)		(0.162	)		(0.330	)		(0.338	)
Return of capital		—		—			—			(0.006	)		—			—
Total dividends and distributions		—		(0.367	)		(0.366	)		(0.415	)		(0.620	)		(0.817	)
Net asset value, end of period	$	14.246	$	13.590		$	13.903		$	13.466		$	14.212		$	13.916
Total return3		4.83%		0.39%			5.97%			(2.31%	)		6.61%			7.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,659,153	$	4,550,985		$	4,304,241		$	3,728,463		$	2,448,509		$	1,301,203
Ratio of expenses to average net assets		0.35%		0.35%			0.35%			0.37%			0.38%			0.39%
Ratio of net investment income to average net assets		2.20%		2.25%			2.25%			2.18%			2.41%			3.03%
Portfolio turnover		171%		364%			426%			431%			366%			379%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP Delaware Bond Fund–23

LVIP Delaware Bond Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Bond Fund Service Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	13.589	$	13.902		$	13.466		$	14.212		$	13.916		$	13.697
Income (loss) from investment operations:
Net investment income2		0.128		0.266			0.265			0.255			0.294			0.377
Net realized and unrealized gain (loss)		0.503		(0.261	)		0.489			(0.635	)		0.571			0.610
Total from investment operations		0.631		0.005			0.754			(0.380	)		0.865			0.987
Less dividends and distributions from:
Net investment income		—		(0.286	)		(0.242	)		(0.198	)		(0.239	)		(0.430	)
Net realized gain		—		(0.032	)		(0.076	)		(0.162	)		(0.330	)		(0.338	)
Return of capital		—		—			—			(0.006	)		—			—
Total dividends and distributions		—		(0.318	)		(0.318	)		(0.366	)		(0.569	)		(0.768	)
Net asset value, end of period	$	14.220	$	13.589		$	13.902		$	13.466		$	14.212		$	13.916
Total return3		4.64%		0.03%			5.60%			(2.64%	)		6.24%			7.26%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,196,829	$	2,986,870		$	2,784,103		$	2,566,920		$	2,453,224		$	2,019,708
Ratio of expenses to average net assets		0.70%		0.70%			0.70%			0.72%			0.73%			0.74%
Ratio of net investment income to average net assets		1.85%		1.90%			1.90%			1.83%			2.06%			2.68%
Portfolio turnover		171%		364%			426%			431%			366%			379%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP Delaware Bond Fund–24

LVIP Delaware Bond Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Delaware Bond 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”). 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 maximize current income yield consistent with a prudent investment strategy.

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 sale price on the valuation date. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities, credit default swap (“CDS”) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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.

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015) 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 six months ended June 30, 2016, 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.

To Be Announced Trades–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

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

LVIP Delaware Bond Fund–25

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, 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.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. 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. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.48% of the first $200 million of the average daily net assets of the Fund; 0.40% of the next $200 million; and 0.30% of average daily net assets in excess of $400 million.

Delaware Investments Fund Advisers (“DIFA”)(the “Sub-Adviser”), a series of the Delaware Management Business Trust, is responsible for the day-to-day management of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	198,264
Legal		54,558

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 $194,154 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

LVIP Delaware Bond Fund–26

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	1,953,802
Distribution fees payable to LFD		907,448
Printing and mailing fees payable to Lincoln Life		5,809

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	9,466,153,722
Purchases of U.S. government securities		3,494,389,361
Sales other than U.S. government securities		9,167,613,684
Sales of U.S. government securities		3,607,540,837

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	8,488,089,312
Aggregate unrealized appreciation	$	216,619,899
Aggregate unrealized depreciation		(19,507,384	)
Net unrealized appreciation	$	197,112,515

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 Delaware Bond Fund–27

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 2			Level 3			Total
Agency Collateralized Mortgage Obligations		$	—		$	217,327,144		$	—			217,327,144
Agency Commercial Mortgage-Backed Securities			—			112,586,114			5,400,783			117,986,897
Agency Mortgage-Backed Securities			—			2,693,377,270			—			2,693,377,270
Corporate Bonds			—			2,542,002,665			—			2,542,002,665
Municipal Bonds			—			191,397,175			—			191,397,175
Non-Agency Asset-Backed Securities			—			609,386,397			—			609,386,397
Non-Agency Collateralized Mortgage Obligations			—			79,735,864			—			79,735,864
Non-Agency Commercial Mortgage-Backed Securities			—			367,509,870			—			367,509,870
Regional Bonds			—			38,219,434			—			38,219,434
Senior Secured Loans			—			46,506,466			—			46,506,466
Sovereign Bonds			—			22,821,689			—			22,821,689
U.S. Treasury Obligations			—			724,720,029			—			724,720,029
Preferred Stock			—			37,071,183			—			37,071,183
Money Market Fund			101,294,696			—			—			101,294,696
Short-Term Investments			—			895,845,048			—			895,845,048
Total		$	101,294,696		$	8,578,506,348		$	5,400,783		$	8,685,201,827
Swap Contracts		$	—		$	234,041		$	—		$	234,041
Futures Contracts		$	3,937,354		$	—		$	—		$	3,937,354

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		17,935,018			48,294,475
Service Class		17,615,048			33,915,325
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			8,775,872
Service Class		—			4,981,748
		35,550,066			95,967,420
Shares redeemed:
Standard Class		(25,762,059	)		(31,789,069	)
Service Class		(12,606,090	)		(19,371,758	)
		(38,368,149	)		(51,160,827	)
Net increase (decrease)		(2,818,083	)		44,806,593

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain

LVIP Delaware Bond Fund–28

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016.

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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.

Options Contracts–During the six months ended June 30, 2016, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; to increase yield during low interest rate environment; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk. The Fund did not enter into any written option transactions during the six months ended June 30, 2016.

Swap Contracts–The Fund may enter into interest rate swap contracts and CDS contracts in the normal course of pursuing its investment objective. The Fund may use interest rate swaps to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such a swap contract. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty for trades. No interest rate swap contracts were outstanding at June 30, 2016.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular referenced security or basket of securities, such as an index. In exchange for the protection offered by the seller of protection, the purchaser of protection

LVIP Delaware Bond Fund–29

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended June 30, 2016, the Fund entered into CDS contracts as a seller of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the Schedule of Investments, at June 30, 2016, the notional value of the protection sold was $19,490,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At June 30, 2016, net unrealized appreciation of the protection sold was $234,041.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Schedule of Investments.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liabilities Derivatives
	Statement of Assets and Liabilities	Fair Value	Statement of Assets and Liabilities	Fair Value
Interest rate contracts (Future contracts)	Net unrealized appreciation on futures contracts	$393,735	Net unrealized appreciation on futures contracts	$—
Credit Contracts (Swap contracts)	Net unrealized appreciation on credit default swap contracts	234,041	Net unrealized appreciation on credit default swap contracts	—
Total		$627,776		$—

LVIP Delaware Bond Fund–30

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Net change in unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	239,061			$	6,156
Interest rate contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(12,873,017	)			7,128,445
Credit and interest rate contracts (Swap contracts)	Net realized gain from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			11,495,353				(131,550	)
Total			$	(1,138,603	)		$	7,003,051

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Foreign currency exchange contracts (average cost)	USD	7,252,395	USD	26,902
Futures contracts (average notional value)	USD	206,894,592	USD	140,541,915
CDS Contracts (average notional value)*	EUR	20,022,560	EUR	—
CDS Contracts (average notional value)*	USD	29,758,672	USD	5,539,640
Interest rate swap contracts (average notional value)	USD	123,300,960	USD	—

*Long represents buying protection and short represents selling protection.

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 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) 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.

At June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Assets			Gross Value of Derivative Liability			Net Position
Hong Kong Shanghai Bank		$	234,041		$	—		$	234,041
JPMorgan Chase Bank			3,937,354			—			3,937,354
Total		$	4,171,395		$	—		$	4,171,395

Counterparty	Net Position			Fair Value of Non Cash Collateral Received			Cash Collateral Received			Fair Value of Non Cash Collateral Pledged			Cash Collateral Pledged			Net Amounta
Hong Kong Shanghai Bank		$	234,041		$	—		$	—		$	—		$	—		$	234,041
JPMorgan Chase Bank			3,937,354			—			—			—			—			3,937,354
Total		$	4,171,395		$	—		$	—		$	—		$	—		$	4,171,395

^aNet amount represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default.

LVIP Delaware Bond Fund–31

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk

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.

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 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 invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s Financial Services LLC or Ba or lower by Moody’s Investors Service, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market’s perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (“CMOs”). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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 (the “Act”), as amended, and other securities which may not be readily marketable. The Fund may also invest in securities exempt from registration under Section 4(2) of the Act, which exempts from registration transactions by an issuer not involving any public offering. 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 investment in illiquid securities. Rule 144A and illiquid securities are identified on the Schedule of Investments.

7. 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.

8. 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 Delaware Bond Fund–32

                        LVIP Delaware Diversified Floating Rate Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Delaware Diversified Floating Rate Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	13
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	16

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Delaware Diversified Floating Rate Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	1,007.20		0.61%		$	3.04
Service Class Shares			1,000.00			1,006.10		0.86%			4.29
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,021.83		0.61%		$	3.07
Service Class Shares			1,000.00			1,020.59		0.86%			4.32

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Delaware Diversified Floating Rate Fund–1

LVIP Delaware Diversified Floating Rate Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage  of Net Assets
Agency Collateralized Mortgage Obligations	2.43%
Agency Commercial Mortgage-Backed Security	0.06%
Convertible Bonds	0.23%
Convertible Preferred Stock	0.01%
Corporate Bonds	56.72%
Air Freight & Logistics	0.19%
Airlines	0.38%
Automobiles	5.46%
Banks	10.40%
Beverages	2.62%
Biotechnology	0.00%
Building Products	0.11%
Capital Markets	3.56%
Chemicals	0.56%
Commercial Services & Supplies	0.05%
Communications Equipment	1.19%
Computers & Peripherals	0.52%
Construction Materials	0.23%
Containers & Packaging	0.37%
Diversified Financial Services	3.43%
Diversified Telecommunication Services	1.81%
Electric Utilities	3.67%
Electronic Equipment, Instruments & Components	0.17%
Food & Staples Retailing	0.57%
Food Products	0.19%
Gas Utilities	0.74%
Health Care Equipment & Supplies	2.02%
Health Care Providers & Services	0.05%
Hotels, Restaurants & Leisure	0.11%
Independent Power & Renewable Electricity Producers	0.09%
Insurance	3.47%

Security Type/Sector	Percentage  of Net Assets
Machinery	0.76%
Media	0.50%
Metals & Mining	0.24%
Multi-Utilities	0.53%
Oil, Gas & Consumable Fuels	4.72%
Paper & Forest Products	0.22%
Pharmaceuticals	3.05%
Real Estate Investment Trusts	0.62%
Road & Rail	0.62%
Semiconductors & Semiconductor Equipment	0.07%
Software	1.89%
Specialty Retail	0.85%
Technology Hardware, Storage & Peripherals	0.15%
Textiles, Apparel & Luxury Goods	0.16%
Tobacco	0.11%
Wireless Telecommunication Services	0.27%
Municipal Bonds	2.63%
Non-Agency Asset-Backed Securities	16.11%
Regional Bond	0.05%
Senior Secured Loans	11.23%
Sovereign Bonds	0.87%
Supranational Banks	1.77%
U.S. Treasury Obligations	4.22%
Preferred Stock	1.56%
Money Market Fund	3.34%
Total Value of Securities	101.23%
Liabilities Net of Receivables and Other Assets	(1.23%)
Total Net Assets	100.00%

LVIP Delaware Diversified Floating Rate Fund–2

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–2.43%
Fannie Mae Connecticut Avenue Securities
•Series 2015-C03 1M1 1.953% 7/25/25		2,913,953	$	2,922,252
•Series 2015-C03 2M1 1.953% 7/25/25		2,823,655		2,837,249
•Series 2015-C04 2M1 2.153% 4/25/28		991,261		989,761
•Series 2016-C03 1M1 2.453% 10/25/28		837,566		843,383
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		3,607		4,096
•Series 2005-106 QF 0.963% 12/25/35		1,670,844		1,681,124
•Series 2006-40 F 0.753% 5/25/36		116,997		116,578
Freddie Mac REMICs
•Series 3152 JF 0.892% 8/15/35		115,091		115,218
•Series 3311 VF 0.682% 5/15/37		285,996		284,514
•Series 3780 LF 0.842% 3/15/29		15,631		15,647
•Series 3800 AF 0.942% 2/15/41		394,259		395,847
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2015-DNA3 M1 1.803% 4/25/28		2,536,343		2,540,905
•Series 2016-DNA3 M1 1.546% 12/25/28		2,830,000		2,830,871
•Series 2016-HQA2 M1 1.653% 11/25/28		3,443,909		3,445,871
•GNMA Series 2010-46 MF 0.842% 5/16/34		355,942		356,764
Total Agency Collateralized Mortgage Obligations (Cost $19,335,913)				19,380,080
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY–0.06%
#•FREMF Mortgage Trust Series 2011-K13 B 144A 4.767% 1/25/48		420,000		458,077
Total Agency Commercial Mortgage-Backed Security (Cost $446,167)				458,077
CONVERTIBLE BONDS–0.23%
@Alaska Communications Systems Group 6.25%, exercise price $10.28, maturity date 5/1/18		90,000		87,356
Atlas Air Worldwide Holdings 2.25%, exercise price $74.05, maturity date 6/1/22		26,000		25,334

	Principal Amount°		Value (U.S. $)
CONVERTIBLE BONDS (continued)
BGC Partners 4.50%, exercise price $9.84, maturity date 7/15/16		80,000	$	80,300
BioMarin Pharmaceutical 1.50%, exercise price $94.15, maturity date 10/15/20		25,000		29,031
Blackstone Mortgage Trust 5.25%, exercise price $28.36, maturity date 12/1/18		150,000		159,563
Cardtronics 1.00%, exercise price $52.35, maturity date 12/1/20		65,000		65,487
Cemex 3.72%, exercise price $11.45, maturity date 3/15/20		56,000		52,465
@Chart Industries 2.00%, exercise price $69.03, maturity date 8/1/18		59,000		55,202
#Clearwire Communications 144A 8.25%, exercise price $7.08, maturity date 12/1/40		46,000		46,805
@GAIN Capital Holdings 4.125%, exercise price $12.00, maturity date 12/1/18		77,000		70,936
@fGeneral Cable 4.50%, exercise price $32.36, maturity date 11/15/29		83,000		47,881
HealthSouth 2.00%, exercise price $37.59, maturity date 12/1/43		64,000		75,000
Helix Energy Solutions Group 3.25%, exercise price $25.02, maturity date 3/15/32		60,000		53,475
Jefferies Group 3.875%, exercise price $44.19, maturity date 11/1/29		124,000		126,015
#Liberty Interactive 144A 1.00%, exercise price $64.18, maturity date 9/30/43		68,000		59,373
fMeritor 4.00%, exercise price $26.73, maturity date 2/15/27		110,000		106,012
Micron Technology 3.00%, exercise price $29.16, maturity date 11/15/43		40,000		30,750
Nuance Communications 2.75%, exercise price $32.30, maturity date 11/1/31		124,000		125,395
@Spectrum Pharmaceuticals 2.75%, exercise price $10.53, maturity date 12/15/18		56,000		51,975
@Spirit Realty Capital 3.75%, exercise price $13.10, maturity date 5/15/21		68,000		76,160

LVIP Delaware Diversified Floating Rate Fund––3

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CONVERTIBLE BONDS (continued)
Synchronoss Technologies 0.75%, exercise price $53.17, maturity date 8/15/19		61,000	$	60,657
@Titan Machinery 3.75%, exercise price $43.17, maturity date 5/1/19		145,000		118,175
•Vector Group 1.75%, exercise price $24.64, maturity date 4/15/20		75,000		83,531
@VEREIT 3.75%, exercise price $14.99, maturity date 12/15/20		112,000		111,371
Total Convertible Bonds (Cost $1,895,547)				1,798,249
	Number of Shares
CONVERTIBLE PREFERRED STOCK–0.01%
Maiden Holdings 7.25%, exercise price $15.11, expiration date 9/15/16		1,163		55,243
Total Convertible Preferred Stock (Cost $55,056)				55,243
	Principal Amount°
CORPORATE BONDS–56.72%
Air Freight & Logistics–0.19%
#@Aviation Capital Group 144A 2.875% 9/17/18		1,500,000		1,486,875
				1,486,875
Airlines–0.38%
#¿Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		556,168		565,901
¿American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		589,138		612,703
¿American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		171,811		173,091
¿American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		250,000		264,618
¿United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		466,651		492,658
¿United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		859,249		909,730
				3,018,701

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Automobiles–5.46%
BMW US Capital
#144A 2.00% 4/11/21		1,115,000	$	1,130,229
#144A 2.80% 4/11/26		780,000		801,079
Daimler Finance North America
#•144A 0.977% 8/1/17		6,340,000		6,331,175
#•144A 1.008% 3/10/17		5,400,000		5,399,795
#144A 2.70% 8/3/20		1,170,000		1,214,274
•Ford Motor Credit 1.567% 11/4/19		6,000,000		5,897,034
General Motors Financial
3.10% 1/15/19		3,120,000		3,189,195
4.375% 9/25/21		3,000,000		3,169,443
Hyundai Capital America
#144A 3.00% 3/18/21		490,000		508,116
#144A 4.00% 6/8/17		690,000		707,395
#•Hyundai Capital Services 144A 1.447% 3/18/17		2,895,000		2,894,007
Toyota Motor Credit 2.00% 10/24/18		3,525,000		3,594,686
#•Volkswagen International Finance 144A 1.066% 11/18/16		8,755,000		8,740,090
				43,576,518
Banks–10.40%
#Banco Nacional de Costa Rica 144A 5.875% 4/25/21		605,000		624,935
#•Bank Nederlandse Gemeenten 144A 0.70% 7/14/17		698,000		697,487
Bank of America
•0.89% 10/14/16		1,350,000		1,348,871
•1.096% 11/14/16		6,025,000		6,030,633
•BB&T 1.513% 6/15/18		3,635,000		3,655,392
#BBVA Bancomer 144A 7.25% 4/22/20		450,000		498,375
Branch Banking & Trust
•0.954% 5/23/17		2,575,000		2,572,188
•0.976% 9/13/16		1,755,000		1,755,735
Citizens Bank 2.55% 5/13/21		4,000,000		4,043,140
Citizens Financial Group 4.30% 12/3/25		750,000		790,933
•CoBank 1.253% 6/15/22		425,000		395,608
Compass Bank 3.875% 4/10/25		970,000		932,543
Cooperatieve Rabobank 2.50% 1/19/21		585,000		600,019
#Credit Suisse Group Funding Guernsey 144A 3.125% 12/10/20		835,000		834,586
•Fifth Third Bank 1.546% 8/20/18		1,770,000		1,772,876
•HSBC Holdings 6.875% 12/29/49		450,000		448,875

LVIP Delaware Diversified Floating Rate Fund––4

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
Industrial & Commercial Bank of China 2.635% 5/26/21		335,000	$	338,282
JPMorgan Chase
2.25% 1/23/20		635,000		644,054
2.75% 6/23/20		1,170,000		1,206,271
KeyBank
2.35% 3/8/19		4,750,000		4,853,617
3.18% 5/22/22		1,210,000		1,241,604
•KFW 0.787% 12/29/17		4,130,000		4,129,566
Lloyds Banking Group 3.10% 7/6/21		200,000		199,852
•MUFG Union Bank 1.39% 9/26/16		5,000,000		5,006,295
•National City Bank 1.052% 6/7/17		3,360,000		3,355,330
•Oesterreichische Kontrollbank 0.81% 8/10/17		4,350,000		4,354,729
Regions Bank 2.25% 9/14/18		5,140,000		5,176,874
Santander UK
•1.166% 3/13/17		2,500,000		2,500,095
•1.511% 8/24/18		5,700,000		5,689,660
SunTrust Banks 2.90% 3/3/21		775,000		803,278
SVB Financial Group 3.50% 1/29/25		770,000		769,066
#Swedbank 144A 2.65% 3/10/21		960,000		993,338
•Toronto-Dominion Bank 1.188% 4/30/18		5,650,000		5,651,187
#Turkiye Is Bankasi 144A 5.375% 10/6/21		455,000		470,642
•@USB Capital IX 3.50% 10/29/49		465,000		380,719
•Wells Fargo 1.318% 1/30/20		8,300,000		8,253,005
				83,019,660
Beverages–2.62%
Anheuser-Busch InBev Finance
2.65% 2/1/21		4,000,000		4,152,444
3.65% 2/1/26		900,000		966,034
Constellation Brands 4.25% 5/1/23		230,000		240,350
#JB 144A 3.75% 5/13/25		1,190,000		1,236,228
Molson Coors Brewing 2.10% 7/15/21		1,345,000		1,350,664
•PepsiCo 0.98% 10/13/17		4,900,000		4,915,533
#Pernod Ricard 144A 4.45% 1/15/22		1,440,000		1,588,553
#•SABMiller Holdings 144A 1.327% 8/1/18		6,520,000		6,517,855
				20,967,661
Biotechnology–0.00%
#Medicines 144A 2.75% 7/15/23		23,000		22,166
				22,166

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Building Products–0.11%
Fortune Brands Home & Security 3.00% 6/15/20		565,000	$	584,176
Masco 3.50% 4/1/21		255,000		261,451
				845,627
Capital Markets–3.56%
•Bank of New York Mellon 1.136% 9/11/19		6,470,000		6,453,424
#Export Credit Bank of Turkey 144A 5.375% 2/8/21		595,000		623,268
Export-Import Bank of Korea
•1.38% 1/14/17		5,000,000		5,007,290
2.125% 2/11/21		500,000		505,140
•Goldman Sachs Group 2.274% 11/29/23		5,945,000		5,938,348
Lazard Group 6.85% 6/15/17		163,000		170,498
•Morgan Stanley 1.774% 1/27/20		9,705,000		9,747,488
				28,445,456
Chemicals–0.56%
CF Industries 6.875% 5/1/18		1,240,000		1,347,824
Dow Chemical 8.55% 5/15/19		475,000		564,208
Methanex 4.25% 12/1/24		565,000		505,077
#OCP 144A 4.50% 10/22/25		1,170,000		1,147,653
PPG Industries 2.30% 11/15/19		915,000		923,072
				4,487,834
Commercial Services & Supplies–0.05%
#Penske Truck Leasing 144A 3.30% 4/1/21		405,000		416,777
				416,777
Communications Equipment–1.19%
•Cisco Systems 1.173% 3/1/19		9,480,000		9,517,768
				9,517,768
Computers & Peripherals–0.52%
•Apple 1.784% 2/23/21		4,050,000		4,158,783
				4,158,783
Construction Materials–0.23%
#Cemex 144A 7.25% 1/15/21		1,490,000		1,575,973
#Union Andina de Cementos 144A 5.875% 10/30/21		245,000		248,920
				1,824,893
Containers & Packaging–0.37%
#•@Ardagh Packaging Finance 144A 3.876% 5/15/21		2,955,000		2,973,469
				2,973,469
Diversified Financial Services–3.43%
Bank of America
•1.668% 1/15/19		8,250,000		8,286,572

LVIP Delaware Diversified Floating Rate Fund—5

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Bank of America (continued)
4.45% 3/3/26		135,000	$	141,479
Barclays 4.375% 1/12/26		805,000		815,586
#ERAC USA Finance 144A 4.50% 8/16/21		2,650,000		2,938,333
General Electric Capital
•1.013% 5/5/26		3,900,000		3,666,429
•1.249% 1/9/20		3,840,000		3,861,170
•1.653% 3/15/23		2,450,000		2,437,057
#144A 3.80% 6/18/19		250,000		268,661
6.00% 8/7/19		1,385,000		1,587,229
#SUAM Finance 144A 4.875% 4/17/24		380,000		395,200
#@UBS Group Funding Jersey 144A 3.00% 4/15/21		2,365,000		2,414,854
•Voya Financial 5.65% 5/15/53		610,000		575,687
				27,388,257
Diversified Telecommunication Services–1.81%
•AT&T 1.561% 6/30/20		9,790,000		9,757,331
CenturyLink 5.80% 3/15/22		1,395,000		1,359,693
#Colombia Telecomunicaciones 144A 5.375% 9/27/22		255,000		241,612
#Digicel Group 144A 8.25% 9/30/20		1,180,000		991,200
#GTP Acquisition Partners I 144A 2.35% 6/15/20		470,000		469,582
SBA Tower Trust
#144A 2.24% 4/16/18		465,000		466,490
#144A 2.898% 10/15/19		1,145,000		1,160,898
				14,446,806
Electric Utilities–3.67%
#American Transmission Systems 144A 5.25% 1/15/22		755,000		856,233
Berkshire Hathaway Energy 3.75% 11/15/23		1,525,000		1,669,039
Commonwealth Edison 2.15% 1/15/19		3,000,000		3,060,966
•Duke Energy Indiana 0.979% 7/11/16		5,695,000		5,695,393
#•Electricite de France 144A 1.094% 1/20/17		5,465,000		5,471,186
•Emera 6.75% 6/15/76		440,000		446,986
#•Enel 144A 8.75% 9/24/73		1,103,000		1,258,799
Entergy Louisiana 4.05% 9/1/23		3,955,000		4,410,213
Entergy Mississippi 3.10% 7/1/23		250,000		259,158
Great Plains Energy 4.85% 6/1/21		440,000		483,980
ITC Holdings 3.25% 6/30/26		920,000		922,650

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
NextEra Energy Capital Holdings 3.625% 6/15/23		875,000	$	923,658
NV Energy 6.25% 11/15/20		800,000		948,056
Southern 2.35% 7/1/21		2,625,000		2,680,212
Xcel Energy 3.30% 6/1/25		205,000		216,619
				29,303,148
Electronic Equipment, Instruments & Components–0.17%
FLIR Systems 3.125% 6/15/21		370,000		380,330
Fortive
#144A 2.35% 6/15/21		220,000		223,483
#144A 3.15% 6/15/26		705,000		727,056
#Knowles 144A 3.25% 11/1/21		12,000		12,285
				1,343,154
Food & Staples Retailing–0.57%
#Cencosud 144A 5.15% 2/12/25		305,000		313,688
CVS Health 2.125% 6/1/21		1,885,000		1,910,359
Walgreens Boots Alliance 2.60% 6/1/21		2,300,000		2,345,554
				4,569,601
Food Products–0.19%
#@Arcor SAIC 144A 6.00% 7/6/23		200,000		201,875
#JBS Investments 144A 7.75% 10/28/20		355,000		376,300
#JBS USA Finance 144A 5.75% 6/15/25		255,000		240,975
•Mondelez International 1.157% 2/1/19		675,000		674,164
				1,493,314
Gas Utilities–0.74%
•Spire 1.376% 8/15/17		5,900,000		5,881,120
				5,881,120
Health Care Equipment & Supplies–2.02%
Becton Dickinson 6.375% 8/1/19		1,615,000		1,840,737
•Medtronic 0.757% 2/27/17		11,200,000		11,196,427
#NuVasive 144A 2.25% 3/15/21		20,000		23,775
St. Jude Medical 2.80% 9/15/20		3,000,000		3,095,649
				16,156,588
Health Care Providers & Services–0.05%
Aetna 3.20% 6/15/26		355,000		365,992
Brookdale Senior Living 2.75% 6/15/18		75,000		73,547
				439,539
Hotels, Restaurants & Leisure–0.11%
@Starwood Hotels & Resorts Worldwide 3.75% 3/15/25		860,000		897,012
				897,012

LVIP Delaware Diversified Floating Rate Fund––6

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Independent Power & Renewable Electricity Producers–0.09%
#AES Gener 144A 5.00% 7/14/25		720,000	$	742,651
				742,651
Insurance–3.47%
•Berkshire Hathaway Finance 0.779% 1/10/17		6,460,000		6,459,748
#•Metropolitan Life Global Funding I 144A 1.158% 7/15/16		5,500,000		5,500,952
Prudential Financial
•1.406% 8/15/18		8,742,000		8,725,862
•5.375% 5/15/45		740,000		747,400
•5.625% 6/15/43		630,000		657,764
#TIAA Asset Management Finance 144A 2.95% 11/1/19		5,110,000		5,239,114
•XLIT 6.50% 10/29/49		530,000		369,675
				27,700,515
Machinery–0.76%
Crane 2.75% 12/15/18		185,000		190,254
•PACCAR Financial 1.28% 12/6/18		5,850,000		5,882,193
				6,072,447
Media–0.50%
21st Century Fox America 4.50% 2/15/21		1,090,000		1,218,268
#Charter Communications Operating 144A 4.908% 7/23/25		1,470,000		1,610,048
#Columbus International 144A 7.375% 3/30/21		625,000		662,344
Historic TW 6.875% 6/15/18		430,000		475,199
				3,965,859
Metals & Mining–0.24%
#•BHP Billiton Finance USA 144A 6.25% 10/19/75		505,000		533,028
#Cia Brasileira de Aluminio 144A 6.75% 4/5/21		505,000		525,200
Southern Copper 5.375% 4/16/20		465,000		505,545
Vale Overseas 5.875% 6/10/21		320,000		321,200
				1,884,973
Multi-Utilities–0.53%
Ameren 3.65% 2/15/26		1,095,000		1,183,067
Ameren Illinois 9.75% 11/15/18		385,000		457,097
CenterPoint Energy 6.50% 5/1/18		850,000		921,481
CMS Energy 6.25% 2/1/20		695,000		800,720
Sempra Energy 2.875% 10/1/22		495,000		507,083

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Multi-Utilities (continued)
WEC Energy Group 3.55% 6/15/25		310,000	$	333,267
				4,202,715
Oil, Gas & Consumable Fuels–4.72%
•Chevron 1.211% 3/3/22		5,645,000		5,509,181
CNOOC Finance 2015 Australia 2.625% 5/5/20		585,000		591,465
•ConocoPhillips 1.526% 5/15/22		5,100,000		4,844,082
Ecopetrol 5.875% 9/18/23		435,000		449,138
EnLink Midstream Partners 2.70% 4/1/19		455,000		442,514
•Enterprise Products Operating 7.034% 1/15/68		175,000		184,449
•Exxon Mobil 1.05% 3/6/22		10,640,000		10,351,890
#Pertamina Persero Pt 144A 5.25% 5/23/21		845,000		907,949
Petrobras Global Finance 8.375% 5/23/21		820,000		848,290
Petroleos Mexicanos
3.50% 7/23/20		405,000		405,652
#144A 6.375% 2/4/21		160,000		174,368
#144A 6.875% 8/4/26		230,000		257,715
#Petronas Global Sukuk 144A 2.707% 3/18/20		760,000		769,958
Regency Energy Partners 5.875% 3/1/22		1,120,000		1,199,388
•Statoil 1.092% 11/8/18		7,240,000		7,203,025
Williams Partners 7.25% 2/1/17		575,000		592,283
#Woodside Finance 144A 8.75% 3/1/19		2,070,000		2,386,120
#YPF 144A 8.50% 3/23/21		575,000		615,250
				37,732,717
Paper & Forest Products–0.22%
Georgia-Pacific 8.00% 1/15/24		1,125,000		1,505,151
#Suzano Trading 144A 5.875% 1/23/21		245,000		256,331
				1,761,482
Pharmaceuticals–3.05%
#•Bayer US Finance 144A 0.936% 10/6/17		10,000,000		9,955,470
Mylan
#144A 3.15% 6/15/21		450,000		456,968
#144A 3.95% 6/15/26		1,385,000		1,404,470
Perrigo 4.00% 11/15/23		200,000		206,379
Perrigo Finance Unlimited 3.50% 12/15/21		1,165,000		1,200,381
•Pfizer 0.953% 6/15/18		11,140,000		11,162,436
				24,386,104

LVIP Delaware Diversified Floating Rate Fund––7

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Real Estate Investment Trusts–0.62%
Crown Castle International 5.25% 1/15/23		310,000	$	349,001
DDR 3.625% 2/1/25		1,025,000		1,029,888
Host Hotels & Resorts 3.75% 10/15/23		1,895,000		1,911,752
Kimco Realty 3.40% 11/1/22		150,000		157,448
#PLA Administradora Industrial S de RL 144A 5.25% 11/10/22		480,000		487,800
WP Carey 4.60% 4/1/24		980,000		1,007,079
				4,942,968
Road & Rail–0.62%
#•Kansas City Southern 144A 1.334% 10/28/16		4,950,000		4,944,095
				4,944,095
Semiconductors & Semiconductor Equipment–0.07%
National Semiconductor 6.60% 6/15/17		500,000		526,509
ON Semiconductor 1.00% 12/1/20		37,000		33,254
				559,763
Software–1.89%
CDK Global 4.50% 10/15/24		620,000		616,920
Oracle
•1.167% 10/8/19		13,945,000		13,981,355
2.40% 9/15/23		350,000		351,585
PROS Holdings 2.00% 12/1/19		106,000		95,135
Verint Systems 1.50% 6/1/21		40,000		36,625
				15,081,620
Specialty Retail–0.85%
•Lowe’s 1.078% 9/10/19		6,755,000		6,769,989
				6,769,989
Technology Hardware, Storage & Peripherals–0.15%
#Samsung Electronics America 144A 1.75% 4/10/17		1,200,000		1,203,320
				1,203,320
Textiles, Apparel & Luxury Goods–0.16%
#INVISTA Finance 144A 4.25% 10/15/19		1,280,000		1,254,400
				1,254,400
Tobacco–0.11%
Reynolds American 4.00% 6/12/22		850,000		924,996
				924,996
Wireless Telecommunication Services–0.27%
#Crown Castle Towers 144A 4.883% 8/15/20		1,615,000		1,762,421

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
#Millicom International Cellular 144A 6.00% 3/15/25		395,000	$	386,606
				2,149,027
Total Corporate Bonds (Cost $449,987,633)				452,960,368
MUNICIPAL BONDS–2.63%
•Missouri Higher Education Authority Student Loan Revenue Class A-1 1.479% 8/27/29		338,721		332,529
•New Mexico Educational Assistance Foundation (Libor Floating) Series 2010-1 A-3 1.835% 12/1/38		580,000		571,462
North Texas Higher Education Authority Student Loan Revenue (Libor Floating)
•Series 2010-1 Class A-2 1.546% 7/1/30		690,000		673,350
•Series 2011-1 1.746% 4/1/40		398,325		391,809
Oklahoma Student Loan Authority Revenue (Libor-Indexed)
•Series 2010-A A2A 1.835% 9/1/37		655,000		632,632
•Series 2011-1 A1 1.823% 6/1/40		1,020,730		1,006,644
•Pennsylvania Turnpike Commission Series B1 1.39% 12/1/21		5,020,000		5,008,554
•State of California Series D 1.026% 12/1/28		5,000,000		4,999,100
•University of California Series Y-1 0.967% 7/1/41		7,425,000		7,426,040
Total Municipal Bonds (Cost $21,127,727)				21,042,120
NON-AGENCY ASSET-BACKED SECURITIES–16.11%
BA Credit Card Trust
•Series 2014-A1 A 0.822% 6/15/21		4,741,000		4,737,565
•Series 2014-A3 A 0.732% 1/15/20		1,190,000		1,191,772
•Series 2015-A1 A 0.772% 6/15/20		7,065,000		7,073,156
#•@Ballyrock CLO Series 2013-1A A 144A 1.816% 5/20/25		2,000,000		1,969,580
•Capital One Multi-Asset Execution Trust Series 2007-A2 A2 0.522% 12/16/19		965,000		964,164
#•Cedar Funding V CLO Series 2016-5A A1 144A 2.243% 7/17/28		4,200,000		4,183,204

LVIP Delaware Diversified Floating Rate Fund––8

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Chase Issuance Trust
•Series 2007-A5 A5 0.482% 3/15/19		3,000,000	$	2,996,783
•Series 2007-B1 B1 0.692% 4/15/19		7,500,000		7,480,432
•Series 2013-A6 A6 0.862% 7/15/20		5,250,000		5,254,441
•Series 2013-A9 A 0.862% 11/16/20		4,400,000		4,401,112
•Series 2014-A5 A5 0.812% 4/15/21		4,745,000		4,738,529
•Series 2016-A3 A3 0.55% 6/15/23		5,000,000		5,003,139
Chesapeake Funding
#•Series 2012-2A A 144A 0.92% 5/7/24		32,228		32,221
#•Series 2014-1A A 144A 0.885% 3/7/26		365,804		364,426
#•CIFC Funding Series 2011-1AR A1R 144A 1.933% 1/19/23		1,261,360		1,259,469
Citibank Credit Card Issuance Trust
•Series 2013-A4 A4 0.872% 7/24/20		5,000,000		4,991,750
•Series 2013-A7 A7 0.875% 9/10/20		4,700,000		4,714,739
•Series 2014-A9 A9 0.701% 11/23/18		5,000,000		5,001,214
Discover Card Execution Note Trust
•Series 2013-A1 A1 0.742% 8/17/20		2,000,000		2,002,244
•Series 2014-A1 A1 0.872% 7/15/21		6,955,000		6,970,981
•Ford Credit Floorplan Master Owner Trust Series 2014-1 A2 0.842% 2/15/19		4,000,000		3,998,331
•GE Dealer Floorplan Master Note Trust Series 2012-2 A 1.198% 4/22/19		3,000,000		3,007,151
#•Hertz Fleet Lease Funding Series 2014-1 A 144A 0.845% 4/10/28		231,486		230,868
JFIN CLO
#•Series 2014-1A A 144A 2.134% 4/20/25		2,500,000		2,490,820
#•Series 2015-2A AX 144A 2.083% 10/19/26		1,785,000		1,775,945
#•KKR Financial CLO Series 2013-1A A1 144A 1.778% 7/15/25		3,605,000		3,552,270

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•MAPS CLO Fund II Series 2007-2A A1 144A 0.874% 7/20/22		1,680,664	$	1,654,943
#•Mountain View Funding CLO Series 2007-3A A1 144A 0.848% 4/16/21		1,403,497		1,401,022
Nissan Auto Receivables Owner Trust
•Series 2015-B A2B 0.722% 7/16/18		2,787,128		2,787,988
•Series 2015-C A2B 0.792% 11/15/18		963,749		963,751
#•NYLIM Flatiron CLO Series 2006-1A A2A 144A 0.852% 8/8/20		14,962		14,921
#•OCP CLO Series 2013-4A A1A 144A 2.038% 10/24/25		3,000,000		2,971,098
#•PFS Financing Series 2015-AA A 144A 1.062% 4/15/20		1,850,000		1,832,098
#•Shackleton V CLO Series 2014-5A A 144A 2.132% 5/7/26		1,095,000		1,086,052
#•Shackleton VIII CLO Series 2015-8A A1 144A 2.144% 10/20/27		1,340,000		1,335,017
#•Telos CLO Series 2013-4A A 144A 1.933% 7/17/24		3,000,000		2,976,105
•Toyota Auto Receivables Owner Trust Series 2016-A A2B 0.762% 7/16/18		7,250,000		7,256,286
#•Trade MAPS 1 Series 2013-1A A 144A 1.145% 12/10/18		8,830,000		8,794,608
#•Venture XVI CLO Series 2014-16A A1L 144A 2.128% 4/15/26		3,000,000		2,974,662
#•Venture XXI CLO Series 2015-21A A 144A 2.118% 7/15/27		2,230,000		2,220,032
Total Non-Agency Asset-Backed Securities (Cost $128,666,876)				128,654,889
DREGIONAL BOND–0.05%
Argentina–0.05%
Provincia de Buenos Aires #144A 5.75% 6/15/19		355,000		360,043
				360,043
Total Regional Bond (Cost $355,000)				360,043
«SENIOR SECURED LOANS–11.23%
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20		367,200		368,606

LVIP Delaware Diversified Floating Rate Fund––9

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
«SENIOR SECURED LOANS (continued)
American Airlines Tranche B1 3.50% 5/23/19		426,212	$	425,360
Avago Technologies Cayman Finance Tranche B 1st Lien 4.25% 2/1/23		2,992,500		2,999,757
Calpine Construction Finance Tranche B 1st Lien 3.00% 5/3/20		1,882,633		1,842,627
Change Healthcare Holdings 1st Lien 3.75% 11/2/18		1,342,293		1,342,293
Charter Communications Operating
3.00% 7/1/20		3,826,650		3,805,144
3.25% 8/24/21		1,496,250		1,494,245
3.50% 1/24/23		1,496,250		1,499,759
Community Health Systems Tranche F 1st Lien 3.924% 12/31/18		5,155,016		5,119,576
Community Health Systems Tranche G 1st Lien 3.75% 12/31/19		464,514		452,525
Community Health Systems Tranche H 1st Lien 4.00% 1/27/21		655,698		640,306
DaVita HealthCare Partners Tranche B 3.50% 6/24/21		8,428,000		8,463,103
FCA US Tranche B 1st Lien
3.25% 12/31/18		2,532,829		2,530,448
3.50% 5/24/17		71,180		71,232
First Data Tranche B 1st Lien 4.452% 3/24/21		5,590,209		5,580,901
Flying Fortress Tranche B 1st Lien 3.50% 4/30/20		1,000,000		1,000,470
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20		1,693,684		1,697,123
Houghton International 1st Lien 4.25% 12/20/19		1,218,170		1,215,124
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		2,955,000		2,951,306
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		3,013,285		3,009,985
Landry’s Tranche B 4.00% 4/24/18		1,007,455		1,008,820
Las Vegas Sands Tranche B 3.25% 12/19/20		3,900,000		3,902,710

	Principal Amount°		Value (U.S. $)
«SENIOR SECURED LOANS (continued)
Level 3 Financing Tranche B 1st Lien 4.00% 1/15/20		2,165,000	$	2,166,353
LTS Buyer 1st Lien 4.00% 4/13/20		272,965		271,003
MGM Growth Properties Operating Partnership 4.00% 4/7/23		4,987,500		5,004,657
Mission Broadcasting Tranche B2 1st Lien 3.75% 10/1/20		1,762,390		1,764,601
Nexstar Broadcasting Tranche B2 3.75% 10/1/20		1,998,578		2,001,086
Penn National Gaming Tranche B 3.25% 10/30/20		1,462,500		1,464,328
Seminole Tribe of Florida Tranche B 3.00% 4/29/20		3,841,286		3,853,290
Sinclair Television Tranche B1 1st Lien 3.50% 7/31/21		7,425,000		7,425,000
T-Mobile USA Tranche B 1st Lien 3.50% 11/9/22		4,975,000		4,997,563
Univision Communications 1st Lien 4.00% 3/1/20		4,047,652		4,028,263
Univision Communications Tranche C4 1st Lien 4.00% 3/1/20		3,961,283		3,945,002
WideOpenWest Finance Tranche B 1st Lien 4.50% 4/1/19		1,357,701		1,355,909
Total Senior Secured Loans (Cost $89,647,049)				89,698,475
DSOVEREIGN BONDS–0.87%
Brazil–0.04%
Brazilian Government International Bond 4.875% 1/22/21		310,000		327,360
				327,360
Croatia–0.07%
#Croatia Government International Bond 144A 6.375% 3/24/21		470,000		513,839
				513,839
Guatemala–0.06%
#Guatemala Government Bond 144A 4.50% 5/3/26		495,000		504,281
				504,281

LVIP Delaware Diversified Floating Rate Fund––10

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Norway–0.56%
#•Kommunalbanken
144A 0.768% 10/31/16		3,000,000	$	3,000,648
144A 0.816% 2/20/18		1,500,000		1,497,899
				4,498,547
Qatar–0.14%
#Qatar Government International Bond 144A 2.375% 6/2/21		1,120,000		1,134,414
				1,134,414
Total Sovereign Bonds (Cost $6,923,787)				6,978,441
SUPRANATIONAL BANKS–1.77%
•Inter-American Development Bank 0.848% 10/15/20		6,065,000		6,056,661
•International Bank For Reconstruction & Development 0.795% 12/16/17		3,975,000		3,980,712
•International Finance 0.717% 1/9/19		4,115,000		4,114,432
Total Supranational Banks (Cost $14,122,751)				14,151,805
U.S. TREASURY OBLIGATIONS–4.22%
U.S. Treasury Bond 3.00% 11/15/45		1,700,000		1,954,801
•U.S. Treasury Floating Rate Note 0.46% 4/30/18		25,010,000		25,019,604
U.S. Treasury Note 2.25% 11/15/25		6,320,000		6,742,896
Total U.S. Treasury Obligations (Cost $33,506,499)				33,717,301

	Number of Shares		Value (U.S. $)
PREFERRED STOCK–1.56%
• General Electric 5.00%		1,975,000	$	2,097,944
•@Integrys Holdings 6.00%		34,900		944,481
#•PNC Preferred Funding Trust II 144A 1.875%		6,200,000		5,471,500
#•@USB Realty 144A 1.775%		4,900,000		3,926,125
Total Preferred Stock (Cost $13,098,771)				12,440,050
MONEY MARKET FUND–3.34%
Dreyfus Treasury & Agency Cash Management Fund -Institutional Shares (seven-day effective yield 0.24%)		26,668,831		26,668,831
Total Money Market Fund (Cost $26,668,831)				26,668,831

TOTAL VALUE OF SECURITIES–101.23% (Cost $805,837,607)	$808,363,972
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.23%)	(9,789,915	)
NET ASSETS APPLICABLE TO 80,797,597 SHARES OUTSTANDING–100.00%	$798,574,057

NET ASSET VALUE PER SHARE–LVIP DELAWARE DIVERSIFIED FLOATING RATE FUND STANDARD CLASS ($59,921,970 / 6,055,723 Shares)	$9.895
NET ASSET VALUE PER SHARE–LVIP DELAWARE DIVERSIFIED FLOATING RATE FUND SERVICE CLASS ($738,652,087 / 74,741,874 Shares)	$9.883

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$813,900,277
Undistributed net investment income	5,083,496
Accumulated net realized loss on investments	(20,950,774	)
Net unrealized appreciation of investments and derivatives	541,058
TOTAL NET ASSETS	$798,574,057

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $171,430,588, which represents 21.47% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

LVIP Delaware Diversified Floating Rate Fund—11

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

D Securities have been classified by country of origin.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

« Includes $3,961,195 cash collateral held at broker for swap contracts, $519,136 due to manager and affiliates, $21,334,873 payable for securities purchased and $186,837 payable for fund shares redeemed as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $15,814,046, which represents 1.98% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

¿ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at June 30, 2016.

° Principal amount shown is stated in U.S. dollars.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2016.

The following swap contracts were outstanding at June 30, 2016:¹

Interest Rate Swap Contracts

Counterparty & Referenced Obligation	Notional Value2		Fixed Interest Rate Paid			Floating Interest Rate Received			Termination Date		Unrealized Appreciation (Depreciation)
Interest Rate Swap
CME – BAML 3 yr Interest Rate Swap		40,800,000		0.977	%		0.654	%		4/6/19		$	(202,395	)
CME – BAML 5 yr Interest Rate Swap		43,610,000		1.199	%		0.654	%		4/6/21			(454,616	)
CME – BAML 7 yr Interest Rate Swap		24,500,000		1.416	%		0.654	%		4/6/23			(416,179	)
CME – BAML 10 yr Interest Rate Swap		25,100,000		1.686	%		0.654	%		4/5/26			(708,382	)
Total												$	(1,781,572	)

The use of swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

²Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

Summary of Abbreviations:

BAML–Bank of America Merrill Lynch

CLO–Collateralized Loan Obligation

CME–Chicago Mercantile Exchange Inc.

GNMA–Government National Mortgage Association

HSBC–Hong Kong Shanghai Bank

REMIC–Real Estate Mortgage Investment Conduit

yr–year

See accompanying notes, which are an integral part of the Financial Statements.

LVIP Delaware Diversified Floating Rate Fund—12

LVIP Delaware Diversified Floating Rate Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Interest	$	7,459,497
Dividends		35,856
		7,495,353
EXPENSES:
Management fees		2,323,907
Distribution fees-Service Class		927,290
Accounting and administration expenses		100,842
Reports and statements to shareholders		44,572
Professional fees		31,106
Pricing fees		19,185
Trustees’ fees and expenses		10,590
Custodian fees		6,309
Consulting fees		828
Other		4,174
		3,468,803
Less management fees waived		(119,978	)
Total operating expenses		3,348,825
NET INVESTMENT INCOME		4,146,528
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		314,506
Foreign currencies		(23,385	)
Foreign currency exchange contracts		22,281
Swap contracts		(10,583,369	)
Net realized loss		(10,269,967	)
Net change in unrealized appreciation (depreciation) of:
Investments		7,253,748
Foreign currencies		18,382
Swap contracts		3,593,732
Net change in unrealized appreciation (depreciation)		10,865,862
NET REALIZED AND UNREALIZED GAIN		595,895
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,742,423

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

LVIP Delaware Diversified Floating Rate Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,146,528		$	12,094,019
Net realized loss		(10,269,967	)		(13,874,259	)
Net change in unrealized appreciation (depreciation)		10,865,862			(6,230,278	)
Net increase (decrease) in net assets resulting from operations		4,742,423			(8,010,518	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(680,065	)
Service Class		—			(7,194,675	)
Return of capital:
Standard Class		—			(248,052	)
Service Class		—			(3,286,663	)
		—			(11,409,455	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		6,068,457			26,701,171
Service Class		41,341,190			120,322,151
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			928,117
Service Class		—			10,481,338
		47,409,647			158,432,777
Cost of shares redeemed:
Standard Class		(4,550,912	)		(266,440,386	)
Service Class		(75,260,600	)		(143,242,949	)
		(79,811,512	)		(409,683,335	)
Decrease in net assets derived from capital share transactions		(32,401,865	)		(251,250,558	)
NET DECREASE IN NET ASSETS		(27,659,442	)		(270,670,531	)
NET ASSETS:
Beginning of period		826,233,499			1,096,904,030
End of period	$	798,574,057		$	826,233,499
Undistributed net investment income	$	5,083,496		$	936,968

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

LVIP Delaware Diversified Floating Rate Fund—13

LVIP Delaware Diversified Floating Rate Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Diversified Floating Rate Fund
	Standard Class
	Six Months
	Ended
	6/30/161											Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	9.824		$	10.057			$	10.137			$	10.136			$	9.866			$	10.089
Income (loss) from investment operations:
Net investment income2			0.062			0.145				0.144				0.144				0.193				0.188
Net realized and unrealized gain (loss)			0.009			(0.217	)			(0.082	)			(0.068	)			0.223				(0.213	)
Total from investment operations			0.071			(0.072	)			0.062				0.076				0.416				(0.025	)
Less dividends and distributions from:
Net investment income			—			(0.119	)			(0.119	)			(0.066	)			(0.146	)			(0.190	)
Net realized gain			—			—				—				—				—				(0.008	)
Return of capital			—			(0.042	)			(0.023	)			(0.009	)			—				—
Total dividends and distributions			—			(0.161	)			(0.142	)			(0.075	)			(0.146	)			(0.198	)
Net asset value, end of period		$	9.895		$	9.824			$	10.057			$	10.137			$	10.136			$	9.866
Total return3			0.72%			(0.71%	)			0.62%				0.75%				4.22%				(0.24%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	59,922		$	57,982			$	298,086			$	431,104			$	224,190			$	85,546
Ratio of expenses to average net assets			0.61%			0.62%				0.62%				0.65%				0.69%				0.71%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.64%			0.63%				0.62%				0.65%				0.69%				0.71%
Ratio of net investment income to average net assets			1.27%			1.44%				1.41%				1.42%				1.90%				1.86%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.24%			1.43%				1.41%				1.42%				1.90%				1.86%
Portfolio turnover			44%			81%				109%				81%				88%				80%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP Delaware Diversified Floating Rate Fund–14

LVIP Delaware Diversified Floating Rate Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Diversified Floating Rate Fund
	Service Class
	Six Months
	Ended
	6/30/161											Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	9.823		$	10.057			$	10.137			$	10.135			$	9.866			$	10.086
Income (loss) from investment operations:
Net investment income2			0.050			0.120				0.118				0.118				0.167				0.162
Net realized and unrealized gain (loss)			0.010			(0.218	)			(0.081	)			(0.067	)			0.224				(0.212	)
Total from investment operations			0.060			(0.098	)			0.037				0.051				0.391				(0.050	)
Less dividends and distributions from:
Net investment income			—			(0.094	)			(0.094	)			(0.040	)			(0.122	)			(0.162	)
Net realized gain			—			—				—				—				—				(0.008	)
Return of capital			—			(0.042	)			(0.023	)			(0.009	)			—				—
Total dividends and distributions			—			(0.136	)			(0.117	)			(0.049	)			(0.122	)			(0.170	)
Net asset value, end of period		$	9.883		$	9.823			$	10.057			$	10.137			$	10.135			$	9.866
Total return3			0.61%			(0.97%	)			0.36%				0.51%				3.96%				(0.49%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	738,652		$	768,251			$	798,818			$	705,582			$	207,925			$	135,063
Ratio of expenses to average net assets			0.86%			0.87%				0.87%				0.90%				0.94%				0.96%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.89%			0.88%				0.87%				0.90%				0.94%				0.96%
Ratio of net investment income to average net assets			1.02%			1.19%				1.16%				1.17%				1.65%				1.61%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.99%			1.18%				1.16%				1.17%				1.65%				1.61%
Portfolio turnover			44%			81%				109%				81%				88%				80%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP Delaware Diversified Floating Rate Fund–15

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Delaware Diversified Floating Rate 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 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”). 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 total return.

1. Significant Accounting Policies

The Fund is an investment company in conformity with U.S. generally accepted 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 sale 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 sale price on the valuation date. Open-end investment companies are valued at their published net asset value. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities, credit default swap (“CDS”) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instrument. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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.

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, 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 Delaware Diversified Floating Rate Fund–16

LVIP Delaware Diversified Floating Rate 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 and interest income is recorded on the accrual basis. 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 rebate. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Withholding taxes are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.60% of the first $500 million of the average daily net assets of the Fund and 0.55% of the average daily net assets of the Fund in excess of $500 million. Effective October 1, 2015, LIAC has contractually agreed to waive a portion of its advisory fee as follows: 0.03% on the first $2 billion of average daily net assets of the Fund and 0.05% in excess of $2 billion of average daily net assets of the Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without mutual agreement of the Board or LIAC. Prior to October 1, 2015, there was no waiver in effect.

Delaware Investments Fund Advisers (the “Sub-Adviser”), a series of Delaware Management Business Trust, 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	21,144
Legal		5,821

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 $36,995 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP Delaware Diversified Floating Rate Fund–17

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	362,454
Distribution fees payable to LFD		152,250
Printing and mailing fees payable to Lincoln Life		4,432

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	211,050,757
Purchases of U.S. government securities		126,826,668
Sales other than U.S. government securities		223,791,329
Sales of U.S. government securities		126,250,095

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for the Fund were as follows:

Cost of investments	$	805,837,607
Aggregate unrealized appreciation	$	5,726,896
Aggregate unrealized depreciation		(3,200,531	)
Net unrealized depreciation	$	2,526,365

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. At December 31, 2015, there were no capital loss carryforwards incurred that will be carried forward under the Act.

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$4,646,049	$5,993,847	$10,639,896

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 Delaware Diversified Floating Rate Fund–18

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 2				Total
Agency Collateralized Mortgage Obligations		$	—		$	19,380,080			$	19,380,080
Agency Commercial Mortgage-Backed Securities			—			458,077				458,077
Convertible Bonds			—			1,798,249				1,798,249
Convertible Preferred Stock			55,243			—				55,243
Corporate Bonds			—			452,960,368				452,960,368
Municipal Bonds			—			21,042,120				21,042,120
Non-Agency Asset-Backed Securities			—			128,654,889				128,654,889
Regional Bond			—			360,043				360,043
Senior Secured Loans			—			89,698,475				89,698,475
Sovereign Bonds			—			6,978,441				6,978,441
Supranational Banks			—			14,151,805				14,151,805
U.S. Treasury Obligations			—			33,717,301				33,717,301
Preferred Stock			—			12,440,050				12,440,050
Money Market Fund			26,668,831			—				26,668,831
Total		$	26,724,074		$	781,639,898			$	808,363,972
Swap Contracts		$	—		$	(1,781,572	)		$	(1,781,572	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		616,543			2,652,008
Service Class		4,204,873			11,971,601
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			94,591
Service Class		—			1,068,107
		4,821,416			15,786,307
Shares redeemed:
Standard Class		(463,180	)		(26,484,757	)
Service Class		(7,668,664	)		(14,266,755	)
		(8,131,844	)		(40,751,512	)
Net decrease		(3,310,428	)		(24,965,205	)

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

LVIP Delaware Diversified Floating Rate Fund–19

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that the counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016.

Swap Contracts–The Fund enters into interest rate swap contracts and CDS contracts in the normal course of pursuing its investment objective. The Fund may use interest rate swaps to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such a swap contract. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty for trades.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular referenced security or basket of securities, (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security (or basket of securities). Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended June 30, 2016, the Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to a central counterparty for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

LVIP Delaware Diversified Floating Rate Fund–20

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liabilities Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Interest rate contracts (Swap contracts)	Receivables and other assets net of liabilities	—	Receivables and other assets net of liabilities	(1,781,572)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized  in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	22,281			$	—
Credit contracts (Swap contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			105,481				(89,300	)
Interest rate contracts (Swap contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(10,688,850	)			3,683,032
Total			$	(10,561,088	)		$	3,593,732

Average Volume of Derivatives-The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
CDS contracts (average notional value)*	EUR	1,659,080		—
CDS contracts (average notional value)*	USD	7,547,112		—
Interest rate swap contracts (average notional value)	USD	139,610,840		—

*Asset represents buying protection and liability represents selling protection.

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 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.

LVIP Delaware Diversified Floating Rate Fund–21

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

At June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability			Net Position
Bank of America Merrill Lynch		$—			$(1,781,572	)		$(1,781,572	)
Counterparty	Net Position			Fair Value of Non Cash Collateral Received			Cash Collateral Received			Fair Value of Non Cash Collateral Pledged	Cash Collateral Pledged		Net Amounta
Bank of America Merrill Lynch		$(1,781,572	)		$—			$—		$—		$1,781,572	$—

^aNet amount represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default.

6. Credit and Market Risk

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s Financial Services LLC or Ba or lower by Moody’s Investor Services, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market’s perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (“CMOs”). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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 invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. Rule 144A and illiquid securities are identified on the Statement of Net Assets.

7. 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.

LVIP Delaware Diversified Floating Rate Fund–22

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

8. 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 Delaware Diversified Floating Rate Fund–23

        LVIP Delaware Foundation^® Aggressive Allocation Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Delaware Foundation^® Aggressive

Allocation Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations	2
Schedule of Investments	5
Statement of Assets and Liabilities	31
Statement of Operations	32
Statements of Changes in Net Assets	32
Financial Highlights	33
Notes to Financial Statements	35

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Delaware Foundation^® Aggressive Allocation Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,017.20		0.73%		$3.66
Service Class Shares		1,000.00		1,016.00		0.98%		4.91
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.23		0.73%		$3.67
Service Class Shares		1,000.00		1,019.99		0.98%		4.92

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Delaware Foundation^® Aggressive Allocation Fund–1

LVIP Delaware Foundation^® Aggressive Allocation Fund

Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations (unaudited)

As of June 30, 2016

Sector and geographical designations may be different than those presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		63.34%
U.S. Markets		41.81%
Aerospace & Defense		1.26%
Air Freight & Logistics		0.05%
Auto Components		0.51%
Automobiles		0.08%
Banks		1.75%
Beverages		0.08%
Biotechnology		1.87%
Building Products		0.18%
Capital Markets		0.80%
Chemicals		0.75%
Commercial Services & Supplies		0.71%
Communications Equipment		0.62%
Construction & Engineering		0.14%
Consumer Finance		0.08%
Containers & Packaging		0.06%
Diversified Financial Services		0.46%
Diversified Telecommunication Services		1.10%
Electric Utilities		0.40%
Electrical Equipment		0.06%
Electronic Equipment, Instruments & Components		0.04%
Energy Equipment & Services		0.53%
Food & Staples Retailing		1.13%
Food Products		1.31%
Gas Utilities		0.11%
Health Care Equipment & Supplies		0.63%
Health Care Providers & Services		1.60%
Health Care Technology		0.01%
Hotels, Restaurants & Leisure		0.45%
Household Durables		0.04%
Household Products		0.22%
Industrial Conglomerates		0.23%
Insurance		1.36%
Internet & Catalog Retail		0.98%
Internet Software & Services		2.25%
IT Services		2.29%
Leisure Products		0.04%
Life Sciences Tools & Services		0.13%
Machinery		0.45%
Media		0.96%
Metals & Mining		0.18%
Multi-Utilities		0.09%
Oil, Gas & Consumable Fuels		2.02%
Paper & Forest Products		0.14%
Pharmaceuticals		2.35%
Professional Services		0.57%
Real Estate Investment Trusts		4.79%
Road & Rail		0.19%

Security Type/Sector	Percentage of Net Assets
Semiconductors & Semiconductor Equipment		1.70%
Software		2.49%
Specialty Retail		0.97%
Technology Hardware, Storage & Peripherals		0.28%
Textiles, Apparel & Luxury Goods		0.20%
Thrifts & Mortgage Finance		0.04%
Trading Companies & Distributors		0.08%
Developed Markets		13.62%
Aerospace & Defense		0.23%
Air Freight & Logistics		0.38%
Auto Components		0.40%
Automobiles		0.69%
Banks		1.47%
Beverages		0.56%
Biotechnology		0.14%
Construction & Engineering		0.46%
Diversified Telecommunication Services		0.61%
Food & Staples Retailing		0.21%
Food Products		0.24%
Household Durables		0.34%
Industrial Conglomerates		0.32%
Insurance		0.31%
IT Services		0.43%
Life Sciences Tools & Services		0.07%
Machinery		0.09%
Media		0.17%
Metals & Mining		0.42%
Multi-Utilities		0.19%
Oil, Gas & Consumable Fuels		0.51%
Pharmaceuticals		2.02%
Professional Services		0.50%
Road & Rail		0.42%
Software		0.22%
Specialty Retail		0.29%
Textiles, Apparel & Luxury Goods		0.68%
Tobacco		0.45%
Trading Companies & Distributors		0.53%
Wireless Telecommunication Services		0.27%
Emerging Markets		7.91%
Airlines		0.01%
Automobiles		0.15%
Banks		0.93%
Beverages		0.40%
Building Products		0.14%
Chemicals		0.11%
Construction Materials		0.26%
Diversified Financial Services		0.09%
Diversified Telecommunication Services		0.21%
Electronic Equipment, Instruments & Components		0.15%

LVIP Delaware Foundation^® Aggressive Allocation Fund–2

LVIP Delaware Foundation^® Aggressive Allocation Fund

Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations (continued)

Security Type/Sector	Percentage of Net Assets
Food & Staples Retailing		0.13%
Food Products		0.45%
Hotels, Restaurants & Leisure		0.04%
Insurance		0.11%
Internet & Catalog Retail		0.09%
Internet Software & Services		0.98%
IT Services		0.06%
Media		0.18%
Metals & Mining		0.04%
Multiline Retail		0.07%
Oil, Gas & Consumable Fuels		1.06%
Paper & Forest Products		0.05%
Personal Products		0.10%
Real Estate Management & Development		0.05%
Road & Rail		0.00%
Semiconductors & Semiconductor Equipment		0.42%
Technology Hardware, Storage & Peripherals		0.59%
Transportation Infrastructure		0.01%
Wireless Telecommunication Services		1.03%
Convertible Preferred Stock		0.04%
Exchange-Traded Funds		9.09%
Preferred Stock		0.13%
Agency Collateralized Mortgage Obligations		0.60%
Agency Commercial Mortgage-Backed Securities		0.37%
Agency Mortgage-Backed Securities		7.39%
Convertible Bonds		0.18%
Corporate Bonds		10.50%
Aerospace & Defense		0.02%
Air Freight & Logistics		0.07%
Airlines		0.09%
Auto Components		0.08%
Automobiles		0.16%
Banks		1.39%
Beverages		0.27%
Biotechnology		0.08%
Building Products		0.04%
Capital Markets		0.31%
Chemicals		0.33%
Commercial Services & Supplies		0.29%
Computers & Peripherals		0.04%
Construction & Engineering		0.03%
Consumer Finance		0.16%
Containers & Packaging		0.04%
Diversified Financial Services		0.42%
Diversified Telecommunication Services		0.26%
Electric Utilities		1.18%
Electronic Equipment, Instruments & Components		0.06%
Food & Staples Retailing		0.31%
Food Products		0.12%
Gas Utilities		0.08%

Security Type/Sector	Percentage of Net Assets
Health Care Equipment & Supplies		0.20%
Health Care Providers & Services		0.25%
Hotels, Restaurants & Leisure		0.10%
Household Products		0.01%
Independent Power & Renewable Electricity Producers		0.04%
Insurance		0.36%
Internet Software & Services		0.02%
IT Services		0.16%
Machinery		0.04%
Media		0.64%
Metals & Mining		0.05%
Multi-Utilities		0.24%
Oil, Gas & Consumable Fuels		0.59%
Paper & Forest Products		0.17%
Pharmaceuticals		0.26%
Real Estate Investment Trusts		0.62%
Road & Rail		0.07%
Software		0.30%
Specialty Retail		0.13%
Textiles, Apparel & Luxury Goods		0.06%
Tobacco		0.12%
Trading Companies & Distributors		0.05%
Wireless Telecommunication Services		0.19%
Municipal Bonds		0.21%
Non-Agency Asset-Backed Securities		1.05%
Non-Agency Collateralized Mortgage Obligations		0.21%
Non-Agency Commercial Mortgage-Backed Securities		1.36%
Regional Bonds		0.21%
Senior Secured Loans		0.59%
Sovereign Bonds		0.54%
Supranational Banks		0.13%
U.S. Treasury Obligations		2.14%
Right		0.00%
Options Purchased		0.00%
Money Market Fund		1.28%
Short-Term Investments		4.00%
Total Value of Securities		103.36%
Liabilities Net of Receivables and Other Assets		(3.36%)
Total Net Assets		100.00%

LVIP Delaware Foundation^® Aggressive Allocation Fund–3

LVIP Delaware Foundation^® Aggressive Allocation Fund

Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations (continued)

Holdings are for informational purpose only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Microsoft		0.67%
Celgene		0.67%
Facebook		0.66%
QUALCOMM		0.64%
Allergan		0.63%
AT&T		0.63%
Alphabet Class A		0.62%
Visa		0.62%
Nippon Telegraph & Telephone		0.61%
Crown Castle International		0.60%
Total		6.35%

Geography	Percentage of Net Assets
Argentina		0.06%
Australia		0.43%
Bermuda		0.01%
Brazil		0.97%
Canada		1.04%
Cayman Islands		0.03%
Chile		0.14%
China		1.89%
Colombia		0.04%
Denmark		0.67%
France		2.72%
Germany		0.99%
Guernsey		0.14%
Hong Kong		0.83%
Hungary		0.02%
India		0.87%
Indonesia		0.22%
Ireland		0.18%
Israel		0.45%
Italy		0.15%
Japan		3.36%
Luxembourg		0.02%
Malaysia		0.04%
Mexico		0.73%
Netherlands		0.81%
New Zealand		0.01%
Poland		0.06%
Portugal		0.01%
Republic of Korea		1.62%
Russia		0.53%
Singapore		0.02%
South Africa		0.23%
Sweden		0.64%
Switzerland		0.72%
Taiwan		0.52%
Thailand		0.20%
Turkey		0.28%
United Kingdom		1.80%
United States		74.61%
Uruguay		0.02%
Total		98.08%
IT–Information Technology

LVIP Delaware Foundation^® Aggressive Allocation Fund–4

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–63.34%
U.S. MARKETS–41.81%
Aerospace & Defense–1.26%
†Esterline Technologies		550	$	34,122
Honeywell International		1,790		208,213
†KEYW Holding		3,864		38,408
†KLX		2,880		89,280
Lockheed Martin		1,025		254,374
Northrop Grumman		3,400		755,752
Raytheon		5,500		747,725
Rockwell Collins		1,125		95,783
United Technologies		2,895		296,882
				2,520,539
Air Freight & Logistics–0.05%
†XPO Logistics		4,130		108,454
				108,454
Auto Components–0.51%
BorgWarner		2,630		77,638
Johnson Controls		17,900		792,254
†Tenneco		3,440		160,338
				1,030,230
Automobiles–0.08%
Ford Motor		12,370		155,491
				155,491
Banks–1.75%
BB&T		20,200		719,322
BBCN Bancorp		7,900		117,868
Bryn Mawr Bank		2,330		68,036
Cardinal Financial		4,640		101,802
Citigroup		5,245		222,336
@City Holding		3,040		138,229
@CoBiz Financial		5,780		67,626
FirstMerit		6,860		139,052
@Flushing Financial		5,370		106,756
Great Western Bancorp		4,240		133,730
Independent Bank (Massachusetts)		2,060		94,142
JPMorgan Chase		4,960		308,214
KeyCorp		13,325		147,241
Old National Bancorp		10,240		128,307
Prosperity Bancshares		2,960		150,930
Sterling Bancorp		9,270		145,539
Umpqua Holdings		8,110		125,462
Webster Financial		4,620		156,849
Wells Fargo		5,965		282,323
†Western Alliance Bancorp		4,250		138,763
				3,492,527
Beverages–0.08%
PepsiCo		1,580		167,385
				167,385

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Biotechnology–1.87%
AbbVie		4,370	$	270,547
†Acorda Therapeutics		3,940		100,490
†Alkermes		2,305		99,622
†Biogen		3,169		766,328
†Celgene		13,591		1,340,480
†Cepheid		4,290		131,917
Gilead Sciences		3,230		269,447
†Ligand Pharmaceuticals Class B		1,490		177,712
†Retrophin		6,380		113,628
†Spectrum Pharmaceuticals		11,070		72,730
†TESARO		2,120		178,186
†Vanda Pharmaceuticals		9,560		106,976
†Vertex Pharmaceuticals		1,325		113,977
				3,742,040
Building Products–0.18%
AAON		6,663		183,299
†Continental Building Products		7,670		170,504
				353,803
Capital Markets–0.80%
Ameriprise Financial		1,150		103,327
Bank of New York Mellon		17,720		688,422
BlackRock		435		149,001
Evercore Partners Class A		3,305		146,048
Houlihan Lokey		3,200		71,584
Invesco		4,725		120,677
Raymond James Financial		2,105		103,777
State Street		1,995		107,570
†Stifel Financial		3,790		119,196
				1,609,602
Chemicals–0.75%
†Axalta Coating Systems		5,000		132,650
Balchem		1,270		75,755
†Chemtura		3,510		92,594
Eastman Chemical		2,680		181,972
EI du Pont de Nemours		10,800		699,840
Minerals Technologies		2,900		164,720
Quaker Chemical		1,600		142,720
				1,490,251
Commercial Services & Supplies–0.71%
ABM Industries		3,370		122,938
Essendant		4,360		133,242
Republic Services		1,875		96,206
Tetra Tech		4,510		138,660
U.S. Ecology		2,420		111,199
Waste Management		12,200		808,494
				1,410,739

LVIP Delaware Foundation^® Aggressive Allocation Fund–5

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Communications Equipment–0.62%
Cisco Systems		33,790	$	969,435
†Infinera		7,690		86,743
†NETGEAR		2,040		96,982
Plantronics		1,990		87,560
				1,240,720
Construction & Engineering–0.14%
Granite Construction		4,020		183,111
†MYR Group		3,890		93,671
				276,782
Consumer Finance–0.08%
Capital One Financial		2,590		164,491
				164,491
Containers & Packaging–0.06%
WestRock		3,048		118,476
				118,476
Diversified Financial Services–0.46%
Intercontinental Exchange		3,615		925,295
				925,295
Diversified Telecommunication Services–1.10%
AT&T		29,022		1,254,041
ATN International		1,680		130,721
Verizon Communications		14,443		806,497
				2,191,259
Electric Utilities–0.40%
Edison International		10,200		792,234
				792,234
Electrical Equipment–0.06%
Eaton		1,975		117,967
				117,967
Electronic Equipment, Instruments & Components–0.04%
†Anixter International		1,670		88,978
				88,978
Energy Equipment & Services–0.53%
Halliburton		19,475		882,023
Schlumberger		2,295		181,489
				1,063,512
Food & Staples Retailing–1.13%
Casey’s General Stores		2,465		324,172
CVS Health		10,268		983,058
Walgreens Boots Alliance		11,381		947,696
				2,254,926
Food Products–1.31%
Archer-Daniels-Midland		17,500		750,575

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Food Products (continued)
General Mills		1,995	$	142,283
J&J Snack Foods		1,430		170,556
Kraft Heinz		8,833		781,544
Mondelez International		16,800		764,568
				2,609,526
Gas Utilities–0.11%
South Jersey Industries		2,270		71,777
Spire		2,040		144,514
				216,291
Health Care Equipment & Supplies–0.63%
CONMED		3,350		159,895
@CryoLife		8,330		98,377
DENTSPLY SIRONA		8,650		536,646
†Merit Medical Systems		6,090		120,765
†Quidel		5,960		106,446
West Pharmaceutical Services		2,910		220,811
†Wright Medical Group		710		12,333
				1,255,273
Health Care Providers & Services–1.60%
†Air Methods		4,080		146,186
Cardinal Health		8,600		670,886
†Express Scripts Holding		11,812		895,350
HealthSouth		1,440		55,901
@Quest Diagnostics		9,800		797,818
†Team Health Holdings		3,250		132,178
UnitedHealth Group		2,000		282,400
†WellCare Health Plans		1,990		213,487
				3,194,206
Health Care Technology–0.01%
†IMS Health Holdings		535		13,568
				13,568
Hotels, Restaurants & Leisure–0.45%
Aramark		1,825		60,991
Cheesecake Factory		1,880		90,503
†Chuy’s Holdings		1,230		42,570
†Del Frisco’s Restaurant Group		7,350		105,252
†Fiesta Restaurant Group		3,690		80,479
Jack in the Box		2,120		182,150
†Popeyes Louisiana Kitchen		2,660		145,342
Starbucks		3,240		185,069
				892,356
Household Durables–0.04%
Newell Brands		1,631		79,218
				79,218
Household Products–0.22%
Kimberly-Clark		1,325		182,161

LVIP Delaware Foundation^® Aggressive Allocation Fund–6

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Household Products (continued)
Procter & Gamble		3,025	$	256,127
				438,288
Industrial Conglomerates–0.23%
General Electric		14,710		463,071
				463,071
Insurance–1.36%
Aflac		3,120		225,139
Allstate		10,800		755,460
American Equity Investment Life Holding		6,760		96,330
@Infinity Property & Casualty		1,310		105,665
Marsh & McLennan		11,600		794,136
Primerica		2,910		166,568
Prudential Financial		1,470		104,870
@Selective Insurance Group		3,780		144,434
Travelers		1,890		224,986
United Fire Group		2,500		106,075
				2,723,663
Internet & Catalog Retail–0.98%
†Amazon.com		275		196,795
†Liberty Interactive Corp QVC Group Class A		38,468		975,933
†Shutterfly		2,880		134,237
†TripAdvisor		10,155		652,967
				1,959,932
Internet Software & Services–2.25%
†Alphabet Class A		1,763		1,240,323
†Alphabet Class C		924		639,500
†eBay		28,206		660,302
†Facebook Class A		11,497		1,313,877
†GrubHub		2,480		77,054
†inContact		6,920		95,842
j2 Global		2,610		164,874
†Q2 Holdings		2,000		56,040
†@SciQuest		5,030		88,830
†Yahoo		4,482		168,344
				4,504,986
IT Services–2.29%
Accenture Class A		1,525		172,767
Convergys		4,830		120,750
†ExlService Holdings		3,440		180,290
MasterCard Class A		10,220		899,973
†PayPal Holdings		28,719		1,048,531
Sabre		6,725		180,163
TeleTech Holdings		3,960		107,435
Visa Class A		16,608		1,231,815

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
IT Services (continued)
@Xerox		67,500	$	640,575
				4,582,299
Leisure Products–0.04%
†@Malibu Boats Class A		6,810		82,265
				82,265
Life Sciences Tools & Services–0.13%
†Quintiles Transnational Holdings		552		36,057
Thermo Fisher Scientific		1,465		216,468
				252,525
Machinery–0.45%
Barnes Group		4,920		162,950
@Columbus McKinnon		6,540		92,541
@ESCO Technologies		4,280		170,943
Federal Signal		6,360		81,917
@Kadant		3,180		163,802
Parker-Hannifin		2,105		227,445
				899,598
Media–0.96%
Cinemark Holdings		3,785		138,001
Comcast Class A		5,365		349,744
†Discovery Communications Class A		2,105		53,109
†Discovery Communications Class C		9,619		229,413
†Liberty Global Class A		5,173		150,327
†Liberty Global Class C		16,029		459,231
National CineMedia		6,970		107,896
Walt Disney		4,325		423,071
				1,910,792
Metals & Mining–0.18%
Kaiser Aluminum		1,710		154,601
Worthington Industries		4,720		199,656
				354,257
Multi-Utilities–0.09%
NorthWestern		3,000		189,210
				189,210
Oil, Gas & Consumable Fuels–2.02%
†Carrizo Oil & Gas		4,710		168,853
Chevron		8,961		939,382
ConocoPhillips		16,700		728,120
EOG Resources		1,240		103,441
Exxon Mobil		5,600		524,944
Marathon Oil		29,085		436,566
Occidental Petroleum		11,770		889,341
†Parsley Energy Class A		2,870		77,662
†PDC Energy		1,120		64,523
†RSP Permian		3,150		109,904
				4,042,736

LVIP Delaware Foundation^® Aggressive Allocation Fund–7

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Paper & Forest Products–0.14%
†Boise Cascade		3,530	$	81,013
Neenah Paper		2,630		190,333
				271,346
Pharmaceuticals–2.35%
†Allergan		5,501		1,271,226
†Catalent		5,890		135,411
Johnson & Johnson		6,562		795,971
†Medicines		3,630		122,077
Merck		19,365		1,115,618
Pfizer		32,145		1,131,825
†Prestige Brands Holdings		2,275		126,035
				4,698,163
Professional Services–0.57%
Kforce		7,340		123,973
Nielsen Holdings		13,804		717,394
†On Assignment		3,950		145,953
†WageWorks		2,490		148,927
				1,136,247
Real Estate Investment Trusts–4.79%
American Campus Communities		1,075		56,835
American Tower		2,315		263,007
Apartment Investment & Management		1,800		79,488
AvalonBay Communities		1,250		225,487
Boston Properties		1,625		214,337
Brandywine Realty Trust		5,450		91,560
Camden Property Trust		525		46,421
Corporate Office Properties Trust		1,450		42,877
Cousins Properties		3,425		35,620
Crown Castle International		11,749		1,191,701
DCT Industrial Trust		4,782		229,727
DDR		6,225		112,921
Douglas Emmett		3,425		121,656
Duke Realty		6,750		179,955
EastGroup Properties		2,010		138,529
EPR Properties		3,735		301,340
Equinix		1,828		708,770
Equity LifeStyle Properties		950		76,047
Equity One		1,800		57,924
Equity Residential		3,325		229,026
Essex Property Trust		700		159,663
Extra Space Storage		950		87,913
Federal Realty Investment Trust		300		49,665
First Industrial Realty Trust		5,950		165,529
First Potomac Realty Trust		2,000		18,400
General Growth Properties		7,200		214,704
Healthcare Realty Trust		1,950		68,231
Healthcare Trust of America Class A		1,787		57,792
Highwoods Properties		1,950		102,960
Host Hotels & Resorts		14,310		231,965

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts (continued)
Kilroy Realty		1,175	$	77,891
Kimco Realty		3,550		111,399
Kite Realty Group Trust		5,772		161,789
LaSalle Hotel Properties		5,305		125,092
Lexington Realty Trust		4,100		41,451
Liberty Property Trust		1,000		39,720
LTC Properties		325		16,812
Macerich		1,050		89,660
Mack-Cali Realty		4,470		120,690
National Retail Properties		4,885		252,652
Pebblebrook Hotel Trust		5,275		138,469
Post Properties		1,225		74,786
Prologis		4,775		234,166
PS Business Parks		575		60,996
Public Storage		975		249,200
Ramco-Gershenson Properties Trust		11,100		217,671
Regency Centers		1,475		123,502
RLJ Lodging Trust		2,075		44,509
Sabra Health Care REIT		1,075		22,183
Simon Property Group		2,825		612,743
SL Green Realty		1,325		141,073
Sovran Self Storage		2,005		210,365
Spirit Realty Capital		5,200		66,404
Tanger Factory Outlet Centers		2,075		83,374
Taubman Centers		525		38,955
UDR		3,050		112,606
Urban Edge Properties		950		28,367
Ventas		2,825		205,717
VEREIT		3,525		35,744
Vornado Realty Trust		1,950		195,234
Welltower		1,000		76,170
				9,569,440
Road & Rail–0.19%
JB Hunt Transport Services		1,350		109,255
†Swift Transportation		3,580		55,168
Union Pacific		2,560		223,360
				387,783
Semiconductors & Semiconductor Equipment–1.70%
Analog Devices		1,275		72,216
†Applied Micro Circuits		18,020		115,688
Broadcom		1,115		173,271
Intel		29,346		962,549
Maxim Integrated Products		5,800		207,002
†MaxLinear Class A		5,260		94,575
†Microsemi		3,250		106,210
QUALCOMM		23,857		1,278,019
†Semtech		5,740		136,956
†Silicon Laboratories		2,430		118,438

LVIP Delaware Foundation^® Aggressive Allocation Fund–8

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Semiconductors & Semiconductor Equipment (continued)
†Synaptics		2,360	$	126,850
				3,391,774
Software–2.49%
†Adobe Systems		2,000		191,580
@CA		22,971		754,138
†Callidus Software		6,600		131,868
†Electronic Arts		13,804		1,045,791
†Guidewire Software		2,320		143,283
Intuit		4,673		521,554
Microsoft		26,233		1,342,343
†Proofpoint		2,930		184,854
†Qlik Technologies		3,120		92,290
†salesforce.com		3,010		239,024
SS&C Technologies Holdings		3,050		85,644
†Tyler Technologies		1,520		253,399
				4,985,768
Specialty Retail–0.97%
†Express		7,710		111,872
Home Depot		1,800		229,842
L Brands		9,642		647,267
Lowe’s		9,300		736,281
Tractor Supply		2,415		220,200
				1,945,462
Technology Hardware, Storage & Peripherals–0.28%
Apple		5,815		555,914
				555,914
Textiles, Apparel & Luxury Goods–0.20%
†G-III Apparel Group		2,900		132,588
NIKE Class B		1,875		103,500
†Steven Madden		4,690		160,304
				396,392
Thrifts & Mortgage Finance–0.04%
WSFS Financial		2,420		77,900
				77,900
Trading Companies & Distributors–0.08%
Applied Industrial Technologies		3,630		163,858
				163,858
Total U.S. Markets (Cost $54,232,851)				83,559,808
§DEVELOPED MARKETS–13.62%
Aerospace & Defense–0.23%
Meggitt		84,485		459,213
				459,213

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Air Freight & Logistics–0.38%
Deutsche Post		26,685	$	751,783
				751,783
Auto Components–0.40%
Sumitomo Rubber Industries		39,800		532,838
Valeo		5,853		259,839
				792,677
Automobiles–0.69%
Bayerische Motoren Werke		7,478		544,212
Toyota Motor		16,800		828,215
				1,372,427
Banks–1.47%
BNP Paribas		677		29,690
ING Groep CVA		47,174		488,058
Mitsubishi UFJ Financial Group		180,000		806,914
Nordea Bank		87,049		738,493
Standard Chartered		75,180		570,389
UniCredit		136,833		300,930
				2,934,474
Beverages–0.56%
Carlsberg Class B		7,780		742,274
Coca-Cola Amatil		62,591		386,374
				1,128,648
Biotechnology–0.14%
Shire		4,520		279,347
				279,347
Construction & Engineering–0.46%
Vinci		13,176		929,789
				929,789
Diversified Telecommunication Services–0.61%
Nippon Telegraph & Telephone		26,028		1,220,581
				1,220,581
Food & Staples Retailing–0.21%
†Tesco		176,988		415,673
				415,673
Food Products–0.24%
†Aryzta		12,885		476,176
				476,176
Household Durables–0.34%
Techtronic Industries		161,000		672,336
				672,336
Industrial Conglomerates–0.32%
Koninklijke Philips		25,847		641,943
				641,943

LVIP Delaware Foundation^® Aggressive Allocation Fund–9

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Insurance–0.31%
AXA		31,507	$	622,976
				622,976
IT Services–0.43%
†CGI Group Class A		17,232		736,123
†InterXion Holding		3,250		119,860
				855,983
Life Sciences Tools & Services–0.07%
†ICON		2,040		142,820
				142,820
Machinery–0.09%
Minebea		26,500		180,039
				180,039
Media–0.17%
†Liberty Global LiLAC Class A		645		20,822
†Liberty Global LiLAC Class C		2,000		64,977
Publicis Groupe		3,930		262,927
				348,726
Metals & Mining–0.42%
Alamos Gold		27,293		234,704
†Anglo American ADR		8,985		43,487
Rio Tinto		12,431		386,188
Yamana Gold		35,539		184,854
				849,233
Multi-Utilities–0.19%
National Grid		25,956		381,692
				381,692
Oil, Gas & Consumable Fuels–0.51%
Suncor Energy		16,100		446,630
TOTAL		12,017		576,288
				1,022,918
Pharmaceuticals–2.02%
Novartis		11,578		955,631
Novo Nordisk ADR		11,062		594,914
Sanofi		12,075		1,003,224
STADA Arzneimittel		11,288		585,025
Teva Pharmaceutical Industries ADR		17,900		899,117
				4,037,911
Professional Services–0.50%
Teleperformance		11,709		997,397
				997,397
Road & Rail–0.42%
East Japan Railway		9,172		850,000
				850,000

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Software–0.22%
Playtech		41,274	$	439,092
				439,092
Specialty Retail–0.29%
Nitori Holdings		4,718		572,218
				572,218
Textiles, Apparel & Luxury Goods–0.68%
Kering		2,288		368,327
Yue Yuen Industrial Holdings		249,000		986,867
				1,355,194
Tobacco–0.45%
Japan Tobacco		22,400		902,769
				902,769
Trading Companies & Distributors–0.53%
ITOCHU		67,560		826,476
Rexel		17,921		225,310
				1,051,786
Wireless Telecommunication Services–0.27%
Tele2 Class B		61,094		536,365
				536,365
Total Developed Markets (Cost $22,950,596)				27,222,186
×EMERGING MARKETS–7.91%
Airlines–0.01%
Gol Linhas Aereas Inteligentes ADR		2,320		24,569
				24,569
Automobiles–0.15%
Astra International		148,600		83,775
Mahindra & Mahindra		10,454		222,061
				305,836
Banks–0.93%
Akbank		108,425		310,759
Banco Santander Brasil ADR		7,804		44,483
Bangkok Bank		34,493		156,174
China Construction Bank		224,239		149,486
Grupo Financiero Banorte Class O		19,400		108,425
Grupo Financiero Santander Mexico Class B ADR		8,900		80,901
ICICI Bank ADR		34,700		249,146
Industrial & Commercial Bank of China		232,238		129,512
Itau Unibanco Holding ADR		21,819		205,971
KB Financial Group ADR		5,503		156,615
=Sberbank of Russia		125,805		261,658
				1,853,130

LVIP Delaware Foundation^® Aggressive Allocation Fund–10

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Beverages–0.40%
Anadolu Efes Biracilik Ve Malt Sanayii		21,151	$	143,017
Cia Cervecerias Unidas ADR		5,800		135,372
Fomento Economico Mexicano ADR		2,865		264,984
Lotte Chilsung Beverage		113		175,672
Tsingtao Brewery		22,072		76,737
				795,782
Building Products–0.14%
KCC		838		278,732
				278,732
Chemicals–0.11%
Braskem ADR		10,068		119,306
Sociedad Quimica y Minera de Chile ADR		4,500		111,240
				230,546
Construction Materials–0.26%
†Cemex ADR		22,464		138,605
†Cemex Latam Holdings		11,203		48,327
Siam Cement NVDR		6,359		86,390
UltraTech Cement		5,027		254,780
				528,102
Diversified Financial Services–0.09%
Reliance Capital		14,360		85,392
Remgro		4,964		86,136
				171,528
Diversified Telecommunication Services–0.21%
KT ADR		5,466		77,945
LG Uplus		8,812		83,693
Telefonica Brasil ADR		18,895		256,972
				418,610
Electronic Equipment, Instruments & Components–0.15%
Hon Hai Precision Industry		78,904		203,279
Samsung SDI		1,018		96,384
				299,663
Food & Staples Retailing–0.13%
Cia Brasileira de Distribuicao ADR		6,800		98,940
Wal-Mart de Mexico Class V		67,677		162,802
				261,742
Food Products–0.45%
BRF ADR		11,599		161,574
China Mengniu Dairy		93,000		162,695
@Lotte Confectionery		1,400		237,618
Tingyi Cayman Islands Holding		79,541		75,529
@Uni-President China Holdings		306,600		259,109
				896,525

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Hotels, Restaurants & Leisure–0.04%
†@Arcos Dorados Holdings		15,900	$	75,843
				75,843
Insurance–0.11%
Samsung Life Insurance		2,595		227,090
				227,090
Internet & Catalog Retail–0.09%
†@B2W Cia Digital		51,500		151,023
†Qunar Cayman Islands ADR		900		26,811
				177,834
Internet Software & Services–0.98%
†Alibaba Group Holding ADR		3,200		254,496
†Baidu ADR		4,200		693,630
†SINA		4,696		243,582
†@Sohu.com		7,400		280,164
Tencent Holdings		21,200		486,321
				1,958,193
IT Services–0.06%
†@WNS Holdings ADR		4,280		115,560
				115,560
Media–0.18%
Grupo Televisa ADR		13,514		351,905
				351,905
Metals & Mining–0.04%
†Impala Platinum Holdings		6,221		20,044
Vale ADR		11,552		58,453
				78,497
Multiline Retail–0.07%
Woolworths Holdings		22,910		131,184
				131,184
Oil, Gas & Consumable Fuels–1.06%
Cairn India		30,123		63,103
China Petroleum & Chemical		198,850		143,693
Gazprom ADR		46,933		202,796
Lukoil ADR		4,908		204,811
PetroChina ADR		1,636		111,117
†Petroleo Brasileiro ADR		36,369		260,402
PTT-Foreign		18,778		167,260
#Reliance Industries GDR 144A		26,205		748,153
Rosneft GDR		31,246		160,754
Tambang Batubara Bukit Asam Persero		108,200		63,652
				2,125,741

LVIP Delaware Foundation^® Aggressive Allocation Fund–11

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Paper & Forest Products–0.05%
Nine Dragons Paper Holdings		127,500	$	97,753
				97,753
Personal Products–0.10%
Hypermarcas		27,700		200,487
				200,487
Real Estate Management & Development–0.05%
#@=Etalon Group GDR 144A		10,500		25,673
UEM Sunrise		313,668		80,517
				106,190
Road & Rail–0.00%
†Rumo Logistica Operadora Multimodal		5,070		7,766
				7,766
Semiconductors & Semiconductor Equipment–0.42%
MediaTek		20,000		152,831
Taiwan Semiconductor Manufacturing		79,944		402,894
Taiwan Semiconductor Manufacturing ADR		10,700		280,661
				836,386
Technology Hardware, Storage & Peripherals–0.59%
Samsung Electronics		948		1,180,593
				1,180,593
Transportation Infrastructure–0.01%
Santos Brasil Participacoes		7,775		29,819
				29,819
Wireless Telecommunication Services–1.03%
America Movil ADR		10,058		123,311
China Mobile		36,848		425,750
China Mobile ADR		2,893		167,505
MegaFon GDR		5,513		57,571
Mobile TeleSystems ADR		7,900		65,412
SK Telecom ADR		31,000		648,520
Tim Participacoes ADR		26,000		274,300
†Turkcell Iletisim Hizmetleri ADR		11,210		102,572
Vodacom Group		16,759		190,963
				2,055,904
Total Emerging Markets (Cost $16,580,370)				15,821,510
Total Common Stock (Cost $93,763,817)				126,603,504

	Number of Shares		Value (U.S. $)
CONVERTIBLE PREFERRED STOCK–0.04%
Crown Castle International 4.50%, exercise price $85.77, expiration date 11/1/16		130	$	15,744
Exelon 6.50%, exercise price $43.75, expiration date 6/1/17		150		7,401
@Halcon Resources 5.75%, exercise price $30.78, expiration date 12/31/49		11		501
@Huntington Bancshares 8.50%, exercise price $11.95, expiration date 12/31/49		9		12,690
Maiden Holdings 7.25%, exercise price $15.11, expiration date 9/15/16		220		10,450
T-Mobile US 5.50%, exercise price $31.02, expiration date 12/15/17		120		8,831
Wells Fargo 7.50%, exercise price $156.71, expiration date 12/31/49		10		12,992
Total Convertible Preferred Stock (Cost $72,887)				68,609
EXCHANGE-TRADED FUNDS–9.09%
iShares iBoxx $ High Yield Corporate Bond ETF		300		25,407
iShares MSCI EAFE Growth Index ETF		137,520		8,996,558
iShares MSCI EAFE Index ETF		75,655		4,222,306
Vanguard FTSE Developed Markets ETF		139,490		4,932,366
Total Exchange-Traded Funds (Cost $14,542,698)				18,176,637
PREFERRED STOCK–0.13%
•General Electric 5.00%		123,000		130,657
•@Integrys Energy Group 6.00%		1,700		46,006
#•PNC Preferred Funding Trust II 1.875%		100,000		88,250
Total Preferred Stock (Cost $247,841)				264,913
	Principal Amount°
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.60%
Fannie Mae Grantor Trust Series 2001-T7 A1 7.50% 2/25/41		42		50
Fannie Mae REMICs Series 1996-46 ZA 7.50% 11/25/26		721		819

LVIP Delaware Foundation^® Aggressive Allocation Fund–12

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
Series 2003-26 AT 5.00% 11/25/32		4,417	$	4,448
Series 2005-70 PA 5.50% 8/25/35		3,758		4,293
•*Series 2008-15 SB 6.147% 8/25/36		25,672		5,633
Series 2010-41 PN 4.50% 4/25/40		65,000		71,557
Series 2010-43 HJ 5.50% 5/25/40		6,112		6,966
•*Series 2010-129 SM 5.547% 11/25/40		55,837		8,988
*Series 2012-98 MI 3.00% 8/25/31		84,935		8,034
•*Series 2012-122 SD 5.647% 11/25/42		148,442		34,312
*Series 2013-26 ID 3.00% 4/25/33		72,378		9,003
*Series 2013-38 AI 3.00% 4/25/33		68,369		7,972
*Series 2013-43 IX 4.00% 5/25/43		213,804		45,089
*Series 2013-44 DI 3.00% 5/25/33		176,544		24,405
*Series 2013-55 AI 3.00% 6/25/33		93,448		11,413
Series 2014-36 ZE 3.00% 6/25/44		37,254		37,945
•*Series 2014-68 BS 5.697% 11/25/44		79,460		17,295
•*Series 2014-90 SA 5.697% 1/25/45		217,848		47,992
•*Series 2015-27 SA 5.997% 5/25/45		87,039		19,965
Series 2015-44 Z 3.00% 9/25/43		65,947		67,506
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		5,309		6,097
Series 4065 DE 3.00% 6/15/32		10,000		10,752
*Series 4109 AI 3.00% 7/15/31		183,154		17,319
*Series 4120 IK 3.00% 10/15/32		116,561		14,102
*Series 4146 IA 3.50% 12/15/32		67,451		9,547
•*Series4159 KS 5.708% 1/15/43		71,130		17,444
*Series 4181 DI 2.50% 3/15/33		72,390		7,776
•*Series4184 GS 5.678% 3/15/43		71,698		17,542
*Series 4185 LI 3.00% 3/15/33		72,093		9,005
*Series 4191 CI 3.00% 4/15/33		74,559		9,126
*Series 4342 CI 3.00% 11/15/33		75,384		7,702

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac REMICs (continued)
Series 4435 DY 3.00% 2/15/35		54,000	$	56,175
Series 4592 WT 5.50% 6/15/46		140,000		155,959
•*Series 4594 SG 5.656% 6/15/46		182,000		49,595
Freddie Mac Strips
•*Series 267 S5 5.558% 8/15/42		81,635		18,963
•*Series 299 S1 5.558% 1/15/43		74,624		17,176
•*Series 326 S2 5.508% 3/15/44		82,490		19,164
GNMA
Series 2010-113 KE 4.50% 9/20/40		155,000		176,574
Series 2013-113 AZ 3.00% 8/20/43		67,493		69,059
Series 2015-133 AL 3.00% 5/20/45		71,000		72,271
Total Agency Collateralized Mortgage Obligations (Cost $1,211,501)				1,195,033
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.37%
Freddie Mac Multifamily Structured Pass Through Certificates
¿Series K041 A2 3.171% 10/25/24		65,000		70,806
¿Series K716 A2 3.13% 6/25/21		40,000		42,909
¿Series K717 A2 2.991% 9/25/21		75,000		80,003
¿Series K722 A1 2.183% 5/25/22		35,000		35,699
FREMF Mortgage Trust
#•Series 2011-K14 B 144A 5.341% 2/25/47		20,000		22,387
#•Series 2011-K15 B 144A 5.116% 8/25/44		10,000		11,038
#•Series 2012-K18 B 144A 4.40% 1/25/45		20,000		21,670
#•Series 2012-K22 B 144A 3.811% 8/25/45		35,000		36,557
#•Series 2012-K22 C 144A 3.811% 8/25/45		30,000		29,798
#•Series 2012-K23 C 144A 3.782% 10/25/45		15,000		14,848
#•Series 2012-K708 B 144A 3.883% 2/25/45		35,000		36,164
#•Series 2012-K708 C 144A 3.883% 2/25/45		10,000		9,993
#•Series 2013-K30 C 144A 3.668% 6/25/45		30,000		27,701
#•Series 2013-K31 C 144A 3.741% 7/25/46		55,000		52,149
#•Series 2013-K33 B 144A 3.618% 8/25/46		30,000		30,616

LVIP Delaware Foundation^® Aggressive Allocation Fund–13

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust (continued)
#•Series 2013-K35 C 144A 4.077% 8/25/23		10,000	$	9,767
#•Series 2013-K712 B 144A 3.484% 5/25/45		50,000		51,163
#•Series 2013-K713 B 144A 3.274% 4/25/46		30,000		30,489
#•Series 2013-K713 C 144A 3.274% 4/25/46		55,000		54,693
#•Series 2014-K716 C 144A 4.084% 8/25/47		80,000		79,050
Total Agency Commercial Mortgage-Backed Securities (Cost $743,401)				747,500
AGENCY MORTGAGE-BACKED SECURITIES–7.39%
Fannie Mae ARM
•2.413% 5/1/43		25,202		26,005
•2.553% 6/1/43		8,714		9,012
•2.593% 8/1/35		1,886		1,993
•2.913% 7/1/45		12,678		13,172
•3.212% 4/1/44		25,980		27,219
•3.237% 3/1/44		32,676		34,439
•3.276% 9/1/43		21,680		22,807
Fannie Mae S.F. 15 yr
2.50% 5/1/31		65,385		67,818
3.00% 11/1/26		99,483		105,071
3.00% 9/1/30		35,083		36,907
3.00% 12/1/30		34,293		36,176
3.00% 2/1/31		15,555		16,370
3.00% 3/1/31		46,094		48,444
3.50% 7/1/26		15,274		16,201
4.00% 11/1/25		73,322		78,166
4.00% 12/1/26		16,421		17,502
4.00% 1/1/27		110,248		117,529
4.00% 5/1/27		37,975		40,483
4.00% 8/1/27		20,268		21,600
Fannie Mae S.F. 20 yr
3.00% 8/1/33		11,417		12,035
3.00% 1/1/36		93,157		97,766
3.00% 5/1/36		105,395		110,605
Fannie Mae S.F. 30 yr
4.00% 8/1/43		9,483		10,274
4.50% 7/1/36		7,092		7,767
4.50% 6/1/38		7,674		8,408
4.50% 4/1/39		29,345		32,018
4.50% 6/1/39		15,072		16,464
4.50% 9/1/39		7,533		8,241
4.50% 11/1/39		23,714		26,392
4.50% 1/1/40		374,876		414,625
4.50% 6/1/40		27,829		30,912

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
4.50% 8/1/40		8,897	$	9,800
4.50% 9/1/40		35,733		39,173
4.50% 11/1/40		15,805		17,324
4.50% 2/1/41		90,220		98,797
4.50% 3/1/41		20,723		22,718
4.50% 4/1/41		41,614		45,515
4.50% 7/1/41		85,132		94,445
4.50% 8/1/41		474,954		523,357
4.50% 10/1/41		28,467		31,227
4.50% 12/1/41		60,122		65,882
4.50% 1/1/42		187,106		205,166
4.50% 4/1/42		7,907		8,663
4.50% 8/1/42		434,841		480,648
4.50% 9/1/42		246,118		269,357
4.50% 1/1/43		38,965		42,675
4.50% 9/1/43		31,753		34,781
4.50% 10/1/43		198,980		220,239
4.50% 11/1/43		46,592		50,888
4.50% 4/1/44		68,371		74,580
4.50% 5/1/44		19,485		21,255
4.50% 6/1/44		161,640		176,903
4.50% 10/1/44		143,249		156,999
4.50% 12/1/44		25,573		27,982
4.50% 1/1/45		209,684		229,071
4.50% 2/1/45		97,320		106,312
4.50% 4/1/45		269,985		295,046
5.00% 2/1/35		29,175		32,565
5.00% 4/1/35		5,892		6,565
5.00% 10/1/35		17,635		19,630
5.00% 11/1/35		8,518		9,477
5.00% 4/1/37		5,020		5,573
5.00% 8/1/37		12,488		13,916
5.00% 12/1/39		13,284		14,917
5.00% 1/1/40		2,899		3,263
5.00% 11/1/44		169,150		188,515
5.50% 12/1/32		955		1,083
5.50% 2/1/33		12,617		14,284
5.50% 6/1/33		81,786		92,748
5.50% 7/1/34		1,393		1,581
5.50% 9/1/34		16,850		19,135
5.50% 11/1/34		5,341		6,058
5.50% 12/1/34		28,055		31,878
5.50% 3/1/35		2,960		3,358
5.50% 5/1/35		24,687		28,033
5.50% 6/1/35		3,348		3,758
5.50% 1/1/36		20,819		23,614
5.50% 4/1/36		25,761		29,111
5.50% 5/1/36		2,328		2,635
5.50% 7/1/36		24,014		27,275
5.50% 9/1/36		49,944		56,639
5.50% 11/1/36		3,841		4,326
5.50% 1/1/37		16,006		18,008

LVIP Delaware Foundation^® Aggressive Allocation Fund–14

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 4/1/37		55,890	$	63,383
5.50% 8/1/37		39,779		45,107
5.50% 9/1/37		19,184		21,571
5.50% 1/1/38		512		577
5.50% 2/1/38		10,418		11,775
5.50% 3/1/38		9,147		10,391
5.50% 6/1/38		38,763		43,615
5.50% 7/1/38		6,928		7,796
5.50% 9/1/38		37,276		42,257
5.50% 12/1/38		20,044		22,730
5.50% 1/1/39		25,671		29,143
5.50% 2/1/39		58,043		65,796
5.50% 6/1/39		21,012		23,801
5.50% 10/1/39		42,568		47,915
5.50% 3/1/40		68,331		77,609
5.50% 7/1/40		32,083		36,316
5.50% 3/1/41		124,322		141,003
5.50% 6/1/41		51,703		58,664
5.50% 9/1/41		205,810		232,256
6.00% 5/1/36		17,271		19,781
6.00% 6/1/36		1,791		2,053
6.00% 7/1/36		2,918		3,332
6.00% 9/1/36		9,022		10,520
6.00% 12/1/36		1,881		2,169
6.00% 2/1/37		5,884		6,735
6.00% 5/1/37		13,079		14,960
6.00% 6/1/37		1,021		1,177
6.00% 7/1/37		836		955
6.00% 8/1/37		7,811		8,950
6.00% 9/1/37		1,876		2,145
6.00% 11/1/37		288		329
6.00% 5/1/38		31,101		35,596
6.00% 7/1/38		95,243		109,057
6.00% 9/1/38		64,687		74,086
6.00% 10/1/38		2,526		2,894
6.00% 11/1/38		4,419		5,092
6.00% 1/1/39		8,762		10,039
6.00% 9/1/39		73,973		84,644
6.00% 10/1/39		68,161		79,106
6.00% 3/1/40		7,975		9,130
6.00% 7/1/40		28,275		32,297
6.00% 9/1/40		7,138		8,176
6.00% 11/1/40		2,818		3,270
6.00% 5/1/41		85,968		98,427
6.00% 6/1/41		30,692		35,108
6.00% 7/1/41		127,232		145,580
6.50% 3/1/40		53,874		64,071
Fannie Mae S.F. 30 yr TBA
3.00% 8/1/46		5,314,000		5,504,763
4.50% 8/1/46		256,000		279,279
Freddie Mac ARM
•2.495% 1/1/44		57,554		59,673

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac ARM (continued)
•2.592% 12/1/33		10,611	$	11,239
•2.768% 10/1/45		17,181		17,772
•2.826% 9/1/45		91,517		95,039
•2.944% 10/1/45		25,185		26,271
•2.951% 11/1/44		8,676		9,008
•3.107% 3/1/46		36,865		38,540
•3.206% 6/1/37		4,522		4,816
Freddie Mac S.F. 20 yr
3.00% 6/1/34		13,770		14,475
3.00% 6/1/36		17,942		18,809
Freddie Mac S.F. 30 yr
4.50% 4/1/39		3,981		4,407
4.50% 6/1/39		2,969		3,244
4.50% 10/1/39		8,274		9,071
4.50% 5/1/40		167,540		186,876
4.50% 3/1/41		30,802		33,826
4.50% 4/1/41		59,818		65,697
4.50% 7/1/42		52,345		57,650
4.50% 8/1/44		65,199		71,956
4.50% 7/1/45		75,862		83,276
5.00% 6/1/36		48,133		53,446
5.50% 3/1/34		2,109		2,380
5.50% 12/1/34		1,859		2,100
5.50% 6/1/36		1,249		1,406
5.50% 11/1/36		1,473		1,648
5.50% 12/1/36		560		629
5.50% 9/1/37		2,428		2,724
5.50% 12/1/37		368,406		416,701
5.50% 4/1/38		8,681		9,757
5.50% 6/1/38		930		1,046
5.50% 7/1/38		8,732		9,825
5.50% 6/1/39		8,979		10,082
5.50% 3/1/40		7,338		8,224
5.50% 8/1/40		4,292		4,806
5.50% 1/1/41		4,063		4,566
5.50% 6/1/41		85,755		96,516
6.00% 2/1/36		4,143		4,757
6.00% 3/1/36		5,981		6,898
6.00% 1/1/38		2,551		2,912
6.00% 6/1/38		6,842		7,806
6.00% 8/1/38		9,460		10,974
6.00% 5/1/40		14,030		16,065
6.00% 7/1/40		33,452		38,318
6.50% 4/1/39		9,720		11,166
GNMA II S.F. 30 yr
5.50% 5/20/37		12,327		13,751
5.50% 4/20/40		12,749		13,981
6.00% 2/20/39		21,906		24,964
6.00% 4/20/46		24,815		28,580
Total Agency Mortgage-Backed Securities (Cost $14,616,424)				14,772,268

LVIP Delaware Foundation^® Aggressive Allocation Fund–15

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CONVERTIBLE BONDS–0.18%
@Alaska Communications Systems Group 6.25% exercise price $10.28, maturity date 5/1/18		18,000	$	17,471
@American Realty Capital Properties 3.75% exercise price $14.99, maturity date 12/15/20		10,000		9,944
BioMarin Pharmaceutical 1.50% exercise price $94.15, maturity date 10/15/20		5,000		5,806
Blackstone Mortgage Trust 5.25% exercise price $28.36, maturity date 12/1/18		22,000		23,403
Brookdale Senior Living 2.75% exercise price $29.33, maturity date 6/15/18		11,000		10,787
Cemex 3.72% exercise price $11.45, maturity date 3/15/20		11,000		10,306
@Chart Industries 2.00% exercise price $69.03, maturity date 8/1/18		15,000		14,034
#Ciena 144A 3.75% exercise price $20.17, maturity date 10/15/18		10,000		11,719
#Clearwire Communications 144A 8.25% exercise price $7.08, maturity date 12/1/40		9,000		9,157
@GAIN Capital Holdings 4.125% exercise price $12.00, maturity date 12/1/18		9,000		8,291
@fGeneral Cable 4.50% exercise price $32.36, maturity date 11/15/29		14,000		8,076
HealthSouth 2.00% exercise price $37.59, maturity date 12/1/43		14,000		16,406
Helix Energy Solutions Group 3.25% exercise price $25.02, maturity date 3/15/32		6,000		5,347
fHologic 2.00% exercise price $31.18, maturity date 3/1/42		13,000		16,705
Infinera 1.75% exercise price $12.58, maturity date 6/1/18		8,000		9,290
Jefferies Group 3.875% exercise price $44.19, maturity date 11/1/29		11,000		11,179
#Knowles 144A 3.25% exercise price $18.43, maturity date 11/1/21		2,000		2,048
#Liberty Interactive 144A 1.00% exercise price $64.18, maturity date 9/30/43		20,000		17,463

	Principal Amount°		Value (U.S. $)
CONVERTIBLE BONDS (continued)
#Medicines 144A 2.75% exercise price $48.97, maturity date 7/15/23		4,000	$	3,855
fMeritor 4.00% exercise price $26.73, maturity date 2/15/27		15,000		14,456
Microchip Technology 1.625% exercise price $65.56, maturity date 2/15/25		7,000		7,783
Micron Technology 3.00% exercise price $29.16, maturity date 11/15/43		7,000		5,381
@New Mountain Finance 5.00% exercise price $15.93, maturity date 6/15/19		4,000		3,945
Novellus Systems 2.625% exercise price $34.11, maturity date 5/15/41		7,000		17,430
#NuVasive 144A 2.25% exercise price $59.82, maturity date 3/15/21		4,000		4,755
NXP Semiconductors 1.00% exercise price $102.84, maturity date 12/1/19		8,000		8,735
ON Semiconductor 1.00% exercise price $18.50, maturity date 12/1/20		7,000		6,291
PROS Holdings 2.00% exercise price $33.79, maturity date 12/1/19		9,000		8,078
@Spectrum Pharmaceuticals 2.75% exercise price $10.53, maturity date 12/15/18		11,000		10,209
@Spirit Realty Capital 3.75% exercise price $13.10, maturity date 5/15/21		13,000		14,560
Synchronoss Technologies 0.75% exercise price $53.17, maturity date 8/15/19		14,000		13,921
@Titan Machinery 3.75% exercise price $43.17, maturity date 5/1/19		3,000		2,445
•Vector Group 1.75% exercise price $24.64, maturity date 4/15/20		11,000		12,251
•Vector Group 2.50% exercise price $15.98, maturity date 1/15/19		7,000		10,183
Verint Systems 1.50% exercise price $64.46, maturity date 6/1/21		8,000		7,325
Total Convertible Bonds (Cost $357,682)				359,035

LVIP Delaware Foundation^® Aggressive Allocation Fund–16

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS–10.50%
Aerospace & Defense–0.02%
Lockheed Martin 3.55% 1/15/26		35,000	$	38,094
				38,094
Air Freight & Logistics–0.07%
Aviation Capital Group
#144A 4.875% 10/1/25		20,000		19,655
#144A 6.75% 4/6/21		40,000		45,250
FedEx 4.75% 11/15/45		15,000		16,785
United Parcel Service 5.125% 4/1/19		45,000		49,850
				131,540
Airlines–0.09%
#¿Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		24,609		25,040
¿American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		22,835		23,748
¿American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		23,863		24,040
¿American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27		15,000		15,787
¿American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		15,000		15,877
¿United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		18,855		19,905
¿United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		43,691		46,257
¿United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28		15,000		15,281
				185,935
Auto Components–0.08%
American Axle & Manufacturing 6.25% 3/15/21		35,000		36,444
Goodyear Tire & Rubber 5.00% 5/31/26		35,000		35,744
Lear 5.25% 1/15/25		50,000		52,688
O’Reilly Automotive 3.55% 3/15/26		25,000		26,265
				151,141
Automobiles–0.16%
BMW US Capital
#144A 2.00% 4/11/21		65,000		65,888
#144A 2.80% 4/11/26		75,000		77,027

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Automobiles (continued)
Daimler 2.75% 12/10/18	NOK	320,000	$	39,652
Ford Motor 7.45% 7/16/31		51,000		68,554
General Motors Financial 3.70% 5/9/23		35,000		35,234
Toyota Finance Australia 3.04% 12/20/16	NZD	50,000		35,629
				321,984
Banks–1.39%
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD	25,000		19,910
Bank Nederlandse Gemeenten
#144A 1.625% 4/19/21		62,000		62,954
5.25% 5/20/24	AUD	18,000		15,799
Bank of America 4.45% 3/3/26		330,000		345,837
Bank of New York Mellon 2.80% 5/4/26		20,000		20,771
BB&T 2.05% 5/10/21		285,000		289,371
Citizens Financial Group 4.30% 12/3/25		40,000		42,183
#Credit Suisse Group Funding Guernsey 144A 3.80% 6/9/23		275,000		274,709
Fifth Third Bancorp 2.875% 7/27/20		20,000		20,893
JPMorgan Chase
•1.264% 1/28/19		26,000		25,965
4.25% 10/1/27		260,000		275,706
•6.75% 8/29/49		40,000		44,100
KeyBank 3.40% 5/20/26		250,000		254,380
KFW 1.50% 6/15/21		55,000		55,729
•National City Bank 1.052% 6/7/17		335,000		334,534
RBC USA Holdco 5.25% 9/15/20		45,000		50,875
Santander UK Group Holdings
2.875% 10/16/20		105,000		104,399
3.125% 1/8/21		25,000		25,087
Toronto-Dominion Bank
2.125% 4/7/21		40,000		40,735
2.50% 12/14/20		50,000		51,750
US Bancorp 3.10% 4/27/26		65,000		67,695
•@USB Capital IX 3.50% 10/29/49		275,000		225,156
Wells Fargo
4.30% 7/22/27		15,000		16,217
4.40% 6/14/46		100,000		102,137
Zions Bancorp 4.50% 6/13/23		20,000		21,227
				2,788,119
Beverages–0.27%
Anheuser-Busch InBev Finance 3.65% 2/1/26		270,000		289,810

LVIP Delaware Foundation^® Aggressive Allocation Fund–17

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Beverages (continued)
Molson Coors Brewing
2.10% 7/15/21		15,000	$	15,063
3.00% 7/15/26		40,000		40,047
4.20% 7/15/46		25,000		25,213
#Pernod Ricard 144A 4.45% 1/15/22		150,000		165,474
				535,607
Biotechnology–0.08%
Biogen
4.05% 9/15/25		30,000		32,354
5.20% 9/15/45		40,000		45,158
Celgene
3.875% 8/15/25		40,000		42,747
4.625% 5/15/44		10,000		10,442
5.00% 8/15/45		25,000		27,642
				158,343
Building Products–0.04%
Fortune Brands Home & Security 3.00% 6/15/20		25,000		25,848
Masco 3.50% 4/1/21		60,000		61,518
				87,366
Capital Markets–0.31%
Affiliated Managers Group 3.50% 8/1/25		40,000		40,035
Bank of New York Mellon
2.15% 2/24/20		10,000		10,200
2.50% 4/15/21		95,000		98,506
Jefferies Group
6.45% 6/8/27		25,000		27,826
6.50% 1/20/43		15,000		14,941
Lazard Group 6.85% 6/15/17		28,000		29,288
Morgan Stanley
2.50% 4/21/21		10,000		10,116
3.875% 1/27/26		200,000		212,743
3.95% 4/23/27		45,000		45,608
5.00% 9/30/21	AUD	14,000		11,315
State Street
2.55% 8/18/20		45,000		46,724
3.10% 5/15/23		25,000		25,887
3.55% 8/18/25		45,000		48,994
				622,183
Chemicals–0.33%
CF Industries 6.875% 5/1/18		80,000		86,956
Dow Chemical 8.55% 5/15/19		223,000		264,881
Eastman Chemical
3.80% 3/15/25		30,000		31,764
4.65% 10/15/44		165,000		169,429
Methanex 4.25% 12/1/24		30,000		26,818
PolyOne 5.25% 3/15/23		25,000		25,313

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Chemicals (continued)
PPG Industries 2.30% 11/15/19		35,000	$	35,309
#WR Grace 144A 5.125% 10/1/21		10,000		10,300
				650,770
Commercial Services & Supplies–0.29%
Penske Truck Leasing
#144A 3.30% 4/1/21		40,000		41,163
#144A 3.375% 2/1/22		205,000		209,315
#Prestige Brands 144A 5.375% 12/15/21		25,000		25,500
United Rentals North America
4.625% 7/15/23		30,000		30,375
5.50% 7/15/25		56,000		55,370
5.875% 9/15/26		20,000		19,950
Waste Management 2.40% 5/15/23		190,000		193,038
				574,711
Computers & Peripherals–0.04%
#Diamond 1 Finance / Diamond 2 Finance 144A 6.02% 6/15/26		85,000		88,774
				88,774
Construction & Engineering–0.03%
AECOM 5.875% 10/15/24		39,000		40,170
Vale Overseas 5.875% 6/10/21		15,000		15,056
				55,226
Consumer Finance–0.16%
General Motors Financial
3.45% 4/10/22		65,000		65,038
4.375% 9/25/21		5,000		5,282
5.25% 3/1/26		80,000		87,130
Hyundai Capital America
#144A 2.55% 2/6/19		50,000		50,857
#144A 3.00% 3/18/21		20,000		20,739
SunTrust Banks 2.35% 11/1/18		60,000		60,968
Toyota Motor Credit 2.80% 7/13/22		20,000		21,052
				311,066
Containers & Packaging–0.04%
Ball
5.00% 3/15/22		20,000		21,330
5.25% 7/1/25		30,000		31,387
#Owens-Brockway Glass Container 144A 5.875% 8/15/23		35,000		36,830
				89,547
Diversified Financial Services–0.42%
AerCap Ireland Capital 3.95% 2/1/22		150,000		150,375

LVIP Delaware Foundation^® Aggressive Allocation Fund–18

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Berkshire Hathaway
2.75% 3/15/23		25,000	$	25,854
3.125% 3/15/26		100,000		104,983
General Electric Capital
2.10% 12/11/19		70,000		72,252
4.25% 1/17/18	NZD	50,000		36,247
5.55% 5/4/20		30,000		34,609
6.00% 8/7/19		56,000		64,177
Nasdaq 3.85% 6/30/26		15,000		15,271
National Rural Utilities Cooperative Finance
2.85% 1/27/25		115,000		120,414
•4.75% 4/30/43		60,000		58,950
•5.25% 4/20/46		20,000		20,516
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25		100,000		100,441
•Voya Financial 5.65% 5/15/53		35,000		33,031
				837,120
Diversified Telecommunication Services–0.26%
AT&T
3.60% 2/17/23		45,000		47,010
4.125% 2/17/26		85,000		91,488
5.65% 2/15/47		95,000		109,215
Bell Canada 3.35% 3/22/23	CAD	19,000		15,563
CenturyLink
5.80% 3/15/22		45,000		43,861
6.75% 12/1/23		45,000		44,381
Frontier Communications 8.875% 9/15/20		40,000		42,850
SBA Tower Trust
#144A 2.24% 4/16/18		40,000		40,128
#144A 2.898% 10/15/19		25,000		25,347
Verizon Communications 4.862% 8/21/46		60,000		65,854
				525,697
Electric Utilities–1.18%
Alabama Power 4.30% 1/2/46		40,000		44,999
Appalachian Power
3.40% 6/1/25		100,000		106,322
4.45% 6/1/45		25,000		27,204
Berkshire Hathaway Energy 3.75% 11/15/23		110,000		120,390
Black Hills 3.95% 1/15/26		15,000		15,948
Cleveland Electric Illuminating 5.50% 8/15/24		5,000		5,923
@ComEd Financing III 6.35% 3/15/33		60,000		65,145
Commonwealth Edison
3.65% 6/15/46		25,000		25,612
4.35% 11/15/45		40,000		45,564

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Consumers Energy 4.10% 11/15/45		15,000	$	16,925
Dominion Resources 3.90% 10/1/25		35,000		37,565
DTE Energy 3.30% 6/15/22		45,000		47,489
Duke Energy
3.75% 4/15/24		20,000		21,511
4.80% 12/15/45		45,000		52,317
Duke Energy Carolinas 3.875% 3/15/46		30,000		32,310
•Emera 6.75% 6/15/76		85,000		86,350
#Emera US Finance 144A 4.75% 6/15/46		25,000		25,474
Entergy 4.00% 7/15/22		115,000		123,566
Entergy Arkansas 3.50% 4/1/26		5,000		5,487
Entergy Louisiana 4.95% 1/15/45		20,000		21,002
Entergy Mississippi 2.85% 6/1/28		65,000		66,127
Exelon 3.95% 6/15/25		40,000		42,842
Great Plains Energy 4.85% 6/1/21		25,000		27,499
Indiana Michigan Power
3.20% 3/15/23		15,000		15,667
4.55% 3/15/46		25,000		27,901
IPALCO Enterprises 5.00% 5/1/18		45,000		47,250
ITC Holdings
3.25% 6/30/26		35,000		35,101
3.65% 6/15/24		25,000		26,063
Kansas City Power & Light 3.65% 8/15/25		65,000		68,908
LG&E & KU Energy 4.375% 10/1/21		115,000		127,051
#Metropolitan Edison 144A 4.00% 4/15/25		30,000		31,433
MidAmerican Energy 4.25% 5/1/46		45,000		51,029
NextEra Energy Capital Holdings
2.40% 9/15/19		65,000		66,411
3.625% 6/15/23		25,000		26,390
NV Energy 6.25% 11/15/20		45,000		53,328
Pennsylvania Electric 5.20% 4/1/20		55,000		58,216
South Carolina Electric & Gas 4.10% 6/15/46		85,000		90,175
Southern
2.75% 6/15/20		140,000		145,233
3.25% 7/1/26		75,000		78,067
4.40% 7/1/46		75,000		80,961
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		45,000		48,201

LVIP Delaware Foundation^® Aggressive Allocation Fund–19

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Wisconsin Electric Power 4.30% 12/15/45		25,000	$	28,577
Xcel Energy 3.30% 6/1/25		185,000		195,485
				2,365,018
Electronic Equipment, Instruments & Components–0.06%
FLIR Systems 3.125% 6/15/21		25,000		25,698
Fortive
#144A 2.35% 6/15/21		15,000		15,237
#144A 3.15% 6/15/26		45,000		46,408
Intel 2.60% 5/19/26		35,000		35,720
				123,063
Food & Staples Retailing–0.31%
CVS Health
3.875% 7/20/25		178,000		196,164
5.00% 12/1/24		25,000		29,310
KFC Holding
#144A 5.00% 6/1/24		18,000		18,360
#144A 5.25% 6/1/26		18,000		18,495
Sysco 3.30% 7/15/26		195,000		202,730
Walgreens Boots Alliance
3.10% 6/1/23		100,000		102,006
3.45% 6/1/26		45,000		46,289
4.80% 11/18/44		15,000		16,201
				629,555
Food Products–0.12%
Aramark Services
#144A 4.75% 6/1/26		10,000		9,825
#144A 5.125% 1/15/24		55,000		56,237
#@Arcor SAIC 144A 6.00% 7/6/23		10,000		10,094
#JBS USA Finance 144A 5.75% 6/15/25		50,000		47,250
Kraft Heinz Foods
#144A 3.00% 6/1/26		95,000		95,977
#144A 4.375% 6/1/46		10,000		10,620
				230,003
Gas Utilities–0.08%
AGL Capital 3.25% 6/15/26		50,000		51,210
AmeriGas Finance 7.00% 5/20/22		40,000		42,425
Dominion Gas Holdings 4.60% 12/15/44		60,000		62,698
				156,333
Health Care Equipment & Supplies–0.20%
Becton Dickinson 6.375% 8/1/19		75,000		85,483
Thermo Fisher Scientific 3.00% 4/15/23		260,000		265,823

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings 4.45% 8/15/45		55,000	$	56,199
				407,505
Health Care Providers & Services–0.25%
Aetna 3.20% 6/15/26		65,000		67,013
DaVita HealthCare Partners 5.00% 5/1/25		125,000		124,219
HCA
5.25% 6/15/26		40,000		41,625
5.375% 2/1/25		75,000		77,063
HealthSouth
5.125% 3/15/23		10,000		9,850
5.75% 11/1/24		10,000		10,090
5.75% 9/15/25		5,000		4,975
#@Highmark 144A 6.125% 5/15/41		20,000		20,236
#LifePoint Health 144A 5.375% 5/1/24		55,000		55,275
New York and Presbyterian Hospital 4.063% 8/1/56		40,000		43,210
Tenet Healthcare 4.50% 4/1/21		35,000		35,438
#Universal Health Services 144A 5.00% 6/1/26		10,000		10,050
				499,044
Hotels, Restaurants & Leisure–0.10%
Marriott International 3.125% 6/15/26		60,000		60,856
MGM Resorts International 6.00% 3/15/23		96,000		101,520
Starwood Hotels & Resorts Worldwide
@3.75% 3/15/25		35,000		36,506
@4.50% 10/1/34		5,000		5,116
				203,998
Household Products–0.01%
#Tempur Sealy International 144A 5.50% 6/15/26		25,000		24,625
				24,625
Independent Power & Renewable Electricity Producers–0.04%
#AES Gener 144A 5.25% 8/15/21		25,000		26,663
Calpine
#144A 5.25% 6/1/26		30,000		30,000
5.375% 1/15/23		30,000		29,400
				86,063
Insurance–0.36%
Berkshire Hathaway Finance 2.90% 10/15/20		55,000		58,431
MetLife
•5.25% 12/29/49		50,000		49,750
6.817% 8/15/18		85,000		94,927

LVIP Delaware Foundation^® Aggressive Allocation Fund–20

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Insurance (continued)
#Principal Life Global Funding II 144A 3.00% 4/18/26		165,000	$	168,502
Prudential Financial
•5.375% 5/15/45		35,000		35,350
•5.625% 6/15/43		20,000		20,881
•5.875% 9/15/42		55,000		59,538
TIAA Asset Management Finance
#144A 2.95% 11/1/19		35,000		35,884
#144A 4.125% 11/1/24		80,000		84,188
#USI 144A 7.75% 1/15/21		10,000		9,938
XLIT
4.45% 3/31/25		45,000		45,492
5.50% 3/31/45		40,000		39,654
•6.50% 12/29/49		30,000		20,925
				723,460
Internet Software & Services–0.02%
Zayo Group 6.00% 4/1/23		35,000		35,700
				35,700
IT Services–0.16%
Fidelity National Information Services 5.00% 10/15/25		85,000		96,672
First Data
#144A 5.00% 1/15/24		20,000		20,125
#144A 5.75% 1/15/24		150,000		149,437
#144A 7.00% 12/1/23		16,000		16,260
Priceline Group 3.60% 6/1/26		45,000		46,571
				329,065
Machinery–0.04%
Crane
2.75% 12/15/18		10,000		10,284
4.45% 12/15/23		60,000		63,848
Parker Hannifin 3.30% 11/21/24		5,000		5,410
				79,542
Media–0.64%
21st Century Fox America 4.95% 10/15/45		135,000		154,338
CC Holdings GS V 3.849% 4/15/23		15,000		16,024
CCO Holdings
#144A 5.125% 5/1/23		50,000		50,406
#144A 5.75% 2/15/26		25,000		25,813
#Charter Communications Operating 144A 4.908% 7/23/25		190,000		208,101
Comcast 3.15% 3/1/26		230,000		245,109
CSC Holdings 5.25% 6/1/24		105,000		95,813
DISH DBS 5.00% 3/15/23		25,000		22,813
Gray Television 7.50% 10/1/20		30,000		31,425
Omnicom Group 3.60% 4/15/26		10,000		10,554

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
#Sirius XM Radio 144A 5.375% 7/15/26		120,000	$	119,400
#Sky 144A 3.75% 9/16/24		200,000		208,155
Time Warner 2.95% 7/15/26		15,000		15,145
Tribune Media 5.875% 7/15/22		55,000		55,000
WPP Finance 2010 5.625% 11/15/43		20,000		23,062
				1,281,158
Metals & Mining–0.05%
#Lundin Mining 144A 7.50% 11/1/20		25,000		25,625
Rio Tinto Finance USA 3.75% 6/15/25		65,000		68,124
Southern Copper 5.875% 4/23/45		15,000		14,198
				107,947
Multi-Utilities–0.24%
Ameren Illinois 9.75% 11/15/18		263,000		312,249
American Water Capital 3.40% 3/1/25		10,000		10,855
CMS Energy 6.25% 2/1/20		60,000		69,127
Louisville Gas & Electric 4.375% 10/1/45		15,000		17,270
Puget Energy 6.00% 9/1/21		35,000		40,780
WEC Energy Group 3.55% 6/15/25		20,000		21,501
				471,782
Oil, Gas & Consumable Fuels–0.59%
Chevron 2.954% 5/16/26		55,000		56,911
ConocoPhillips 4.95% 3/15/26		40,000		45,444
Ecopetrol
5.875% 9/18/23		15,000		15,487
5.875% 5/28/45		10,000		8,740
Energy Transfer Partners
4.75% 1/15/26		70,000		72,123
9.70% 3/15/19		60,000		67,972
EnLink Midstream Partners 2.70% 4/1/19		30,000		29,177
Enterprise Products Operating
3.95% 2/15/27		140,000		148,805
•7.034% 1/15/68		10,000		10,540
Murphy Oil USA 6.00% 8/15/23		60,000		62,400
Noble Energy 5.05% 11/15/44		35,000		35,378
Petrobras Global Finance
4.875% 3/17/20		15,000		14,100
8.375% 5/23/21		15,000		15,518
8.75% 5/23/26		5,000		5,038
Petroleos Mexicanos #144A 6.375% 2/4/21		10,000		10,898

LVIP Delaware Foundation^® Aggressive Allocation Fund–21

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos (continued)
6.625% 6/15/35		45,000	$	46,620
#144A 6.875% 8/4/26		15,000		16,808
Plains All American Pipeline 8.75% 5/1/19		120,000		137,260
Regency Energy Partners 5.875% 3/1/22		40,000		42,835
Shell International Finance 4.00% 5/10/46		85,000		86,920
Williams Partners 7.25% 2/1/17		95,000		97,855
#Woodside Finance 144A 8.75% 3/1/19		105,000		121,035
YPF
#144A 8.50% 3/23/21		5,000		5,350
#144A 8.75% 4/4/24		10,000		10,775
#•144A 31.35% 7/7/20		10,000		10,000
				1,173,989
Paper & Forest Products–0.17%
Georgia-Pacific 8.00% 1/15/24		125,000		167,239
International Paper 5.15% 5/15/46		160,000		173,278
				340,517
Pharmaceuticals–0.26%
AbbVie
3.20% 5/14/26		175,000		177,636
4.30% 5/14/36		30,000		30,699
4.45% 5/14/46		50,000		50,911
AstraZeneca 3.375% 11/16/25		60,000		62,976
#Mallinckrodt International Finance 144A 5.50% 4/15/25		55,000		49,342
Mylan
#144A 3.15% 6/15/21		15,000		15,232
#144A 3.95% 6/15/26		135,000		136,898
				523,694
Real Estate Investment Trusts–0.62%
Alexandria Real Estate Equities 3.95% 1/15/27		20,000		20,658
American Tower
2.80% 6/1/20		10,000		10,242
4.00% 6/1/25		65,000		69,252
4.40% 2/15/26		155,000		168,608
#American Tower Trust I 144A 3.07% 3/15/23		55,000		56,602
AvalonBay Communities 2.95% 5/11/26		165,000		165,999
Corporate Office Properties
3.60% 5/15/23		40,000		38,944
5.25% 2/15/24		40,000		42,775
Crown Castle International
5.25% 1/15/23		50,000		56,291

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
DDR
7.50% 4/1/17		10,000	$	10,426
7.875% 9/1/20		45,000		54,393
Education Realty Operating Partnership 4.60% 12/1/24		45,000		46,271
Equinix 5.375% 4/1/23		57,000		59,137
GEO Group
5.125% 4/1/23		30,000		29,400
5.875% 10/15/24		35,000		35,613
Hospitality Properties Trust 4.50% 3/15/25		45,000		45,316
Host Hotels & Resorts
3.75% 10/15/23		10,000		10,088
4.50% 2/1/26		40,000		42,257
Kimco Realty 3.40% 11/1/22		10,000		10,497
Simon Property Group 2.50% 7/15/21		15,000		15,464
Sovran Acquisition 3.50% 7/1/26		40,000		40,445
UDR 4.00% 10/1/25		155,000		168,321
WP Carey 4.60% 4/1/24		35,000		35,967
				1,232,966
Road & Rail–0.07%
Burlington Northern Santa Fe 4.70% 9/1/45		70,000		82,523
Norfolk Southern 2.90% 6/15/26		50,000		51,555
				134,078
Software–0.30%
CDK Global 4.50% 10/15/24		30,000		29,851
Oracle
1.90% 9/15/21		15,000		15,066
2.40% 9/15/23		495,000		497,241
4.00% 7/15/46		55,000		55,595
				597,753
Specialty Retail–0.13%
Home Depot 3.00% 4/1/26		20,000		21,282
L Brands 6.75% 7/1/36		30,000		30,131
Lowe’s
2.50% 4/15/26		70,000		71,386
3.70% 4/15/46		70,000		72,167
Starbucks 2.45% 6/15/26		30,000		30,505
Target 3.625% 4/15/46		30,000		30,722
				256,193
Textiles, Apparel & Luxury Goods–0.06%
#Hanesbrands 144A 4.875% 5/15/26		65,000		65,559
#INVISTA Finance 144A 4.25% 10/15/19		50,000		49,000
				114,559

LVIP Delaware Foundation^® Aggressive Allocation Fund–22

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Tobacco–0.12%
Reynolds American
4.00% 6/12/22		50,000	$	54,412
4.45% 6/12/25		170,000		190,736
				245,148
Trading Companies & Distributors–0.05%
#ERAC USA Finance 144A 3.30% 12/1/26		90,000		92,219
				92,219
Wireless Telecommunication Services–0.19%
#Crown Castle Towers 144A 4.883% 8/15/20		210,000		229,169
Level 3 Financing 5.375% 5/1/25		25,000		24,906
Sprint Communications
#144A 7.00% 3/1/20		15,000		15,780
#144A 9.00% 11/15/18		55,000		58,781
T-Mobile USA 6.125% 1/15/22		45,000		47,363
				375,999
Total Corporate Bonds (Cost $20,311,068)				20,994,199
MUNICIPAL BONDS–0.21%
Bay Area Toll Authority Series S3 6.907% 10/1/50		65,000		104,365
California State Various Purposes 7.55% 4/1/39		50,000		79,089
Dallas, Texas Area Rapid Transit Series A 5.00% 12/1/46		40,000		49,351
New Jersey Turnpike Authority
Series A 7.102% 1/1/41		30,000		45,403
Series E 5.00% 1/1/45		40,000		47,840
Series F 7.414% 1/1/40		15,000		23,551
New York, New York
Series C 5.00% 8/1/26		20,000		25,908
Series C 5.00% 8/1/27		10,000		12,862
South Carolina Public Service Authority Series D 4.77% 12/1/45		20,000		23,114
Texas Water Development Board Series A 5.00% 10/15/45		10,000		12,337
Total Municipal Bonds (Cost $411,260)				423,820
NON-AGENCY ASSET-BACKED SECURITIES–1.05%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		67,862		69,873
Ally Master Owner Trust Series 2012-5 A 1.54% 9/15/19		100,000		100,314

	Principal		Value
	Amount°		(U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Ally Master Owner Trust (continued)
Series 2014-4 A2 1.43% 6/17/19		70,000	$	70,165
•American Express Credit Account Secured Note Trust Series 2012-4 A 0.682% 5/15/20		135,000		135,067
Avis Budget Rental Car Funding AESOP
#Series 2013-1A A 144A 1.92% 9/20/19		100,000		100,246
#Series 2014-1A A 144A 2.46% 7/20/20		100,000		101,412
BA Credit Card Trust
•Series 2014-A2 A 0.712% 9/16/19		30,000		30,028
•Series 2014-A3 A 0.732% 1/15/20		35,000		35,052
•Series 2015-A1 A 0.772% 6/15/20		135,000		135,156
Capital One Multi-Asset Execution Trust
•Series 2007-A5 A5 0.482% 7/15/20		100,000		99,685
•Series 2016-A1 A1 0.90% 2/15/22		80,000		80,138
Chase Issuance Trust
•Series 2014-A5 A5 0.812% 4/15/21		100,000		99,864
•Series 2016-A1 A 0.852% 5/17/21		100,000		100,029
#CIT Equipment Collateral Series 2014-VT1 A2 144A 0.86% 5/22/17		20,790		20,769
•CNH Equipment Trust Series 2016-B A2B 1.05% 10/15/19		40,000		39,949
Discover Card Execution Note Trust Series 2015-A3 A 1.45% 3/15/21		100,000		101,041
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		30,000		30,031
•GE Dealer Floorplan Master Note Trust Series 2014-2 A 0.898% 10/20/19		50,000		49,930
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		48,250		42,692
Honda Auto Receivables Owner Trust Series 2015-3 A3 1.27% 4/18/19		100,000		100,421

LVIP Delaware Foundation^® Aggressive Allocation Fund–23

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.002% 7/16/18		30,000	$	29,989
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.022% 5/15/20		100,000		100,149
•Nissan Auto Lease Trust Series 2015-B A2B 0.972% 12/15/17		28,518		28,559
#•PFS Financing Series 2015-AA A 144A 1.062% 4/15/20		100,000		99,032
#Porsche Innovative Lease Owner Trust Series 2015-1 A3 144A 1.19% 7/23/18		100,000		100,105
Synchrony Credit Card Master Note Trust Series 2012-6 A 1.36% 8/17/20		100,000		100,253
#Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19		100,000		99,401
Total Non-Agency Asset-Backed Securities (Cost $2,102,250)				2,099,350
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.21%
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		1,708		1,671
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		21,788		21,666
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36		25,551		26,134
•Series 2007-A1 7A4 2.904% 7/25/35		12,920		11,382
#•New Residential Mortgage Loan Trust Series 2015-2A A1 144A 3.75% 8/25/55		87,348		91,437
Sequoia Mortgage Trust
#•Series 2013-11 B1 144A 3.668% 9/25/43		93,849		93,313
#•Series 2014-2 A4 144A 3.50% 7/25/44		52,670		54,151
#•Series 2015-1 B2 144A 3.887% 1/25/45		14,523		14,614
¿Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34		13,376		13,594

	Principal		Value
	Amount°		(U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
#•Towd Point Mortgage Trust Series 2015-5 A1B 144A 2.75% 5/25/55		89,246	$	90,354
Total Non-Agency Collateralized Mortgage Obligations (Cost $407,384)				418,316
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.36%
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 6.00% 2/10/51		40,000		41,679
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		24,312		25,118
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.901% 12/10/49		25,000		25,089
Series 2014-GC25 A4 3.635% 10/10/47		45,000		48,877
Series 2015-GC27 A5 3.137% 2/10/48		50,000		52,470
Series 2016-P3 A4 3.329% 4/15/49		35,000		37,352
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		40,000		41,683
Series 2014-CR16 A4 4.051% 4/10/47		40,000		44,824
Series 2014-CR19 A5 3.796% 8/10/47		50,000		55,023
Series 2014-CR20 A4 3.59% 11/10/47		20,000		21,750
Series 2014-CR20 AM 3.938% 11/10/47		85,000		92,559
#Series 2015-3BP A 144A 3.178% 2/10/35		100,000		105,333
Series 2015-CR23 A4 3.497% 5/10/48		20,000		21,517
Commercial Mortgage Trust Series 2007-GG9 AM 5.475% 3/10/39		25,000		25,418
DB-JPM Series 2016-C1 A4 3.276% 5/10/49		50,000		53,246
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.883% 11/10/46		100,000		113,468
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		600,000		640,537

LVIP Delaware Foundation^® Aggressive Allocation Fund–24

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust
Series 2014-GC24 A5 3.931% 9/10/47		55,000	$	60,954
Series 2015-GC32 A4 3.764% 7/10/48		30,000		33,034
#Hilton USA Trust Series 2013-HLT BFX 144A 3.367% 11/5/30		200,000		200,980
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		90,000		98,849
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		75,000		78,860
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.675% 8/12/37		15,000		16,279
•Series 2005-LDP5 D 5.718% 12/15/44		25,000		24,917
Series 2006-LDP8 AM 5.44% 5/15/45		89,000		89,043
Series 2013-LC11 B 3.499% 4/15/46		35,000		36,278
Series 2015-JP1 A5 3.914% 1/15/49		30,000		33,471
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		1,958		1,962
•Series 2006-C6 AJ 5.452% 9/15/39		35,000		34,854
Series 2006-C6 AM 5.413% 9/15/39		45,000		45,157
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		40,000		43,835
Series 2015-C23 A4 3.719% 7/15/50		80,000		87,794
Series 2015-C26 A5 3.531% 10/15/48		45,000		48,672
Series 2016-C29 A4 3.325% 5/15/49		35,000		37,249
•Morgan Stanley Capital I Trust Series 2006-HQ10 B 5.448% 11/12/41		100,000		94,003
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5 A3 2.918% 10/15/45		25,000		26,289

		Principal		Value
		Amount°		(U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust (continued)
Series 2015-NXS3 A4 3.617% 9/15/57			65,000	$	70,592
WF-RBS Commercial Mortgage Trust Series 2012-C10 A3 2.875% 12/15/45			100,000		104,815
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $2,650,645)					2,713,830
DREGIONAL BONDS–0.21%
Australia–0.11%
New South Wales Treasury
3.00% 3/20/28	AUD		147,200		116,730
4.00% 5/20/26	AUD		66,700		57,619
Queensland Treasury
#144A 3.25% 7/21/26	AUD		14,000		11,143
#144A 3.25% 7/21/28	AUD		29,000		22,927
					208,419
Canada–0.10%
Province of British Columbia Canada 2.25% 6/2/26			50,000		51,326
Province of Manitoba Canada 2.125% 6/22/26			40,000		39,817
Province of Ontario Canada 3.45% 6/2/45	CAD		12,000		10,580
Province of Quebec Canada
2.50% 4/20/26			45,000		46,363
6.00% 10/1/29	CAD		50,000		54,427
					202,513
Total Regional Bonds (Cost $403,543)					410,932
«SENIOR SECURED LOANS–0.59%
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20			17,850		17,918
Aramark Tranche E 3.25% 9/7/19			47,344		47,469
Avago Technologies Cayman Finance Tranche B 1st Lien 4.25% 2/1/23			44,888		44,996
Community Health Systems Tranche F 1st Lien 3.924% 12/31/18			21,349		21,202
FCA US Tranche B 1st Lien 3.50% 5/24/17			5,694		5,699
First Data Tranche B 1st Lien 4.452% 3/24/21			225,450		225,074
HCA Tranche B6 1st Lien 3.71% 3/18/23			88,279		88,686
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20			202,800		203,212

LVIP Delaware Foundation^® Aggressive Allocation Fund–25

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

		Principal		Value
		Amount°		(U.S. $)
«SENIOR SECURED LOANS (continued)
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18			62,250	$	62,182
Landry’s Tranche B 4.00% 4/24/18			35,036		35,083
Level 3 Financing Tranche B 1st Lien 4.00% 1/15/20			75,000		75,047
@Republic of Angola (Unsecured) 7.045% 12/16/23			86,250		78,488
Solera Holdings Tranche B 1st Lien 5.75% 3/3/23			44,888		44,929
Univision Communications Tranche C4 1st Lien 4.00% 3/1/20			182,786		182,034
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19			53,086		52,489
Total Senior Secured Loans (Cost $1,182,390)					1,184,508
DSOVEREIGN BONDS–0.54%
Australia–0.02%
Australia Government Bond 3.75% 4/21/37	AUD		35,000		31,034
					31,034
Brazil–0.03%
Brazil Notas do Tesouro Nacional
10.00% 1/1/17	BRL		87,000		26,603
10.00% 1/1/23	BRL		97,000		27,570
					54,173
Canada–0.00%
Canadian Government Bond 2.75% 12/1/48	CAD		10,000		9,715
					9,715
Hungary–0.02%
Hungary Government International Bond 5.75% 11/22/23			40,000		45,605
					45,605
Indonesia–0.15%
#Indonesia Government International Bond 144A 4.875% 5/5/21			200,000		217,648
Indonesia Treasury Bond 8.375% 9/15/26	IDR		950,000,000		76,275
					293,923
Mexico–0.10%
Mexican Bonos 5.75% 3/5/26	MXN		3,647,800		198,242
					198,242

		Principal		Value
		Amount°		(U.S. $)
DSOVEREIGN BONDS (continued)
New Zealand–0.01%
New Zealand Government Bond 4.50% 4/15/27	NZD		22,000	$	18,907
					18,907
Poland–0.06%
Poland Government Bond
2.50% 7/25/26	PLN		413,000		101,204
3.25% 7/25/25	PLN		97,000		25,440
					126,644
Portugal–0.01%
#Portugal Government International Bond 144A 5.125% 10/15/24			18,000		18,175
					18,175
Republic of Korea–0.03%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW		77,794,728		68,978
					68,978
Russia–0.04%
Russian Foreign Bond - Eurobond 7.85% 3/10/18	RUB		5,000,000		76,482
					76,482
South Africa–0.01%
South Africa Government Bond 8.00% 1/31/30	ZAR		435,000		26,812
					26,812
United Kingdom–0.04%
United Kingdom Gilt
3.25% 1/22/44	GBP		20,000		35,552
3.50% 1/22/45	GBP		21,100		39,144
					74,696
Uruguay–0.02%
Uruguay Government International Bond 4.375% 10/27/27			39,000		41,340
					41,340
Total Sovereign Bonds (Cost $1,077,465)					1,084,726
SUPRANATIONAL BANKS–0.13%
Asian Development Bank 0.50% 3/24/20	AUD		14,000		9,735
European Bank for Reconstruction & Development 7.375% 4/15/19	IDR		410,000,000		30,685
Inter-American Development Bank 6.00% 9/5/17	INR		3,300,000		48,428

LVIP Delaware Foundation^® Aggressive Allocation Fund–26

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

		Principal		Value
		Amount°		(U.S. $)
SUPRANATIONAL BANKS (continued)
International Bank for Reconstruction & Development
3.50% 1/22/21	NZD		195,000	$	143,247
4.625% 10/6/21	NZD		13,000		10,096
International Finance 3.625% 5/20/20	NZD		12,000		8,854
Total Supranational Banks (Cost $246,887)					251,045
U.S. TREASURY OBLIGATIONS–2.14%
U.S. Treasury Bonds
2.50% 5/15/46			50,000		52,105
3.00% 11/15/45			20,000		22,998
•U.S. Treasury Floating Rate Note 0.46% 4/30/18			1,550,000		1,550,595
U.S. Treasury Notes
1.125% 6/30/21			1,850,000		1,859,755
1.625% 5/15/26			25,000		25,307
2.25% 11/15/25			720,000		768,178
Total U.S. Treasury Obligations (Cost $4,240,118)					4,278,938

	Number of Shares
RIGHT–0.00%
†B2W Cia Digital exercise price BRL 10.00, expiration date 7/20/16		16,184	0
Total Right (Cost $0)			0

	Number of		Value
	Contracts		(U.S. $)
OPTION PURCHASED–0.00%
Futures Call Option–0.00%
U.S. Treasury 10 yr Notes strike price $135, expiration date 7/22/16		27	$	3,375
Total Option Purchased (Cost $6,438)				3,375
	Number of Shares
MONEY MARKET FUND–1.28%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		2,546,448		2,546,448
Total Money Market Fund (Cost $2,546,448)				2,546,448
	Principal Amount°
SHORT-TERM INVESTMENTS–4.00%
≠Discounted Commercial Paper–4.00%
Abbey National Treasury Services 0.41% 7/1/16		5,500,000		5,500,000
BNP Paribas 0.28% 7/1/16		2,500,000		2,500,000
				8,000,000
Total Short-Term Investments (Cost $8,000,000)				8,000,000

TOTAL VALUE OF SECURITIES–103.36% (Cost $169,142,147)	$	206,596,986
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(3.36%)		(6,721,012	)
NET ASSETS APPLICABLE TO 13,214,321 SHARES OUTSTANDING–100.00%	$	199,875,974

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $7,859,858, which represents 3.93% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin.

† Non-income producing for the period.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

* Interest only security. An interest only security is the interest only portion of a fixed income security which is separated and sold individually from the principal portion of the security.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $5,185,902, which represents 2.59% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

¿ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $287,331, which represents 0.14% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

≠ The rate shown is the effective yield at the time of purchase.

LVIP Delaware Foundation^® Aggressive Allocation Fund–27

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at June 30, 2016.

× Emerging Markets – developing countries with relatively low per capita income, often with above-average economic growth potential but with more risk.

§ Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

F Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2016.

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)				In Exchange For				Settlement Date		Unrealized Appreciation (Depreciation)
BAML		AUD	(321,502	)		USD	237,966			7/29/16		$(1,546)
BAML		CAD	(137,979	)		USD	108,003			7/29/16		1,192
BAML		EUR	85,362			USD	(96,640	)		7/29/16		(1,806)
BAML		JPY	2,474,117			USD	(23,288	)		7/29/16		692
BAML		NZD	(167,651	)		USD	118,450			7/29/16		(1,068)
BB		COP	223,431,167			USD	(74,821	)		7/29/16		1,147
BB		EUR	(2,025	)		USD	2,243			7/29/16		(6)
BB		IDR	364,696,750			USD	(27,277	)		7/29/16		303
BNP		AUD	15,240			USD	(11,263	)		7/29/16		90
BNP		INR	1,831,669			USD	(27,131	)		7/29/16		(146)
BNP		NOK	(194,929	)		USD	23,641			7/29/16		349
BNYM		BRL	932			USD	(292	)		7/1/16		(2)
BNYM		BRL	85,564			USD	(26,249	)		7/5/16		348
BNYM		EUR	121,176			USD	(134,801	)		7/1/16		(322)
BNYM		GBP	202,346			USD	(272,485	)		7/1/16		(3,109)
BNYM		JPY	(17,422,606	)		USD	168,733			7/5/16		(8)
HSBC		GBP	(63,898	)		USD	88,081			7/29/16		2,996
JPMC		KRW	(73,705,250	)		USD	63,004			7/29/16		(894)
JPMC		PLN	(82,145	)		USD	21,116			7/29/16		311
TD		EUR	(54,645	)		USD	60,483			7/29/16		(225)
TD		JPY	(2,453,198	)		USD	23,118			7/29/16		(659)
TD		NZD	(129,041	)		USD	91,085			7/29/16		(908)
												$(3,271)

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(12)   E-mini S&P 500 Index		$(1,224,464)		$(1,254,120	)		9/19/16		$(29,656)
(6)   U.S Treasury 10 yr Notes		(788,138)		(797,906	)		9/22/16		(9,768)
16   U.S. Treasury Long Bonds		2,641,575		2,757,500			9/22/16		115,925
									$  76,501

LVIP Delaware Foundation^® Aggressive Allocation Fund–28

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

Swap Contracts

CDS Contracts

Counterparty	Swap Referenced Obligation	Notional Value2		Annual Protection Payments     (Receipts)		Termination     Date		Upfront Payments Paid     (Received)		Unrealized Appreciation (Depreciation)
	Protection Sold:
HSBC	CDX.EM.253		680,000		1.00%		6/20/21		$(59,518)		$8,166

The use of foreign currency exchange contracts, futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

²Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

³Markit’s CDX.EM Index is composed of fourteen sovereign issuers from the following regions: Latin America, Middle East, Eastern Europe, Africa and Asia.

Summary of Abbreviations:

ADR–American Depositary Receipt

ARM–Adjustable Rate Mortgage

AUD–Australian Dollar

BAML–Bank of America Merrill Lynch

BB–Barclays Bank

BNP–BNP Paribas

BNYM–Bank of New York Mellon

BRL–Brazilian Real

CAD–Canadian Dollar

CDS–Credit Default Swap

CDX.EM–Credit Default Swap Index Emerging Markets

COP–Colombian Peso

CVA–Dutch Certificate

DB–Deutsche Bank

EAFE–Europe Australasia Far East

ETF–Exchange-Traded Fund

EUR–Euro

GBP–British Pound Sterling

GDR–Global Depositary Receipt

GE–General Electric

GNMA–Government National Mortgage Association

GS–Goldman Sachs

HSBC–Hong Kong Shanghai Bank

IDR–Indonesian Rupiah

INR–Indian Rupee

IT–Information Technology

JPM–JPMorgan

JPMBB–JPMorgan Barclays Bank

JPMC–JPMorgan Chase Bank

JPMDB–JPMorgan Deutsche Bank

JPY–Japanese Yen

KRW–South Korean Won

LB–Lehman Brothers

MXN–Mexican Peso

NOK–Norwegian Kroner

NVDR–Non-Voting Depositary Receipt

NZD–New Zealand Dollar

PLN–Polish Zloty

RBS–Royal Bank of Scotland

REIT–Real Estate Investment Trust

LVIP Delaware Foundation^® Aggressive Allocation Fund–29

LVIP Delaware Foundation^® Aggressive Allocation Fund

Schedule of Investments (continued)

Summary of Abbreviations: (continued)

RUB–Russian Ruble

REMIC–Real Estate Mortgage Investment Conduit

S.F.–Single Family

TBA–To be announced

TD–Toronto Dominion Bank

UBS–Union Bank of Switzerland

USD–U.S. Dollar

WF–Wells Fargo

yr–Year

ZAR–South African Rand

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

LVIP Delaware Foundation^® Aggressive Allocation Fund–30

LVIP Delaware Foundation^® Aggressive Allocation Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments, at value	$	206,593,611
Receivable for securities sold		10,886,091
Dividends and interest receivable		554,673
Foreign currencies, at value		513,230
Cash		140,660
Unrealized appreciation on futures contracts		76,502
Receivable for fund shares sold		18,302
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		13,561
Unrealized appreciation on credit default swap contracts		8,166
Options purchased, at value		3,375
Swap payments receivable, at value		202
Foreign currencies collateral held at broker for futures contracts		27
Other assets		6,394
TOTAL ASSETS		218,814,794
LIABILITIES:
Payable for securities purchased		18,157,805
Payable for fund shares redeemed		447,707
Due to manager and affiliates		117,492
Due to broker on futures contracts		100,599
Upfront payments received on credit default swap contracts		59,518
Other accrued expenses payable		52,330
Unrealized depreciation on foreign currency exchange contracts		3,271
Deferred capital gains taxes payable		98
TOTAL LIABILITIES		18,938,820
TOTAL NET ASSETS	$	199,875,974
Investments, at cost	$	169,135,709
Foreign currencies, at cost		523,471
Options purchased, at cost		6,438
Standard Class:
Net Assets	$	173,228,059
Shares Outstanding		11,449,634
Net Asset Value Per Share	$	15.130
Service Class:
Net Assets	$	26,647,915
Shares Outstanding		1,764,687
Net Asset Value Per Share	$	15.101
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	144,886,566
Undistributed net investment income		1,669,913
Accumulated net realized gain on investments		15,796,822
Net unrealized appreciation of investments and derivatives		37,522,673
TOTAL NET ASSETS	$	199,875,974

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

LVIP Delaware Foundation^® Aggressive Allocation Fund—31

LVIP Delaware Foundation^® Aggressive

Allocation Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	2,063,708
Interest		647,229
Foreign tax withheld		(96,227	)
		2,614,710
EXPENSES:
Management fees		742,715
Professional fees		35,652
Reports and statements to shareholders		35,564
Pricing fees		33,900
Distribution fees-Service Class		32,075
Accounting and administration expenses		24,910
Custodian fees		14,107
Trustees’ fees and expenses		2,655
Consulting fees		882
Other		915
		923,375
Less management fees waived		(99,029	)
Less expenses reimbursed		(69,362	)
Total operating expenses		754,984
NET INVESTMENT INCOME		1,859,726
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		755,560
Foreign currencies		(23,331	)
Foreign currency exchange contracts		(48,537	)
Futures contracts		(720	)
Options purchased		12,942
Options written		(12,838	)
Swap contracts		51,507
Net realized gain		734,583
Net change in unrealized appreciation (depreciation) of:
Investments		529,199
Foreign currencies		(1,537	)
Foreign currency exchange contracts		65
Futures contracts		108,357
Options purchased		(3,063	)
Swap contracts		3,274
Net change in unrealized appreciation (depreciation)		636,295
NET REALIZED AND UNREALIZED GAIN		1,370,878
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,230,604

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

LVIP Delaware Foundation^® Aggressive

Allocation Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,859,726		$	3,648,285
Net realized gain		734,583			17,360,981
Net change in unrealized appreciation (depreciation)		636,295			(23,497,081	)
Net increase (decrease) in net assets resulting from operations		3,230,604			(2,487,815	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(3,282,331	)
Service Class		—			(407,106	)
Net realized gain on investments:
Standard Class		—			(6,743,581	)
Service Class		—			(966,617	)
		—			(11,399,635	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		5,492,219			7,679,868
Service Class		3,033,817			7,425,128
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			10,025,912
Service Class		—			1,373,723
		8,526,036			26,504,631
Cost of shares redeemed:
Standard Class		(16,884,870	)		(33,655,676	)
Service Class		(3,163,625	)		(9,265,527	)
		(20,048,495	)		(42,921,203	)
Decrease in net assets derived from capital share transactions		(11,522,459	)		(16,416,572	)
NET DECREASE IN NET ASSETS		(8,291,855	)		(30,304,022	)
NET ASSETS:
Beginning of period		208,167,829			238,471,851
End of period	$	199,875,974		$	208,167,829
Undistributed (distributions in excess of) net investment income	$	1,669,913		$	(189,813	)

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

LVIP Delaware Foundation^® Aggressive Allocation Fund–32

LVIP Delaware Foundation^® Aggressive Allocation Fund

Financial Highlights

Select data for each share of the Fund outstanding through each period were as follows:

		LVIP Delaware Foundation® Aggressive Allocation Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period		$	14.874	$	15.931		$	15.629		$	13.195		$	11.855		$	12.376
Income (loss) from investment operations:
Net investment income2			0.139		0.261			0.292			0.250			0.254			0.255
Net realized and unrealized gain (loss)			0.117		(0.487	)		0.388			2.418			1.318			(0.508	)
Total from investment operations			0.256		(0.226	)		0.680			2.668			1.572			(0.253	)
Less dividends and distributions from:
Net investment income			—		(0.273	)		(0.378	)		(0.234	)		(0.232	)		(0.268	)
Net realized gain			—		(0.558	)		—			—			—			—
Total dividends and distributions			—		(0.831	)		(0.378	)		(0.234	)		(0.232	)		(0.268	)
Net asset value, end of period		$	15.130	$	14.874		$	15.931		$	15.629		$	13.195		$	11.855
Total return3			1.72%		(1.33%	)		4.34%			20.24%			13.29%			(2.03%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	173,228	$	181,811		$	209,869		$	224,511		$	206,140		$	229,418
Ratio of expenses to average net assets			0.73%		0.73%			0.73%			0.73%			0.73%			0.73%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.90%		0.90%			0.87%			0.90%			0.91%			0.89%
Ratio of net investment income to average net assets			1.91%		1.63%			1.82%			1.72%			2.00%			2.04%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.74%		1.46%			1.68%			1.55%			1.82%			1.88%
Portfolio turnover			51%		69%			61%			70%			76%			81%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Delaware Foundation^® Aggressive Allocation Fund–33

LVIP Delaware Foundation^® Aggressive Allocation Fund

Financial Highlights (continued)

Select data for each share of the Fund outstanding through each period were as follows:

		LVIP Delaware Foundation® Aggressive Allocation Fund Service Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period		$	14.864	$	15.920		$	15.620		$	13.190		$	11.851		$	12.371
Income (loss) from investment operations:
Net investment income2			0.120		0.220			0.252			0.213			0.222			0.223
Net realized and unrealized gain (loss)			0.117		(0.485	)		0.386			2.415			1.317			(0.506	)
Total from investment operations			0.237		(0.265	)		0.638			2.628			1.539			(0.283	)
Less dividends and distributions from:
Net investment income			—		(0.233	)		(0.338	)		(0.198	)		(0.200	)		(0.237	)
Net realized gain			—		(0.558	)		—			—			—			—
Total dividends and distributions			—		(0.791	)		(0.338	)		(0.198	)		(0.200	)		(0.237	)
Net asset value, end of period		$	15.101	$	14.864		$	15.920		$	15.620		$	13.190		$	11.851
Total return3			1.60%		(1.58%	)		4.08%			19.94%			13.01%			(2.27%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	26,648	$	26,357		$	28,603		$	30,280		$	27,915		$	29,114
Ratio of expenses to average net assets			0.98%		0.98%			0.98%			0.98%			0.98%			0.98%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.15%		1.15%			1.12%			1.15%			1.16%			1.14%
Ratio of net investment income to average net assets			1.66%		1.38%			1.57%			1.47%			1.75%			1.79%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.49%		1.21%			1.43%			1.30%			1.57%			1.63%
Portfolio turnover			51%		69%			61%			70%			76%			81%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Delaware Foundation^® Aggressive Allocation Fund–34

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Delaware Foundation^® Aggressive Allocation 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”). 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 long-term capital growth.

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 Funds.

Security Valuation–Equity securities and exchange-traded funds (ETFs), 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 and ETFs 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 or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Equity securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities and credit default swap (“CDS”) contracts, and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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.

To Be Announced Trades (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period, (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement

LVIP Delaware Foundation^® Aggressive Allocation Fund–35

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, 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.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e. the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. 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. 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. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset-and mortgage-backed securities are classified as interest income. Withholding taxes on foreign dividends and interest are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. 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 commission to the Fund in cash. Commission rebates are included in “Net realized gain (loss) from investments” on the Statement of Operations and totaled $532 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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-advisers, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.75% of the average daily net assets of the Fund. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.10% of the Fund’s average daily net assets. The agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

LIAC has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.73% of the Fund’s average daily net assets for the Standard Class and 0.98% for the Service Class. The agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

LVIP Delaware Foundation^® Aggressive Allocation Fund–36

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

Delaware Investments Fund Advisers (“DIFA”), a series of the Delaware Management Business Trust, and its affiliate, and Jackson Square Partners, LLC (“JSP”), are responsible for the day-to-day management of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays DIFA and JSP 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	5,244
Legal		1,443

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 $26,568 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	13,561
Management fees payable to LIAC		106,535
Distribution fees payable to LFD		5,455
Printing and mailing fees payable to Lincoln Life		5,502

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Fund engaged in securities purchases of $91,033 and securities sales of $170,173.

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	75,124,293
Purchases of U.S. government securities		25,282,118
Sales other than U.S. government securities		81,111,802
Sales of U.S. government securities		28,396,277

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	169,142,147
Aggregate unrealized appreciation	$	48,687,063
Aggregate unrealized depreciation		(11,232,224	)
Net unrealized appreciation	$	37,454,839

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

LVIP Delaware Foundation^® Aggressive Allocation Fund–37

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

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 June 30, 2016:

	Level 1		Level 2		Level 3		Total
Common Stock
U.S. Markets
Aerospace & Defense	$	2,520,539	$	—	$	—	$	2,520,539
Air Freight & Logistics		108,454		—		—		108,454
Auto Components		1,030,230		—		—		1,030,230
Automobiles		155,491		—		—		155,491
Banks		3,085,774		406,753		—		3,492,527
Beverages		167,385		—		—		167,385
Biotechnology		3,742,040		—		—		3,742,040
Building Products		353,803		—		—		353,803
Capital Markets		1,609,602		—		—		1,609,602
Chemicals		1,490,251		—		—		1,490,251
Commercial Services & Supplies		1,410,739		—		—		1,410,739
Communications Equipment		1,240,720		—		—		1,240,720
Construction & Engineering		276,782		—		—		276,782
Consumer Finance		164,491		—		—		164,491
Containers & Packaging		118,476		—		—		118,476
Diversified Financial Services		925,295		—		—		925,295
Diversified Telecommunication Services		2,191,259		—		—		2,191,259
Electric Utilities		792,234		—		—		792,234
Electrical Equipment		117,967		—		—		117,967
Electronic Equipment, Instruments & Components		88,978		—		—		88,978
Energy Equipment & Services		1,063,512		—		—		1,063,512
Food & Staples Retailing		2,254,926		—		—		2,254,926
Food Products		2,609,526		—		—		2,609,526
Gas Utilities		216,291		—		—		216,291
Health Care Equipment & Supplies		1,156,896		98,377		—		1,255,273
Health Care Providers & Services		2,396,388		797,818		—		3,194,206
Health Care Technology		13,568		—		—		13,568
Hotels, Restaurants & Leisure		892,356		—		—		892,356

LVIP Delaware Foundation^® Aggressive Allocation Fund–38

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Household Durables	$	79,218	$	—	$	—	$	79,218
Household Products		438,288		—		—		438,288
Industrial Conglomerates		463,071		—		—		463,071
Insurance		2,473,564		250,099		—		2,723,663
Internet & Catalog Retail		1,959,932		—		—		1,959,932
Internet Software & Services		4,416,156		88,830		—		4,504,986
IT Services		3,941,724		640,575		—		4,582,299
Leisure Products		—		82,265		—		82,265
Life Sciences Tools & Services		252,525		—		—		252,525
Machinery		472,312		427,286		—		899,598
Media		1,910,792		—		—		1,910,792
Metals & Mining		354,257		—		—		354,257
Multi-Utilities		189,210		—		—		189,210
Oil, Gas & Consumable Fuels		4,042,736		—		—		4,042,736
Paper & Forest Products		271,346		—		—		271,346
Pharmaceuticals		4,698,163		—		—		4,698,163
Professional Services		1,136,247		—		—		1,136,247
Real Estate Investment Trusts		9,569,440		—		—		9,569,440
Road & Rail		387,783		—		—		387,783
Semiconductors & Semiconductor Equipment		3,391,774		—		—		3,391,774
Software		4,231,630		754,138		—		4,985,768
Specialty Retail		1,945,462		—		—		1,945,462
Technology Hardware, Storage & Peripherals		555,914		—		—		555,914
Textiles, Apparel & Luxury Goods		396,392		—		—		396,392
Thrifts & Mortgage Finance		77,900		—		—		77,900
Trading Companies & Distributors		163,858		—		—		163,858
Developed Markets
Aerospace & Defense		—		459,213		—		459,213
Air Freight & Logistics		—		751,783		—		751,783
Auto Components		—		792,677		—		792,677
Automobiles		—		1,372,427		—		1,372,427
Banks		—		2,934,474		—		2,934,474
Beverages		—		1,128,648		—		1,128,648
Biotechnology		—		279,347		—		279,347
Construction & Engineering		—		929,789		—		929,789
Diversified Telecommunication Services		—		1,220,581		—		1,220,581
Food & Staples Retailing		—		415,673		—		415,673
Food Products		—		476,176		—		476,176
Household Durables		—		672,336		—		672,336
Industrial Conglomerates		—		641,943		—		641,943
Insurance		—		622,976		—		622,976
IT Services		855,983		—		—		855,983
Life Sciences Tools & Services		142,820		—		—		142,820
Machinery		—		180,039		—		180,039
Media		85,799		262,927		—		348,726
Metals & Mining		463,045		386,188		—		849,233
Multi-Utilities		—		381,692		—		381,692
Oil, Gas & Consumable Fuels		446,630		576,288		—		1,022,918
Pharmaceuticals		1,494,031		2,543,880		—		4,037,911
Professional Services		—		997,397		—		997,397
Road & Rail		—		850,000		—		850,000
Software		—		439,092		—		439,092
Specialty Retail		—		572,218		—		572,218
Textiles, Apparel & Luxury Goods		—		1,355,194		—		1,355,194
Tobacco		—		902,769		—		902,769
Trading Companies & Distributors		—		1,051,786		—		1,051,786

LVIP Delaware Foundation^® Aggressive Allocation Fund–39

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Wireless Telecommunication Services		$                 —		$           536,365		$        —		$             536,365
Emerging Markets
Airlines		24,569		—		—		24,569
Automobiles		—		305,836		—		305,836
Banks		845,541		1,007,589		—		1,853,130
Beverages		543,373		252,409		—		795,782
Building Products		—		278,732		—		278,732
Chemicals		230,546		—		—		230,546
Construction Materials		186,932		341,170		—		528,102
Diversified Financial Services		—		171,528		—		171,528
Diversified Telecommunication Services		334,917		83,693		—		418,610
Electronic Equipment, Instruments & Components		—		299,663		—		299,663
Food & Staples Retailing		261,742		—		—		261,742
Food Products		161,574		734,951		—		896,525
Hotels, Restaurants & Leisure		—		75,843		—		75,843
Insurance		—		227,090		—		227,090
Internet & Catalog Retail		26,811		151,023		—		177,834
Internet Software & Services		1,191,708		766,485		—		1,958,193
IT Services		—		115,560		—		115,560
Media		351,905		—		—		351,905
Metals & Mining		58,453		20,044		—		78,497
Multiline Retail		—		131,184		—		131,184
Oil, Gas & Consumable Fuels		1,485,237		640,504		—		2,125,741
Paper & Forest Products		—		97,753		—		97,753
Personal Products		200,487		—		—		200,487
Real Estate Management & Development		—		106,190		—		106,190
Road & Rail		7,766		—		—		7,766
Semiconductors & Semiconductor Equipment		280,661		555,725		—		836,386
Technology Hardware, Storage & Peripherals		—		1,180,593		—		1,180,593
Transportation Infrastructure		29,819		—		—		29,819
Wireless Telecommunication Services		1,381,620		674,284		—		2,055,904
Convertible Preferred Stock		55,418		13,191		—		68,609
Exchange-Traded Funds		18,176,637		—		—		18,176,637
Preferred Stock		—		264,913		—		264,913
Agency Collateralized Mortgage Obligations		—		1,145,438		49,595		1,195,033
Agency Commercial Mortgage-Backed Securities		—		711,801		35,699		747,500
Agency Mortgage-Backed Securities		—		14,772,268		—		14,772,268
Convertible Bonds		—		359,035		—		359,035
Corporate Bonds		—		20,994,199		—		20,994,199
Municipal Bonds		—		423,820		—		423,820
Non-Agency Asset-Backed Securities		—		2,099,350		—		2,099,350
Non-Agency Collateralized Mortgage Obligations		—		418,316		—		418,316
Non-Agency Commercial Mortgage-Backed Securities		—		2,713,830		—		2,713,830
Regional Bonds		—		410,932		—		410,932
Senior Secured Loans		—		1,106,020		78,488		1,184,508
Sovereign Bonds		—		1,084,726		—		1,084,726
Supranational Banks		—		251,045		—		251,045
U.S. Treasury Obligations		—		4,278,938		—		4,278,938
Option Purchased		3,375		—		—		3,375
Right		—		—		—		—
Money Market Fund		2,546,448		—		—		2,546,448
Short-Term Investments		—		8,000,000		—		8,000,000
Total		$111,887,514		$94,545,690		$163,782		$206,596,986

LVIP Delaware Foundation^® Aggressive Allocation Fund–40

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Foreign Currency Exchange Contracts		$       —		$(3,271)		$—		$(3,271)
Futures Contracts		$76,501		$       —		$—		$76,501
Swap Contracts		$       —		$  8,166		$—		$  8,166

As a result of utilizing fair value pricing at December 31, 2015, a portion of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		376,606			479,126
Service Class		208,870			464,629
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			676,626
Service Class		—			92,941
		585,476			1,713,322
Shares redeemed:
Standard Class		(1,150,475	)		(2,105,655	)
Service Class		(217,382	)		(580,995	)
		(1,367,857	)		(2,686,650	)
Net decrease		(782,381	)		(973,328	)

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that the counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits

LVIP Delaware Foundation^® Aggressive Allocation Fund–41

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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.

Options Contracts–During the six months ended June 30, 2016, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; to increase yield during low interest rate environment; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

Transactions in options written for the six months ended June 30, 2016 for the Fund were as follows:

Call Options	Number of Contracts		Premiums
Options outstanding at December 31, 2015		—		$      —
Options written		(82,220)		(5,124)
Options expired		82,200		1,999
Options terminated in closing purchase transactions		20		3,125
Options outstanding at June 30, 2016		—		$      —
Put Options	Number of Contracts		Premiums
Options outstanding at December 31, 2015		—		$    —
Options written		(82,200)		(771)
Options expired		82,200		771
Options outstanding at June 30, 2016		—		$    —

Swap Contracts–The Fund enters into CDS contracts in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay and obligation default.

LVIP Delaware Foundation^® Aggressive Allocation Fund–42

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2016, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to a central counterparty for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

As disclosed in the footnotes to the Schedule of Investments, at June 30, 2016, the notional value of the protection sold was $680,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At June 30, 2016, the net unrealized appreciation of the protection sold was $8,166.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Schedule of Investments.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Unrealized depreciation on foreign currency exchange contracts		$    7,428	Unrealized depreciation on foreign currency exchange contracts		$(10,699)
Equity contracts (Futures contracts)	Unrealized appreciation on futures contracts		—	Unrealized appreciation on futures contracts		(29,656)
Interest rate contracts (Futures contracts)	Unrealized appreciation on futures contracts		115,925	Unrealized appreciation on futures contracts		(9,768)
Interest rate contracts (Options purchased)	Options purchased, at value		3,375	Options purchased, at value		—
Credit contracts (Swap contracts)	Unrealized appreciation on credit default swap contracts		8,166	Unrealized appreciation on credit default swap contracts		—
Total			$134,894			$(50,123)

LVIP Delaware Foundation^® Aggressive Allocation Fund–43

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income		Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$(48,537)		$         65
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		1,261		(17,330)
Interest rate contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(1,981)		125,687
Interest rate contracts (Options contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased		12,942		(3,063)
Interest rate contracts (Options contracts)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written		(15,608)		—
Currency contracts (Options contracts)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written		2,770		—
Credit contracts (Swap contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts		51,507		3,274
Total			$    2,354		$108,633

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Foreign currency exchange contracts (average cost)	USD	234,027	USD	682,521
Futures contracts (average notional value)	USD	2,588,777	USD	1,825,208
Options contracts (average notional value)	USD	2,048	USD	169
CDS contracts (average notional value)*	EUR	130,400	EUR	—
CDS contracts (average notional value)*	USD	620,537	USD	223,680
Interest rate swap contracts (average notional value)	USD	714,880	USD	—

*Asset represents buying protection and liability represents selling protection.

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 exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/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) 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.

LVIP Delaware Foundation^® Aggressive Allocation Fund–44

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

At June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability		Net Position
Bank of America Merrill Lynch		$    1,884		$  (4,420)		$(2,536)
BNP Paribas		439		(146)		293
Hong Kong Shanghai Bank		11,162		—		11,162
JPMorgan Chase Bank		116,236		(40,318)		75,918
Toronto Dominion Bank		—		(1,792)		(1,792)
Total		$129,721		$(46,676)		$83,045

Counterparty	Net Position		Fair Value of Non Cash Collateral Received		Cash Collateral Received		Fair Value of Non Cash Collateral Pledged		Cash Collateral Pledged		Net Amounta
Bank of America Merrill Lynch		$(2,536)		$—		$—		$—		$ —		$(2,536)
BNP Paribas		293		—		—		—		—		293
Hong Kong Shanghai Bank		11,162		—		—		—		—		11,162
JPMorgan Chase Bank		75,918		—		—		—		(75,918)		—
Toronto Dominion Bank		(1,792)		—		—		—		—		(1,792)
Total		$83,045		$—		$—		$—		$(75,918)		$  7,127

^aNet amount represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default.

6. Credit and Market Risk

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.

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 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 invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s or Ba or lower by Moody’s Investors Service, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely effected by changes in interest rates and shifts in the market’s perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (“CMOs”). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material

LVIP Delaware Foundation^® Aggressive Allocation Fund–45

LVIP Delaware Foundation^® Aggressive Allocation Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

adverse effect on a CMO’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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 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. Rule 144A and illiquid securities are identified on the Schedule of Investments.

7. 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.

8. 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 Delaware Foundation^® Aggressive Allocation Fund–46

                    LVIP Delaware Foundation^® Conservative Allocation Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Delaware Foundation^®

Conservative Allocation Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation, Top 10 Equity Holdings and Geography Allocation	2
Schedule of Investments	5
Statement of Assets and Liabilities	35
Statement of Operations	36
Statements of Changes in Net Assets	36
Financial Highlights	37
Notes to Financial Statements	39

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Delaware Foundation^® Conservative Allocation Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,032.90		0.73%		$3.69
Service Class Shares		1,000.00		1,031.70		0.98%		4.95
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.23		0.73%		$3.67
Service Class Shares		1,000.00		1,019.99		0.98%		4.92

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Delaware Foundation^® Conservative Allocation Fund–1

LVIP Delaware Foundation^® Conservative Allocation Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and Geography Allocation (unaudited)

As of June 30, 2016

Sector and geographical designations may be different than those presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock	31.45%
U.S. Markets	20.78%
Aerospace & Defense	0.63%
Air Freight & Logistics	0.03%
Auto Components	0.26%
Automobiles	0.04%
Banks	0.86%
Beverages	0.04%
Biotechnology	0.93%
Building Products	0.08%
Capital Markets	0.40%
Chemicals	0.38%
Commercial Services & Supplies	0.35%
Communications Equipment	0.30%
Construction & Engineering	0.07%
Consumer Finance	0.04%
Containers & Packaging	0.03%
Diversified Financial Services	0.23%
Diversified Telecommunication Services	0.56%
Electric Utilities	0.20%
Electrical Equipment	0.03%
Electronic Equipment, Instruments & Components	0.02%
Energy Equipment & Services	0.26%
Food & Staples Retailing	0.56%
Food Products	0.64%
Gas Utilities	0.05%
Health Care Equipment & Supplies	0.31%
Health Care Providers & Services	0.82%
Health Care Technology	0.00%
Hotels, Restaurants & Leisure	0.22%
Household Durables	0.02%
Household Products	0.11%
Industrial Conglomerates	0.11%
Insurance	0.68%
Internet & Catalog Retail	0.51%
Internet Software & Services	1.13%
IT Services	1.15%
Leisure Products	0.02%
Life Sciences Tools & Services	0.06%
Machinery	0.22%
Media	0.48%
Metals & Mining	0.09%
Multi-Utilities	0.05%
Oil, Gas & Consumable Fuels	0.97%
Paper & Forest Products	0.07%
Pharmaceuticals	1.17%
Professional Services	0.28%
Real Estate Investment Trusts	2.37%
Road & Rail	0.09%

Security Type/Sector	Percentage of Net Assets
Semiconductors & Semiconductor Equipment	0.84%
Software	1.25%
Specialty Retail	0.48%
Technology Hardware, Storage & Peripherals	0.14%
Textiles, Apparel & Luxury Goods	0.09%
Thrifts & Mortgage Finance	0.02%
Trading Companies & Distributors	0.04%
Developed Markets	6.66%
Aerospace & Defense	0.11%
Air Freight & Logistics	0.18%
Auto Components	0.19%
Automobiles	0.33%
Banks	0.71%
Beverages	0.27%
Biotechnology	0.07%
Construction & Engineering	0.23%
Diversified Telecommunication Services	0.30%
Food & Staples Retailing	0.10%
Food Products	0.12%
Household Durables	0.16%
Industrial Conglomerates	0.16%
Insurance	0.15%
IT Services	0.21%
Life Sciences Tools & Services	0.04%
Machinery	0.04%
Media	0.09%
Metals & Mining	0.21%
Multi-Utilities	0.09%
Oil, Gas & Consumable Fuels	0.25%
Pharmaceuticals	1.00%
Professional Services	0.26%
Road & Rail	0.20%
Software	0.11%
Specialty Retail	0.14%
Textiles, Apparel & Luxury Goods	0.33%
Tobacco	0.22%
Trading Companies & Distributors	0.26%
Wireless Telecommunication Services	0.13%
Emerging Markets	4.01%
Airlines	0.01%
Automobiles	0.08%
Banks	0.47%
Beverages	0.20%
Building Products	0.07%
Chemicals	0.06%
Construction Materials	0.13%
Diversified Financial Services	0.04%
Diversified Telecommunication Services	0.11%
Electronic Equipment, Instruments & Components	0.07%

LVIP Delaware Foundation^® Conservative Allocation Fund–2

LVIP Delaware Foundation^® Conservative Allocation Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and Geography Allocation (continued)

Security Type/Sector	Percentage of Net Assets
Food & Staples Retailing	0.06%
Food Products	0.22%
Hotels, Restaurants & Leisure	0.02%
Insurance	0.06%
Internet & Catalog Retail	0.04%
Internet Software & Services	0.53%
IT Services	0.03%
Media	0.09%
Metals & Mining	0.02%
Multiline Retail	0.03%
Oil, Gas & Consumable Fuels	0.52%
Paper & Forest Products	0.02%
Personal Products	0.05%
Real Estate Management & Development	0.02%
Road & Rail	0.00%
Semiconductors & Semiconductor Equipment	0.22%
Technology Hardware, Storage & Peripherals	0.32%
Transportation Infrastructure	0.01%
Wireless Telecommunication Services	0.51%
Convertible Preferred Stock	0.14%
Exchange-Traded Funds	4.65%
Preferred Stock	0.42%
Agency Collateralized Mortgage Obligations	2.52%
Agency Commercial Mortgage-Backed Securities	1.04%
Agency Mortgage-Backed Securities	16.65%
Convertible Bonds	0.80%
Corporate Bonds	28.34%
Aerospace & Defense	0.05%
Air Freight & Logistics	0.12%
Airlines	0.25%
Auto Components	0.24%
Automobiles	0.47%
Banks	4.12%
Beverages	0.77%
Biotechnology	0.20%
Building Products	0.17%
Capital Markets	0.79%
Chemicals	1.02%
Commercial Services & Supplies	0.36%
Computers & Peripherals	0.11%
Construction & Engineering	0.10%
Construction Materials	0.28%
Consumer Finance	0.29%
Containers & Packaging	0.12%
Diversified Consumer Services	0.08%
Diversified Financial Services	1.08%
Diversified Telecommunication Services	0.99%
Electric Utilities	3.24%
Electronic Equipment, Instruments & Components	0.27%
Food & Staples Retailing	0.62%

Security Type/Sector	Percentage of Net Assets
Food Products	0.32%
Gas Utilities	0.16%
Health Care Equipment & Supplies	0.33%
Health Care Providers & Services	0.70%
Hotels, Restaurants & Leisure	0.35%
Household Products	0.04%
Independent Power & Renewable Electricity Producers	0.14%
Independent Power Producers & Energy Traders	0.08%
Insurance	0.77%
Internet Software & Services	0.12%
IT Services	0.44%
Machinery	0.11%
Media	1.98%
Metals & Mining	0.29%
Multi-Utilities	0.66%
Oil, Gas & Consumable Fuels	1.68%
Paper & Forest Products	0.36%
Pharmaceuticals	0.49%
Real Estate Investment Trusts	1.35%
Road & Rail	0.17%
Software	0.40%
Specialty Retail	0.33%
Technology Hardware, Storage & Peripherals	0.15%
Textiles, Apparel & Luxury Goods	0.17%
Tobacco	0.24%
Trading Companies & Distributors	0.11%
Wireless Telecommunication Services	0.66%
Municipal Bonds	0.71%
Non-Agency Asset-Backed Securities	3.43%
Non-Agency Collateralized Mortgage Obligations	0.93%
Non-Agency Commercial Mortgage-Backed Securities	3.30%
Regional Bonds	0.46%
Senior Secured Loans	1.58%
Sovereign Bonds	1.79%
Supranational Banks	0.42%
U.S. Treasury Obligations	0.23%
Right	0.00%
Options Purchased	0.00%
Money Market Fund	2.15%
Short-Term Investments	6.14%
Total Value of Securities	107.15%
Liabilities Net of Receivables and Other Assets	(7.15%)
Total Net Assets	100.00%

IT–Information Technology

LVIP Delaware Foundation^® Conservative Allocation Fund–3

LVIP Delaware Foundation^® Conservative Allocation Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and Geography Allocation (continued)

Holdings are for informational purpose only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Microsoft	0.34%
Celgene	0.34%
Facebook	0.33%
AT&T	0.33%
Allergan	0.32%
QUALCOMM	0.32%
Samsung Electronics	0.32%
Alphabet Class A	0.31%
Visa	0.31%
Nippon Telegraph & Telephone	0.30%
Total	3.22%
Geography	Percentage of Net Assets
Argentina	0.41%
Australia	0.50%
Barbados	0.11%
Bermuda	0.15%
Brazil	0.64%
British Virgin Islands	0.05%
Canada	1.07%
Cayman Islands	1.15%
Chile	0.20%
China	1.05%
Colombia	0.16%
Costa Rica	0.07%
Curacao	0.04%
Denmark	0.33%
Dominican Republic	0.04%
France	1.56%
Germany	0.62%
Guatemala	0.07%
Guernsey	0.27%
Hong Kong	0.41%
Hungary	0.08%
India	0.52%
Indonesia	0.36%
Ireland	0.30%
Israel	0.22%
Italy	0.23%
Japan	1.74%
Jersey	0.17%
Luxembourg	0.21%
Malaysia	0.09%
Mexico	1.06%
Mongolia	0.07%
Morocco	0.07%

Geography	Percentage of Net Assets
Netherlands	1.27%
New Zealand	0.03%
Panama	0.07%
Paraguay	0.07%
Peru	0.05%
Philippines	0.01%
Poland	0.15%
Portugal	0.01%
Qatar	0.07%
Republic of Korea	0.88%
Russia	0.29%
Senegal	0.07%
Singapore	0.06%
South Africa	0.14%
Sri Lanka	0.07%
Sweden	0.46%
Switzerland	0.49%
Taiwan	0.27%
Thailand	0.11%
Turkey	0.21%
Ukraine	0.07%
United Kingdom	1.44%
United States	78.49%
Uruguay	0.06%
Total	98.86%

LVIP Delaware Foundation^® Conservative Allocation Fund–4

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–31.45%
U.S. MARKETS–20.78%
Aerospace & Defense–0.63%
†Esterline Technologies		400	$	24,816
Honeywell International		1,200		139,584
†KEYW Holding		2,680		26,639
†KLX		2,020		62,620
Lockheed Martin		750		186,127
Northrop Grumman		2,400		533,472
Raytheon		4,000		543,800
Rockwell Collins		750		63,855
United Technologies		2,100		215,355
				1,796,268
Air Freight & Logistics–0.03%
†XPO Logistics		2,890		75,891
				75,891
Auto Components–0.26%
BorgWarner		1,800		53,136
Johnson Controls		12,600		557,676
†Tenneco		2,410		112,330
				723,142
Automobiles–0.04%
Ford Motor		8,750		109,987
				109,987
Banks–0.86%
BB&T		13,800		491,418
BBCN Bancorp		5,600		83,552
Bryn Mawr Bank		1,640		47,888
Cardinal Financial		3,270		71,744
Citigroup		3,750		158,963
@City Holding		2,050		93,213
@CoBiz Financial		4,040		47,268
FirstMerit		4,830		97,904
@Flushing Financial		3,590		71,369
Great Western Bancorp		2,950		93,043
Independent Bank (Massachusetts)		1,410		64,437
JPMorgan Chase		3,500		217,490
KeyCorp		9,450		104,423
Old National Bancorp		7,210		90,341
Prosperity Bancshares		2,080		106,059
Sterling Bancorp		6,480		101,736
Umpqua Holdings		5,650		87,405
Webster Financial		3,160		107,282
Wells Fargo		4,200		198,786
†Western Alliance Bancorp		2,990		97,623
				2,431,944
Beverages–0.04%
PepsiCo		1,150		121,831
				121,831

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Biotechnology–0.93%
AbbVie		3,050	$	188,825
†Acorda Therapeutics		2,740		69,884
†Alkermes		1,650		71,313
†Biogen		2,264		547,480
†Celgene		9,654		952,174
†Cepheid		3,000		92,250
Gilead Sciences		2,260		188,529
†Ligand Pharmaceuticals Class B		1,030		122,848
†Retrophin		4,410		78,542
†Spectrum Pharmaceuticals		7,780		51,115
†TESARO		1,470		123,553
†Vanda Pharmaceuticals		6,730		75,309
†Vertex Pharmaceuticals		900		77,418
				2,639,240
Building Products–0.08%
AAON		4,475		123,107
†Continental Building Products		5,310		118,041
				241,148
Capital Markets–0.40%
Ameriprise Financial		800		71,880
Bank of New York Mellon		12,500		485,625
BlackRock		300		102,759
Evercore Partners Class A		2,380		105,172
Houlihan Lokey		2,240		50,109
Invesco		3,300		84,282
Raymond James Financial		1,400		69,020
State Street		1,400		75,488
†Stifel Financial		2,640		83,028
				1,127,363
Chemicals–0.38%
†Axalta Coating Systems		3,600		95,508
Balchem		880		52,492
†Chemtura		2,430		64,103
Eastman Chemical		1,900		129,010
EI du Pont de Nemours		8,178		529,934
Minerals Technologies		1,990		113,032
Quaker Chemical		1,130		100,796
				1,084,875
Commercial Services & Supplies–0.35%
ABM Industries		2,340		85,363
Essendant		3,050		93,208
Republic Services		1,300		66,703
Tetra Tech		3,170		97,462
U.S. Ecology		1,700		78,115
Waste Management		8,500		563,295
				984,146

LVIP Delaware Foundation^® Conservative Allocation Fund–5

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Communications Equipment–0.30%
Cisco Systems		22,800	$	654,132
†Infinera		5,320		60,010
†NETGEAR		1,430		67,982
Plantronics		1,380		60,720
				842,844
Construction & Engineering–0.07%
Granite Construction		2,810		127,995
†MYR Group		2,720		65,498
				193,493
Consumer Finance–0.04%
Capital One Financial		1,850		117,493
				117,493
Containers & Packaging–0.03%
WestRock		2,163		84,076
				84,076
Diversified Financial Services–0.23%
Intercontinental Exchange		2,565		656,537
				656,537
Diversified Telecommunication Services–0.56%
AT&T		21,457		927,157
ATN International		1,170		91,038
Verizon Communications		10,060		561,750
				1,579,945
Electric Utilities–0.20%
Edison International		7,200		559,224
				559,224
Electrical Equipment–0.03%
Eaton		1,400		83,622
				83,622
Electronic Equipment, Instruments & Components–0.02%
†Anixter International		1,150		61,272
				61,272
Energy Equipment & Services–0.26%
Halliburton		13,700		620,473
Schlumberger		1,650		130,482
				750,955
Food & Staples Retailing–0.56%
Casey’s General Stores		1,680		220,937
CVS Health		7,190		688,371
Walgreens Boots Alliance		8,109		675,236
				1,584,544
Food Products–0.64%
Archer-Daniels-Midland		12,400		531,836

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Food Products (continued)
General Mills		1,400	$	99,848
J&J Snack Foods		990		118,077
Kraft Heinz		6,033		533,800
Mondelez International		11,400		518,814
				1,802,375
Gas Utilities–0.05%
South Jersey Industries		1,550		49,011
Spire		1,410		99,884
				148,895
Health Care Equipment & Supplies–0.31%
CONMED		2,330		111,211
@CryoLife		6,066		71,639
DENTSPLY SIRONA		6,180		383,407
†Merit Medical Systems		4,247		84,218
†Quidel		4,080		72,869
West Pharmaceutical Services		2,010		152,519
†Wright Medical Group		490		8,511
				884,374
Health Care Providers & Services–0.82%
†Air Methods		2,840		101,757
Cardinal Health		6,600		514,866
†Express Scripts Holding		9,050		685,990
HealthSouth		990		38,432
@Quest Diagnostics		6,900		561,729
†Team Health Holdings		2,250		91,507
UnitedHealth Group		1,350		190,620
†WellCare Health Plans		1,420		152,338
				2,337,239
Health Care Technology–0.00%
†IMS Health Holdings		381		9,662
				9,662
Hotels, Restaurants & Leisure–0.22%
Aramark		1,300		43,446
Cheesecake Factory		1,310		63,063
†Chuy’s Holdings		850		29,419
†Del Frisco’s Restaurant Group		5,120		73,318
†Fiesta Restaurant Group		2,590		56,488
Jack in the Box		1,380		118,570
†Popeyes Louisiana Kitchen		1,840		100,538
Starbucks		2,250		128,520
				613,362
Household Durables–0.02%
Newell Brands		1,236		60,033
				60,033
Household Products–0.11%
Kimberly-Clark		900		123,732

LVIP Delaware Foundation^® Conservative Allocation Fund–6

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Household Products (continued)
Procter & Gamble		2,170	$	183,734
				307,466
Industrial Conglomerates–0.11%
General Electric		10,300		324,244
				324,244
Insurance–0.68%
Aflac		2,250		162,360
Allstate		7,700		538,615
American Equity Investment Life Holding		4,680		66,690
@Infinity Property & Casualty		920		74,207
Marsh & McLennan		8,200		561,372
Primerica		2,050		117,342
Prudential Financial		950		67,773
@Selective Insurance Group		2,610		99,728
Travelers		1,330		158,323
United Fire Group		1,760		74,677
				1,921,087
Internet & Catalog Retail–0.51%
†Amazon.com		250		178,905
†Liberty Interactive Corp QVC Group Class A		27,487		697,345
†Shutterfly		2,030		94,618
†TripAdvisor		7,276		467,847
				1,438,715
Internet Software & Services–1.13%
†Alphabet Class A		1,266		890,669
†Alphabet Class C		660		456,786
†eBay		20,154		471,805
†Facebook Class A		8,150		931,382
†GrubHub		1,740		54,062
†inContact		4,900		67,865
j2 Global		1,810		114,338
†Q2 Holdings		1,380		38,668
†@SciQuest		3,540		62,516
†Yahoo		3,000		112,680
				3,200,771
IT Services–1.15%
Accenture Class A		1,050		118,955
Convergys		3,380		84,500
†ExlService Holdings		2,370		124,212
MasterCard Class A		7,303		643,102
†PayPal Holdings		20,486		747,944
Sabre		4,850		129,931
TeleTech Holdings		2,750		74,607
Visa Class A		11,867		880,175

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
IT Services (continued)
@Xerox		46,800	$	444,132
				3,247,558
Leisure Products–0.02%
†@Malibu Boats Class A		4,810		58,105
				58,105
Life Sciences Tools & Services–0.06%
†Quintiles Transnational Holdings		393		25,671
Thermo Fisher Scientific		1,000		147,760
				173,431
Machinery–0.22%
Barnes Group		3,390		112,277
@Columbus McKinnon		4,540		64,241
@ESCO Technologies		2,940		117,424
Federal Signal		4,560		58,733
@Kadant		2,200		113,322
Parker-Hannifin		1,400		151,270
				617,267
Media–0.48%
Cinemark Holdings		2,800		102,088
Comcast Class A		3,700		241,203
†Discovery Communications Class A		1,504		37,946
†Discovery Communications Class C		6,873		163,921
†Liberty Global Class A		3,690		107,231
†Liberty Global Class C		11,435		327,613
National CineMedia		4,790		74,149
Walt Disney		3,050		298,351
				1,352,502
Metals & Mining–0.09%
Kaiser Aluminum		1,190		107,588
Worthington Industries		3,270		138,321
				245,909
Multi-Utilities–0.05%
NorthWestern		2,150		135,601
				135,601
Oil, Gas & Consumable Fuels–0.97%
†Carrizo Oil & Gas		3,190		114,361
Chevron		6,071		636,423
ConocoPhillips		11,200		488,320
EOG Resources		900		75,078
Exxon Mobil		3,950		370,273
Marathon Oil		19,915		298,924
Occidental Petroleum		7,900		596,924
†Parsley Energy Class A		2,010		54,391
†PDC Energy		780		44,936
†RSP Permian		2,190		76,409
				2,756,039

LVIP Delaware Foundation^® Conservative Allocation Fund–7

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Paper & Forest Products–0.07%
†Boise Cascade		2,460	$	56,457
Neenah Paper		1,820		131,713
				188,170
Pharmaceuticals–1.17%
†Allergan		3,966		916,503
†Catalent		4,080		93,799
Johnson & Johnson		4,589		556,646
†Medicines		2,560		86,093
Merck		13,747		791,965
Pfizer		22,564		794,478
†Prestige Brands Holdings		1,378		76,341
				3,315,825
Professional Services–0.28%
Kforce		5,330		90,024
Nielsen Holdings		9,770		507,747
†On Assignment		2,740		101,243
†WageWorks		1,690		101,079
				800,093
Real Estate Investment Trusts–2.37%
American Tower		1,700		193,137
Apartment Investment & Management		1,300		57,408
AvalonBay Communities		925		166,861
Boston Properties		1,300		171,470
Brandywine Realty Trust		3,900		65,520
Camden Property Trust		400		35,368
Cousins Properties		2,475		25,740
Crown Castle International		8,395		851,505
DCT Industrial Trust		3,338		160,358
DDR		4,450		80,723
Douglas Emmett		2,425		86,136
Duke Realty		4,800		127,968
EastGroup Properties		1,350		93,042
EPR Properties		2,535		204,524
Equinix		1,303		505,212
Equity LifeStyle Properties		650		52,033
Equity One		1,300		41,834
Equity Residential		2,400		165,312
Essex Property Trust		450		102,641
Extra Space Storage		650		60,151
Federal Realty Investment Trust		250		41,387
First Industrial Realty Trust		4,195		116,705
First Potomac Realty Trust		1,475		13,570
General Growth Properties		5,125		152,827
Healthcare Realty Trust		1,375		48,111
Healthcare Trust of America Class A		1,312		42,430
Highwoods Properties		1,375		72,600
Host Hotels & Resorts		10,030		162,586
Kilroy Realty		825		54,689
Kimco Realty		2,525		79,235

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts (continued)
Kite Realty Group Trust		4,062	$	113,858
LaSalle Hotel Properties		3,775		89,015
Lexington Realty Trust		2,950		29,825
Liberty Property Trust		650		25,818
LTC Properties		225		11,639
Macerich		725		61,908
Mack-Cali Realty		3,110		83,970
National Retail Properties		3,525		182,313
Pebblebrook Hotel Trust		3,710		97,387
Post Properties		825		50,366
Prologis		3,400		166,736
PS Business Parks		375		39,780
Public Storage		650		166,133
Ramco-Gershenson Properties Trust		7,810		153,154
Regency Centers		1,100		92,103
RLJ Lodging Trust		1,500		32,175
Sabra Health Care REIT		725		14,960
Simon Property Group		2,025		439,223
SL Green Realty		925		98,485
Sovran Self Storage		1,430		150,036
Spirit Realty Capital		3,725		47,568
Tanger Factory Outlet Centers		1,500		60,270
Taubman Centers		350		25,970
UDR		2,175		80,301
Urban Edge Properties		675		20,155
Ventas		2,050		149,281
VEREIT		2,500		25,350
Vornado Realty Trust		1,350		135,162
Welltower		700		53,319
				6,727,343
Road & Rail–0.09%
JB Hunt Transport Services		900		72,837
†Swift Transportation		2,510		38,679
Union Pacific		1,800		157,050
				268,566
Semiconductors & Semiconductor Equipment–0.84%
Analog Devices		850		48,144
†Applied Micro Circuits		12,480		80,122
Broadcom		800		124,320
Intel		20,811		682,601
Maxim Integrated Products		4,050		144,545
†MaxLinear Class A		3,680		66,166
†Microsemi		2,230		72,876
QUALCOMM		16,968		908,976
†Semtech		3,960		94,486
†Silicon Laboratories		1,700		82,858
†Synaptics		1,610		86,537
				2,391,631

LVIP Delaware Foundation^® Conservative Allocation Fund–8

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Software–1.25%
†Adobe Systems		1,450	$	138,895
@CA		16,409		538,707
†Callidus Software		4,550		90,909
†Electronic Arts		9,864		747,297
†Guidewire Software		1,620		100,051
Intuit		3,339		372,666
Microsoft		18,661		954,883
†Proofpoint		2,020		127,442
†Qlik Technologies		2,190		64,780
†salesforce.com		2,050		162,791
SS&C Technologies Holdings		2,200		61,776
†Tyler Technologies		1,070		178,380
				3,538,577
Specialty Retail–0.48%
†Express		5,420		78,644
Home Depot		1,250		159,613
L Brands		6,865		460,847
Lowe’s		6,300		498,771
Tractor Supply		1,700		155,006
				1,352,881
Technology Hardware, Storage & Peripherals–0.14%
Apple		4,130		394,828
				394,828
Textiles, Apparel & Luxury Goods–0.09%
†G-III Apparel Group		1,930		88,240
NIKE Class B		1,300		71,760
†Steven Madden		3,042		103,976
				263,976
Thrifts & Mortgage Finance–0.02%
WSFS Financial		1,670		53,757
				53,757
Trading Companies & Distributors–0.04%
Applied Industrial Technologies		2,580		116,461
				116,461
Total U.S. Markets (Cost $38,314,685)				58,896,583
§DEVELOPED MARKETS–6.66%
Aerospace & Defense–0.11%
Meggitt		58,172		316,190
				316,190
Air Freight & Logistics–0.18%
Deutsche Post		18,311		515,867
				515,867

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Auto Components–0.19%
Sumitomo Rubber Industries		28,000	$	374,861
Valeo		3,978		176,600
				551,461
Automobiles–0.33%
Bayerische Motoren Werke		5,176		376,684
Toyota Motor		11,600		571,863
				948,547
Banks–0.71%
ING Groep CVA		32,798		339,325
Mitsubishi UFJ Financial Group		124,600		558,564
Nordea Bank		60,197		510,690
Standard Chartered		51,782		392,869
UniCredit		94,605		208,060
				2,009,508
Beverages–0.27%
Carlsberg Class B		5,330		508,525
Coca-Cola Amatil		43,298		267,279
				775,804
Biotechnology–0.07%
Shire		3,072		189,857
				189,857
Construction & Engineering–0.23%
Vinci		9,226		651,050
				651,050
Diversified Telecommunication Services–0.30%
Nippon Telegraph & Telephone		18,282		857,333
				857,333
Food & Staples Retailing–0.10%
†Tesco		122,389		287,442
				287,442
Food Products–0.12%
†Aryzta		8,933		330,127
				330,127
Household Durables–0.16%
Techtronic Industries		111,500		465,624
				465,624
Industrial Conglomerates–0.16%
Koninklijke Philips		17,893		444,395
				444,395
Insurance–0.15%
AXA		21,702		429,105
				429,105

LVIP Delaware Foundation^® Conservative Allocation Fund–9

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
IT Services–0.21%
†CGI Group Class A		11,999	$	512,578
†InterXion Holding		2,270		83,718
				596,296
Life Sciences Tools & Services–0.04%
†ICON		1,420		99,414
				99,414
Machinery–0.04%
Minebea		18,000		122,290
				122,290
Media–0.09%
†Liberty Global LiLAC Class A		460		14,852
†Liberty Global LiLAC Class C		1,427		46,355
Publicis Groupe		2,723		182,175
				243,382
Metals & Mining–0.21%
Alamos Gold		19,411		166,923
†Anglo American ADR		6,200		30,008
Rio Tinto		8,502		264,128
Yamana Gold		25,437		132,309
				593,368
Multi-Utilities–0.09%
National Grid		18,069		265,711
				265,711
Oil, Gas & Consumable Fuels–0.25%
Suncor Energy		11,000		305,151
TOTAL		8,324		399,186
				704,337
Pharmaceuticals–1.00%
Novartis		8,131		671,121
Novo Nordisk ADR		7,890		424,324
Sanofi		8,325		691,664
STADA Arzneimittel		7,819		405,237
Teva Pharmaceutical Industries ADR		12,500		627,875
				2,820,221
Professional Services–0.26%
Teleperformance		8,476		722,003
				722,003
Road & Rail–0.20%
East Japan Railway		6,067		562,249
				562,249
Software–0.11%
Playtech		28,504		303,239
				303,239

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Specialty Retail–0.14%
Nitori Holdings		3,206	$	388,837
				388,837
Textiles, Apparel & Luxury Goods–0.33%
Kering		1,579		254,191
Yue Yuen Industrial Holdings		173,500		687,636
				941,827
Tobacco–0.22%
Japan Tobacco		15,700		632,745
				632,745
Trading Companies & Distributors–0.26%
ITOCHU		47,942		586,485
Rexel		12,305		154,703
				741,188
Wireless Telecommunication Services–0.13%
Tele2 Class B		42,031		369,005
				369,005
Total Developed Markets (Cost $16,187,582)				18,878,422
×EMERGING MARKETS–4.01%
Airlines–0.01%
Gol Linhas Aereas Inteligentes ADR		2,481		26,274
				26,274
Automobiles–0.08%
Astra International		105,100		59,251
Mahindra & Mahindra		7,420		157,614
				216,865
Banks–0.47%
Akbank		77,374		221,763
Banco Santander Brasil ADR		5,600		31,920
Bangkok Bank		24,605		111,404
China Construction Bank		160,618		107,074
Grupo Financiero Banorte Class O		13,600		76,010
Grupo Financiero Santander Mexico Class B ADR		6,400		58,176
ICICI Bank ADR		24,800		178,064
Industrial & Commercial Bank of China		166,080		92,618
Itau Unibanco Holding ADR		17,101		161,433
KB Financial Group ADR		3,922		111,620
=Sberbank of Russia		85,248		177,305
				1,327,387
Beverages–0.20%
Anadolu Efes Biracilik Ve Malt Sanayii		14,432		97,585
Cia Cervecerias Unidas ADR		4,000		93,360

LVIP Delaware Foundation^® Conservative Allocation Fund–10

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value        (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Beverages (continued)
Fomento Economico Mexicano ADR		2,034	$	188,125
Lotte Chilsung Beverage		82		127,479
Tsingtao Brewery		13,542		47,081
				553,630
Building Products–0.07%
KCC		571		189,924
				189,924
Chemicals–0.06%
Braskem ADR		7,203		85,356
Sociedad Quimica y Minera de Chile ADR		3,000		74,160
				159,516
Construction Materials–0.13%
†Cemex ADR		15,583		96,144
†Cemex Latam Holdings		7,601		32,789
Siam Cement NVDR		5,200		70,644
UltraTech Cement		3,479		176,324
				375,901
Diversified Financial Services–0.04%
Reliance Capital		9,965		59,257
Remgro		3,560		61,774
				121,031
Diversified Telecommunication Services–0.11%
KT ADR		3,900		55,614
LG Uplus		6,316		59,987
Telefonica Brasil ADR		13,495		183,532
				299,133
Electronic Equipment, Instruments & Components–0.07%
Hon Hai Precision Industry		56,073		144,460
Samsung SDI		706		66,844
				211,304
Food & Staples Retailing–0.06%
Cia Brasileira de Distribuicao ADR		4,900		71,295
Wal-Mart de Mexico Class V		45,657		109,831
				181,126
Food Products–0.22%
BRF ADR		7,801		108,668
China Mengniu Dairy		65,000		113,712
@Lotte Confectionery		950		161,241
Tingyi Cayman Islands Holding		64,606		61,348
@Uni-President China Holdings		219,000		185,078
				630,047

	Number of Shares		Value        (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Hotels, Restaurants & Leisure–0.02%
†@Arcos Dorados Holdings		10,700	$	51,039
				51,039
Insurance–0.06%
Samsung Life Insurance		1,825		159,707
				159,707
Internet & Catalog Retail–0.04%
†@B2W Cia Digital		36,800		107,915
†Qunar Cayman Islands ADR		600		17,874
				125,789
Internet Software & Services–0.53%
†Alibaba Group Holding ADR		2,300		182,919
†Baidu ADR		3,700		611,055
†SINA		3,325		172,468
†@Sohu.com		5,200		196,872
Tencent Holdings		15,200		348,683
				1,511,997
IT Services–0.03%
†@WNS Holdings ADR		3,020		81,540
				81,540
Media–0.09%
Grupo Televisa ADR		10,298		268,160
				268,160
Metals & Mining–0.02%
†Impala Platinum Holdings		4,458		14,363
Vale ADR		8,300		41,998
				56,361
Multiline Retail–0.03%
Woolworths Holdings		15,815		90,558
				90,558
Oil, Gas & Consumable Fuels–0.52%
Cairn India		22,734		47,624
China Petroleum & Chemical		140,050		101,203
Gazprom ADR		31,797		137,394
Lukoil ADR		2,998		125,107
PetroChina ADR		908		61,671
†Petroleo Brasileiro ADR		24,155		172,950
PTT-Foreign		13,878		123,614
#Reliance Industries GDR 144A		19,612		559,923
Rosneft GDR		21,867		112,501
Tambang Batubara Bukit Asam Persero		74,900		44,063
				1,486,050

LVIP Delaware Foundation^® Conservative Allocation Fund–11

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value        (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Paper & Forest Products–0.02%
Nine Dragons Paper Holdings		86,000	$	65,935
				65,935
Personal Products–0.05%
Hypermarcas		19,800		143,309
				143,309
Real Estate Management & Development–0.02%
#@=Etalon Group GDR 144A		6,900		16,871
UEM Sunrise		183,302		47,053
				63,924
Road & Rail–0.00%
†Rumo Logistica Operadora Multimodal		3,630		5,560
				5,560
Semiconductors & Semiconductor Equipment–0.22%
MediaTek		16,000		122,265
Taiwan Semiconductor Manufacturing		61,594		310,415
Taiwan Semiconductor Manufacturing ADR		7,400		194,102
				626,782
Technology Hardware, Storage & Peripherals–0.32%
Samsung Electronics		721		897,898
				897,898
Transportation Infrastructure–0.01%
Santos Brasil Participacoes		5,838		22,390
				22,390
Wireless Telecommunication Services–0.51%
America Movil ADR		6,800		83,368
China Mobile		25,120		290,242
China Mobile ADR		2,100		121,590
MegaFon GDR		3,986		41,625
Mobile TeleSystems ADR		5,600		46,368
SK Telecom ADR		22,200		464,424
Tim Participacoes ADR		16,900		178,295
†Turkcell Iletisim Hizmetleri ADR		7,751		70,922
Vodacom Group		12,009		136,839
				1,433,673
Total Emerging Markets (Cost $11,689,966)				11,382,810
Total Common Stock (Cost $66,192,233)				89,157,815

	Number of Shares		Value        (U.S. $)
CONVERTIBLE PREFERRED STOCK–0.14%
Bank of America 7.25%, exercise price $50.00, expiration date 12/31/49		42	$	50,190
Exelon 6.50%, exercise price $43.75, expiration date 6/1/17		1,200		59,208
@Halcon Resources 5.75%, exercise price $30.78, expiration date 12/31/49		42		1,911
@Huntington Bancshares 8.50%, exercise price $11.95, expiration date 12/31/49		62		87,420
Maiden Holdings 7.25%, exercise price $15.11, expiration date 9/15/16		1,277		60,658
T-Mobile US 5.50%, exercise price $31.02, expiration date 12/15/17		588		43,271
Wells Fargo 7.50%, exercise price $156.71, expiration date 12/31/49		66		85,747
Total Convertible Preferred Stock (Cost $401,674)				388,405
EXCHANGE-TRADED FUNDS–4.65%
iShares iBoxx $ High Yield Corporate Bond ETF		1,100		93,159
iShares MSCI EAFE Growth Index ETF		103,045		6,741,204
iShares MSCI EAFE Index ETF		58,740		3,278,279
Vanguard FTSE Developed Markets ETF		86,375		3,054,220
Total Exchange-Traded Funds (Cost $10,392,742)				13,166,862
PREFERRED STOCK–0.42%
•General Electric 5.00%		410,000		435,523
•@Integrys Energy Group 6.00%		8,750		236,797
#•PNC Preferred Funding Trust II 144A 1.875%		500,000		441,250
#•@USB Realty 144A 1.775%		100,000		80,125
Total Preferred Stock (Cost $1,101,725)				1,193,695
	Principal Amount°
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–2.52%
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		2,525		2,867
Series 2003-26 AT 5.00% 11/25/32		16,101		16,215
Series 2005-70 PA 5.50% 8/25/35		15,034		17,171
•*Series 2008-15 SB 6.147% 8/25/36		29,267		6,422
Series 2010-41 PN 4.50% 4/25/40		235,000		258,706

LVIP Delaware Foundation^® Conservative Allocation Fund–12

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
Series 2010-43 HJ 5.50% 5/25/40		23,428	$	26,704
Series 2010-96 DC 4.00% 9/25/25		298,012		317,253
•*Series 2010-129 SM 5.547% 11/25/40		230,103		37,039
*Series 2012-98 MI 3.00% 8/25/31		325,682		30,806
•*Series 2012-122 SD 5.647% 11/25/42		378,526		87,495
*Series 2013-26 ID 3.00% 4/25/33		264,181		32,860
*Series 2013-38 AI 3.00% 4/25/33		249,547		29,100
*Series 2013-43 IX 4.00% 5/25/43		881,484		185,896
*Series 2013-44 DI 3.00% 5/25/33		794,450		109,824
*Series 2013-55 AI 3.00% 6/25/33		370,053		45,194
Series 2014-36 ZE 3.00% 6/25/44		156,468		159,371
•*Series 2014-68 BS 5.697% 11/25/44		317,044		69,009
•*Series 2014-90 SA 5.697% 1/25/45		897,822		197,790
•*Series 2015-27 SA 5.997% 5/25/45		120,114		27,552
Series 2015-44 Z 3.00% 9/25/43		269,969		276,352
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		4,551		5,226
Series 2557 WE 5.00% 1/15/18		2,676		2,737
Series 4065 DE 3.00% 6/15/32		40,000		43,008
*Series 4109 AI 3.00% 7/15/31		592,922		56,066
*Series 4120 IK 3.00% 10/15/32		480,231		58,100
*Series 4146 IA 3.50% 12/15/32		253,615		35,896
•*Series 4159 KS 5.708% 1/15/43		221,925		54,427
*Series 4181 DI 2.50% 3/15/33		148,400		15,940
•*Series 4184 GS 5.678% 3/15/43		247,357		60,519
*Series 4185 LI 3.00% 3/15/33		194,650		24,313
*Series 4191 CI 3.00% 4/15/33		82,015		10,038
*Series 4342 CI 3.00% 11/15/33		94,230		9,628
Series 4435 DY 3.00% 2/15/35		222,000		230,940
Series 4592 WT 5.50% 6/15/46		530,000		590,415
•*Series 4594 SG 5.656% 6/15/46		618,000		168,405
Freddie Mac Strips
•*Series 267 S5 5.558% 8/15/42		315,894		73,379

	Principal		Value
	Amount°		(U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac Strips (continued)
•*Series 299 S1 5.558% 1/15/43		238,050	$	54,790
•*Series 326 S2 5.508% 3/15/44		160,855		37,370
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN4 M2 2.853% 10/25/24		330,211		332,513
•Series 2015-DNA3 M2 3.303% 4/25/28		500,000		514,017
•Series 2015-HQ2 M2 2.403% 5/25/25		250,000		247,987
•Series 2015-HQA1 M2 3.103% 3/25/28		250,000		255,801
•Series 2015-HQA2 M2 3.253% 5/25/28		250,000		255,988
•Series 2016-DNA1 M2 3.353% 7/25/28		250,000		257,795
•Series 2016-DNA3 M2 2.446% 12/25/28		250,000		251,665
•Series 2016-HQA2 M2 2.703% 11/25/28		250,000		251,449
¿Freddie Mac Structured Pass Through Securities Series T-58 2A 6.50% 9/25/43		77,980		92,977
GNMA
Series 2010-113 KE 4.50% 9/20/40		575,000		655,034
Series 2013-113 AZ 3.00% 8/20/43		269,973		276,236
Series 2015-133 AL 3.00% 5/20/45		294,000		299,263
Total Agency Collateralized Mortgage Obligations (Cost $7,161,397)				7,155,548
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.04%
Freddie Mac Multifamily Structured Pass Through Certificates
¿Series K041 A2 3.171% 10/25/24		225,000		245,099
¿Series K716 A2 3.13% 6/25/21		135,000		144,816
¿Series K717 A2 2.991% 9/25/21		260,000		277,343
¿Series K722 A1 2.183% 5/25/22		120,000		122,397
FREMF Mortgage Trust
#•Series 2011-K10 B 144A 4.79% 11/25/49		60,000		65,242
#•Series 2011-K14 B 144A 5.341% 2/25/47		70,000		78,355
#•Series 2011-K15 B 144A 5.116% 8/25/44		15,000		16,557

LVIP Delaware Foundation^® Conservative Allocation Fund–13

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust (continued)
#•Series 2012-K18 B 144A 4.40% 1/25/45		85,000	$	92,099
#•Series 2012-K22 B 144A 3.811% 8/25/45		150,000		156,675
#•Series 2012-K22 C 144A 3.811% 8/25/45		105,000		104,294
#•Series 2012-K23 C 144A 3.782% 10/25/45		45,000		44,545
#•Series 2012-K708 B 144A 3.883% 2/25/45		145,000		149,822
#•Series 2012-K708 C 144A 3.883% 2/25/45		60,000		59,957
#•Series 2013-K25 C 144A 3.743% 11/25/45		120,000		113,547
#•Series 2013-K30 C 144A 3.668% 6/25/45		130,000		120,038
#•Series 2013-K31 C 144A 3.741% 7/25/46		240,000		227,557
#•Series 2013-K33 B 144A 3.618% 8/25/46		120,000		122,466
#•Series 2013-K35 C 144A 4.077% 8/25/23		30,000		29,300
#•Series 2013-K712 B 144A 3.484% 5/25/45		175,000		179,069
#•Series 2013-K713 B 144A 3.274% 4/25/46		105,000		106,713
#•Series 2013-K713 C 144A 3.274% 4/25/46		180,000		178,997
#•Series 2014-K716 C 144A 4.084% 8/25/47		305,000		301,377
Total Agency Commercial Mortgage-Backed Securities (Cost $2,933,474)				2,936,265
AGENCY MORTGAGE-BACKED SECURITIES–16.65%
Fannie Mae ARM
•2.413% 5/1/43		107,897		111,333
•2.553% 6/1/43		37,469		38,754
•2.593% 8/1/35		1,509		1,594
•2.913% 7/1/45		51,689		53,701
•2.966% 4/1/46		56,910		59,452
•3.212% 4/1/44		107,236		112,350
•3.237% 3/1/44		138,872		146,366
•3.276% 9/1/43		92,424		97,230
Fannie Mae Relocation 30 yr
5.00% 1/1/34		12,331		13,060
5.00% 10/1/35		7,826		8,609
5.00% 2/1/36		31,136		33,725
Fannie Mae S.F. 15 yr
2.50% 5/1/31		229,851		238,401

	Principal		Value
	Amount°		(U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
3.00% 11/1/26		357,766	$	377,863
3.00% 9/1/30		143,032		150,467
3.00% 12/1/30		139,863		147,546
3.00% 2/1/31		59,302		62,410
3.00% 3/1/31		182,103		191,375
3.50% 7/1/26		70,261		74,524
3.50% 12/1/28		29,764		31,829
4.00% 11/1/25		287,177		306,149
4.00% 12/1/26		71,547		76,257
4.00% 1/1/27		466,535		497,350
4.00% 5/1/27		165,336		176,255
4.00% 8/1/27		85,984		91,634
Fannie Mae S.F. 20 yr
3.00% 8/1/33		49,472		52,152
3.00% 1/1/36		371,668		390,057
3.00% 5/1/36		444,448		466,421
Fannie Mae S.F. 30 yr
4.00% 5/1/43		70,552		76,817
4.00% 8/1/43		40,121		43,467
4.00% 7/1/44		161,861		176,270
4.50% 7/1/36		30,947		33,893
4.50% 6/1/38		25,382		27,810
4.50% 4/1/39		112,682		122,943
4.50% 6/1/39		54,558		59,600
4.50% 9/1/39		27,551		30,137
4.50% 11/1/39		89,803		99,942
4.50% 1/1/40		1,276,938		1,412,336
4.50% 6/1/40		95,415		105,984
4.50% 8/1/40		30,094		33,147
4.50% 9/1/40		142,573		156,302
4.50% 11/1/40		70,333		77,094
4.50% 2/1/41		362,743		397,229
4.50% 3/1/41		89,335		97,932
4.50% 4/1/41		173,783		190,072
4.50% 7/1/41		302,177		335,067
4.50% 10/1/41		98,592		108,150
4.50% 12/1/41		236,330		258,971
4.50% 1/1/42		1,015,521		1,113,368
4.50% 4/1/42		31,063		34,035
4.50% 8/1/42		1,484,280		1,640,637
4.50% 9/1/42		1,048,379		1,147,370
4.50% 1/1/43		148,900		163,081
4.50% 9/1/43		122,738		134,444
4.50% 10/1/43		677,864		750,286
4.50% 11/1/43		115,853		126,522
4.50% 4/1/44		261,544		285,297
4.50% 6/1/44		660,188		722,540
4.50% 10/1/44		560,711		614,284
4.50% 12/1/44		99,193		108,535
4.50% 1/1/45		804,807		879,222
4.50% 2/1/45		186,143		203,343
4.50% 4/1/45		238,166		260,272

LVIP Delaware Foundation^® Conservative Allocation Fund–14

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.00% 2/1/35		101,306	$	113,077
5.00% 10/1/35		76,630		85,301
5.00% 11/1/35		35,984		40,035
5.00% 4/1/37		21,334		23,684
5.00% 8/1/37		52,539		58,548
5.00% 12/1/39		45,757		51,381
5.00% 1/1/40		9,985		11,238
5.00% 11/1/44		576,431		642,427
5.50% 12/1/32		4,179		4,740
5.50% 2/1/33		53,279		60,318
5.50% 6/1/33		31,639		35,880
5.50% 4/1/34		22,037		24,991
5.50% 7/1/34		5,318		6,036
5.50% 9/1/34		64,746		73,527
5.50% 11/1/34		22,761		25,813
5.50% 12/1/34		119,466		135,747
5.50% 1/1/35		9,561		10,860
5.50% 3/1/35		12,905		14,641
5.50% 5/1/35		99,066		112,492
5.50% 6/1/35		14,694		16,494
5.50% 1/1/36		86,136		97,699
5.50% 4/1/36		97,716		110,423
5.50% 7/1/36		92,976		105,604
5.50% 9/1/36		89,727		101,748
5.50% 11/1/36		16,263		18,318
5.50% 1/1/37		68,119		76,638
5.50% 4/1/37		279,607		317,509
5.50% 8/1/37		96,092		108,985
5.50% 9/1/37		78,817		88,623
5.50% 1/1/38		1,763		1,988
5.50% 2/1/38		44,691		50,523
5.50% 3/1/38		38,346		43,561
5.50% 6/1/38		163,550		184,023
5.50% 7/1/38		27,628		31,088
5.50% 9/1/38		160,011		181,393
5.50% 1/1/39		105,894		120,216
5.50% 2/1/39		245,460		278,245
5.50% 6/1/39		79,272		89,795
5.50% 10/1/39		184,091		207,217
5.50% 3/1/40		273,326		310,438
5.50% 7/1/40		139,613		158,031
5.50% 3/1/41		480,511		544,982
5.50% 6/1/41		198,857		225,632
5.50% 9/1/41		869,061		980,475
6.00% 5/1/36		74,067		84,831
6.00% 6/1/36		7,162		8,211
6.00% 9/1/36		30,757		35,863
6.00% 12/1/36		7,720		8,899
6.00% 2/1/37		24,184		27,681
6.00% 5/1/37		56,809		64,979
6.00% 6/1/37		4,175		4,817
6.00% 7/1/37		3,431		3,918

	Principal		Value
	Amount°		(U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
6.00% 8/1/37		34,079	$	39,052
6.00% 9/1/37		8,576		9,807
6.00% 11/1/37		1,236		1,411
6.00% 5/1/38		130,374		149,211
6.00% 9/1/38		273,196		312,887
6.00% 10/1/38		10,736		12,299
6.00% 11/1/38		18,035		20,782
6.00% 1/1/39		38,201		43,771
6.00% 9/1/39		320,144		366,325
6.00% 10/1/39		260,250		302,042
6.00% 3/1/40		33,467		38,314
6.00% 7/1/40		118,804		135,703
6.00% 9/1/40		29,445		33,725
6.00% 11/1/40		12,213		14,172
6.00% 5/1/41		357,551		409,379
6.00% 6/1/41		122,767		140,433
6.00% 7/1/41		487,882		558,236
6.50% 2/1/36		41,201		50,385
6.50% 10/1/36		29,730		34,213
6.50% 8/1/37		1,220		1,403
7.00% 12/1/37		7,276		7,861
7.50% 6/1/31		10,041		12,176
Fannie Mae S.F. 30 yr TBA
3.00% 8/1/46		16,341,000		16,927,612
4.50% 8/1/46		871,000		950,202
Freddie Mac ARM
•2.495% 1/1/44		249,797		258,993
•2.592% 12/1/33		7,959		8,429
•2.768% 10/1/45		60,135		62,203
•2.826% 9/1/45		381,757		396,448
•2.944% 10/1/45		102,606		107,029
•2.951% 11/1/44		35,370		36,725
•3.107% 3/1/46		139,487		145,826
•3.206% 6/1/37		3,230		3,440
Freddie Mac S.F. 20 yr
3.00% 6/1/34		55,079		57,898
3.00% 6/1/36		74,756		78,370
Freddie Mac S.F. 30 yr
4.50% 4/1/39		16,586		18,363
4.50% 6/1/39		12,725		13,902
4.50% 10/1/39		37,594		41,212
4.50% 5/1/40		316,719		353,272
4.50% 3/1/41		107,214		117,741
4.50% 4/1/41		247,817		272,171
4.50% 3/1/42		70,875		77,938
4.50% 7/1/42		157,952		173,962
4.50% 8/1/44		230,024		253,854
4.50% 7/1/45		293,844		322,562
5.00% 6/1/36		162,048		179,936
5.50% 3/1/34		8,898		10,040
5.50% 12/1/34		8,597		9,714

LVIP Delaware Foundation^® Conservative Allocation Fund–15

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
5.50% 6/1/36		5,543	$	6,238
5.50% 11/1/36		1,986		2,221
5.50% 12/1/36		2,426		2,724
5.50% 9/1/37		10,214		11,460
5.50% 4/1/38		37,243		41,860
5.50% 6/1/38		1,287		1,448
5.50% 7/1/38		36,864		41,480
5.50% 6/1/39		38,840		43,609
5.50% 3/1/40		29,812		33,412
5.50% 8/1/40		21,458		24,032
5.50% 1/1/41		5,868		6,595
5.50% 6/1/41		345,220		388,512
6.00% 2/1/36		18,022		20,692
6.00% 3/1/36		24,046		27,733
6.00% 1/1/38		10,981		12,534
6.00% 6/1/38		29,588		33,756
6.00% 8/1/38		29,525		34,249
6.00% 5/1/40		58,271		66,718
6.00% 7/1/40		126,380		144,763
6.50% 4/1/39		44,712		51,364
7.00% 11/1/33		1,461		1,766
GNMA I S.F. 30 yr
7.00% 12/15/34		77,349		94,275
GNMA II S.F. 30 yr
5.50% 5/20/37		47,410		52,889
5.50% 4/20/40		49,035		53,775
6.00% 2/20/39		76,671		87,374
6.00% 4/20/46		79,408		91,457
Total Agency Mortgage-Backed Securities (Cost $46,763,520)				47,201,211
CONVERTIBLE BONDS–0.80%
@Alaska Communications Systems Group 6.25% exercise price $10.28, maturity date 5/1/18		131,000		127,152
@American Realty Capital Properties 3.75% exercise price $14.99, maturity date 12/15/20		78,000		77,562
BioMarin Pharmaceutical 1.50% exercise price $94.15, maturity date 10/15/20		30,000		34,837
Blackstone Mortgage Trust 5.25% exercise price $28.36, maturity date 12/1/18		114,000		121,267
Blucora 4.25% exercise price $21.66, maturity date 4/1/19		64,000		59,200
Brookdale Senior Living 2.75% exercise price $29.33, maturity date 6/15/18		69,000		67,663

	Principal		Value
	Amount°		(U.S. $)
CONVERTIBLE BONDS (continued)
Cardtronics 1.00% exercise price $52.35, maturity date 12/1/20		76,000	$	76,570
Cemex 3.72% exercise price $11.45, maturity date 3/15/20		62,000		58,086
@Chart Industries 2.00% exercise price $69.03, maturity date 8/1/18		91,000		85,142
#Ciena 144A 3.75% exercise price $20.17, maturity date 10/15/18		43,000		50,391
#Clearwire Communications 144A 8.25% exercise price $7.08, maturity date 12/1/40		54,000		54,945
@GAIN Capital Holdings 4.125% exercise price $12.00, maturity date 12/1/18		53,000		48,826
@fGeneral Cable 4.50% exercise price $32.36, maturity date 11/15/29		97,000		55,957
HealthSouth 2.00% exercise price $37.59, maturity date 12/1/43		70,000		82,031
Helix Energy Solutions Group 3.25% exercise price $25.02, maturity date 3/15/32		67,000		59,714
fHologic 2.00% exercise price $31.18, maturity date 3/1/42		34,000		43,690
Infinera 1.75% exercise price $12.58, maturity date 6/1/18		50,000		58,063
Jefferies Group 3.875% exercise price $44.19, maturity date 11/1/29		72,000		73,170
#Knowles 144A 3.25% exercise price $18.43, maturity date 11/1/21		15,000		15,356
#Liberty Interactive 144A 1.00% exercise price $64.18, maturity date 9/30/43		84,000		73,343
#Medicines 144A 2.75% exercise price $48.97, maturity date 7/15/23		27,000		26,021
fMeritor 4.00% exercise price $26.73, maturity date 2/15/27		95,000		91,556
Microchip Technology 1.625% exercise price $65.56, maturity date 2/15/25		39,000		43,363
Micron Technology 3.00% exercise price $29.16, maturity date 11/15/43		44,000		33,825
@New Mountain Finance 5.00% exercise price $15.93, maturity date 6/15/19		14,000		13,807

LVIP Delaware Foundation^® Conservative Allocation Fund–16

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
CONVERTIBLE BONDS (continued)
Novellus Systems 2.625% exercise price $34.11, maturity date 5/15/41		41,000	$	102,090
#NuVasive 144A 2.25% exercise price $59.82, maturity date 3/15/21		24,000		28,530
NXP Semiconductors 1.00% exercise price $102.84, maturity date 12/1/19		51,000		55,686
ON Semiconductor 1.00% exercise price $18.50, maturity date 12/1/20		42,000		37,747
PROS Holdings 2.00% exercise price $33.79, maturity date 12/1/19		62,000		55,645
@Spectrum Pharmaceuticals 2.75% exercise price $10.53, maturity date 12/15/18		69,000		64,041
@Spirit Realty Capital 3.75% exercise price $13.10, maturity date 5/15/21		76,000		85,120
Synchronoss Technologies 0.75% exercise price $53.17, maturity date 8/15/19		73,000		72,589
@Titan Machinery 3.75% exercise price $43.17, maturity date 5/1/19		17,000		13,855
@TPG Specialty Lending 4.50% exercise price $25.83, maturity date 12/15/19		52,000		53,105
•Vector Group 1.75% exercise price $24.64, maturity date 4/15/20		73,000		81,304
•Vector Group 2.50% exercise price $15.98, maturity date 1/15/19		35,000		50,916
Verint Systems 1.50% exercise price $64.46, maturity date 6/1/21		48,000		43,950
Total Convertible Bonds (Cost $2,277,591)				2,276,115
CORPORATE BONDS–28.34%
Aerospace & Defense–0.05%
Lockheed Martin 3.55% 1/15/26		135,000		146,936
				146,936
Air Freight & Logistics–0.12%
Aviation Capital Group
#@144A 2.875% 9/17/18		10,000		9,913
#144A 4.875% 10/1/25		75,000		73,705
#144A 6.75% 4/6/21		165,000		186,656

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Air Freight & Logistics (continued)
FedEx 4.75% 11/15/45		65,000	$	72,734
				343,008
Airlines–0.25%
#¿Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		108,281		110,175
¿American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		91,339		94,993
¿American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		114,541		115,394
¿American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27		35,000		36,837
¿American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		70,000		74,093
¿United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		75,418		79,621
¿United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		179,617		190,170
¿United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28		10,000		10,187
				711,470
Auto Components–0.24%
American Axle & Manufacturing 6.25% 3/15/21		205,000		213,456
Goodyear Tire & Rubber 5.00% 5/31/26		155,000		158,294
Lear 5.25% 1/15/25		210,000		221,287
O’Reilly Automotive 3.55% 3/15/26		90,000		94,553
				687,590
Automobiles–0.47%
BMW US Capital
#144A 2.00% 4/11/21		245,000		248,346
#144A 2.80% 4/11/26		260,000		267,027
Daimler 2.75% 12/10/18	NOK	580,000		71,870
Ford Motor 7.45% 7/16/31		225,000		302,443
Ford Motor Credit 3.096% 5/4/23		200,000		203,104
General Motors 6.75% 4/1/46		25,000		29,758
General Motors Financial 3.70% 5/9/23		140,000		140,934

LVIP Delaware Foundation^® Conservative Allocation Fund–17

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Automobiles (continued)
Toyota Finance Australia 3.04% 12/20/16	NZD	80,000	$	57,006
				1,320,488
Banks–4.12%
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD	59,000		46,988
#Banco Nacional de Costa Rica 144A 5.875% 4/25/21		200,000		206,590
Bank Nederlandse Gemeenten
#144A 1.625% 4/19/21		238,000		241,660
5.25% 5/20/24	AUD	31,000		27,210
Bank of America 4.45% 3/3/26		960,000		1,006,071
Bank of New York Mellon 2.80% 5/4/26		80,000		83,085
BB&T 2.05% 5/10/21		370,000		375,675
#BBVA Bancomer 144A 6.50% 3/10/21		150,000		165,375
Citizens Bank 2.55% 5/13/21		250,000		252,696
Citizens Financial Group 4.30% 12/3/25		160,000		168,732
Compass Bank 3.875% 4/10/25		250,000		240,346
Cooperatieve Rabobank
2.50% 9/4/20	NOK	270,000		33,895
2.50% 1/19/21		250,000		256,419
#Credit Suisse Group Funding Guernsey 144A 4.55% 4/17/26		730,000		758,780
Fifth Third Bancorp 2.875% 7/27/20		80,000		83,573
Fifth Third Bank 3.85% 3/15/26		460,000		484,047
#ICICI Bank 144A 4.00% 3/18/26		200,000		203,583
JPMorgan Chase
•1.264% 1/28/19		74,000		73,901
3.20% 6/15/26		170,000		174,949
4.25% 10/1/27		575,000		609,733
•6.75% 8/29/49		170,000		187,425
KeyBank 6.95% 2/1/28		615,000		797,275
KFW 1.50% 6/15/21		185,000		187,451
Lloyds Banking Group 3.10% 7/6/21		200,000		199,852
PNC Bank
2.45% 11/5/20		250,000		257,025
6.875% 4/1/18		740,000		808,195
RBC USA Holdco 5.25% 9/15/20		195,000		220,460
Santander UK Group Holdings 3.125% 1/8/21		20,000		20,070
SunTrust Bank 3.30% 5/15/26		200,000		202,047
SunTrust Banks 2.90% 3/3/21		170,000		176,203
SVB Financial Group 3.50% 1/29/25		200,000		199,757
#Swedbank 144A 2.65% 3/10/21		400,000		413,891

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
Toronto-Dominion Bank
2.125% 4/7/21		140,000	$	142,572
2.50% 12/14/20		210,000		217,351
U.S. Bancorp 2.35% 1/29/21		250,000		258,228
UBS Group Funding Jersey
#@144A 3.00% 4/15/21		200,000		204,216
#144A 4.125% 4/15/26		260,000		270,756
US Bancorp 3.10% 4/27/26		240,000		249,949
•@USB Capital IX 3.50% 10/29/49		780,000		638,625
Wells Fargo
4.30% 7/22/27		60,000		64,870
4.40% 6/14/46		295,000		301,304
Zions Bancorp 4.50% 6/13/23		170,000		180,430
				11,691,260
Beverages–0.77%
Anheuser-Busch InBev Finance 3.65% 2/1/26		1,075,000		1,153,874
#JB 144A 3.75% 5/13/25		350,000		363,596
Molson Coors Brewing
2.10% 7/15/21		50,000		50,211
3.00% 7/15/26		135,000		135,157
4.20% 7/15/46		90,000		90,767
Pernod Ricard
#144A 3.25% 6/8/26		220,000		225,632
#144A 4.45% 1/15/22		150,000		165,474
				2,184,711
Biotechnology–0.20%
Biogen
4.05% 9/15/25		70,000		75,494
5.20% 9/15/45		160,000		180,632
Celgene
3.875% 8/15/25		80,000		85,494
4.625% 5/15/44		115,000		120,082
5.00% 8/15/45		105,000		116,098
				577,800
Building Products–0.17%
Fortune Brands Home & Security 3.00% 6/15/20		105,000		108,564
#GTL Trade Finance 144A 5.893% 4/29/24		150,000		133,005
Masco 3.50% 4/1/21		230,000		235,819
				477,388
Capital Markets–0.79%
Affiliated Managers Group 3.50% 8/1/25		175,000		175,153
Bank of New York Mellon
2.15% 2/24/20		45,000		45,899
2.50% 4/15/21		355,000		368,102

LVIP Delaware Foundation^® Conservative Allocation Fund–18

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value        (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
#Export Credit Bank of Turkey 144A 5.375% 2/8/21		200,000	$	209,502
•Goldman Sachs Group 3.295% 8/21/19	AUD	10,000		7,434
Jefferies Group
6.45% 6/8/27		110,000		122,436
6.50% 1/20/43		60,000		59,763
Lazard Group 6.85% 6/15/17		101,000		105,646
Morgan Stanley
•1.488% 1/24/19		77,000		76,902
2.50% 4/21/21		55,000		55,638
3.875% 1/27/26		345,000		366,982
3.95% 4/23/27		100,000		101,351
5.00% 9/30/21	AUD	38,000		30,712
State Street
2.55% 8/18/20		175,000		181,706
3.10% 5/15/23		110,000		113,902
3.55% 8/18/25		195,000		212,305
				2,233,433
Chemicals–1.02%
CF Industries 6.875% 5/1/18		315,000		342,391
Dow Chemical 8.55% 5/15/19		1,129,000		1,341,034
Eastman Chemical
3.80% 3/15/25		115,000		121,761
4.65% 10/15/44		415,000		426,139
Methanex 4.25% 12/1/24		125,000		111,743
#OCP 144A 4.50% 10/22/25		200,000		196,180
PolyOne 5.25% 3/15/23		145,000		146,813
PPG Industries 2.30% 11/15/19		155,000		156,367
#WR Grace 144A 5.125% 10/1/21		40,000		41,200
				2,883,628
Commercial Services & Supplies–0.36%
Penske Truck Leasing
#144A 3.30% 4/1/21		150,000		154,362
#144A 3.375% 2/1/22		285,000		290,998
#Prestige Brands 144A 5.375% 12/15/21		115,000		117,300
United Rentals North America
4.625% 7/15/23		145,000		146,813
5.50% 7/15/25		151,000		149,301
5.875% 9/15/26		65,000		64,837
Waste Management 2.40% 5/15/23		95,000		96,519
				1,020,130
Computers & Peripherals–0.11%
#Diamond 1 Finance / Diamond 2 Finance 144A 6.02% 6/15/26		285,000		297,654
				297,654

	Principal Amount°		Value        (U.S. $)
CORPORATE BONDS (continued)
Construction & Engineering–0.10%
AECOM 5.875% 10/15/24		131,000	$	134,930
Vale Overseas 5.875% 6/10/21		160,000		160,600
				295,530
Construction Materials–0.28%
Cemex
#144A 7.25% 1/15/21		200,000		211,540
#144A 7.75% 4/16/26		200,000		210,320
#Tenedora Nemak 144A 5.50% 2/28/23		200,000		208,000
#Union Andina De Cementos 144A 5.875% 10/30/21		150,000		152,400
				782,260
Consumer Finance–0.29%
General Motors Financial
3.45% 4/10/22		230,000		230,136
4.375% 9/25/21		75,000		79,236
5.25% 3/1/26		80,000		87,130
Hyundai Capital America
#144A 2.125% 10/2/17		155,000		156,013
#144A 3.00% 3/18/21		110,000		114,067
Toyota Motor Credit 2.80% 7/13/22		155,000		163,155
				829,737
Containers & Packaging–0.12%
Ball
5.00% 3/15/22		25,000		26,663
5.25% 7/1/25		140,000		146,475
#Owens-Brockway Glass Container 144A 5.875% 8/15/23		165,000		173,629
				346,767
Diversified Consumer Services–0.08%
#ENA Norte Trust 144A 4.95% 4/25/23		209,864		214,586
				214,586
Diversified Financial Services–1.08%
AerCap Ireland Capital 4.625% 7/1/22		250,000		256,957
Berkshire Hathaway
2.75% 3/15/23		110,000		113,757
3.125% 3/15/26		345,000		362,192
#•Credit Suisse Group 144A 6.25% 12/29/49		400,000		378,216
General Electric Capital
2.10% 12/11/19		235,000		242,560
4.25% 1/17/18	NZD	175,000		126,865
5.55% 5/4/20		150,000		173,047
6.00% 8/7/19		234,000		268,167

LVIP Delaware Foundation^® Conservative Allocation Fund–19

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value        (U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Nasdaq 3.85% 6/30/26		45,000	$	45,813
National Rural Utilities Cooperative Finance
2.30% 11/1/20		20,000		20,642
2.70% 2/15/23		220,000		229,069
•4.75% 4/30/43		275,000		270,187
•5.25% 4/20/46		80,000		82,063
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25		240,000		241,057
#SUAM Finance 144A 4.875% 4/17/24		100,000		104,000
•Voya Financial 5.65% 5/15/53		140,000		132,125
				3,046,717
Diversified Telecommunication Services–0.99%
AT&T
3.60% 2/17/23		150,000		156,702
4.125% 2/17/26		300,000		322,899
5.65% 2/15/47		310,000		356,386
Bell Canada 3.35% 3/22/23	CAD	53,000		43,412
CenturyLink
5.80% 3/15/22		185,000		180,318
6.75% 12/1/23		195,000		192,319
#Colombia Telecomunicaciones 144A 5.375% 9/27/22		200,000		189,500
#Digicel 144A 6.00% 4/15/21		200,000		172,440
Frontier Communications 8.875% 9/15/20		150,000		160,687
#GTH Finance 144A 7.25% 4/26/23		200,000		209,000
#GTP Acquisition Partners I 144A 2.35% 6/15/20		100,000		99,911
SBA Tower Trust
#144A 2.24% 4/16/18		180,000		180,577
#144A 2.898% 10/15/19		90,000		91,250
Verizon Communications 4.862% 8/21/46		230,000		252,442
#Virgin Media Secured Finance 144A 5.25% 1/15/26		200,000		194,500
				2,802,343
Electric Utilities–3.24%
#AES Andres 144A 7.95% 5/11/26		200,000		208,750
Alabama Power 4.30% 1/2/46		5,000		5,625
Appalachian Power
3.40% 6/1/25		145,000		154,167
4.45% 6/1/45		105,000		114,256
Berkshire Hathaway Energy 3.75% 11/15/23		310,000		339,280
Black Hills 3.95% 1/15/26		60,000		63,790
@ComEd Financing III 6.35% 3/15/33		220,000		238,864

	Principal Amount°		Value        (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Commonwealth Edison 4.35% 11/15/45		180,000	$	205,040
Consumers Energy 4.10% 11/15/45		50,000		56,415
Dominion Resources 3.90% 10/1/25		235,000		252,221
DTE Energy 3.30% 6/15/22		180,000		189,957
Duke Energy
3.75% 4/15/24		60,000		64,533
4.80% 12/15/45		130,000		151,137
Duke Energy Carolinas 3.875% 3/15/46		95,000		102,316
Duke Energy Ohio 3.70% 6/15/46		5,000		5,110
#•Electricite de France 144A 5.25% 12/29/49		170,000		163,821
•Emera 6.75% 6/15/76		285,000		289,525
#Emera US Finance 144A 4.75% 6/15/46		90,000		91,707
#•Enel 144A 8.75% 9/24/73		390,000		445,087
#Enel Finance International 144A 6.00% 10/7/39		105,000		124,497
Entergy 4.00% 7/15/22		455,000		488,893
Entergy Arkansas 3.50% 4/1/26		35,000		38,406
Entergy Louisiana 4.95% 1/15/45		50,000		52,506
Entergy Mississippi 2.85% 6/1/28		155,000		157,687
Exelon 3.95% 6/15/25		145,000		155,302
Great Plains Energy 4.85% 6/1/21		95,000		104,496
Indiana Michigan Power
3.20% 3/15/23		125,000		130,557
4.55% 3/15/46		55,000		61,382
IPALCO Enterprises 5.00% 5/1/18		175,000		183,750
ITC Holdings 3.25% 6/30/26		205,000		205,591
Kansas City Power & Light 3.65% 8/15/25		275,000		291,535
LG&E & KU Energy 4.375% 10/1/21		395,000		436,392
#Metropolitan Edison 144A 4.00% 4/15/25		125,000		130,970
MidAmerican Energy 4.25% 5/1/46		200,000		226,797
NextEra Energy Capital Holdings 3.625% 6/15/23		195,000		205,844
NV Energy 6.25% 11/15/20		195,000		231,089
Pennsylvania Electric 5.20% 4/1/20		220,000		232,864
Public Service of New Hampshire 3.50% 11/1/23		160,000		171,744

LVIP Delaware Foundation^® Conservative Allocation Fund–20

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value        (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Public Service of Oklahoma 5.15% 12/1/19		165,000	$	183,753
South Carolina Electric & Gas 4.10% 6/15/46		285,000		302,351
Southern
2.75% 6/15/20		555,000		575,746
3.25% 7/1/26		295,000		307,063
4.40% 7/1/46		275,000		296,858
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		210,000		224,937
Wisconsin Electric Power 4.30% 12/15/45		105,000		120,022
Xcel Energy 3.30% 6/1/25		385,000		406,820
				9,189,453
Electronic Equipment, Instruments & Components–0.27%
FLIR Systems 3.125% 6/15/21		80,000		82,234
Fortive
#144A 2.35% 6/15/21		50,000		50,791
#144A 3.15% 6/15/26		155,000		159,849
Intel 2.60% 5/19/26		125,000		127,570
Jabil Circuit 7.75% 7/15/16		85,000		85,091
#NXP 144A 4.625% 6/1/23		250,000		255,000
				760,535
Food & Staples Retailing–0.62%
#Cencosud 144A 5.15% 2/12/25		200,000		205,697
CVS Health
2.125% 6/1/21		60,000		60,807
3.875% 7/20/25		67,000		73,837
5.00% 12/1/24		120,000		140,688
KFC Holding
#144A 5.00% 6/1/24		64,000		65,280
#144A 5.25% 6/1/26		60,000		61,650
Sysco 3.30% 7/15/26		530,000		551,009
Walgreens Boots Alliance
3.10% 6/1/23		360,000		367,221
3.45% 6/1/26		160,000		164,583
4.80% 11/18/44		50,000		54,002
				1,744,774
Food Products–0.32%
#Aramark Services 144A 5.125% 1/15/24		190,000		194,275
#@Arcor SAIC 144A 6.00% 7/6/23		100,000		100,937
#Cosan Luxembourg 144A 7.00% 1/20/27		200,000		199,660
#JBS USA Finance 144A 5.75% 6/15/25		35,000		33,075
Kraft Heinz Foods
#144A 3.00% 6/1/26		320,000		323,290

	Principal Amount°		Value        (U.S. $)
CORPORATE BONDS (continued)
Food Products (continued)
Kraft Heinz Foods (continued)
#144A 4.375% 6/1/46		40,000	$	42,479
				893,716
Gas Utilities–0.16%
AGL Capital 3.25% 6/15/26		125,000		128,025
AmeriGas Finance 7.00% 5/20/22		205,000		217,427
Dominion Gas Holdings 4.60% 12/15/44		115,000		120,172
				465,624
Health Care Equipment & Supplies–0.33%
Becton Dickinson 6.375% 8/1/19		330,000		376,126
Thermo Fisher Scientific 3.00% 4/15/23		365,000		373,175
Zimmer Biomet Holdings
3.375% 11/30/21		140,000		146,073
4.45% 8/15/45		45,000		45,981
				941,355
Health Care Providers & Services–0.70%
Aetna 3.20% 6/15/26		230,000		237,122
DaVita HealthCare Partners 5.00% 5/1/25		540,000		536,625
HCA
5.25% 6/15/26		175,000		182,109
5.375% 2/1/25		295,000		303,113
HealthSouth
5.125% 3/15/23		50,000		49,250
5.75% 9/15/25		80,000		79,600
#@Highmark 144A 6.125% 5/15/41		65,000		65,768
#LifePoint Health 144A 5.375% 5/1/24		180,000		180,900
New York and Presbyterian Hospital 4.063% 8/1/56		140,000		151,235
Tenet Healthcare 4.50% 4/1/21		150,000		151,875
#Universal Health Services 144A 5.00% 6/1/26		40,000		40,200
				1,977,797
Hotels, Restaurants & Leisure–0.35%
Marriott International 3.125% 6/15/26		350,000		354,991
MGM Resorts International 6.00% 3/15/23		426,000		450,495
Starwood Hotels & Resorts Worldwide
@3.75% 3/15/25		150,000		156,456
@4.50% 10/1/34		35,000		35,815
				997,757

LVIP Delaware Foundation^® Conservative Allocation Fund–21

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Household Products–0.04%
#Tempur Sealy International 144A 5.50% 6/15/26		110,000	$	108,350
				108,350
Independent Power & Renewable Electricity Producers–0.14%
#AES Gener 144A 5.00% 7/14/25		200,000		206,292
Calpine
#144A 5.25% 6/1/26		80,000		80,000
5.375% 1/15/23		125,000		122,500
				408,792
Independent Power Producers & Energy Traders–0.08%
#Perusahaan Listrik Negara 144A 5.50% 11/22/21		210,000		229,009
				229,009
Insurance–0.77%
•MetLife 5.25% 12/29/49		190,000		189,050
#MetLife Capital Trust X 144A 9.25% 4/8/38		400,000		549,925
#Principal Life Global Funding II 144A 3.00% 4/18/26		140,000		142,971
Prudential Financial
•5.375% 5/15/45		140,000		141,400
•5.625% 6/15/43		165,000		172,272
TIAA Asset Management Finance
#144A 2.95% 11/1/19		160,000		164,043
#144A 4.125% 11/1/24		335,000		352,536
#USI 144A 7.75% 1/15/21		40,000		39,750
XLIT
4.45% 3/31/25		180,000		181,969
5.50% 3/31/45		160,000		158,614
•6.50% 12/29/49		120,000		83,700
				2,176,230
Internet Software & Services–0.12%
#Tencent Holdings 144A 3.375% 5/2/19		200,000		207,605
Zayo Group 6.00% 4/1/23		135,000		137,700
				345,305
IT Services–0.44%
Fidelity National Information Services 5.00% 10/15/25		275,000		312,764
First Data
#144A 5.00% 1/15/24		85,000		85,531
#144A 5.75% 1/15/24		615,000		612,694
#144A 7.00% 12/1/23		62,000		63,007
Priceline Group 3.60% 6/1/26		160,000		165,584
				1,239,580
Machinery–0.11%
Crane
2.75% 12/15/18		35,000		35,994

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Machinery (continued)
Crane (continued)
4.45% 12/15/23		245,000	$	260,711
Parker Hannifin 3.30% 11/21/24		15,000		16,230
				312,935
Media–1.98%
21st Century Fox America 4.95% 10/15/45		250,000		285,811
#Cablevision 144A 6.50% 6/15/21		160,000		163,600
CC Holdings GS V 3.849% 4/15/23		175,000		186,946
CCO Holdings
#144A 5.125% 5/1/23		205,000		206,666
#144A 5.75% 2/15/26		115,000		118,737
#Charter Communications Operating 144A 4.908% 7/23/25		560,000		613,352
#Columbus International 144A 7.375% 3/30/21		290,000		307,327
Comcast 3.15% 3/1/26		785,000		836,568
CSC Holdings 5.25% 6/1/24		450,000		410,625
DISH DBS 5.00% 3/15/23		110,000		100,375
Gray Television 7.50% 10/1/20		90,000		94,275
#Myriad International Holdings 144A 5.50% 7/21/25		200,000		208,400
#Numericable-SFR 144A 6.00% 5/15/22		200,000		195,250
Omnicom Group 3.60% 4/15/26		35,000		36,938
#Sirius XM Radio 144A 5.375% 7/15/26		530,000		527,350
#Sky 144A 3.75% 9/16/24		715,000		744,155
Time Warner 2.95% 7/15/26		60,000		60,580
Tribune Media 5.875% 7/15/22		250,000		250,000
#VTR Finance 144A 6.875% 1/15/24		200,000		199,896
WPP Finance 2010 5.625% 11/15/43		65,000		74,952
				5,621,803
Metals & Mining–0.29%
BHP Billiton Finance 3.00% 3/30/20	AUD	20,000		14,852
#Cia Brasileira de Aluminio 144A 6.75% 4/5/21		120,000		124,800
#Lundin Mining 144A 7.50% 11/1/20		105,000		107,625
#MMC Norilsk Nickel OJSC via MMC Finance 144A 6.625% 10/14/22		200,000		222,298
Rio Tinto Finance USA 3.75% 6/15/25		240,000		251,535

LVIP Delaware Foundation^® Conservative Allocation Fund–22

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value        (U.S. $)
CORPORATE BONDS (continued)
Metals & Mining (continued)
Southern Copper 5.875% 4/23/45		100,000	$	94,650
				815,760
Multi-Utilities–0.66%
Ameren Illinois 9.75% 11/15/18		1,087,000		1,290,556
American Water Capital 3.40% 3/1/25		40,000		43,419
CenterPoint Energy 5.95% 2/1/17		10,000		10,250
CMS Energy 6.25% 2/1/20		215,000		247,705
Louisville Gas & Electric 4.375% 10/1/45		50,000		57,566
Puget Energy 6.00% 9/1/21		130,000		151,469
WEC Energy Group 3.55% 6/15/25		70,000		75,254
				1,876,219
Oil, Gas & Consumable Fuels–1.68%
Chevron 2.954% 5/16/26		195,000		201,776
CNOOC Finance 2015 Australia 2.625% 5/5/20		200,000		202,210
ConocoPhillips 4.95% 3/15/26		140,000		159,053
Ecopetrol
5.875% 9/18/23		150,000		154,875
5.875% 5/28/45		80,000		69,920
Energy Transfer Partners
4.75% 1/15/26		75,000		77,275
9.70% 3/15/19		238,000		269,622
EnLink Midstream Partners 2.70% 4/1/19		100,000		97,256
Enterprise Products Operating
3.95% 2/15/27		200,000		212,578
•7.034% 1/15/68		40,000		42,160
Murphy Oil USA 6.00% 8/15/23		285,000		296,400
Noble Energy 5.05% 11/15/44		150,000		151,619
#Pertamina Persero 144A 5.625% 5/20/43		200,000		194,739
Petrobras Global Finance
4.875% 3/17/20		70,000		65,800
6.25% 3/17/24		45,000		40,050
7.875% 3/15/19		85,000		87,975
8.375% 5/23/21		90,000		93,105
8.75% 5/23/26		15,000		15,113
Petroleos Mexicanos
#144A 6.375% 2/4/21		10,000		10,898
6.625% 6/15/35		170,000		176,120
#144A 6.875% 8/4/26		10,000		11,205
#Petronas Global Sukuk 144A 2.707% 3/18/20		220,000		222,883
Plains All American Pipeline 8.75% 5/1/19		435,000		497,568

	Principal Amount°		Value        (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Regency Energy Partners 5.875% 3/1/22		160,000	$	171,341
Shell International Finance
2.875% 5/10/26		75,000		76,296
4.00% 5/10/46		105,000		107,371
Williams Partners 7.25% 2/1/17		340,000		350,219
#Woodside Finance 144A 8.75% 3/1/19		380,000		438,032
YPF
#144A 8.50% 3/23/21		50,000		53,500
#144A 8.75% 4/4/24		85,000		91,587
#•144A 31.35% 7/7/20		125,000		125,000
				4,763,546
Paper & Forest Products–0.36%
Georgia-Pacific 8.00% 1/15/24		520,000		695,714
International Paper 5.15% 5/15/46		190,000		205,768
#Suzano Trading 144A 5.875% 1/23/21		120,000		125,550
				1,027,032
Pharmaceuticals–0.49%
AbbVie
3.20% 5/14/26		135,000		137,034
4.30% 5/14/36		110,000		112,563
4.45% 5/14/46		165,000		168,005
AstraZeneca 3.375% 11/16/25		245,000		257,154
#Mallinckrodt International Finance 144A 5.50% 4/15/25		215,000		192,881
Mylan
#144A 3.15% 6/15/21		45,000		45,697
#144A 3.95% 6/15/26		470,000		476,607
				1,389,941
Real Estate Investment Trusts–1.35%
Alexandria Real Estate Equities 3.95% 1/15/27		60,000		61,975
American Tower
2.80% 6/1/20		35,000		35,849
4.00% 6/1/25		220,000		234,392
4.40% 2/15/26		30,000		32,634
#American Tower Trust I 144A 3.07% 3/15/23		245,000		252,134
AvalonBay Communities 2.95% 5/11/26		255,000		256,543
Corporate Office Properties
3.60% 5/15/23		175,000		170,379
5.25% 2/15/24		180,000		192,489
Crown Castle International 5.25% 1/15/23		165,000		185,759
DDR
7.50% 4/1/17		110,000		114,691

LVIP Delaware Foundation^® Conservative Allocation Fund–23

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
DDR (continued)
7.875% 9/1/20		190,000	$	229,660
Education Realty Operating Partnership 4.60% 12/1/24		185,000		190,226
Equinix 5.375% 4/1/23		192,000		199,200
GEO Group
5.125% 4/1/23		120,000		117,600
5.875% 10/15/24		150,000		152,625
Hospitality Properties Trust 4.50% 3/15/25		180,000		181,262
Host Hotels & Resorts
3.75% 10/15/23		45,000		45,398
4.50% 2/1/26		150,000		158,464
Kimco Realty 3.40% 11/1/22		35,000		36,738
#PLA Administradora Industrial S de RL 144A 5.25% 11/10/22		200,000		203,250
Regency Centers 5.875% 6/15/17		128,000		133,070
Simon Property Group 2.50% 7/15/21		65,000		67,013
Sovran Acquisition 3.50% 7/1/26		130,000		131,446
#Trust F 144A 5.25% 1/30/26		200,000		204,500
UDR 4.00% 10/1/25		55,000		59,727
WP Carey 4.60% 4/1/24		160,000		164,421
				3,811,445
Road & Rail–0.17%
Burlington Northern Santa Fe 4.70% 9/1/45		270,000		318,305
Norfolk Southern 2.90% 6/15/26		170,000		175,286
				493,591
Software–0.40%
CDK Global 4.50% 10/15/24		135,000		134,329
Oracle
1.90% 9/15/21		60,000		60,264
2.40% 9/15/23		765,000		768,464
4.00% 7/15/46		180,000		181,948
				1,145,005
Specialty Retail–0.33%
Home Depot 3.00% 4/1/26		90,000		95,768
L Brands 6.75% 7/1/36		110,000		110,481
Lowe’s
2.50% 4/15/26		210,000		214,157
3.70% 4/15/46		270,000		278,359
Sally Holdings 5.75% 6/1/22		5,000		5,206
Starbucks 2.45% 6/15/26		110,000		111,852
Target 3.625% 4/15/46		105,000		107,528
				923,351

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals–0.15%
#Samsung Electronics America 144A 1.75% 4/10/17		415,000	$	416,148
				416,148
Textiles, Apparel & Luxury Goods–0.17%
#Hanesbrands 144A 4.875% 5/15/26		275,000		277,365
#INVISTA Finance 144A 4.25% 10/15/19		215,000		210,700
				488,065
Tobacco–0.24%
Reynolds American
4.00% 6/12/22		215,000		233,969
4.45% 6/12/25		405,000		454,401
				688,370
Trading Companies & Distributors–0.11%
#ERAC USA Finance 144A 3.30% 12/1/26		310,000		317,642
				317,642
Wireless Telecommunication Services–0.66%
#Crown Castle Towers 144A 4.883% 8/15/20		900,000		982,154
#Millicom International Cellular 144A 6.00% 3/15/25		200,000		195,750
#Ooredoo International Finance 144A 3.75% 6/22/26		200,000		202,750
Sprint Communications
#144A 7.00% 3/1/20		50,000		52,599
#144A 9.00% 11/15/18		235,000		251,156
T-Mobile USA 6.125% 1/15/22		185,000		194,713
				1,879,122
Total Corporate Bonds (Cost $77,087,375)				80,341,688
MUNICIPAL BONDS–0.71%
Bay Area Toll Authority Series S3 6.907% 10/1/50		185,000		297,040
California State Various Purposes 7.55% 4/1/39		120,000		189,812
Dallas, Texas Area Rapid Transit Series A 5.00% 12/1/46		160,000		197,403
New Jersey Turnpike Authority
Series A 7.102% 1/1/41		100,000		151,343
Series E 5.00% 1/1/45		150,000		179,400
Series F 7.414% 1/1/40		50,000		78,503
New York, New York
Series C 5.00% 8/1/26		70,000		90,679
Series C 5.00% 8/1/27		35,000		45,018
Oregon State Taxable Pension 5.892% 6/1/27		485,000		640,476

LVIP Delaware Foundation^® Conservative Allocation Fund–24

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
South Carolina Public Service Authority Series D 4.77% 12/1/45		60,000	$	69,342
Texas Water Development Board Series A 5.00% 10/15/45		50,000		61,687
Total Municipal Bonds (Cost $1,802,398)				2,000,703
NON-AGENCY ASSET-BACKED SECURITIES–3.43%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		84,827		87,341
Ally Master Owner Trust
Series 2012-5 A 1.54% 9/15/19		255,000		255,801
Series 2014-4 A2 1.43% 6/17/19		280,000		280,659
•American Express Credit Account Secured Note Trust Series 2012-4 A 0.682% 5/15/20		550,000		550,275
#•Avery Point III CLO Series 2013-3A A 144A 2.033% 1/18/25		250,000		247,543
Avis Budget Rental Car Funding AESOP
#Series 2013-1A A 144A 1.92% 9/20/19		190,000		190,467
#Series 2014-1A A 144A 2.46% 7/20/20		240,000		243,390
BA Credit Card Trust
•Series 2014-A2 A 0.712% 9/16/19		120,000		120,114
•Series 2014-A3 A 0.732% 1/15/20		155,000		155,231
•Series 2015-A1 A 0.772% 6/15/20		550,000		550,635
#•Benefit Street Partners CLO IV Series 2014-IVA A1A 144A 2.124% 7/20/26		500,000		496,863
Capital One Multi-Asset Execution Trust
•Series 2007-A5 A5 0.482% 7/15/20		235,000		234,259
•Series 2016-A1 A1 0.90% 2/15/22		275,000		275,475
#•Carlyle Global Market Strategies CLO Series 2014-2A A 144A 2.096% 5/15/25		250,000		248,795
#•Cedar Funding III CLO 144A 2.166% 5/20/26		250,000		249,463
#•Cent CLO 21 Series 2014-21A A1B 144A 2.024% 7/27/26		250,000		245,929
Chase Issuance Trust
•Series 2014-A5 A5 0.812% 4/15/21		200,000		199,727

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Chase Issuance Trust (continued)
•Series 2016-A1 A 0.852% 5/17/21		155,000	$	155,045
#•Chesapeake Funding Series 2012-2A A 144A 0.92% 5/7/24		1,432		1,432
#CIT Equipment Collateral Series 2014-VT1 A2 144A 0.86% 5/22/17		27,027		27,000
Citibank Credit Card Issuance Trust
Series 2014-A6 A6 2.15% 7/15/21		240,000		246,794
•Series 2014-A9 A9 0.701% 11/23/18		130,000		130,032
•CNH Equipment Trust Series 2016-B A2B 1.05% 10/15/19		135,000		134,830
Discover Card Execution Note Trust
•Series 2013-A1 A1 0.742% 8/17/20		200,000		200,224
•Series 2014-A1 A1 0.872% 7/15/21		200,000		200,460
Series 2015-A3 A 1.45% 3/15/21		165,000		166,718
#FirstKey Lending Trust Series 2015-SFR1 A 144A 2.553% 3/9/47		97,320		97,981
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		135,000		135,138
#Ford Credit Auto Owner Trust Series 2016-2 A 144A 2.03% 12/15/27		180,000		180,946
•GE Dealer Floorplan Master Note Trust Series 2014-2 A 0.898% 10/20/19		200,000		199,721
#•Golden Credit Card Trust Series 2014-2A A 144A 0.892% 3/15/21		100,000		99,417
#Great America Leasing Receivables Series 2013-1 B 144A 1.44% 5/15/18		100,000		99,859
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		246,075		217,727
Honda Auto Receivables Owner Trust Series 2015-3 A3 1.27% 4/18/19		125,000		125,526
#•Magnetite IX Series 2014-9A A1 144A 2.058% 7/25/26		485,000		484,270
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.002% 7/16/18		110,000		109,959
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.022% 5/15/20		135,000		135,202

LVIP Delaware Foundation^® Conservative Allocation Fund–25

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Neuberger Berman CLO XIX Series 2015-19A A1 144A 2.048% 7/15/27		250,000	$	248,562
#•Neuberger Berman CLO XVII Series 2014-17A A 144A 2.107% 8/4/25		250,000		249,195
•Nissan Auto Lease Trust Series 2015-B A2B 0.972% 12/15/17		123,580		123,755
#•Penarth Master Issuer Series 2015-1A A1 144A 0.848% 3/18/19		150,000		149,444
#•PFS Financing Series 2015-AA A 144A 1.062% 4/15/20		100,000		99,032
#Porsche Innovative Lease Owner Trust Series 2015-1 A3 144A 1.19% 7/23/18		140,000		140,147
#•Shackleton V CLO Series 2014-5A A 144A 2.132% 5/7/26		250,000		247,957
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		155,000		155,393
Series 2015-2 A 1.60% 4/15/21		135,000		135,547
#Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19		405,000		402,576
Total Non-Agency Asset-Backed Securities (Cost $9,768,569)				9,731,856
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.93%
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		6,831		6,684
fCiticorp Residential Mortgage Securities Series 2006-3 A5 5.908% 11/25/36		400,000		396,026
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		90,264		89,761
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36		108,287		110,758
#•Series 2014-2 B1 144A 3.426% 6/25/29		85,204		85,316
#•Series 2014-2 B2 144A 3.426% 6/25/29		85,204		83,065
#•Series 2014-IVR6 2A4 144A 2.50% 7/25/44		100,000		100,960
#•Series 2015-1 B1 144A 2.663% 12/25/44		197,852		195,517
#•Series 2015-4 B1 144A 3.634% 6/25/45		98,003		95,405
#•Series 2015-4 B2 144A 3.634% 6/25/45		98,003		93,463

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
JPMorgan Mortgage Trust (continued)
#•Series 2015-5 B2 144A 2.901% 5/25/45		98,782	$	92,475
#•Series 2015-6 B1 144A 3.645% 10/25/45		98,287		100,320
#•Series 2015-6 B2 144A 3.645% 10/25/45		98,287		98,434
#•New Residential Mortgage Loan Trust Series 2015-2A A1 144A 3.75% 8/25/55		135,389		141,728
Sequoia Mortgage Trust
#•Series 2013-11 B1 144A 3.668% 9/25/43		93,849		93,313
#•Series 2014-2 A4 144A 3.50% 7/25/44		97,440		100,180
#•Series 2015-1 B2 144A 3.887% 1/25/45		67,776		68,198
¿Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34		55,614		56,524
Towd Point Mortgage Trust
#•Series 2015-5 A1B 144A 2.75% 5/25/55		129,406		131,013
#•Series 2015-6 A1B 144A 2.75% 4/25/55		132,011		133,739
#•Series 2016-1 A1B 144A 2.75% 2/25/55		97,458		98,744
#•Series 2016-2 A1 144A 3.00% 8/25/55		98,263		100,356
Wells Fargo Mortgage Backed Securities Trust Series 2006-2 3A1 5.75% 3/25/36		59,028		59,843
#•WinWater Mortgage Loan Trust Series 2015-3 B1 144A 3.914% 3/20/45		97,536		101,457
Total Non-Agency Collateralized Mortgage Obligations (Cost $2,558,591)				2,633,279
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–3.30%
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 6.00% 2/10/51		130,000		135,457
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		97,249		100,471

LVIP Delaware Foundation^® Conservative Allocation Fund–26

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.901% 12/10/49		100,000	$	100,356
Series 2014-GC25 A4 3.635% 10/10/47		195,000		211,802
Series 2015-GC27 A5 3.137% 2/10/48		215,000		225,620
Series 2016-P3 A4 3.329% 4/15/49		145,000		154,744
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		145,000		151,102
Series 2014-CR16 A4 4.051% 4/10/47		145,000		162,488
Series 2014-CR19 A5 3.796% 8/10/47		235,000		258,606
Series 2014-CR20 A4 3.59% 11/10/47		80,000		86,999
Series 2014-CR20 AM 3.938% 11/10/47		340,000		370,236
#Series 2015-3BP A 144A 3.178% 2/10/35		400,000		421,331
Series 2015-CR23 A4 3.497% 5/10/48		80,000		86,070
Commercial Mortgage Trust Series 2007-GG9 AM 5.475% 3/10/39		85,000		86,423
DB-JPM Series 2016-C1 A4 3.276% 5/10/49		170,000		181,035
DB-UBS Mortgage Trust
#Series 2011-LC1A A3 144A 5.002% 11/10/46		155,000		173,635
#•Series 2011-LC1A C 144A 5.883% 11/10/46		200,000		226,936
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		1,190,000		1,270,398
GS Mortgage Securities Trust
Series 2014-GC24 A5 3.931% 9/10/47		235,000		260,439
Series 2015-GC32 A4 3.764% 7/10/48		105,000		115,619
Hilton USA Trust
#Series 2013-HLT AFX 144A 2.662% 11/5/30		100,000		100,427
#Series 2013-HLT BFX 144A 3.367% 11/5/30		440,000		442,156

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		160,000	$	166,203
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		340,000		373,428
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		275,000		289,152
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.675% 8/12/37		60,000		65,116
•Series 2005-LDP5 D 5.718% 12/15/44		105,000		104,650
Series 2006-LDP8 AM 5.44% 5/15/45		484,000		484,232
#•Series 2011-C5 C 144A 5.494% 8/15/46		100,000		108,730
Series 2013-LC11 B 3.499% 4/15/46		130,000		134,749
Series 2015-JP1 A5 3.914% 1/15/49		130,000		145,042
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		7,274		7,288
•Series 2006-C6 AJ 5.452% 9/15/39		210,000		209,126
Series 2006-C6 AM 5.413% 9/15/39		185,000		185,644
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		135,000		147,944
Series 2015-C23 A4 3.719% 7/15/50		330,000		362,152
Series 2015-C26 A5 3.531% 10/15/48		190,000		205,503
Series 2016-C29 A4 3.325% 5/15/49		130,000		138,353
Morgan Stanley Capital I Trust
•Series 2005-HQ7 C 5.298% 11/14/42		11,071		11,056
•Series 2006-HQ10 B 5.448% 11/12/41		205,000		192,707

LVIP Delaware Foundation^® Conservative Allocation Fund–27

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5 A3 2.918% 10/15/45			100,000	$	105,158
Series 2015-NXS3 A4 3.617% 9/15/57			250,000		271,507
WF-RBS Commercial Mortgage Trust Series 2012-C10 A3 2.875% 12/15/45			300,000		314,445
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $9,170,068)					9,344,535
DREGIONAL BONDS–0.46%
Argentina–0.16%
City of Buenos Aires Argentina #144A 7.50% 6/1/27			250,000		261,250
Provincia de Buenos Aires #144A 5.75% 6/15/19			175,000		177,486
					438,736
Australia–0.03%
New South Wales Treasury 4.00% 5/20/26	AUD		49,900		43,106
Queensland Treasury #144A 3.25% 7/21/26	AUD		63,000		50,144
					93,250
Canada–0.27%
Province of British Columbia Canada 2.25% 6/2/26			285,000		292,558
Province of Manitoba Canada 2.125% 6/22/26			145,000		144,337
Province of Ontario Canada 3.45% 6/2/45	CAD		37,000		32,623
Province of Quebec Canada
2.50% 4/20/26			175,000		180,301
6.00% 10/1/29	CAD		118,000		128,447
					778,266
Total Regional Bonds (Cost $1,297,771)					1,310,252
«SENIOR SECURED LOANS–1.58%
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20			75,863		76,153
Aramark Tranche E 3.25% 9/7/19			196,138		196,659
Avago Technologies Cayman Finance Tranche B 1st Lien 4.25% 2/1/23			179,550		179,985
Community Health Systems Tranche F 1st Lien 3.924% 12/31/18			91,326		90,698

		Principal Amount°		Value (U.S. $)
«SENIOR SECURED LOANS (continued)
FCA US Tranche B 1st Lien 3.50% 5/24/17			22,778	$	22,794
First Data Tranche B 1st Lien 4.452% 3/24/21			953,637		952,413
HCA Tranche B6 1st Lien 3.71% 3/18/23			397,254		399,086
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20			571,783		572,944
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18			114,923		114,797
Landry’s Tranche B 4.00% 4/24/18			163,501		163,722
Level 3 Financing Tranche B 1st Lien 4.00% 1/15/20			300,000		300,187
@Republic of Angola (Unsecured) 7.045% 12/16/23			375,000		341,250
Solera Holdings Tranche B 1st Lien 5.75% 3/3/23			159,600		159,749
Univision Communications Tranche C4 1st Lien 4.00% 3/1/20			716,176		713,233
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19			202,693		200,413
Total Senior Secured Loans (Cost $4,445,584)					4,484,083
DSOVEREIGN BONDS–1.79%
Argentina–0.05%
#Argentine Republic Government International Bond 144A 7.125% 7/6/36			150,000		150,000
					150,000
Australia–0.01%
Australia Government Bond 3.75% 4/21/37	AUD		41,000		36,354
					36,354
Brazil–0.13%
Brazil Notas do Tesouro Nacional
10.00% 1/1/17	BRL		313,000		95,710
10.00% 1/1/23	BRL		339,000		96,352
Brazilian Government International Bonds 4.875% 1/22/21			155,000		163,680
					355,742
Canada–0.01%
Canadian Government Bond 2.75% 12/1/48	CAD		26,000		25,258
					25,258

LVIP Delaware Foundation^® Conservative Allocation Fund–28

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Dominican Republic–0.04%
#Dominican Republic International Bond 144A 6.875% 1/29/26		100,000	$	110,600
				110,600
Guatemala–0.07%
#Guatemala Government Bond 144A 4.50% 5/3/26		200,000		203,750
				203,750
Hungary–0.08%
Hungary Government International Bond 5.75% 11/22/23		200,000		228,025
				228,025
Indonesia–0.17%
#Indonesia Government International Bond 144A 4.875% 5/5/21		200,000		217,648
Indonesia Treasury Bond 8.375% 9/15/26	IDR	3,390,000,000		272,180
				489,828
Japan–0.10%
#Japan Finance Organization For Municipalities 144A 2.125% 4/13/21		272,000		276,688
				276,688
Mexico–0.23%
Mexican Bonos 5.75% 3/5/26	MXN	11,964,400		650,214
				650,214
Mongolia–0.07%
#Mongolia Government International Bond 144A 10.875% 4/6/21		200,000		210,933
				210,933
New Zealand–0.03%
New Zealand Government Bond 4.50% 4/15/27	NZD	86,000		73,911
				73,911
Paraguay–0.08%
#Paraguay Government International Bond 144A 5.00% 4/15/26		200,000		211,500
				211,500
Poland–0.15%
Poland Government Bond 2.50% 7/25/26	PLN	1,487,000		364,384

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Poland (continued)
Poland Government Bond (continued)
3.25% 7/25/25	PLN	272,000	$	71,337
				435,721
Portugal–0.01%
#Portugal Government International Bond 144A 5.125% 10/15/24		15,000		15,146
				15,146
Qatar–0.07%
#Qatar Government International Bond 144A 3.25% 6/2/26		200,000		204,425
				204,425
Republic of Korea–0.07%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW	222,904,704		197,643
				197,643
Russia–0.05%
Russian Foreign Bond - Eurobond 7.85% 3/10/18	RUB	10,000,000		152,964
				152,964
Senegal–0.07%
#Senegal Government International Bond 144A 6.25% 7/30/24		200,000		191,500
				191,500
South Africa–0.03%
South Africa Government Bond 8.00% 1/31/30	ZAR	1,535,000		94,612
				94,612
Sri Lanka–0.07%
#Sri Lanka Government International Bond 144A 6.125% 6/3/25		200,000		187,828
				187,828
Ukraine–0.07%
#Ukraine Government International Bond 144A 7.75% 9/1/19		200,000		198,000
				198,000
United Kingdom–0.07%
United Kingdom Gilt
3.25% 1/22/44	GBP	49,900		88,702
3.50% 1/22/45	GBP	56,200		104,261
				192,963

LVIP Delaware Foundation^® Conservative Allocation Fund–29

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Uruguay–0.06%
Uruguay Government International Bond 4.375% 10/27/27		162,000	$	171,720
				171,720
Total Sovereign Bonds (Cost $5,009,415)				5,065,325
SUPRANATIONAL BANKS–0.42%
Asian Development Bank 0.50% 3/24/20	AUD	42,000		29,204
European Bank for Reconstruction & Development 7.375% 4/15/19	IDR	1,710,000,000		127,980
FMS Wertmanagement 1.375% 6/8/21		200,000		201,427
Inter-American Development Bank 6.00% 9/5/17	INR	13,100,000		192,244
International Bank for Reconstruction & Development
3.50% 1/22/21	NZD	794,000		583,271
4.625% 10/6/21	NZD	35,000		27,182
International Finance 3.625% 5/20/20	NZD	24,000		17,709
Total Supranational Banks (Cost $1,162,502)				1,179,017
U.S. TREASURY OBLIGATIONS–0.23%
U.S. Treasury Bonds 2.50% 5/15/46		90,000		93,790
U.S. Treasury Notes
1.125% 6/30/21		15,000		15,079
1.625% 5/15/26		155,000		156,901
2.25% 11/15/25		360,000		384,089
Total U.S. Treasury Obligations (Cost $640,447)				649,859
	Number of Shares
RIGHT–0.00%
†B2W Cia Digital exercise price BRL 10.00, expiration date 7/20/16		11,578		0
Total Right (Cost $0)				0

	Number of Contracts		Value (U.S. $)
OPTIONS PURCHASED–0.00%
Futures Call Options–0.00%
U.S. Treasury 10 yr Notes strike price $135, expiration date 7/22/16		92	$	11,500
Total Options Purchased (Cost $21,938)				11,500
	Number of
	Shares
MONEY MARKET FUND–2.15%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		6,108,638		6,108,638
Total Money Market Fund (Cost $6,108,638)				6,108,638
	Principal
	Amount°
SHORT-TERM INVESTMENTS–6.14%
≠Certificates of Deposit–2.30%
Royal Bank of Canada
• 0.88% 10/14/16		6,500,000		6,504,621
				6,504,621
≠Discounted Commercial Paper–3.84%
BNP Paribas 0.28% 7/1/16		2,500,000		2,500,000
Cornell University
0.42% 7/21/16		3,390,000		3,389,254
0.44% 8/11/16		2,500,000		2,498,725
JPMorgan Securities 0.623% 7/22/16		2,500,000		2,499,395
				10,887,374
Total Short-Term Investments (Cost $17,387,052)				17,391,995

TOTAL VALUE OF SECURITIES–107.15% (Cost $273,684,704)		303,728,646
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(7.15%)		(20,266,532	)
NET ASSETS APPLICABLE TO 19,960,530 SHARES OUTSTANDING–100.00%	$	283,462,114

LVIP Delaware Foundation^® Conservative Allocation Fund–30

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $40,299,159, which represents 14.22% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin.

† Non-income producing for the period.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

* Interest only security. An interest only security is the interest only portion of a fixed income security which is separated and sold individually from the principal portion of the security.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $6,040,820, which represents 2.13% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

¿ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $194,176, which represents 0.07% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

≠ The rate shown is the effective yield at the time of purchase.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at June 30, 2016.

× Emerging Markets – developing countries with relatively low per capita income, often with above-average economic growth potential but with more risk.

§ Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2016.

LVIP Delaware Foundation^® Conservative Allocation Fund–31

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BAML	AUD	(213,108	)	USD	157,736			7/29/16	$  (1,025)
BAML	CAD	(355,124	)	USD	277,974			7/29/16	3,067
BAML	EUR	486,627		USD	(550,920	)		7/29/16	(10,294)
BAML	JPY	6,973,144		USD	(65,638	)		7/29/16	1,950
BAML	NZD	(445,597	)	USD	314,827			7/29/16	(2,838)
BB	COP	804,353,312		USD	(269,356	)		7/29/16	4,130
BB	EUR	(19,206	)	USD	21,281			7/29/16	(55)
BB	IDR	1,312,908,300		USD	(98,198	)		7/29/16	1,090
BNP	AUD	(67,114	)	USD	49,601			7/29/16	(397)
BNP	INR	6,594,064		USD	(97,673	)		7/29/16	(527)
BNP	NOK	(16,976	)	USD	2,059			7/29/16	30
BNYM	AUD	7,829		USD	(5,841	)		7/1/16	(3)
BNYM	BRL	307,834		USD	(94,436	)		7/5/16	1,250
BNYM	CAD	32,364		USD	(25,039	)		7/6/16	10
BNYM	CHF	21,148		USD	(21,717	)		7/1/16	(60)
BNYM	DKK	71,756		USD	(10,747	)		7/1/16	(40)
BNYM	EUR	234,590		USD	(261,155	)		7/1/16	(808)
BNYM	GBP	167,066		USD	(224,975	)		7/1/16	(2,567)
BNYM	HKD	200,357		USD	(25,828	)		7/5/16	(2)
BNYM	JPY	(492,331	)	USD	4,768			7/5/16	(1)
BNYM	SEK	161,049		USD	(19,051	)		7/1/16	(16)
HSBC	GBP	17,990		USD	(25,689	)		7/29/16	(1,734)
JPMC	KRW	(211,964,600	)	USD	181,189			7/29/16	(2,571)
JPMC	PLN	(238,967	)	USD	61,430			7/29/16	906
TD	EUR	(196,721	)	USD	217,740			7/29/16	(810)
TD	JPY	(6,235,213	)	USD	58,760			7/29/16	(1,675)
TD	NZD	(464,548	)	USD	327,908			7/29/16	(3,267)
									$(16,257)

LVIP Delaware Foundation^® Conservative Allocation Fund–32

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)	Notional Value			Expiration Date	Unrealized Appreciation (Depreciation)
(22)	E-mini S&P 500 Index	$(2,240,884)	$	(2,299,220	)	9/19/16	$  (58,336)
(67)	U.S. Treasury 10 yr Notes	(8,795,814)		(8,909,953	)	9/22/16	(114,139)
66	U.S. Treasury Long Bonds	10,872,504		11,374,688		9/22/16	502,184
							$ 329,709

Swap Contracts

CDS Contracts

Counterparty	Swap Referenced Obligation	Notional Value2		Annual   Protection   Payments (Receipts)		Termination    Date		Upfront Payments Paid    (Received)		Unrealized Appreciation  (Depreciation)
	Protection Sold:
HSBC	CDX.EM.253		455,000		1.00%		6/20/21		$(39,824)		$5,464

The use of foreign currency exchange contracts, futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

²Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

³Markit’s CDX.EM Index is composed of fourteen sovereign issuers from the following regions: Latin America, Middle East, Eastern Europe, Africa and Asia.

Summary of Abbreviations:

ADR–American Depositary Receipt

ARM–Adjustable Rate Mortgage

AUD–Australian Dollar

BAML–Bank of America Merrill Lynch

BB–Barclays Bank

BNP–BNP Paribas

BNYM–Bank of New York Mellon

BRL–Brazilian Real

CAD–Canadian Dollar

CDS–Credit Default Swap

CDX.EM–Credit Default Swap Index Emerging Markets

CHF–Swiss Franc

CLO–Collateralized Loan Obligation

COP–Colombian Peso

CVA–Dutch Certificate

DB–Deutsche Bank

DKK–Danish Krone

EAFE–Europe Australasia Far East

ETF–Exchange-Traded Fund

EUR–Euro

GBP–British Pound Sterling

GDR–Global Depositary Receipt

GE–General Electric

GNMA–Government National Mortgage Association

GS–Goldman Sachs

HKD–Hong Kong Dollar

HSBC–Hong Kong Shanghai Bank

IDR–Indonesian Rupiah

INR–Indian Rupee

IT–Information Technology

LVIP Delaware Foundation^® Conservative Allocation Fund–33

LVIP Delaware Foundation^® Conservative Allocation Fund

Schedule of Investments (continued)

Summary of Abbreviations: (continued)

JPM–JPMorgan

JPMC–JPMorgan Chase Bank

JPY–Japanese Yen

KRW–South Korean Won

LB–Lehman Brothers

MXN–Mexican Peso

NOK–Norwegian Krone

NVDR–Non-Voting Depositary Receipt

NZD–New Zealand Dollar

PLN–Polish Zloty

RBS–Royal Bank of Scotland

REIT–Real Estate Investment Trust

REMIC–Real Estate Mortgage Investment Conduit

RUB–Russian Ruble

SEK–Swedish Krona

S.F.–Single Family

TBA–To be announced

TD–Toronto Dominion Bank

UBS–Union Bank of Switzerland

USD–U.S. Dollar

WF–Wells Fargo

yr–Year

ZAR–South African Rand

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

LVIP Delaware Foundation^® Conservative Allocation Fund–34

LVIP Delaware Foundation^® Conservative Allocation Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments, at value	$	303,717,146
Receivable for securities sold		37,244,590
Cash		2,984,859
Dividends and interest receivable		1,382,003
Foreign currencies, at value		350,076
Unrealized appreciation on futures contracts		329,709
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		12,452
Unrealized appreciation on foreign currency exchange contracts		12,433
Options purchased, at value		11,500
Receivable for fund shares sold		9,273
Unrealized appreciation on credit default swap contracts		5,464
Foreign currencies collateral held at broker for futures contracts, at value		137
Swap payments receivable		114
Other assets		11,551
TOTAL ASSETS		346,071,307
LIABILITIES:
Payable for securities purchased		61,942,717
Payable for fund shares redeemed		280,863
Due to manager and affiliates		166,457
Due to broker for futures contracts		92,666
Other accrued expenses payable		57,503
Upfront payment received on credit default swap contracts		39,824
Unrealized depreciation on foreign currency exchange contracts		28,690
Deferred capital gains taxes payable		473
TOTAL LIABILITIES		62,609,193
TOTAL NET ASSETS	$	283,462,114
Investments, at cost	$	273,662,766
Foreign currencies, at cost		350,784
Options purchased, at cost		21,938
Foreign currencies held at broker for futures contracts, at cost		137
Standard Class:
Net Assets	$	240,328,217
Shares Outstanding		16,920,028
Net Asset Value Per Share	$	14.204
Service Class:
Net Assets	$	43,133,897
Shares Outstanding		3,040,502
Net Asset Value Per Share	$	14.186
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	242,354,372
Undistributed net investment income		2,866,850
Accumulated net realized gain on investments		7,882,073
Net unrealized appreciation of investments and derivatives		30,358,819
TOTAL NET ASSETS	$	283,462,114

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

LVIP Delaware Foundation^® Conservative Allocation Fund—35

LVIP Delaware Foundation^® Conservative Allocation Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Interest	$	2,769,587
Dividends		1,439,515
Foreign tax withheld		(62,709	)
		4,146,393
EXPENSES:
Management fees		1,056,841
Distribution fees-Service Class		53,512
Reports and statements to shareholders		52,470
Pricing fees		41,139
Professional fees		36,596
Accounting and administration expenses		35,459
Custodian fees		12,465
Trustees’ fees and expenses		3,752
Consulting fees		907
Other		1,780
		1,294,921
Less management fees waived		(140,912	)
Less expenses reimbursed		(71,838	)
Total operating expenses		1,082,171
NET INVESTMENT INCOME		3,064,222
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		240,359
Foreign currencies		(45,303	)
Foreign currency exchange contracts		(90,155	)
Futures contracts		121,757
Options purchased		36,989
Options written		(49,590	)
Swap contracts		211,497
Net realized gain		425,554
Net change in unrealized appreciation (depreciation) of:
Investments*		5,123,771
Foreign currencies		667
Foreign currency exchange contracts		(6,875	)
Futures contracts		421,802
Options purchased		(10,438	)
Swap contracts		(15,720	)
Net change in unrealized appreciation (depreciation)		5,513,207
NET REALIZED AND UNREALIZED GAIN		5,938,761
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,002,983

*Includes $473 capital gains taxes accrued.

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

LVIP Delaware Foundation^® Conservative

Allocation Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,064,222		$	7,244,289
Net realized gain		425,554			10,605,573
Net change in unrealized appreciation (depreciation)		5,513,207			(20,221,906	)
Net increase (decrease) in net assets resulting from operations		9,002,983			(2,372,044	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(7,040,484	)
Service Class		—			(1,135,665	)
Net realized gain:
Standard Class		—			(10,397,401	)
Service Class		—			(1,808,044	)
		—			(20,381,594	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		4,634,784			4,982,720
Service Class		1,833,899			2,505,965
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			17,437,885
Service Class		—			2,943,709
		6,468,683			27,870,279
Cost of shares redeemed:
Standard Class		(19,300,415	)		(39,051,463	)
Service Class		(3,993,768	)		(5,081,368	)
		(23,294,183	)		(44,132,831	)
Decrease in net assets derived from capital share transactions		(16,825,500	)		(16,262,552	)
NET DECREASE IN NET ASSETS		(7,822,517	)		(39,016,190	)
NET ASSETS:
Beginning of period		291,284,631			330,300,821
End of period	$	283,462,114		$	291,284,631
Undistributed (distributions in excess of) net investment income	$	2,866,850		$	(197,372	)

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

LVIP Delaware Foundation^® Conservative Allocation Fund—36

LVIP Delaware Foundation^® Conservative Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Foundation® Conservative Allocation Fund Standard Class
	Six Months     Ended     6/30/161     (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period		$  13.751		$  14.896			$  15.257			$  14.502			$  13.436			$  14.066
Income (loss) from investment operations:
Net investment income2		0.152		0.348			0.402			0.378			0.404			0.433
Net realized and unrealized gain (loss)		0.301		(0.491	)		0.342			0.963			1.020			(0.132	)
Total from investment operations		0.453		(0.143	)		0.744			1.341			1.424			0.301
Less dividends and distributions from:
Net investment income		—		(0.402	)		(0.411	)		(0.329	)		(0.358	)		(0.931	)
Net realized gain		—		(0.600	)		(0.694	)		(0.257	)		—			—
Total dividends and distributions		—		(1.002	)		(1.105	)		(0.586	)		(0.358	)		(0.931	)
Net asset value, end of period		$  14.204		$  13.751			$  14.896			$  15.257			$  14.502			$  13.436
Total return3		3.29%		(0.94%	)		4.88%			9.34%			10.63%			2.23%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$240,328		$247,317			$283,263			$299,595			$304,270			$318,061
Ratio of expenses to average net assets		0.73%		0.73%			0.73%			0.73%			0.73%			0.73%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.88%		0.88%			0.87%			0.88%			0.88%			0.88%
Ratio of net investment income to average net assets		2.21%		2.33%			2.58%			2.51%			2.85%			3.04%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.06%		2.18%			2.44%			2.36%			2.70%			2.89%
Portfolio turnover		100%		140%			142%			159%			142%			146%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Delaware Foundation^® Conservative Allocation Fund–37

LVIP Delaware Foundation^® Conservative Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Foundation® Conservative Allocation Fund Service Class
	Six Months     Ended     6/30/161     (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period		$13.751		$14.895			$15.257			$14.503			$13.438			$14.067
Income (loss) from investment operations:
Net investment income2		0.134		0.310			0.362			0.340			0.369			0.397
Net realized and unrealized gain (loss)		0.301		(0.489	)		0.342			0.962			1.018			(0.131	)
Total from investment operations		0.435		(0.179	)		0.704			1.302			1.387			0.266
Less dividends and distributions from:
Net investment income		—		(0.365	)		(0.372	)		(0.291	)		(0.322	)		(0.895	)
Net realized gain		—		(0.600	)		(0.694	)		(0.257	)		—			—
Total dividends and distributions		—		(0.965	)		(1.066	)		(0.548	)		(0.322	)		(0.895	)
Net asset value, end of period		$14.186		$13.751			$14.895			$15.257			$14.503			$13.438
Total return3		3.17%		(1.18%	)		4.61%			9.07%			10.36%			1.98%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$43,134		$43,968			$47,038			$47,560			$47,088			$44,849
Ratio of expenses to average net assets		0.98%		0.98%			0.98%			0.98%			0.98%			0.98%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.13%		1.13%			1.12%			1.13%			1.13%			1.13%
Ratio of net investment income to average net assets		1.96%		2.08%			2.33%			2.26%			2.60%			2.79%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.81%		1.93%			2.19%			2.11%			2.45%			2.64%
Portfolio turnover		100%		140%			142%			159%			142%			146%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Delaware Foundation^® Conservative Allocation Fund–38

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Delaware Foundation^® Conservative Allocation 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”). 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 a combination of current income and preservation of capital with capital appreciation.

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 and exchange-traded funds (“ETFs”), 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 and ETFs 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 or ETF 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 sale price on the valuation date. Open-end investment companies are valued at their published net asset value. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities and credit default swap (“CDS”) contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sales price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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.

To Be Announced Trades–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period

LVIP Delaware Foundation^® Conservative Allocation Fund—39

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, 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.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. 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. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Withholding taxes are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. 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 commission to the Fund in cash. Such commission rebates are included in “Net realized gain (loss) from investments” on the Statement of Operations and totaled $408 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.75% of the average daily net assets of the Fund. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.10% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board and LIAC.

LIAC has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.73% of the Fund’s average daily net assets for the Standard Class (and 0.98% for the Service Class). This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Delaware Investments Fund Advisers (“DIFA”), a series of Delaware Management Business Trust, and Jackson Square Partners, LLP (“JSP”), are responsible for the day-to-day management of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays DIFA and JSP a fee based on the Fund’s average daily net assets.

LVIP Delaware Foundation^® Conservative Allocation Fund—40

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	7,471
Legal		2,057

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 $43,910 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had receivables from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	12,452
Management fees payable to LIAC		150,981
Distribution fees payable to LFD		8,903
Printing and mailing fees payable to Lincoln Life		6,573

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Fund engaged in securities purchases of $3,277 and securities sales of $179,151.

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	226,132,715
Purchases of U.S. government securities		57,788,860
Sales other than U.S. government securities		214,234,056
Sales of U.S. government securities		75,382,104

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	273,684,704
Aggregate unrealized appreciation	$	39,023,943
Aggregate unrealized depreciation		(8,980,001	)
Net unrealized appreciation	$	30,043,942

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

LVIP Delaware Foundation^® Conservative Allocation Fund—41

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

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 June 30, 2016:

	Level 1			Level 2			Level 3			Total
Common Stock
U.S. Markets
Aerospace & Defense		$	1,796,268		$	—		$	—		$	1,796,268
Air Freight & Logistics			75,891			—			—			75,891
Auto Components			723,142			—			—			723,142
Automobiles			109,987			—			—			109,987
Banks			2,155,657			276,287			—			2,431,944
Beverages			121,831			—			—			121,831
Biotechnology			2,639,240			—			—			2,639,240
Building Products			241,148			—			—			241,148
Capital Markets			1,127,363			—			—			1,127,363
Chemicals			1,084,875			—			—			1,084,875
Commercial Services & Supplies			984,146			—			—			984,146
Communications Equipment			842,844			—			—			842,844
Construction & Engineering			193,493			—			—			193,493
Consumer Finance			117,493			—			—			117,493
Containers & Packaging			84,076			—			—			84,076
Diversified Financial Services			656,537			—			—			656,537
Diversified Telecommunication Services			1,579,945			—			—			1,579,945
Electric Utilities			559,224			—			—			559,224
Electrical Equipment			83,622			—			—			83,622
Electronic Equipment, Instruments & Components			61,272			—			—			61,272
Energy Equipment & Services			750,955			—			—			750,955
Food & Staples Retailing			1,584,544			—			—			1,584,544
Food Products			1,802,375			—			—			1,802,375
Gas Utilities			148,895			—			—			148,895
Health Care Equipment & Supplies			812,735			71,639			—			884,374
Health Care Providers & Services			1,775,510			561,729			—			2,337,239
Health Care Technology			9,662			—			—			9,662
Hotels, Restaurants & Leisure			613,362			—			—			613,362
Household Durables			60,033			—			—			60,033
Household Products			307,466			—			—			307,466
Industrial Conglomerates			324,244			—			—			324,244
Insurance			1,747,152			173,935			—			1,921,087

LVIP Delaware Foundation^® Conservative Allocation Fund—42

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2			Level 3			Total
Internet & Catalog Retail		$	1,438,715		$	—		$	—		$	1,438,715
Internet Software & Services			3,138,255			62,516			—			3,200,771
IT Services			2,803,426			444,132			—			3,247,558
Leisure Products			—			58,105			—			58,105
Life Sciences Tools & Services			173,431			—			—			173,431
Machinery			322,280			294,987			—			617,267
Media			1,352,502			—			—			1,352,502
Metals & Mining			245,909			—			—			245,909
Multi-Utilities			135,601			—			—			135,601
Oil, Gas & Consumable Fuels			2,756,039			—			—			2,756,039
Paper & Forest Products			188,170			—			—			188,170
Pharmaceuticals			3,315,825			—			—			3,315,825
Professional Services			800,093			—			—			800,093
Real Estate Investment Trusts			6,727,343			—			—			6,727,343
Road & Rail			268,566			—			—			268,566
Semiconductors & Semiconductor Equipment			2,391,631			—			—			2,391,631
Software			2,999,870			538,707			—			3,538,577
Specialty Retail			1,352,881			—			—			1,352,881
Technology Hardware, Storage & Peripherals			394,828			—			—			394,828
Textiles, Apparel & Luxury Goods			263,976			—			—			263,976
Thrifts & Mortgage Finance			53,757			—			—			53,757
Trading Companies & Distributors			116,461			—			—			116,461
Developed Markets
Aerospace & Defense			—			316,190			—			316,190
Air Freight & Logistics			—			515,867			—			515,867
Auto Components			—			551,461			—			551,461
Automobiles			—			948,547			—			948,547
Banks			—			2,009,508			—			2,009,508
Beverages			—			775,804			—			775,804
Biotechnology			—			189,857			—			189,857
Construction & Engineering			—			651,050			—			651,050
Diversified Telecommunication Services			—			857,333			—			857,333
Food & Staples Retailing			—			287,442			—			287,442
Food Products			—			330,127			—			330,127
Household Durables			—			465,624			—			465,624
Industrial Conglomerates			—			444,395			—			444,395
Insurance			—			429,105			—			429,105
IT Services			596,296			—			—			596,296
Life Sciences Tools & Services			99,414			—			—			99,414
Machinery			—			122,290			—			122,290
Media			61,207			182,175			—			243,382
Metals & Mining			329,240			264,128			—			593,368
Multi-Utilities			—			265,711			—			265,711
Oil, Gas & Consumable Fuels			305,151			399,186			—			704,337
Pharmaceuticals			1,052,199			1,768,022			—			2,820,221
Professional Services			—			722,003			—			722,003
Road & Rail			—			562,249			—			562,249
Software			—			303,239			—			303,239
Specialty Retail			—			388,837			—			388,837
Textiles, Apparel & Luxury Goods			—			941,827			—			941,827
Tobacco			—			632,745			—			632,745
Trading Companies & Distributors			—			741,188			—			741,188
Wireless Telecommunication Services			—			369,005			—			369,005
Emerging Markets
Airlines			26,274			—			—			26,274
Automobiles			—			216,865			—			216,865

LVIP Delaware Foundation^® Conservative Allocation Fund—43

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2			Level 3			Total
Banks		$	617,223		$	710,164		$	—		$	1,327,387
Beverages			379,070			174,560			—			553,630
Building Products			—			189,924			—			189,924
Chemicals			159,516			—			—			159,516
Construction Materials			128,933			246,968			—			375,901
Diversified Financial Services			—			121,031			—			121,031
Diversified Telecommunication Services			239,146			59,987			—			299,133
Electronic Equipment, Instruments & Components			—			211,304			—			211,304
Food & Staples Retailing			181,126			—			—			181,126
Food Products			108,668			521,379			—			630,047
Hotels, Restaurants & Leisure			—			51,039			—			51,039
Insurance			—			159,707			—			159,707
Internet & Catalog Retail			17,874			107,915			—			125,789
Internet Software & Services			966,442			545,555			—			1,511,997
IT Services			—			81,540			—			81,540
Media			268,160			—			—			268,160
Metals & Mining			41,998			14,363			—			56,361
Multiline Retail			—			90,558			—			90,558
Oil, Gas & Consumable Fuels			1,032,152			453,898			—			1,486,050
Paper & Forest Products			—			65,935			—			65,935
Personal Products			143,309			—			—			143,309
Real Estate Management & Development			—			63,924			—			63,924
Road & Rail			5,560			—			—			5,560
Semiconductors & Semiconductor Equipment			194,102			432,680			—			626,782
Technology Hardware, Storage & Peripherals			—			897,898			—			897,898
Transportation Infrastructure			22,390			—			—			22,390
Wireless Telecommunication Services			964,967			468,706			—			1,433,673
Convertible Preferred Stock			299,074			89,331			—			388,405
Exchange-Traded Funds			13,166,862			—			—			13,166,862
Preferred Stock			—			1,193,695			—			1,193,695
Agency Collateralized Mortgage Obligations			—			6,987,143			168,405			7,155,548
Agency Commercial Mortgage-Backed Securities			—			2,813,868			122,397			2,936,265
Agency Mortgage-Backed Securities			—			47,201,211			—			47,201,211
Convertible Bonds			—			2,276,115			—			2,276,115
Corporate Bonds			—			80,341,688			—			80,341,688
Municipal Bonds			—			2,000,703			—			2,000,703
Non-Agency Asset-Backed Securities			—			9,731,856			—			9,731,856
Non-Agency Collateralized Mortgage Obligations			—			2,633,279			—			2,633,279
Non-Agency Commercial Mortgage-Backed Securities			—			9,344,535			—			9,344,535
Regional Bonds			—			1,310,252			—			1,310,252
Senior Secured Loans			—			4,142,833			341,250			4,484,083
Sovereign Bonds			—			5,065,325			—			5,065,325
Supranational Banks			—			1,179,017			—			1,179,017
U.S. Treasury Obligations			—			649,859			—			649,859
Options Purchased			11,500			—			—			11,500
Right			—			—			—			—
Money Market Fund			6,108,638			—			—			6,108,638
Short-Term Investments			—			17,391,995			—			17,391,995
Total		$	83,941,037		$	219,155,557		$	632,052		$	303,728,646

LVIP Delaware Foundation^® Conservative Allocation Fund—44

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2			Level 3		Total
Foreign Currency Exchange Contracts		$         —		$(16,257	)		$—		$ (16,257	)
Futures Contracts		$329,709		$        —			$—		$329,709
Swap Contracts		$         —		$   5,464			$—		$    5,464

As a result of utilizing international fair value pricing at June 30, 2016, a portion of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		333,708			334,086
Service Class		132,800			168,987
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,250,522
Service Class		—			211,284
		466,508			1,964,879
Shares redeemed:
Standard Class		(1,399,358	)		(2,615,384	)
Service Class		(289,671	)		(340,813	)
		(1,689,029	)		(2,956,197	)
Net decrease		(1,222,521	)		(991,318	)

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits

LVIP Delaware Foundation^® Conservative Allocation Fund—45

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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 minimal 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.

Options Contracts–During the six months ended June 30, 2016, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.

Transactions in options written for the six months ended June 30, 2016, for the Fund were as follows:

Call Options	Number of Contracts			Premiums
Options outstanding at December 31, 2015		—			$        —
Options written		(103,268	)		(13,135	)
Options expired		103,200			2,510
Options terminated in closing purchase transactions		68			10,625
Options outstanding at June 30, 2016		—			$        —

Put Options	Number of Contracts			Premiums
Options outstanding at December 31, 2015		—			$   —
Options written		(103,200	)		(968	)
Options expired		103,200			968
Options outstanding at June 30, 2016		—			$   —

Swap Contracts–The Fund enters into interest rate contracts and CDS contracts in the normal course of pursuing its investment objective. The Fund may use interest rate swaps to adjust the Fund’s sensitivity to interest rates or hedge against changes in interest rates. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Credit Default Swaps-A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities, such as an index. In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay and obligation default.

LVIP Delaware Foundation^® Conservative Allocation Fund—46

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2016, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as realized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to a central counterparty for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the Schedule of Investments, at June 30, 2016, the notional value of the protection sold was $455,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At June 30, 2016, the net unrealized appreciation of the protection sold was $5,464.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and for centrally cleared swaps, by trading these instruments through a central counterparty.

Swaps Generally-The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Schedule of Investments.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Unrealized appreciation on foreign currency contracts		$  12,433	Unrealized depreciation on foreign currency contracts		$  (28,690	)
Equity contracts (Futures contracts)	Unrealized appreciation on futures contracts		—	Unrealized appreciation on futures contracts		(58,336	)
Interest rate contracts (Futures contracts)	Unrealized appreciation on futures contracts		502,184	Unrealized appreciation on futures contracts		(114,139	)
Interest rate contracts (Options purchased)   .	Options purchased, at value		11,500	Options purchased, at value		—
Credit contracts (Swap contracts)	Unrealized appreciation on credit default swap contracts		5,464	Unrealized appreciation on credit default swap contracts		—
Total			$531,581			$(201,165	)

LVIP Delaware Foundation^® Conservative Allocation Fund—47

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts) .	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$ (90,155	)		$ (6,875	)
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(7,227	)		(36,068	)
Interest rate contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		128,984			457,870
Currency contracts (Options contracts)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written		3,478			—
Interest rate contracts (Options contracts)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written		(53,068	)		—
Interest rate contracts (Options contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased		36,989			(10,438	)
Credit and interest rate contracts (Swap contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts		211,497			(15,720	)
Total			$230,498			$388,769

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Forward foreign currency contracts (average cost)	USD	974,701	USD	1,593,311
Futures contracts (average notional value)	USD	8,153,472	USD	4,793,523
Options contracts (average notional value)	USD	7,127	USD	340
CDS contracts (average notional value)*	EUR	515,520	USD	—
	USD	2,469,724	USD	316,680
Interest rate swap contracts (average notional value)	USD	2,871,680	USD	—
*Asset represents buying protection and liability represents selling protection.

LVIP Delaware Foundation^® Conservative Allocation Fund—48

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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 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) 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 Schedule of Investments.

At June 30, 2016, the Fund has the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Bank of America Merrill Lynch		$    5,017		$   (14,157	)		$   (9,140	)
BNP Paribas		30		(924	)		(894	)
Hong Kong Shanghai Bank		5,464		(1,734	)		3,730
JPMorgan Chase Bank		503,090		(175,046	)		328,044
Toronto Dominion Bank		—		(5,752	)		(5,752	)
Total		$513,601		$(197,613	)		$315,988

Counterparty	Net Position			Fair Value of Non Cash Collateral Received		Cash Collateral Received		Fair Value of Non Cash Collateral Pledged		Cash Collateral Pledged			Net Amounta
Bank of America Merrill Lynch		$   (9,140	)		$—		$—		$—		$           —			$(9,140	)
BNP Paribas		(894	)		—		—		—		—			(894	)
Hong Kong Shanghai Bank		3,730			—		—		—		—			3,730
JPMorgan Chase Bank		328,044			—		—		—		(301,000	)		27,044
Toronto Dominion Bank		(5,752	)		—		—		—		—			(5,752	)
Total		$315,988			$—		$—		$—		$(301,000	)		$14,988

^aNet amount represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default

6. Credit and Market Risk

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.

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 invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market’s perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (“CMOs”). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been

LVIP Delaware Foundation^® Conservative Allocation Fund—49

LVIP Delaware Foundation^® Conservative Allocation Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s Financial Services LLC or Ba or lower by Moody’s Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. Rule 144A and illiquid securities have been identified on the Schedule of Investments.

7. 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 Funds’ existing contracts and expects the risk of loss to be remote.

8. 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 Delaware Foundation^® Conservative Allocation Fund—50

        LVIP Delaware Foundation^® Moderate Allocation Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Delaware Foundation^® Moderate Allocation Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation, Top 10 Equity Holdings and Geography Allocation	2
Schedule of Investments	5
Statement of Assets and Liabilities	31
Statement of Operations	32
Statements of Changes in Net Assets	32
Financial Highlights	33
Notes to Financial Statements	35

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Delaware Foundation^® Moderate Allocation Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

The Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”), 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. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners, are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16	Ending Account Value 6/30/16	Annualized Expense Ratio	Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$1,000.00	$1,023.40	0.73%	$3.67
Service Class Shares	1,000.00	1,022.10	0.98%	4.93
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,021.23	0.73%	$3.67
Service Class Shares	1,000.00	1,019.99	0.98%	4.92

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Delaware Foundation^® Moderate Allocation Fund–1

LVIP Delaware Foundation^® Moderate Allocation Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and Geography Allocation (unaudited)

As of June 30, 2016

Sector and geographical designations may be different than those presented in other Fund materials.

Security Type/Sector	Percentage   of Net Assets
Common Stock	46.59%
U.S. Markets	31.02%
Aerospace & Defense	0.93%
Air Freight & Logistics	0.04%
Auto Components	0.36%
Automobiles	0.06%
Banks	1.28%
Beverages	0.06%
Biotechnology	1.40%
Building Products	0.13%
Capital Markets	0.60%
Chemicals	0.57%
Commercial Services & Supplies	0.52%
Communications Equipment	0.47%
Construction & Engineering	0.10%
Consumer Finance	0.06%
Containers & Packaging	0.04%
Diversified Financial Services	0.35%
Diversified Telecommunication Services	0.83%
Electric Utilities	0.29%
Electrical Equipment	0.05%
Electronic Equipment, Instruments & Components	0.03%
Energy Equipment & Services	0.39%
Food & Staples Retailing	0.85%
Food Products	0.98%
Gas Utilities	0.08%
Health Care Equipment & Supplies	0.47%
Health Care Providers & Services	1.23%
Health Care Technology	0.01%
Hotels, Restaurants & Leisure	0.32%
Household Durables	0.03%
Household Products	0.16%
Industrial Conglomerates	0.17%
Insurance	1.01%
Internet & Catalog Retail	0.74%
Internet Software & Services	1.68%
IT Services	1.72%
Leisure Products	0.03%
Life Sciences Tools & Services	0.09%
Machinery	0.33%
Media	0.71%
Metals & Mining	0.13%
Multi-Utilities	0.07%
Oil, Gas & Consumable Fuels	1.47%
Paper & Forest Products	0.10%
Pharmaceuticals	1.75%
Professional Services	0.42%
Real Estate Investment Trusts	3.49%
Road & Rail	0.14%

Security Type/Sector	Percentage   of Net Assets
Semiconductors & Semiconductor Equipment	1.25%
Software	1.87%
Specialty Retail	0.72%
Technology Hardware, Storage & Peripherals	0.20%
Textiles, Apparel & Luxury Goods	0.15%
Thrifts & Mortgage Finance	0.03%
Trading Companies & Distributors	0.06%
Developed Markets	9.58%
Aerospace & Defense	0.16%
Air Freight & Logistics	0.27%
Auto Components	0.28%
Automobiles	0.49%
Banks	1.02%
Beverages	0.40%
Biotechnology	0.10%
Construction & Engineering	0.32%
Diversified Telecommunication Services	0.44%
Food & Staples Retailing	0.15%
Food Products	0.17%
Household Durables	0.24%
Industrial Conglomerates	0.22%
Insurance	0.22%
IT Services	0.30%
Life Sciences Tools & Services	0.05%
Machinery	0.07%
Media	0.12%
Metals & Mining	0.30%
Multi-Utilities	0.13%
Oil, Gas & Consumable Fuels	0.36%
Pharmaceuticals	1.43%
Professional Services	0.36%
Road & Rail	0.29%
Software	0.15%
Specialty Retail	0.20%
Textiles, Apparel & Luxury Goods	0.48%
Tobacco	0.32%
Trading Companies & Distributors	0.35%
Wireless Telecommunication Services	0.19%
Emerging Markets	5.99%
Airlines	0.01%
Automobiles	0.11%
Banks	0.73%
Beverages	0.28%
Building Products	0.10%
Chemicals	0.09%
Construction Materials	0.18%
Diversified Financial Services	0.06%
Diversified Telecommunication Services	0.16%
Electronic Equipment, Instruments & Components	0.11%

LVIP Delaware Foundation^® Moderate Allocation Fund–2

LVIP Delaware Foundation^® Moderate Allocation Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and Geography Allocation (continued)

Security Type/Sector	Percentage   of Net Assets
Food & Staples Retailing	0.09%
Food Products	0.34%
Hotels, Restaurants & Leisure	0.03%
Insurance	0.08%
Internet & Catalog Retail	0.07%
Internet Software & Services	0.78%
IT Services	0.04%
Media	0.13%
Metals & Mining	0.03%
Multiline Retail	0.05%
Oil, Gas & Consumable Fuels	0.80%
Paper & Forest Products	0.04%
Personal Products	0.08%
Real Estate Management & Development	0.03%
Road & Rail	0.00%
Semiconductors & Semiconductor Equipment	0.28%
Technology Hardware, Storage & Peripherals	0.48%
Wireless Telecommunication Services	0.81%
Convertible Preferred Stock	0.10%
Exchange-Traded Funds	7.16%
Preferred Stock	0.28%
Agency Asset-Backed Security	0.00%
Agency Collateralized Mortgage Obligations	1.14%
Agency Commercial Mortgage-Backed Securities	0.67%
Agency Mortgage-Backed Securities	12.95%
Convertible Bonds	0.47%
Corporate Bonds	17.86%
Aerospace & Defense	0.03%
Air Freight & Logistics	0.08%
Airlines	0.17%
Auto Components	0.13%
Automobiles	0.30%
Banks	2.04%
Beverages	0.35%
Biotechnology	0.14%
Building Products	0.08%
Capital Markets	0.58%
Chemicals	0.34%
Commercial Services & Supplies	0.51%
Computers & Peripherals	0.07%
Construction & Engineering	0.04%
Consumer Finance	0.27%
Containers & Packaging	0.08%
Diversified Financial Services	0.66%
Diversified Telecommunication Services	0.47%
Electric Utilities	2.16%
Electronic Equipment, Instruments & Components	0.10%
Food & Staples Retailing	0.55%
Food Products	0.22%

Security Type/Sector	Percentage   of Net Assets
Gas Utilities	0.13%
Health Care Equipment & Supplies	0.44%
Health Care Providers & Services	0.48%
Hotels, Restaurants & Leisure	0.19%
Household Products	0.03%
Independent Power & Renewable Electricity Producers	0.06%
Insurance	0.74%
Internet Software & Services	0.03%
IT Services	0.31%
Machinery	0.08%
Media	1.20%
Metals & Mining	0.09%
Multi-Utilities	0.41%
Oil, Gas & Consumable Fuels	0.99%
Paper & Forest Products	0.30%
Pharmaceuticals	0.45%
Real Estate Investment Trusts	1.01%
Road & Rail	0.12%
Software	0.52%
Specialty Retail	0.23%
Textiles, Apparel & Luxury Goods	0.11%
Tobacco	0.23%
Wireless Telecommunication Services	0.34%
Municipal Bonds	0.41%
Non-Agency Asset-Backed Securities	1.60%
Non-Agency Collateralized Mortgage Obligations	0.12%
Non-Agency Commercial Mortgage-Backed Securities	2.02%
Regional Bonds	0.34%
Senior Secured Loans	1.21%
Sovereign Bonds	0.61%
Supranational Banks	0.24%
U.S. Treasury Obligations	3.22%
Right	0.00%
Options Purchased	0.00%
Money Market Fund	1.97%
Short-Term Investments	6.10%
Total Value of Securities	105.06%
Liabilities Net of Receivables and Other Assets	(5.06%)
Total Net Assets	100.00%

LVIP Delaware Foundation^® Moderate Allocation Fund–3

LVIP Delaware Foundation^® Moderate Allocation Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and Geography Allocation (continued)

Holdings are for informational purpose only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage   of Net Assets
Microsoft	0.51%
Celgene	0.51%
Facebook	0.49%
AT&T	0.48%
Allergan	0.48%
QUALCOMM	0.48%
Samsung Electronics	0.47%
Visa	0.47%
Alphabet Class A	0.46%
Crown Castle International	0.45%
Total	4.80%

Geography	Percentage   of Net Assets
Argentina	0.06%
Australia	0.52%
Bermuda	0.01%
Brazil	0.75%
Canada	1.02%
Cayman Islands	0.05%
Chile	0.10%
China	1.46%
Colombia	0.03%
Denmark	0.49%
France	1.86%
Germany	0.74%
Guernsey	0.25%
Hong Kong	0.58%
Hungary	0.05%
India	0.68%
Indonesia	0.11%
Ireland	0.11%
Israel	0.32%
Italy	0.11%
Japan	2.35%
Luxembourg	0.05%
Malaysia	0.03%
Mexico	0.67%
Netherlands	0.75%
New Zealand	0.02%
Philippines	0.02%
Poland	0.10%
Portugal	0.00%
Republic of Korea	1.28%
Russia	0.32%
Singapore	0.04%
South Africa	0.18%
Sweden	0.44%
Switzerland	0.50%
Taiwan	0.35%
Thailand	0.16%
Turkey	0.21%
United Kingdom	1.58%
United States	78.60%
Uruguay	0.04%
Total	96.99%

IT–Information Technology

LVIP Delaware Foundation^® Moderate Allocation Fund–4

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–46.59%
U.S. MARKETS–31.02%
Aerospace & Defense–0.93%
†Esterline Technologies		195	$	12,098
Honeywell International		650		75,608
†KEYW Holding		1,406		13,976
†KLX		1,020		31,620
Lockheed Martin		370		91,823
Northrop Grumman		1,200		266,736
Raytheon		2,100		285,495
Rockwell Collins		400		34,056
United Technologies		1,040		106,652
				918,064
Air Freight & Logistics–0.04%
†XPO Logistics		1,530		40,178
				40,178
Auto Components–0.36%
BorgWarner		960		28,339
Johnson Controls		6,100		269,986
†Tenneco		1,225		57,097
				355,422
Automobiles–0.06%
Ford Motor		4,450		55,937
				55,937
Banks–1.28%
BB&T		7,300		259,953
BBCN Bancorp		2,900		43,268
Bryn Mawr Bank		820		23,944
Cardinal Financial		1,705		37,408
Citigroup		1,890		80,117
@City Holding		1,060		48,198
@CoBiz Financial		2,040		23,868
FirstMerit		2,480		50,270
@Flushing Financial		1,875		37,275
Great Western Bancorp		1,530		48,256
Independent Bank (Massachusetts)		740		33,818
JPMorgan Chase		1,810		112,473
KeyCorp		4,850		53,593
Old National Bancorp		3,720		46,612
Prosperity Bancshares		1,070		54,559
Sterling Bancorp		3,305		51,889
Umpqua Holdings		2,940		45,482
Webster Financial		1,600		54,320
Wells Fargo		2,180		103,179
†Western Alliance Bancorp		1,535		50,118
				1,258,600
Beverages–0.06%
PepsiCo		570		60,386
				60,386

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Biotechnology–1.40%
AbbVie		1,570	$	97,199
†Acorda Therapeutics		1,430		36,472
†Alkermes		850		36,737
†Biogen		1,178		284,864
†Celgene		5,040		497,095
†Cepheid		1,555		47,816
Gilead Sciences		1,180		98,436
†Ligand Pharmaceuticals Class B		540		64,406
†Retrophin		2,275		40,518
†Spectrum Pharmaceuticals		4,050		26,609
†TESARO		775		65,139
†Vanda Pharmaceuticals		3,450		38,605
†Vertex Pharmaceuticals		490		42,150
				1,376,046
Building Products–0.13%
AAON		2,510		69,050
†Continental Building Products		2,735		60,799
				129,849
Capital Markets–0.60%
Ameriprise Financial		420		37,737
Bank of New York Mellon		6,600		256,410
BlackRock		160		54,805
Evercore Partners Class A		1,190		52,586
Houlihan Lokey		1,155		25,837
Invesco		1,700		43,418
Raymond James Financial		760		37,468
State Street		750		40,440
†Stifel Financial		1,375		43,244
				591,945
Chemicals–0.57%
†Axalta Coating Systems		1,830		48,550
Balchem		450		26,843
†Chemtura		1,285		33,898
Eastman Chemical		970		65,863
EI du Pont de Nemours		4,200		272,160
Minerals Technologies		1,045		59,356
Quaker Chemical		565		50,398
				557,068
Commercial Services & Supplies–0.52%
ABM Industries		1,205		43,958
Essendant		1,595		48,743
Republic Services		700		35,917
Tetra Tech		1,605		49,346
U.S. Ecology		855		39,287
Waste Management		4,400		291,588
				508,839

LVIP Delaware Foundation^® Moderate Allocation Fund—5

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Communications Equipment–0.47%
Cisco Systems		12,680	$	363,789
†Infinera		2,770		31,246
†NETGEAR		725		34,467
Plantronics		720		31,680
				461,182
Construction & Engineering–0.10%
Granite Construction		1,445		65,820
†MYR Group		1,335		32,147
				97,967
Consumer Finance–0.06%
Capital One Financial		940		59,699
				59,699
Containers & Packaging–0.04%
WestRock		1,103		42,874
				42,874
Diversified Financial Services–0.35%
Intercontinental Exchange		1,337		342,219
				342,219
Diversified Telecommunication Services–0.83%
AT&T		10,950		473,149
ATN International		625		48,631
Verizon Communications		5,300		295,952
				817,732
Electric Utilities–0.29%
Edison International		3,700		287,379
				287,379
Electrical Equipment–0.05%
Eaton		750		44,797
				44,797
Electronic Equipment, Instruments & Components–0.03%
†Anixter International		595		31,702
				31,702
Energy Equipment & Services–0.39%
Halliburton		7,090		321,106
Schlumberger		820		64,846
				385,952
Food & Staples Retailing–0.85%
Casey’s General Stores		935		122,962
CVS Health		3,770		360,940
Walgreens Boots Alliance		4,204		350,067
				833,969
Food Products–0.98%
Archer-Daniels-Midland		6,600		283,074

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Food Products (continued)
General Mills		720	$	51,350
J&J Snack Foods		515		61,424
Kraft Heinz		3,233		286,056
Mondelez International		6,100		277,611
				959,515
Gas Utilities–0.08%
South Jersey Industries		830		26,245
Spire		740		52,422
				78,667
Health Care Equipment & Supplies–0.47%
CONMED		1,205		57,515
@CryoLife		3,020		35,666
DENTSPLY SIRONA		3,217		199,583
†Merit Medical Systems		2,190		43,428
†Quidel		2,120		37,863
West Pharmaceutical Services		1,055		80,053
†Wright Medical Group		255		4,429
				458,537
Health Care Providers & Services–1.23%
†Air Methods		1,470		52,670
Cardinal Health		3,400		265,234
†Express Scripts Holding		4,670		353,986
HealthSouth		530		20,575
@Quest Diagnostics		3,500		284,935
†Team Health Holdings		1,170		47,584
UnitedHealth Group		730		103,076
†WellCare Health Plans		715		76,705
				1,204,765
Health Care Technology–0.01%
†IMS Health Holdings		198		5,021
				5,021
Hotels, Restaurants & Leisure–0.32%
Aramark		670		22,391
Cheesecake Factory		665		32,013
†Chuy’s Holdings		445		15,401
†Del Frisco’s Restaurant Group		2,655		38,020
†Fiesta Restaurant Group		1,330		29,007
Jack in the Box		725		62,292
†Popeyes Louisiana Kitchen		945		51,635
Starbucks		1,170		66,830
				317,589
Household Durables–0.03%
Newell Brands		619		30,065
				30,065
Household Products–0.16%
Kimberly-Clark		480		65,990

LVIP Delaware Foundation^® Moderate Allocation Fund—6

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Household Products (continued)
Procter & Gamble		1,130	$	95,677
				161,667
Industrial Conglomerates–0.17%
General Electric		5,280		166,214
				166,214
Insurance–1.01%
Aflac		1,120		80,819
Allstate		4,000		279,800
American Equity Investment Life Holding		2,335		33,274
@Infinity Property & Casualty		470		37,910
Marsh & McLennan		4,200		287,532
Primerica		1,050		60,102
Prudential Financial		510		36,383
@Selective Insurance Group		1,375		52,539
Travelers		700		83,328
United Fire Group		930		39,460
				991,147
Internet & Catalog Retail–0.74%
†Amazon.com		100		71,562
†Liberty Interactive Corp QVC Group Class A		14,306		362,943
†Shutterfly		1,050		48,941
†TripAdvisor		3,800		244,340
				727,786
Internet Software & Services–1.68%
†Alphabet Class A		642		451,666
†Alphabet Class C		344		238,082
†eBay		10,490		245,571
†Facebook Class A		4,237		484,204
†GrubHub		885		27,497
†inContact		2,510		34,763
j2 Global		970		61,275
†Q2 Holdings		700		19,614
†@SciQuest		1,805		31,876
†Yahoo		1,600		60,096
				1,654,644
IT Services–1.72%
Accenture Class A		570		64,575
Convergys		1,735		43,375
†ExlService Holdings		1,280		67,085
MasterCard Class A		3,801		334,716
†PayPal Holdings		10,639		388,430
Sabre		2,440		65,368
TeleTech Holdings		1,435		38,932
Visa Class A		6,176		458,074

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
IT Services (continued)
@Xerox		24,700	$	234,403
				1,694,958
Leisure Products–0.03%
†@Malibu Boats Class A		2,450		29,596
				29,596
Life Sciences Tools & Services–0.09%
†Quintiles Transnational Holdings		204		13,325
Thermo Fisher Scientific		530		78,313
				91,638
Machinery–0.33%
Barnes Group		1,740		57,629
@Columbus McKinnon		2,210		31,271
@ESCO Technologies		1,510		60,309
Federal Signal		2,330		30,010
@Kadant		1,140		58,721
Parker-Hannifin		790		85,359
				323,299
Media–0.71%
@=Century Communications		5,000		0
Cinemark Holdings		1,340		48,856
Comcast Class A		1,940		126,469
†Discovery Communications Class A		783		19,755
†Discovery Communications Class C		3,576		85,288
†Liberty Global Class A		1,917		55,708
†Liberty Global Class C		5,941		170,210
National CineMedia		2,455		38,003
Walt Disney		1,560		152,599
				696,888
Metals & Mining–0.13%
Kaiser Aluminum		610		55,150
Worthington Industries		1,715		72,545
				127,695
Multi-Utilities–0.07%
NorthWestern		1,055		66,539
				66,539
Oil, Gas & Consumable Fuels–1.47%
†Carrizo Oil & Gas		1,620		58,077
Chevron		3,230		338,601
ConocoPhillips		6,100		265,960
EOG Resources		450		37,539
Exxon Mobil		2,030		190,292
Marathon Oil		9,900		148,599
Occidental Petroleum		4,140		312,818
†Parsley Energy Class A		1,070		28,954
†PDC Energy		405		23,332

LVIP Delaware Foundation^® Moderate Allocation Fund—7

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Oil, Gas & Consumable Fuels (continued)
†RSP Permian		1,145	$	39,949
				1,444,121
Paper & Forest Products–0.10%
†Boise Cascade		1,230		28,229
Neenah Paper		940		68,028
				96,257
Pharmaceuticals–1.75%
†Allergan		2,044		472,348
†Catalent		2,140		49,199
Johnson & Johnson		2,400		291,120
†Medicines		1,325		44,560
Merck		7,080		407,879
Pfizer		11,749		413,682
†Prestige Brands Holdings		771		42,713
				1,721,501
Professional Services–0.42%
Kforce		2,595		43,830
Nielsen Holdings		5,096		264,839
†On Assignment		1,415		52,284
†WageWorks		880		52,633
				413,586
Real Estate Investment Trusts–3.49%
American Campus Communities		375		19,826
American Tower		840		95,432
Apartment Investment & Management		750		33,120
AvalonBay Communities		450		81,175
Boston Properties		600		79,140
Brandywine Realty Trust		1,975		33,180
Camden Property Trust		175		15,473
Corporate Office Properties Trust		575		17,003
Cousins Properties		1,175		12,220
Crown Castle International		4,369		443,148
DCT Industrial Trust		1,998		95,984
DDR		2,250		40,815
Douglas Emmett		1,175		41,736
Duke Realty		2,450		65,317
EastGroup Properties		645		44,453
EPR Properties		1,265		102,060
Equinix		675		261,718
Equity LifeStyle Properties		300		24,015
Equity One		625		20,113
Equity Residential		1,150		79,212
Essex Property Trust		225		51,320
Extra Space Storage		325		30,075
Federal Realty Investment Trust		125		20,694
First Industrial Realty Trust		2,145		59,674
First Potomac Realty Trust		650		5,980
General Growth Properties		2,550		76,041

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts (continued)
Healthcare Realty Trust		650	$	22,743
Healthcare Trust of America Class A		637		20,601
Highwoods Properties		650		34,320
Host Hotels & Resorts		5,105		82,752
Kilroy Realty		375		24,859
Kimco Realty		1,225		38,441
Kite Realty Group Trust		2,082		58,358
LaSalle Hotel Properties		1,695		39,968
Lexington Realty Trust		1,425		14,407
Liberty Property Trust		300		11,916
LTC Properties		125		6,466
Macerich		325		27,752
Mack-Cali Realty		1,625		43,875
National Retail Properties		1,745		90,251
Pebblebrook Hotel Trust		1,880		49,350
Post Properties		475		28,999
Prologis		1,625		79,690
PS Business Parks		250		26,520
Public Storage		300		76,677
Ramco-Gershenson Properties Trust		3,955		77,558
Regency Centers		525		43,958
RLJ Lodging Trust		775		16,624
Sabra Health Care REIT		325		6,706
Simon Property Group		1,075		233,167
SL Green Realty		475		50,573
Sovran Self Storage		740		77,641
Spirit Realty Capital		1,850		23,625
Tanger Factory Outlet Centers		700		28,126
Taubman Centers		200		14,840
UDR		1,125		41,535
Urban Edge Properties		362		10,809
Ventas		1,075		78,281
VEREIT		1,175		11,915
Vornado Realty Trust		650		65,078
Welltower		325		24,755
				3,432,060
Road & Rail–0.14%
JB Hunt Transport Services		490		39,656
†Swift Transportation		1,285		19,802
Union Pacific		950		82,887
				142,345
Semiconductors & Semiconductor Equipment–1.25%
Analog Devices		480		27,187
†Applied Micro Circuits		6,430		41,281
Broadcom		430		66,822
Intel		10,550		346,040
Maxim Integrated Products		2,090		74,592
†MaxLinear Class A		1,865		33,533
†Microsemi		1,145		37,419

LVIP Delaware Foundation^® Moderate Allocation Fund—8

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Semiconductors & Semiconductor Equipment (continued)
QUALCOMM		8,770	$	469,809
†Semtech		1,920		45,811
†Silicon Laboratories		865		42,160
†Synaptics		845		45,419
				1,230,073
Software–1.87%
†Adobe Systems		720		68,969
@CA		8,666		284,505
†Callidus Software		2,350		46,953
†Electronic Arts		5,134		388,952
†Guidewire Software		825		50,952
Intuit		1,738		193,978
Microsoft		9,756		499,215
†Proofpoint		1,050		66,245
†Qlik Technologies		1,130		33,425
†salesforce.com		1,080		85,763
SS&C Technologies Holdings		1,120		31,450
†Tyler Technologies		540		90,023
				1,840,430
Specialty Retail–0.72%
†Express		2,845		41,281
Home Depot		650		82,999
L Brands		3,563		239,184
Lowe’s		3,300		261,261
Tractor Supply		870		79,327
				704,052
Technology Hardware, Storage & Peripherals–0.20%
Apple		2,100		200,760
				200,760
Textiles, Apparel & Luxury Goods–0.15%
†G-III Apparel Group		1,165		53,264
NIKE Class B		680		37,536
†Steven Madden		1,706		58,294
				149,094
Thrifts & Mortgage Finance–0.03%
WSFS Financial		875		28,166
				28,166
Trading Companies & Distributors–0.06%
Applied Industrial Technologies		1,340		60,488
				60,488
Total U.S. Markets (Cost $20,278,984)				30,506,969

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS–9.58%
Aerospace & Defense–0.16%
Meggitt		29,135	$	158,362
				158,362
Air Freight & Logistics–0.27%
Deutsche Post		9,335		262,990
				262,990
Auto Components–0.28%
Sumitomo Rubber Industries		13,900		186,092
Valeo		2,109		93,627
				279,719
Automobiles–0.49%
Bayerische Motoren Werke		2,598		189,070
Toyota Motor		5,900		290,861
				479,931
Banks–1.02%
ING Groep CVA		16,513		170,842
Mitsubishi UFJ Financial Group		61,600		276,144
Nordea Bank		29,683		251,820
Standard Chartered		25,934		196,761
UniCredit		47,336		104,104
				999,671
Beverages–0.40%
Carlsberg Class B		2,708		258,365
Coca-Cola Amatil		21,597		133,318
				391,683
Biotechnology–0.10%
Shire		1,627		100,553
				100,553
Construction & Engineering–0.32%
Vinci		4,510		318,257
				318,257
Diversified Telecommunication Services–0.44%
Nippon Telegraph & Telephone		9,248		433,684
				433,684
Food & Staples Retailing–0.15%
†Tesco		61,271		143,901
				143,901
Food Products–0.17%
†Aryzta		4,459		164,786
				164,786
Household Durables–0.24%
Techtronic Industries		55,500		231,768
				231,768

LVIP Delaware Foundation^® Moderate Allocation Fund—9

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Industrial Conglomerates–0.22%
Koninklijke Philips		8,810	$	218,808
				218,808
Insurance–0.22%
AXA		10,872		214,968
				214,968
IT Services–0.30%
†CGI Group Class A		5,965		254,815
†InterXion Holding		1,170		43,150
				297,965
Life Sciences Tools & Services–0.05%
†ICON		735		51,457
				51,457
Machinery–0.07%
Minebea		9,500		64,542
				64,542
Media–0.12%
†Liberty Global LiLAC Class A		239		7,716
†Liberty Global LiLAC Class C		741		24,083
Publicis Groupe		1,362		91,121
				122,920
Metals & Mining–0.30%
Alamos Gold		9,339		80,310
†Anglo American ADR		2,300		11,132
Rio Tinto		4,337		134,736
Yamana Gold		12,426		64,633
				290,811
Multi-Utilities–0.13%
National Grid		8,923		131,216
				131,216
Oil, Gas & Consumable Fuels–0.36%
Suncor Energy		5,600		155,350
TOTAL		4,198		201,319
				356,669
Pharmaceuticals–1.43%
Novartis		3,986		328,999
Novo Nordisk ADR		4,087		219,799
Sanofi		4,175		346,870
STADA Arzneimittel		3,914		202,852
Teva Pharmaceutical Industries ADR		6,200		311,426
				1,409,946
Professional Services–0.36%
Teleperformance		4,166		354,869
				354,869

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Road & Rail–0.29%
East Japan Railway		3,066	$	284,136
				284,136
Software–0.15%
Playtech		14,228		151,364
				151,364
Specialty Retail–0.20%
Nitori Holdings		1,640		198,906
				198,906
Textiles, Apparel & Luxury Goods–0.48%
Kering		800		128,786
Yue Yuen Industrial Holdings		86,500		342,827
				471,613
Tobacco–0.32%
Japan Tobacco		7,700		310,327
				310,327
Trading Companies & Distributors–0.35%
ITOCHU		22,014		269,302
Rexel		6,134		77,119
				346,421
Wireless Telecommunication Services–0.19%
Tele2 Class B		21,049		184,796
				184,796
Total Developed Markets (Cost $8,002,371)				9,427,039
×EMERGING MARKETS–5.99%
Airlines–0.01%
Gol Linhas Aereas Inteligentes ADR		1,320		13,979
				13,979
Automobiles–0.11%
Astra International		54,300		30,612
Mahindra & Mahindra		3,503		74,410
				105,022
Banks–0.73%
Akbank		39,886		114,318
Banco Santander Brasil ADR		2,900		16,530
Bangkok Bank		16,030		72,579
China Construction Bank		83,028		55,349
Grupo Financiero Banorte Class O		11,800		65,949
Grupo Financiero Santander Mexico
Class B ADR		3,300		29,997
ICICI Bank ADR		12,800		91,904
Industrial & Commercial Bank of China		86,406		48,186
Itau Unibanco Holding ADR		8,598		81,165

LVIP Delaware Foundation^® Moderate Allocation Fund—10

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Banks (continued)
KB Financial Group ADR		2,078	$	59,140
=Sberbank of Russia		40,380		83,985
				719,102
Beverages–0.28%
Anadolu Efes Biracilik Ve Malt Sanayii		7,204		48,711
Cia Cervecerias Unidas ADR		2,000		46,680
Fomento Economico Mexicano ADR		1,100		101,739
Lotte Chilsung Beverage		42		65,294
Tsingtao Brewery		3,305		11,490
				273,914
Building Products–0.10%
KCC		295		98,122
				98,122
Chemicals–0.09%
Braskem ADR		3,700		43,845
Sociedad Quimica y Minera de Chile ADR		1,700		42,024
				85,869
Construction Materials–0.18%
†Cemex ADR		7,806		48,163
†Cemex Latam Holdings		3,890		16,781
Siam Cement NVDR		1,700		23,095
UltraTech Cement		1,827		92,597
				180,636
Diversified Financial Services–0.06%
Reliance Capital		5,085		30,238
Remgro		1,842		31,963
				62,201
Diversified Telecommunication Services–0.16%
KT ADR		2,000		28,520
LG Uplus		3,269		31,048
Telefonica Brasil ADR		7,480		101,728
				161,296
Electronic Equipment, Instruments & Components–0.11%
Hon Hai Precision Industry		28,696		73,929
Samsung SDI		359		33,990
				107,919
Food & Staples Retailing–0.09%
Cia Brasileira de Distribuicao ADR		2,500		36,375
Wal-Mart de Mexico Class V		22,459		54,027
				90,402
Food Products–0.34%
BRF ADR		3,940		54,884
China Mengniu Dairy		32,000		55,981
@Lotte Confectionery		560		95,047

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Food Products (continued)
Tingyi Cayman Islands Holding		34,000	$	32,285
@Uni-President China Holdings		113,600		96,004
				334,201
Hotels, Restaurants & Leisure–0.03%
†@Arcos Dorados Holdings		6,800		32,436
				32,436
Insurance–0.08%
Samsung Life Insurance		948		82,960
				82,960
Internet & Catalog Retail–0.07%
†@B2W Cia Digital		18,900		55,424
†Qunar Cayman Islands ADR		300		8,937
				64,361
Internet Software & Services–0.78%
†Alibaba Group Holding ADR		1,200		95,436
†Baidu ADR		1,700		280,755
†SINA		1,900		98,553
†@Sohu.com		2,900		109,794
Tencent Holdings		7,900		181,223
				765,761
IT Services–0.04%
†@WNS Holdings ADR		1,610		43,470
				43,470
Media–0.13%
Grupo Televisa ADR		4,800		124,992
				124,992
Metals & Mining–0.03%
†Impala Platinum Holdings		1,965		6,331
Vale ADR		4,300		21,758
				28,089
Multiline Retail–0.05%
Woolworths Holdings		9,032		51,718
				51,718
Oil, Gas & Consumable Fuels–0.80%
Cairn India		8,045		16,853
China Petroleum & Chemical		66,750		48,235
Gazprom ADR		15,168		65,540
Lukoil ADR		1,500		62,595
PetroChina ADR		700		47,544
†Petroleo Brasileiro ADR		12,400		88,784
PTT-Foreign		7,324		65,237
#Reliance Industries GDR 144A		11,335		323,614
Rosneft GDR		9,900		50,933

LVIP Delaware Foundation^® Moderate Allocation Fund—11

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Oil, Gas & Consumable Fuels (continued)
Tambang Batubara Bukit Asam Persero		30,200	$	17,766
				787,101
Paper & Forest Products–0.04%
Nine Dragons Paper Holdings		47,000		36,034
				36,034
Personal Products–0.08%
Hypermarcas		10,200		73,826
				73,826
Real Estate Management & Development–0.03%
#@=Etalon Group GDR 144A		3,000		7,335
UEM Sunrise		99,106		25,440
				32,775
Road & Rail–0.00%
†Rumo Logistica Operadora Multimodal		2,163		3,313
				3,313
Semiconductors & Semiconductor Equipment–0.28%
MediaTek		10,000		76,416
Taiwan Semiconductor Manufacturing		20,204		101,822
Taiwan Semiconductor Manufacturing ADR		3,700		97,051
				275,289
Technology Hardware, Storage & Peripherals–0.48%
Samsung Electronics		375		467,007
				467,007
Wireless Telecommunication Services–0.81%
America Movil ADR		6,100		74,786
China Mobile		14,298		165,202
China Mobile ADR		1,100		63,690
MegaFon GDR		2,046		21,366
Mobile TeleSystems ADR		3,100		25,668
SK Telecom ADR		11,400		238,488
Tim Participacoes ADR		9,900		104,445
†Turkcell Iletisim Hizmetleri ADR		4,400		40,260
Vodacom Group		5,365		61,132
				795,037
Total Emerging Markets (Cost $6,091,043)				5,896,832
Total Common Stock (Cost $34,372,398)				45,830,840

	Number of Shares		Value (U.S. $)
CONVERTIBLE PREFERRED STOCK–0.10%
Bank of America 7.25%, exercise price $50.00, expiration date 12/31/49		10	$	11,950
Crown Castle International 4.50%, exercise price $85.77, expiration date 11/1/16		110		13,322
Exelon 6.50%, exercise price $43.75, expiration date 6/1/17		250		12,335
@Halcon Resources 5.75%, exercise price $30.78, expiration date 12/31/49		9		409
@Huntington Bancshares 8.50%, exercise price $11.95, expiration date 12/31/49		12		16,920
Maiden Holdings 7.25%, exercise price $15.11, expiration date 9/15/16		279		13,253
T-Mobile US 5.50%, exercise price $31.02, expiration date 12/15/17		125		9,199
Wells Fargo 7.50%, exercise price $156.71, expiration date 12/31/49		13		16,890
Total Convertible Preferred Stock (Cost $92,587)				94,278
EXCHANGE-TRADED FUNDS–7.16%
iShares iBoxx $ High Yield Corporate Bond ETF		300		25,407
iShares MSCI EAFE Growth Index ETF		54,550		3,568,661
iShares MSCI EAFE Index ETF		26,730		1,491,801
Vanguard FTSE Developed Markets ETF		55,320		1,956,115
Total Exchange-Traded Funds (Cost $5,728,340)				7,041,984
PREFERRED STOCK–0.28%
•General Electric 5.00%		123,000		130,657
•@Integrys Energy Group 6.00%		1,900		51,419
#•PNC Preferred Funding Trust II 1.875%		100,000		88,250
Total Preferred Stock (Cost $251,226)				270,326
	Principal Amount°
AGENCY ASSET-BACKED SECURITY–0.00%
•Fannie Mae REMIC Trust Series 2002-W11 AV1 0.793% 11/25/32		206		201
Total Agency Asset-Backed Security (Cost $206)				201
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.14%
Fannie Mae REMIC Trust Series 2004-W11 1A2 6.50% 5/25/44		7,824		9,494

LVIP Delaware Foundation^® Moderate Allocation Fund—12

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		3,247	$	3,686
Series 2003-26 AT 5.00% 11/25/32		2,707		2,726
Series 2005-70 PA 5.50% 8/25/35		3,758		4,293
•*Series 2008-15 SB 6.147% 8/25/36		25,672		5,633
Series 2010-41 PN 4.50% 4/25/40		40,000		44,035
Series 2010-43 HJ 5.50% 5/25/40		5,093		5,805
•*Series 2010-129 SM 5.547% 11/25/40		53,159		8,557
*Series 2012-98 MI 3.00% 8/25/31		77,906		7,369
•*Series 2012-122 SD 5.647% 11/25/42		148,442		34,312
*Series 2013-26 ID 3.00% 4/25/33		72,378		9,003
*Series 2013-38 AI 3.00% 4/25/33		68,369		7,972
*Series 2013-43 IX 4.00% 5/25/43		203,588		42,935
*Series 2013-44 DI 3.00% 5/25/33		143,442		19,829
*Series 2013-55 AI 3.00% 6/25/33		85,972		10,500
Series 2014-36 ZE 3.00% 6/25/44		34,061		34,693
•*Series 2014-68 BS 5.697% 11/25/44		79,460		17,295
•*Series 2014-90 SA 5.697% 1/25/45		207,436		45,698
•*Series 2015-27 SA 5.997% 5/25/45		87,039		19,965
Series 2015-44 Z 3.00% 9/25/43		62,855		64,341
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		2,331		2,630
Series 2326 ZQ 6.50% 6/15/31		9,860		11,323
Series 2557 WE 5.00% 1/15/18		2,676		2,737
Series 3656 PM 5.00% 4/15/40		43,602		48,684
Series 4065 DE 3.00% 6/15/32		5,000		5,376
*Series 4109 AI 3.00% 7/15/31		173,841		16,438
*Series 4120 IK 3.00% 10/15/32		111,232		13,457
*Series 4146 IA 3.50% 12/15/32		67,451		9,547
•*Series 4159 KS 5.708% 1/15/43		71,130		17,444

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac REMICs (continued)
*Series 4181 DI 2.50% 3/15/33		72,390	$	7,776
•*Series 4184 GS 5.678% 3/15/43		71,698		17,542
*Series 4185 LI 3.00% 3/15/33		72,093		9,005
*Series 4191 CI 3.00% 4/15/33		74,559		9,126
*Series 4342 CI 3.00% 11/15/33		75,384		7,702
Series 4435 DY 3.00% 2/15/35		51,000		53,054
Series 4592 WT 5.50% 6/15/46		126,000		140,363
•*Series 4594 SG 5.656% 6/15/46		151,000		41,147
Freddie Mac Strips
•*Series 267 S5 5.558% 8/15/42		74,537		17,314
•*Series 299 S1 5.558% 1/15/43		74,624		17,176
•*Series 326 S2 5.508% 3/15/44		82,490		19,164
¿Freddie Mac Structured Pass Through Securities Series T-58 2A 6.50% 9/25/43		10,276		12,253
GNMA
Series 2010-113 KE 4.50% 9/20/40		95,000		108,223
Series 2013-113 AZ 3.00% 8/20/43		62,050		63,490
Series 2015-133 AL 3.00% 5/20/45		68,000		69,217
Total Agency Collateralized Mortgage Obligations (Cost $1,139,202)				1,118,329
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.67%
Freddie Mac Multifamily Structured Pass Through Certificates
¿Series K041 A2 3.171% 10/25/24		55,000		59,913
¿Series K716 A2 3.13% 6/25/21		35,000		37,545
¿Series K717 A2 2.991% 9/25/21		65,000		69,336
¿Series K722 A1 2.183% 5/25/22		30,000		30,599
FREMF Mortgage Trust
#•Series 2011-K14 B 144A 5.341% 2/25/47		15,000		16,790
#•Series 2011-K15 B 144A 5.116% 8/25/44		10,000		11,038
#•Series 2012-K18 B 144A 4.40% 1/25/45		20,000		21,670
#•Series 2012-K22 B 144A 3.811% 8/25/45		35,000		36,557
#•Series 2012-K22 C 144A 3.811% 8/25/45		25,000		24,832

LVIP Delaware Foundation^® Moderate Allocation Fund—13

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust (continued)
#•Series 2012-K708 B 144A 3.883% 2/25/45		35,000	$	36,164
#•Series 2012-K708 C 144A 3.883% 2/25/45		10,000		9,993
#•Series 2013-K30 C 144A 3.668% 6/25/45		30,000		27,701
#•Series 2013-K31 C 144A 3.741% 7/25/46		60,000		56,889
#•Series 2013-K33 B 144A 3.618% 8/25/46		25,000		25,514
#•Series 2013-K35 C 144A 4.077% 8/25/23		10,000		9,767
#•Series 2013-K712 B 144A 3.484% 5/25/45		45,000		46,046
#•Series 2013-K713 B 144A 3.274% 4/25/46		25,000		25,408
#•Series 2013-K713 C 144A 3.274% 4/25/46		40,000		39,777
#•Series 2014-K716 C 144A 4.084% 8/25/47		70,000		69,169
Total Agency Commercial Mortgage-Backed Securities (Cost $652,985)				654,708
AGENCY MORTGAGE-BACKED SECURITIES–12.95%
Fannie Mae ARM
•2.401% 3/1/38		2,448		2,566
•2.413% 5/1/43		21,264		21,942
•2.553% 6/1/43		7,842		8,111
•2.913% 7/1/45		11,703		12,159
•2.966% 4/1/46		3,925		4,100
•3.212% 4/1/44		23,216		24,323
•3.237% 3/1/44		28,591		30,134
•3.276% 9/1/43		18,827		19,806
•6.10% 8/1/37		1,774		1,773
Fannie Mae Relocation 30 yr 5.00% 11/1/34		456		478
Fannie Mae S.F. 15 yr
2.50% 5/1/31		55,481		57,545
3.00% 11/1/26		86,406		91,259
3.00% 9/1/30		33,284		35,014
3.00% 12/1/30		39,691		41,871
3.00% 2/1/31		13,610		14,324
3.00% 3/1/31		46,433		48,788
3.50% 7/1/26		12,219		12,961
4.00% 11/1/25		44,299		47,225
4.00% 12/1/26		15,248		16,252
4.00% 1/1/27		102,181		108,930
4.00% 5/1/27		34,469		36,746
4.00% 8/1/27		18,425		19,636

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 20 yr
3.00% 8/1/33		9,894	$	10,430
3.00% 1/1/36		87,395		91,719
3.00% 5/1/36		96,446		101,214
Fannie Mae S.F. 30 yr
4.00% 5/1/43		14,110		15,363
4.00% 8/1/43		8,024		8,693
4.00% 7/1/44		33,202		36,158
4.50% 7/1/36		5,803		6,355
4.50% 6/1/38		5,903		6,467
4.50% 4/1/39		26,832		29,275
4.50% 6/1/39		12,165		13,289
4.50% 9/1/39		6,027		6,592
4.50% 11/1/39		19,049		21,200
4.50% 1/1/40		310,957		343,928
4.50% 6/1/40		23,492		26,095
4.50% 8/1/40		7,327		8,071
4.50% 9/1/40		32,874		36,040
4.50% 11/1/40		12,644		13,860
4.50% 2/1/41		83,833		91,803
4.50% 3/1/41		15,963		17,499
4.50% 4/1/41		37,804		41,348
4.50% 7/1/41		73,585		81,611
4.50% 10/1/41		26,629		29,205
4.50% 12/1/41		55,585		60,910
4.50% 1/1/42		180,870		198,106
4.50% 4/1/42		7,342		8,045
4.50% 8/1/42		364,650		403,063
4.50% 9/1/42		234,499		256,641
4.50% 1/1/43		35,486		38,865
4.50% 9/1/43		29,311		32,106
4.50% 10/1/43		166,610		184,410
4.50% 11/1/43		41,461		45,283
4.50% 4/1/44		224,646		245,048
4.50% 5/1/44		19,485		21,255
4.50% 6/1/44		152,411		166,806
4.50% 10/1/44		130,389		142,867
4.50% 12/1/44		23,248		25,438
4.50% 1/1/45		191,438		209,138
4.50% 2/1/45		85,734		93,656
4.50% 4/1/45		366,409		400,419
4.50% 3/1/46		12,526		13,823
5.00% 2/1/35		7,223		8,062
5.00% 10/1/35		15,843		17,635
5.00% 11/1/35		7,563		8,415
5.00% 4/1/37		4,518		5,015
5.00% 8/1/37		11,239		12,525
5.00% 12/1/39		11,808		13,260
5.00% 1/1/40		2,577		2,900
5.00% 11/1/44		141,745		157,974
5.50% 12/1/32		836		948
5.50% 2/1/33		11,052		12,512

LVIP Delaware Foundation^® Moderate Allocation Fund—14

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 6/1/33		4,940	$	5,602
5.50% 7/1/34		1,266		1,437
5.50% 9/1/34		15,549		17,658
5.50% 11/1/34		4,643		5,266
5.50% 12/1/34		50,468		57,346
5.50% 3/1/35		2,723		3,089
5.50% 5/1/35		14,876		16,892
5.50% 6/1/35		2,976		3,340
5.50% 1/1/36		19,300		21,891
5.50% 4/1/36		22,740		25,697
5.50% 7/1/36		22,064		25,061
5.50% 9/1/36		46,997		53,296
5.50% 11/1/36		3,555		4,004
5.50% 1/1/37		14,917		16,781
5.50% 2/1/37		9,809		11,049
5.50% 4/1/37		47,544		53,855
5.50% 8/1/37		8,448		9,581
5.50% 9/1/37		18,260		20,532
5.50% 1/1/38		228		257
5.50% 2/1/38		10,003		11,308
5.50% 3/1/38		8,443		9,591
5.50% 6/1/38		35,637		40,098
5.50% 7/1/38		6,498		7,312
5.50% 9/1/38		26,474		30,012
5.50% 1/1/39		23,265		26,411
5.50% 2/1/39		53,847		61,040
5.50% 6/1/39		19,102		21,637
5.50% 10/1/39		38,145		42,937
5.50% 3/1/40		64,638		73,414
5.50% 7/1/40		30,905		34,991
5.50% 3/1/41		115,615		131,127
5.50% 6/1/41		46,731		53,024
5.50% 9/1/41		195,482		220,578
6.00% 6/1/36		1,535		1,760
6.00% 9/1/36		7,382		8,607
6.00% 12/1/36		1,687		1,944
6.00% 2/1/37		5,143		5,886
6.00% 5/1/37		12,000		13,726
6.00% 6/1/37		928		1,070
6.00% 7/1/37		19,684		22,820
6.00% 8/1/37		7,040		8,067
6.00% 9/1/37		1,876		2,145
6.00% 11/1/37		247		282
6.00% 5/1/38		28,415		32,522
6.00% 7/1/38		78,693		90,106
6.00% 9/1/38		60,046		68,770
6.00% 10/1/38		2,526		2,894
6.00% 11/1/38		3,942		4,542
6.00% 1/1/39		7,886		9,035
6.00% 9/1/39		66,407		75,987
6.00% 10/1/39		61,964		71,915
6.00% 3/1/40		7,059		8,082

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
6.00% 7/1/40		25,662	$	29,312
6.00% 9/1/40		6,246		7,154
6.00% 11/1/40		2,818		3,270
6.00% 5/1/41		79,549		91,078
6.00% 6/1/41		28,938		33,102
6.00% 7/1/41		116,709		133,539
6.50% 2/1/36		5,316		6,501
7.50% 6/1/31		4,380		5,312
Fannie Mae S.F. 30 yr TBA
3.00% 8/1/46		4,564,000		4,727,839
4.50% 8/1/46		213,000		232,369
Freddie Mac ARM
•2.408% 10/1/36		3,211		3,401
•2.495% 1/1/44		51,621		53,521
•2.768% 10/1/45		12,886		13,329
•2.826% 9/1/45		88,031		91,418
•2.944% 10/1/45		24,252		25,298
•2.951% 11/1/44		8,008		8,315
•3.107% 3/1/46		33,876		35,415
Freddie Mac S.F. 15 yr 3.50% 10/1/26		5,250		5,559
Freddie Mac S.F. 20 yr
3.00% 6/1/34		13,770		14,475
3.00% 6/1/36		15,948		16,719
Freddie Mac S.F. 30 yr
4.50% 10/1/35		1,833		2,005
4.50% 4/1/39		3,759		4,162
4.50% 6/1/39		2,545		2,780
4.50% 10/1/39		6,835		7,493
4.50% 5/1/40		148,605		165,756
4.50% 3/1/41		26,063		28,622
4.50% 4/1/41		54,996		60,401
4.50% 7/1/42		42,243		46,525
4.50% 8/1/44		55,882		61,671
4.50% 7/1/45		71,060		78,005
5.00% 6/1/36		40,111		44,539
5.50% 3/1/34		1,911		2,157
5.50% 12/1/34		1,859		2,100
5.50% 6/1/36		1,171		1,318
5.50% 11/1/36		2,114		2,364
5.50% 12/1/36		560		629
5.50% 9/1/37		2,244		2,518
5.50% 12/1/37		305,729		345,808
5.50% 4/1/38		8,167		9,180
5.50% 6/1/38		1,359		1,528
5.50% 7/1/38		8,111		9,126
5.50% 6/1/39		8,561		9,613
5.50% 3/1/40		5,962		6,682
5.50% 8/1/40		13,027		14,606
5.50% 1/1/41		5,868		6,595
5.50% 6/1/41		78,452		88,299
6.00% 2/1/36		3,832		4,400

LVIP Delaware Foundation^® Moderate Allocation Fund—15

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
6.00% 3/1/36		5,676	$	6,546
6.00% 1/1/38		2,329		2,659
6.00% 6/1/38		6,276		7,160
6.00% 8/1/38		20,446		23,717
6.00% 5/1/40		13,287		15,215
6.00% 7/1/40		29,669		33,985
6.50% 4/1/39		9,720		11,166
7.00% 11/1/33		1,948		2,354
GNMA II S.F. 30 yr
5.50% 5/20/37		11,378		12,693
5.50% 4/20/40		11,768		12,906
6.00% 2/20/39		18,919		21,560
6.00% 4/20/46		19,852		22,864
Total Agency Mortgage-Backed Securities (Cost $12,643,209)				12,742,190
CONVERTIBLE BONDS–0.47%
@Alaska Communications Systems Group 6.25% exercise price $10.28, maturity date 5/1/18		22,000		21,354
@American Realty Capital Properties 3.75% exercise price $14.99, maturity date 12/15/20		19,000		18,893
BioMarin Pharmaceutical 1.50% exercise price $94.15, maturity date 10/15/20		5,000		5,806
Blackstone Mortgage Trust 5.25% exercise price $28.36, maturity date 12/1/18		24,000		25,530
Brookdale Senior Living 2.75% exercise price $29.33, maturity date 6/15/18		14,000		13,729
Cardtronics 1.00% exercise price $52.35, maturity date 12/1/20		15,000		15,113
Cemex 3.72% exercise price $11.45, maturity date 3/15/20		13,000		12,179
@Chart Industries 2.00% exercise price $69.03, maturity date 8/1/18		18,000		16,841
#Ciena 144A 3.75% exercise price $20.17, maturity date 10/15/18		9,000		10,547
#Clearwire Communications 144A 8.25% exercise price $7.08, maturity date 12/1/40		11,000		11,193
@GAIN Capital Holdings 4.125% exercise price $12.00, maturity date 12/1/18		11,000		10,134

	Principal Amount°		Value (U.S. $)
CONVERTIBLE BONDS (continued)
@fGeneral Cable 4.50% exercise price $32.36, maturity date 11/15/29		21,000	$	12,114
HealthSouth 2.00% exercise price $37.59, maturity date 12/1/43		15,000		17,578
Helix Energy Solutions Group 3.25% exercise price $25.02, maturity date 3/15/32		14,000		12,477
fHologic 2.00% exercise price $31.18, maturity date 3/1/42		7,000		8,995
Infinera 1.75% exercise price $12.58, maturity date 6/1/18		10,000		11,613
Intel 3.25% exercise price $21.18, maturity date 8/1/39		6,000		9,765
Jefferies Group 3.875% exercise price $44.19, maturity date 11/1/29		15,000		15,244
#Knowles 144A 3.25% exercise price $18.43, maturity date 11/1/21		3,000		3,071
#Liberty Interactive 144A 1.00% exercise price $64.18, maturity date 9/30/43		18,000		15,716
#Medicines 144A 2.75% exercise price $48.97, maturity date 7/15/23		6,000		5,783
fMeritor 4.00% exercise price $26.73, maturity date 2/15/27		15,000		14,456
Microchip Technology 1.625% exercise price $65.56, maturity date 2/15/25		8,000		8,895
Micron Technology 3.00% exercise price $29.16, maturity date 11/15/43		9,000		6,919
@New Mountain Finance 5.00% exercise price $15.93, maturity date 6/15/19		3,000		2,959
Novellus Systems 2.625% exercise price $34.11, maturity date 5/15/41		9,000		22,410
#NuVasive 144A 2.25% exercise price $59.82, maturity date 3/15/21		5,000		5,944
NXP Semiconductors 1.00% exercise price $102.84, maturity date 12/1/19		11,000		12,011
ON Semiconductor 1.00% exercise price $18.50, maturity date 12/1/20		9,000		8,089
PROS Holdings 2.00% exercise price $33.79, maturity date 12/1/19		17,000		15,257

LVIP Delaware Foundation^® Moderate Allocation Fund—16

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CONVERTIBLE BONDS (continued)
@Spectrum Pharmaceuticals 2.75% exercise price $10.53, maturity date 12/15/18		14,000	$	12,994
@Spirit Realty Capital 3.75% exercise price $13.10, maturity date 5/15/21		16,000		17,920
Synchronoss Technologies 0.75% exercise price $53.17, maturity date 8/15/19		15,000		14,916
@Titan Machinery 3.75% exercise price $43.17, maturity date 5/1/19		3,000		2,445
@TPG Specialty Lending 4.50% exercise price $25.83, maturity date 12/15/19		11,000		11,234
•Vector Group 1.75% exercise price $24.64, maturity date 4/15/20		15,000		16,706
•Vector Group 2.50% exercise price $15.98, maturity date 1/15/19		7,000		10,183
Verint Systems 1.50% exercise price $64.46, maturity date 6/1/21		10,000		9,156
Total Convertible Bonds (Cost $460,656)				466,169
CORPORATE BONDS–17.86%
Aerospace & Defense–0.03%
Lockheed Martin 3.55% 1/15/26		30,000		32,652
				32,652
Air Freight & Logistics–0.08%
Aviation Capital Group
#@144A 2.875% 9/17/18		5,000		4,956
#144A 4.875% 10/1/25		20,000		19,655
#144A 6.75% 4/6/21		35,000		39,594
FedEx 4.75% 11/15/45		15,000		16,785
				80,990
Airlines–0.17%
#¿Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		24,609		25,040
¿American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		18,268		18,999
¿American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		28,635		28,849
¿American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27		10,000		10,525

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Airlines (continued)
¿American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		15,000	$	15,877
¿United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		14,141		14,929
¿United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		43,691		46,257
¿United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28		5,000		5,094
				165,570
Auto Components–0.13%
American Axle & Manufacturing 6.25% 3/15/21		25,000		26,031
Goodyear Tire & Rubber 5.00% 5/31/26		35,000		35,744
Lear 5.25% 1/15/25		45,000		47,419
O’Reilly Automotive 3.55% 3/15/26		20,000		21,012
				130,206
Automobiles–0.30%
BMW US Capital
#144A 2.00% 4/11/21		60,000		60,819
#144A 2.80% 4/11/26		65,000		66,757
Daimler 2.75% 12/10/18	NOK	200,000		24,783
Ford Motor 7.45% 7/16/31		45,000		60,489
General Motors Financial 3.70% 5/9/23		35,000		35,234
Toyota Finance Australia
2.25% 8/31/16	NOK	30,000		3,589
3.04% 12/20/16	NZD	60,000		42,754
				294,425
Banks–2.04%
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD	25,000		19,910
Bank Nederlandse Gemeenten
#144A 1.625% 4/19/21		58,000		58,892
5.25% 5/20/24	AUD	17,000		14,921
Bank of America 4.45% 3/3/26		230,000		241,038
Bank of New York Mellon 2.80% 5/4/26		20,000		20,771
BB&T 2.05% 5/10/21		135,000		137,071
Citizens Financial Group 4.30% 12/3/25		35,000		36,910
Cooperatieve Rabobank 2.50% 9/4/20	NOK	110,000		13,809

LVIP Delaware Foundation^® Moderate Allocation Fund—17

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
#Credit Suisse Group Funding Guernsey 144A 3.80% 6/9/23		250,000	$	249,735
Fifth Third Bancorp 2.875% 7/27/20		20,000		20,893
JPMorgan Chase
•1.264% 1/28/19		25,000		24,967
3.20% 6/15/26		45,000		46,310
4.25% 10/1/27		135,000		143,155
•6.75% 8/29/49		40,000		44,100
KeyBank 3.40% 5/20/26		250,000		254,381
KFW 1.50% 6/15/21		45,000		45,596
PNC Funding 5.625% 2/1/17		38,000		38,944
RBC USA Holdco 5.25% 9/15/20		40,000		45,223
Santander UK Group Holdings
2.875% 10/16/20		100,000		99,427
3.125% 1/8/21		20,000		20,070
Toronto-Dominion Bank
2.125% 4/7/21		35,000		35,643
2.50% 12/14/20		50,000		51,750
U.S. Bancorp
2.35% 1/29/21		15,000		15,494
3.60% 9/11/24		75,000		80,873
•@USB Capital IX 3.50% 10/29/49		140,000		114,625
Wells Fargo
4.30% 7/22/27		15,000		16,217
4.40% 6/14/46		75,000		76,603
Zions Bancorp 4.50% 6/13/23		40,000		42,454
				2,009,782
Beverages–0.35%
Anheuser-Busch InBev Finance 3.65% 2/1/26		260,000		279,076
Molson Coors Brewing
2.10% 7/15/21		10,000		10,042
3.00% 7/15/26		35,000		35,041
4.20% 7/15/46		20,000		20,170
				344,329
Biotechnology–0.14%
Biogen
4.05% 9/15/25		20,000		21,570
5.20% 9/15/45		35,000		39,513
Celgene
3.875% 8/15/25		30,000		32,060
4.625% 5/15/44		15,000		15,663
5.00% 8/15/45		25,000		27,642
				136,448
Building Products–0.08%
Fortune Brands Home & Security 3.00% 6/15/20		25,000		25,848

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Building Products (continued)
Masco 3.50% 4/1/21		55,000	$	56,391
				82,239
Capital Markets–0.58%
Affiliated Managers Group 3.50% 8/1/25		40,000		40,035
Bank of New York Mellon
2.15% 2/24/20		10,000		10,200
2.50% 4/15/21		85,000		88,137
Jefferies Group
6.45% 6/8/27		30,000		33,392
6.50% 1/20/43		10,000		9,960
Lazard Group
3.75% 2/13/25		10,000		9,959
6.85% 6/15/17		19,000		19,874
Morgan Stanley
•1.488% 1/24/19		26,000		25,967
2.50% 4/21/21		15,000		15,174
3.875% 1/27/26		170,000		180,832
3.95% 4/23/27		5,000		5,068
5.00% 9/30/21	AUD	25,000		20,205
State Street
2.55% 8/18/20		40,000		41,533
3.10% 5/15/23		25,000		25,887
3.55% 8/18/25		45,000		48,994
				575,217
Chemicals–0.34%
CF Industries 6.875% 5/1/18		75,000		81,522
Eastman Chemical
3.80% 3/15/25		15,000		15,882
4.65% 10/15/44		145,000		148,892
Methanex 4.25% 12/1/24		30,000		26,818
PolyOne 5.25% 3/15/23		15,000		15,187
PPG Industries 2.30% 11/15/19		35,000		35,309
#WR Grace 144A 5.125% 10/1/21		10,000		10,300
				333,910
Commercial Services & Supplies–0.51%
Penske Truck Leasing
#144A 3.30% 4/1/21		35,000		36,018
#144A 3.375% 2/1/22		180,000		183,788
#Prestige Brands 144A 5.375% 12/15/21		25,000		25,500
United Rentals North America
4.625% 7/15/23		30,000		30,375
5.50% 7/15/25		44,000		43,505
5.875% 9/15/26		15,000		14,963
Waste Management 2.40% 5/15/23		160,000		162,558
				496,707

LVIP Delaware Foundation^® Moderate Allocation Fund—18

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Computers & Peripherals–0.07%
#Diamond 1 Finance / Diamond 2 Finance 144A 6.02% 6/15/26		70,000	$	73,108
				73,108
Construction & Engineering–0.04%
AECOM 5.875% 10/15/24		32,000		32,960
Vale Overseas 5.875% 6/10/21		5,000		5,019
				37,979
Consumer Finance–0.27%
General Motors Financial
3.45% 4/10/22		60,000		60,035
4.375% 9/25/21		10,000		10,565
5.25% 3/1/26		60,000		65,347
Hyundai Capital America
#144A 2.55% 2/6/19		45,000		45,771
#144A 3.00% 3/18/21		20,000		20,739
SunTrust Banks 2.35% 11/1/18		60,000		60,968
Toyota Motor Credit 2.80% 7/13/22		5,000		5,263
				268,688
Containers & Packaging–0.08%
Ball
5.00% 3/15/22		10,000		10,665
5.25% 7/1/25		30,000		31,387
#Owens-Brockway Glass Container 144A 5.875% 8/15/23		37,000		38,935
				80,987
Diversified Financial Services–0.66%
Berkshire Hathaway
2.75% 3/15/23		25,000		25,854
3.125% 3/15/26		85,000		89,236
#ERAC USA Finance 144A 3.30% 10/15/22		95,000		98,725
General Electric Capital
2.10% 12/11/19		35,000		36,126
4.25% 1/17/18	NZD	40,000		28,998
5.55% 5/4/20		25,000		28,841
6.00% 8/7/19		50,000		57,301
Nasdaq 3.85% 6/30/26		10,000		10,181
National Rural Utilities Cooperative Finance
2.70% 2/15/23		35,000		36,443
2.85% 1/27/25		40,000		41,883
•4.75% 4/30/43		50,000		49,125
•5.25% 4/20/46		20,000		20,516
#Peachtree Corners Funding Trust 144A 3.976% 2/15/25		100,000		100,441
•Voya Financial 5.65% 5/15/53		30,000		28,313
				651,983

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Telecommunication Services–0.47%
AT&T
3.60% 2/17/23		35,000	$	36,564
4.125% 2/17/26		75,000		80,725
5.65% 2/15/47		75,000		86,222
Bell Canada 3.35% 3/22/23	CAD	18,000		14,744
CenturyLink
5.80% 3/15/22		55,000		53,608
6.75% 12/1/23		30,000		29,587
Frontier Communications 8.875% 9/15/20		35,000		37,494
SBA Tower Trust
#144A 2.24% 4/16/18		35,000		35,112
#144A 2.898% 10/15/19		25,000		25,347
Verizon Communications 4.862% 8/21/46		55,000		60,367
				459,770
Electric Utilities–2.16%
Alabama Power 4.30% 1/2/46		35,000		39,374
#American Transmission Systems 144A 5.25% 1/15/22		75,000		85,056
Appalachian Power 4.45% 6/1/45		25,000		27,204
Berkshire Hathaway Energy 3.75% 11/15/23		145,000		158,696
Black Hills 3.95% 1/15/26		15,000		15,948
Cleveland Electric Illuminating 5.50% 8/15/24		40,000		47,382
@ComEd Financing III 6.35% 3/15/33		50,000		54,287
Commonwealth Edison 4.35% 11/15/45		45,000		51,260
Consumers Energy 4.10% 11/15/45		10,000		11,283
Dominion Resources 3.90% 10/1/25		30,000		32,198
DTE Energy 3.30% 6/15/22		40,000		42,213
Duke Energy
3.75% 4/15/24		15,000		16,133
4.80% 12/15/45		30,000		34,878
Duke Energy Carolinas 3.875% 3/15/46		25,000		26,925
•Emera 6.75% 6/15/76		70,000		71,111
#Emera US Finance 144A 4.75% 6/15/46		20,000		20,379
Entergy 4.00% 7/15/22		35,000		37,607
Entergy Louisiana 4.05% 9/1/23		90,000		100,359
Entergy Mississippi 2.85% 6/1/28		40,000		40,693
Exelon 3.95% 6/15/25		35,000		37,487
Great Plains Energy 4.85% 6/1/21		20,000		21,999

LVIP Delaware Foundation^® Moderate Allocation Fund—19

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Indiana Michigan Power
3.20% 3/15/23		55,000	$	57,445
4.55% 3/15/46		15,000		16,741
IPALCO Enterprises 5.00% 5/1/18		35,000		36,750
ITC Holdings
3.25% 6/30/26		20,000		20,058
3.65% 6/15/24		25,000		26,063
Kansas City Power & Light 3.65% 8/15/25		65,000		68,908
LG&E & KU Energy 4.375% 10/1/21		130,000		143,623
#Metropolitan Edison 144A 4.00% 4/15/25		35,000		36,672
NextEra Energy Capital Holdings
2.40% 9/15/19		55,000		56,194
3.625% 6/15/23		25,000		26,390
NV Energy 6.25% 11/15/20		45,000		53,328
Pennsylvania Electric 5.20% 4/1/20		70,000		74,093
Public Service of New Hampshire 3.50% 11/1/23		30,000		32,202
Public Service of Oklahoma 5.15% 12/1/19		60,000		66,819
South Carolina Electric & Gas 4.10% 6/15/46		15,000		15,913
Southern
2.75% 6/15/20		130,000		134,859
3.25% 7/1/26		55,000		57,249
4.40% 7/1/46		55,000		59,372
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		25,000		26,778
Wisconsin Electric Power 4.30% 12/15/45		25,000		28,577
Xcel Energy 3.30% 6/1/25		110,000		116,234
				2,126,740
Electronic Equipment, Instruments & Components–0.10%
FLIR Systems 3.125% 6/15/21		20,000		20,558
Fortive
#144A 2.35% 6/15/21		10,000		10,158
#144A 3.15% 6/15/26		40,000		41,251
Intel 2.60% 5/19/26		30,000		30,617
				102,584
Food & Staples Retailing–0.55%
CVS Health
3.875% 7/20/25		147,000		162,000
5.00% 12/1/24		25,000		29,310
KFC Holding
#144A 5.00% 6/1/24		14,000		14,280
#144A 5.25% 6/1/26		12,000		12,330

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
Sysco 3.30% 7/15/26		170,000	$	176,739
Walgreens Boots Alliance
3.10% 6/1/23		85,000		86,705
3.45% 6/1/26		40,000		41,146
4.80% 11/18/44		15,000		16,201
				538,711
Food Products–0.22%
Aramark Services
#144A 4.75% 6/1/26		5,000		4,913
#144A 5.125% 1/15/24		45,000		46,013
#@Arcor SAIC 144A 6.00% 7/6/23		5,000		5,047
JBS USA Finance
#144A 5.75% 6/15/25		25,000		23,625
#144A 5.875% 7/15/24		45,000		43,819
Kraft Heinz Foods
#144A 3.00% 6/1/26		80,000		80,823
#144A 4.375% 6/1/46		10,000		10,620
				214,860
Gas Utilities–0.13%
AGL Capital 3.25% 6/15/26		40,000		40,968
AmeriGas Finance 7.00% 5/20/22		25,000		26,515
Dominion Gas Holdings 4.60% 12/15/44		55,000		57,473
				124,956
Health Care Equipment & Supplies–0.44%
Becton Dickinson 6.375% 8/1/19		70,000		79,784
Thermo Fisher Scientific 3.00% 4/15/23		220,000		224,928
Zimmer Biomet Holdings
3.375% 11/30/21		35,000		36,518
4.625% 11/30/19		80,000		87,047
				428,277
Health Care Providers & Services–0.48%
Aetna 3.20% 6/15/26		55,000		56,703
DaVita HealthCare Partners 5.00% 5/1/25		125,000		124,219
HCA
5.25% 6/15/26		40,000		41,625
5.375% 2/1/25		70,000		71,925
HealthSouth
5.125% 3/15/23		10,000		9,850
5.75% 11/1/24		10,000		10,090
5.75% 9/15/25		10,000		9,950
#@Highmark 144A 6.125% 5/15/41		15,000		15,177
#LifePoint Health 144A 5.375% 5/1/24		45,000		45,225

LVIP Delaware Foundation^® Moderate Allocation Fund—20

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
New York and Presbyterian Hospital 4.063% 8/1/56		40,000	$	43,210
Tenet Healthcare 4.50% 4/1/21		35,000		35,437
#Universal Health Services 144A 5.00% 6/1/26		10,000		10,050
				473,461
Hotels, Restaurants & Leisure–0.19%
Marriott International 3.125% 6/15/26		45,000		45,642
MGM Resorts International 6.00% 3/15/23		93,000		98,347
Starwood Hotels & Resorts Worldwide
@3.75% 3/15/25		35,000		36,506
@4.50% 10/1/34		5,000		5,116
				185,611
Household Products–0.03%
#Tempur Sealy International 144A 5.50% 6/15/26		25,000		24,625
				24,625
Independent Power & Renewable Electricity Producers–0.06%
#AES Gener 144A 5.25% 8/15/21		10,000		10,665
Calpine
#144A 5.25% 6/1/26		30,000		30,000
5.375% 1/15/23		20,000		19,600
				60,265
Insurance–0.74%
Berkshire Hathaway Finance 2.90% 10/15/20		50,000		53,119
#Liberty Mutual Group 144A 4.95% 5/1/22		15,000		16,597
MetLife
6.40% 12/15/36		50,000		53,501
6.817% 8/15/18		130,000		145,182
#Principal Life Global Funding II 144A 3.00% 4/18/26		145,000		148,077
Prudential Financial
4.50% 11/15/20		20,000		22,094
•5.375% 5/15/45		30,000		30,300
•5.875% 9/15/42		40,000		43,300
TIAA Asset Management Finance
#144A 2.95% 11/1/19		35,000		35,884
#144A 4.125% 11/1/24		75,000		78,926
#USI 144A 7.75% 1/15/21		5,000		4,969
XLIT
4.45% 3/31/25		40,000		40,438
5.50% 3/31/45		40,000		39,654
•6.50% 12/29/49		25,000		17,437
				729,478

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Internet Software & Services–0.03%
Zayo Group 6.00% 4/1/23		30,000	$	30,600
				30,600
IT Services–0.31%
Fidelity National Information Services 5.00% 10/15/25		70,000		79,613
First Data
#144A 5.00% 1/15/24		20,000		20,125
#144A 5.75% 1/15/24		145,000		144,456
#144A 7.00% 12/1/23		14,000		14,227
Priceline Group 3.60% 6/1/26		40,000		41,396
				299,817
Machinery–0.08%
Crane
2.75% 12/15/18		10,000		10,284
4.45% 12/15/23		55,000		58,527
Parker Hannifin 3.30% 11/21/24		5,000		5,410
				74,221
Media–1.20%
21st Century Fox America 4.95% 10/15/45		120,000		137,189
CC Holdings GS V 3.849% 4/15/23		15,000		16,024
CCO Holdings
#144A 5.125% 5/1/23		45,000		45,366
#144A 5.75% 2/15/26		30,000		30,975
#Charter Communications Operating 144A 4.908% 7/23/25		160,000		175,243
Comcast 3.15% 3/1/26		190,000		202,481
CSC Holdings 5.25% 6/1/24		100,000		91,250
DISH DBS 5.00% 3/15/23		25,000		22,813
Gray Television 7.50% 10/1/20		30,000		31,425
Omnicom Group 3.60% 4/15/26		10,000		10,554
Sirius XM Radio
#144A 5.375% 4/15/25		70,000		69,869
#144A 5.375% 7/15/26		50,000		49,750
#Sky 144A 3.75% 9/16/24		200,000		208,155
Time Warner 2.95% 7/15/26		15,000		15,145
Tribune Media 5.875% 7/15/22		55,000		55,000
WPP Finance 2010 5.625% 11/15/43		15,000		17,297
				1,178,536
Metals & Mining–0.09%
#Lundin Mining 144A 7.50% 11/1/20		22,000		22,550
Rio Tinto Finance USA 3.75% 6/15/25		60,000		62,884

LVIP Delaware Foundation^® Moderate Allocation Fund—21

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Metals & Mining (continued)
Southern Copper 5.875% 4/23/45		5,000	$	4,732
				90,166
Multi-Utilities–0.41%
Ameren Illinois 9.75% 11/15/18		170,000		201,835
American Water Capital 3.40% 3/1/25		35,000		37,992
CMS Energy 6.25% 2/1/20		30,000		34,563
Louisville Gas & Electric 4.375% 10/1/45		10,000		11,513
NiSource Finance 6.125% 3/1/22		40,000		47,657
SCANA 4.125% 2/1/22		55,000		57,211
WEC Energy Group 3.55% 6/15/25		15,000		16,126
				406,897
Oil, Gas & Consumable Fuels–0.99%
Chevron 2.954% 5/16/26		45,000		46,564
ConocoPhillips 4.95% 3/15/26		35,000		39,763
Ecopetrol 5.875% 5/28/45		10,000		8,740
Energy Transfer Partners
4.75% 1/15/26		60,000		61,820
9.70% 3/15/19		48,000		54,378
EnLink Midstream Partners 2.70% 4/1/19		25,000		24,314
Enterprise Products Operating
3.95% 2/15/27		120,000		127,547
•7.034% 1/15/68		10,000		10,540
Murphy Oil USA 6.00% 8/15/23		50,000		52,000
Noble Energy 5.05% 11/15/44		35,000		35,378
Petrobras Global Finance
4.875% 3/17/20		5,000		4,700
6.25% 3/17/24		2,000		1,780
8.375% 5/23/21		5,000		5,173
Petroleos Mexicanos
#144A 6.375% 2/4/21		10,000		10,898
6.625% 6/15/35		40,000		41,440
#144A 6.875% 8/4/26		10,000		11,205
Plains All American Pipeline 8.75% 5/1/19		95,000		108,664
Regency Energy Partners
5.50% 4/15/23		40,000		40,394
5.875% 3/1/22		15,000		16,063
Shell International Finance 4.00% 5/10/46		70,000		71,581
Williams Partners 7.25% 2/1/17		85,000		87,555
#Woodside Finance 144A 8.75% 3/1/19		85,000		97,981
YPF
#144A 8.75% 4/4/24		7,000		7,543

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
YPF (continued)
#•144A 31.35% 7/7/20		10,000	$	10,000
				976,021
Paper & Forest Products–0.30%
Georgia-Pacific 8.00% 1/15/24		110,000		147,170
International Paper 5.15% 5/15/46		135,000		146,203
				293,373
Pharmaceuticals–0.45%
AbbVie
3.20% 5/14/26		145,000		147,184
4.30% 5/14/36		25,000		25,583
4.45% 5/14/46		40,000		40,728
AstraZeneca 3.375% 11/16/25		55,000		57,728
#Mallinckrodt International Finance 144A 5.50% 4/15/25		50,000		44,856
Mylan
#144A 3.15% 6/15/21		10,000		10,155
#144A 3.95% 6/15/26		115,000		116,617
				442,851
Real Estate Investment Trusts–1.01%
Alexandria Real Estate Equities 3.95% 1/15/27		15,000		15,494
American Tower
2.80% 6/1/20		10,000		10,242
4.00% 6/1/25		55,000		58,598
4.40% 2/15/26		10,000		10,878
#American Tower Trust I 144A 3.07% 3/15/23		50,000		51,456
AvalonBay Communities 2.95% 5/11/26		145,000		145,878
Corporate Office Properties
3.60% 5/15/23		35,000		34,076
5.25% 2/15/24		45,000		48,122
Crown Castle International 5.25% 1/15/23		55,000		61,920
DDR
7.50% 4/1/17		20,000		20,853
7.875% 9/1/20		40,000		48,350
Education Realty Operating Partnership 4.60% 12/1/24		40,000		41,130
Equinix 5.375% 4/1/23		58,000		60,175
GEO Group
5.125% 4/1/23		30,000		29,400
5.875% 10/15/24		25,000		25,437
Hospitality Properties Trust 4.50% 3/15/25		40,000		40,280
Host Hotels & Resorts
3.75% 10/15/23		30,000		30,265
4.50% 2/1/26		15,000		15,846

LVIP Delaware Foundation^® Moderate Allocation Fund—22

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
Kimco Realty 3.40% 11/1/22		10,000	$	10,496
Regency Centers 5.875% 6/15/17		12,000		12,475
Simon Property Group 2.50% 7/15/21		15,000		15,464
Sovran Acquisition 3.50% 7/1/26		30,000		30,334
UDR 4.00% 10/1/25		130,000		141,173
WP Carey 4.60% 4/1/24		35,000		35,967
				994,309
Road & Rail–0.12%
Burlington Northern Santa Fe 4.70% 9/1/45		65,000		76,629
Norfolk Southern 2.90% 6/15/26		40,000		41,244
				117,873
Software–0.52%
CDK Global 4.50% 10/15/24		35,000		34,826
Oracle
1.90% 9/15/21		10,000		10,044
2.40% 9/15/23		415,000		416,879
4.00% 7/15/46		45,000		45,487
				507,236
Specialty Retail–0.23%
Home Depot 3.00% 4/1/26		25,000		26,602
L Brands 6.75% 7/1/36		25,000		25,109
Lowe’s
2.50% 4/15/26		55,000		56,089
3.70% 4/15/46		65,000		67,012
Starbucks 2.45% 6/15/26		25,000		25,421
Target 3.625% 4/15/46		25,000		25,602
				225,835
Textiles, Apparel & Luxury Goods–0.11%
#Hanesbrands 144A 4.875% 5/15/26		60,000		60,516
#INVISTA Finance 144A 4.25% 10/15/19		45,000		44,100
				104,616
Tobacco–0.23%
Reynolds American
4.00% 6/12/22		55,000		59,853
4.45% 6/12/25		145,000		162,687
				222,540
Wireless Telecommunication Services–0.34%
#Crown Castle Towers 144A 4.883% 8/15/20		190,000		207,344
Level 3 Financing 5.375% 5/1/25		20,000		19,925

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
Sprint Communications
#144A 7.00% 3/1/20		10,000	$	10,520
#144A 9.00% 11/15/18		50,000		53,437
T-Mobile USA 6.125% 1/15/22		40,000		42,100
				333,326
Total Corporate Bonds (Cost $16,983,310)				17,562,775
MUNICIPAL BONDS–0.41%
Bay Area Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		45,000		72,253
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		35,000		55,362
Dallas, Texas Area Rapid Transit Series A 5.00% 12/1/46		40,000		49,351
New Jersey Turnpike Authority (Build America Bonds) Series A 7.102% 1/1/41		25,000		37,836
Series E 5.00% 1/1/45		35,000		41,860
(Build America Bonds) Series F 7.414% 1/1/40		15,000		23,551
New York, New York
Series C 5.00% 8/1/26		20,000		25,908
Series C 5.00% 8/1/27		10,000		12,862
Oregon State Taxable Pension 5.892% 6/1/27		35,000		46,220
South Carolina Public Service Authority Series D 4.77% 12/1/45		15,000		17,335
Texas Water Development Board Series A 5.00% 10/15/45		15,000		18,506
Total Municipal Bonds (Cost $378,783)				401,044
NON-AGENCY ASSET-BACKED SECURITIES–1.60%
Ally Master Owner Trust
Series 2012-5 A 1.54% 9/15/19		100,000		100,314
Series 2014-4 A2 1.43% 6/17/19		65,000		65,153
•American Express Credit Account Secured Note Trust Series 2012-4 A 0.682% 5/15/20		125,000		125,062
#Avis Budget Rental Car Funding AESOP Series 2013-1A A 144A 1.92% 9/20/19		100,000		100,246
BA Credit Card Trust
•Series 2014-A2 A 0.712% 9/16/19		30,000		30,028

LVIP Delaware Foundation^® Moderate Allocation Fund—23

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
BA Credit Card Trust (continued)
•Series 2014-A3 A 0.732% 1/15/20		35,000	$	35,052
•Series 2015-A1 A 0.772% 6/15/20		125,000		125,144
Capital One Multi-Asset Execution Trust
•Series 2007-A5 A5 0.482% 7/15/20		100,000		99,685
•Series 2016-A1 A1 0.90% 2/15/22		65,000		65,112
Chase Issuance Trust
•Series 2014-A5 A5 0.812% 4/15/21		100,000		99,864
•Series 2016-A1 A 0.852% 5/17/21		100,000		100,029
#CIT Equipment Collateral Series 2014-VT1 A2 144A 0.86% 5/22/17		20,790		20,769
•CNH Equipment Trust Series 2016-B A2B 1.05% 10/15/19		35,000		34,956
Discover Card Execution Note Trust Series 2015-A3 A 1.45% 3/15/21		100,000		101,041
Ford Credit Auto Lease Trust Series 2015-A A3 1.13% 6/15/18		30,000		30,031
•GE Dealer Floorplan Master Note Trust Series 2014-2 A 0.898% 10/20/19		50,000		49,930
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		48,250		42,692
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.002% 7/16/18		25,000		24,991
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.022% 5/15/20		100,000		100,149
•Nissan Auto Lease Trust Series 2015-B A2B 0.972% 12/15/17		28,518		28,559
#•PFS Financing Series 2015-AA A 144A 1.062% 4/15/20		100,000		99,032
#Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19		95,000		94,431
Total Non-Agency Asset-Backed Securities (Cost $1,577,404)				1,572,270
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.12%
fAmerican Home Mortgage Investment Trust Series 2005-2 5A1 5.064% 9/25/35		6,284		6,255

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		854	$	835
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		20,232		20,119
JPMorgan Mortgage Trust Series 2006-S1 1A1 6.00% 4/25/36		24,334		24,889
#•Sequoia Mortgage Trust Series 2014-2 A4 3.50% 7/25/44		52,670		54,151
¨Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34		11,264		11,448
Total Non-Agency Collateralized Mortgage Obligations (Cost $116,707)				117,697
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES– 2.02 %
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 6.00% 2/10/51		40,000		41,679
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PWR18 A4 5.70% 6/11/50		24,312		25,118
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.901% 12/10/49		20,000		20,071
Series 2014-GC25 A4 3.635% 10/10/47		40,000		43,447
Series 2015-GC27 A5 3.137% 2/10/48		50,000		52,470
Series 2016-P3 A4 3.329% 4/15/49		35,000		37,352
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		35,000		36,473
Series 2014-CR16 A4 4.051% 4/10/47		35,000		39,221
Series 2014-CR19 A5 3.796% 8/10/47		50,000		55,023
Series 2014-CR20 A4 3.59% 11/10/47		20,000		21,750
Series 2014-CR20 AM 3.938% 11/10/47		80,000		87,114

LVIP Delaware Foundation^® Moderate Allocation Fund—24

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust (continued)
#Series 2015-3BP A 144A 3.178% 2/10/35		100,000	$	105,333
Series 2015-CR23 A4 3.497% 5/10/48		20,000		21,517
Commercial Mortgage Trust Series 2007-GG9 AM 5.475% 3/10/39		25,000		25,418
DB-JPM Series 2016-C1 A4 3.276% 5/10/49		45,000		47,921
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.883% 11/10/46		100,000		113,468
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		100,000		106,756
GS Mortgage Securities Trust
Series 2014-GC24 A5 3.931% 9/10/47		55,000		60,954
Series 2015-GC32 A4 3.764% 7/10/48		30,000		33,034
#Hilton USA Trust Series 2013-HLT BFX 144A 3.367% 11/5/30		200,000		200,980
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		85,000		93,357
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		70,000		73,602
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.675% 8/12/37		10,000		10,853
•Series 2005-LDP5 D 5.718% 12/15/44		20,000		19,933
Series 2006-LDP8 AM 5.44% 5/15/45		194,000		194,093
Series 2013-LC11 B 3.499% 4/15/46		30,000		31,096
Series 2015-JP1 A5 3.914% 1/15/49		30,000		33,471
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		1,679		1,682
•Series 2006-C6 AJ 5.452% 9/15/39		30,000		29,875
Series 2006-C6 AM 5.413% 9/15/39		45,000		45,157
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		30,000		32,876

		Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust (continued)
Series 2015-C23 A4 3.719% 7/15/50			75,000	$	82,307
Series 2015-C26 A5 3.531% 10/15/48			45,000		48,672
Series 2016-C29 A4 3.325% 5/15/49			30,000		31,928
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5 A3 2.918% 10/15/45			20,000		21,032
Series 2015-NXS3 A4 3.617% 9/15/57			60,000		65,162
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $1,964,416)					1,990,195
DREGIONAL BONDS–0.34%
Australia–0.15%
New South Wales Treasury
3.00% 3/20/28	AUD		119,400		94,684
4.00% 5/20/26	AUD		21,000		18,141
Queensland Treasury
#144A 3.25% 7/21/26	AUD		15,000		11,939
#144A 3.25% 7/21/28	AUD		29,000		22,927
					147,691
Canada–0.19%
Province of British Columbia Canada 2.25% 6/2/26			40,000		41,061
Province of Manitoba Canada 2.125% 6/22/26			40,000		39,817
Province of Ontario Canada 3.45% 6/2/45	CAD		11,000		9,699
Province of Quebec Canada
2.50% 4/20/26			40,000		41,212
6.00% 10/1/29	CAD		50,000		54,427
					186,216
Total Regional Bonds (Cost $328,486)					333,907
«SENIOR SECURED LOANS–1.21%
Activision Blizzard Tranche B 1st Lien 3.25% 10/11/20			10,838		10,879
Aercap Flying Fortress Tranche B 1st Lien 3.50% 4/30/20			130,000		130,061
Air Medical Group Holdings Tranche B Ist Lien 4.25% 4/28/22			64,350		62,962
Aramark Tranche E 3.25% 9/7/19			40,580		40,688

LVIP Delaware Foundation^® Moderate Allocation Fund—25

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
«SENIOR SECURED LOANS (continued)
Avago Technologies Cayman Finance Tranche B 1st Lien 4.25% 2/1/23			39,900	$	39,997
Community Health Systems Tranche F 1st Lien 3.924% 12/31/18			18,977		18,846
FCA US Tranche B 1st Lien 3.50% 5/24/17			2,847		2,849
First Data Tranche B 1st Lien 4.452% 3/24/21			217,237		216,875
HCA Tranche B6 1st Lien 3.71% 3/18/23			73,316		73,654
Hilton Worldwide Finance Tranche B2 3.50% 10/25/20			174,633		174,988
Landry’s Tranche B 4.00% 4/24/18			27,250		27,287
Level 3 Financing Tranche B 1st Lien 4.00% 1/15/20			60,000		60,037
@Republic of Angola (Unsecured) 7.045% 12/16/23			67,500		61,425
Solera Holdings Tranche B 1st Lien 5.75% 3/3/23			39,900		39,937
Univision Communications Tranche C4 1st Lien 4.00% 3/1/20			190,480		189,697
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19			38,608		38,174
Total Senior Secured Loans (Cost $1,173,083)					1,188,356
DSOVEREIGN BONDS–0.61%
Australia–0.00%
Australia Government Bond 3.75% 4/21/37	AUD		4,000		3,547
					3,547
Brazil–0.05%
Brazil Notas do Tesouro Nacional
10.00% 1/1/17	BRL		70,000		21,405
10.00% 1/1/23	BRL		81,000		23,022
					44,427
Canada–0.01%
Canadian Government Bond 2.75% 12/1/48	CAD		11,000		10,686
					10,686
Hungary–0.05%
Hungary Government International Bond 5.75% 11/22/23			40,000		45,605
					45,605

		Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Indonesia–0.06%
Indonesia Treasury Bond 8.375% 9/15/26	IDR		770,000,000	$	61,823
					61,823
Mexico–0.13%
Mexican Bonos 5.75% 3/5/26	MXN		2,335,700		126,935
					126,935
New Zealand–0.02%
New Zealand Government Bond 4.50% 4/15/27	NZD		20,000		17,189
					17,189
Poland–0.10%
Poland Government Bond
2.50% 7/25/26	PLN		330,000		80,865
3.25% 7/25/25	PLN		48,000		12,589
					93,454
Portugal–0.00%
#Portugal Government International Bond 144A 5.125% 10/15/24			4,000		4,039
					4,039
Republic of Korea–0.06%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW		68,517,306		60,752
					60,752
South Africa–0.02%
South Africa Government Bond 8.00% 1/31/30	ZAR		365,000		22,497
					22,497
United Kingdom–0.07%
United Kingdom Gilt
3.25% 1/22/44	GBP		18,100		32,174
3.50% 1/22/45	GBP		18,700		34,692
					66,866
Uruguay–0.04%
Uruguay Government International Bond 4.375% 10/27/27			37,000		39,220
					39,220
Total Sovereign Bonds (Cost $596,338)					597,040
SUPRANATIONAL BANKS–0.24%
Asian Development Bank 0.50% 3/24/20	AUD		28,000		19,469

LVIP Delaware Foundation^® Moderate Allocation Fund—26

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
SUPRANATIONAL BANKS (continued)
European Bank for Reconstruction & Development 7.375% 4/15/19	IDR		350,000,000	$	26,195
Inter-American Development Bank 6.00% 9/5/17	INR		2,600,000		38,155
International Bank for Reconstruction & Development
3.50% 1/22/21	NZD		185,000		135,901
4.625% 10/6/21	NZD		13,000		10,096
International Finance 3.625% 5/20/20	NZD		11,000		8,116
Total Supranational Banks (Cost $232,261)					237,932
U.S. TREASURY OBLIGATIONS–3.22%
U.S. Treasury Bonds
2.50% 5/15/46			190,000		198,001
3.00% 11/15/45			230,000		264,473
U.S. Treasury Notes
1.125% 6/30/21			2,420,000		2,432,761
1.625% 5/15/26			30,000		30,368
2.25% 11/15/25			230,000		245,390
Total U.S. Treasury Obligations (Cost $3,129,686)					3,170,993
		Number of Shares
RIGHT–0.00%
†B2W Cia Digital exercise price BRL 10.00, expiration date 7/20/16			5,949		0
Total Right (Cost $0)					0

	Number of Contracts		Value (U.S. $)
OPTIONS PURCHASED–0.00%
Futures Call Options–0.00%
U.S. Treasury 10 yr Notes strike price $135, expiration date 7/22/16		22	$	2,750
Total Options Purchased (Cost $5,246)				2,750
	Number of Shares
MONEY MARKET FUND–1.97%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		1,942,034		1,942,034
Total Money Market Fund (Cost $1,942,034)				1,942,034
	Principal Amount°
SHORT-TERM INVESTMENTS–6.10%
≠Discounted Commercial Paper–6.10%
Abbey National Treasury Services 0.41% 7/1/16		3,500,000		3,500,000
BNP Paribas 0.28% 7/1/16		2,500,000		2,500,000
				6,000,000
Total Short-Term Investments (Cost $6,000,000)				6,000,000

TOTAL VALUE OF SECURITIES–105.06% (Cost $89,768,563)		103,336,018
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(5.06%)		(4,975,227	)
NET ASSETS APPLICABLE TO 6,566,193 SHARES OUTSTANDING–100.00%	$	98,360,791

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $5,660,688, which represents 5.76% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin.

† Non-income producing for the period.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

* Interest only security. An interest only security is the interest only portion of a fixed income security which is separated and sold individually from the principal portion of the security.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $2,183,357, which represents 2.22% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

LVIP Delaware Foundation^® Moderate Allocation Fund—27

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

¨ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $91,320, which represents 0.09% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

≠ The rate shown is the effective yield at the time of purchase.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at June 30, 2016.

× Emerging Markets – developing countries with relatively low per capita income, often with above-average economic growth potential but with more risk.

§ Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2016.

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)				In Exchange For				Settlement Date		Unrealized Appreciation (Depreciation)
BAML		AUD	(255,664	)		USD	189,235			7/29/16	$(1,229)
BAML		CAD	(136,821	)		USD	107,097			7/29/16	1,182
BAML		EUR	75,974			USD	(86,011	)		7/29/16	(1,607)
BAML		JPY	1,938,640			USD	(18,248	)		7/29/16	542
BAML		NZD	(163,538	)		USD	115,544			7/29/16	(1,042)
BB		COP	178,745,522			USD	(59,857	)		7/29/16	918
BB		EUR	(675	)		USD	747			7/29/16	(2)
BB		IDR	291,757,400			USD	(21,821	)		7/29/16	242
BNP		AUD	485			USD	(358	)		7/29/16	3
BNP		INR	1,465,362			USD	(21,705	)		7/29/16	(117)
BNP		NOK	(232,108	)		USD	28,151			7/29/16	416
BNYM		AUD	(7,400	)		USD	5,496			7/5/16	(22)
BNYM		BRL	68,844			USD	(21,119	)		7/5/16	280
BNYM		CAD	(32,274	)		USD	24,811			7/6/16	(168)
BNYM		CHF	(19,676	)		USD	20,093			7/5/16	(63)
BNYM		DKK	(69,181	)		USD	10,262			7/5/16	(62)
BNYM		EUR	120,895			USD	(134,489	)		7/1/16	(321)
BNYM		EUR	(107,096	)		USD	118,205			7/5/16	(667)
BNYM		GBP	72,837			USD	(98,083	)		7/1/16	(1,119)
BNYM		GBP	(27,917	)		USD	37,594			7/5/16	428
BNYM		HKD	(184,680	)		USD	23,800			7/5/16	(7)
BNYM		JPY	(15,355,209	)		USD	148,709			7/5/16	(7)
BNYM		SEK	(150,906	)		USD	17,706			7/5/16	(133)
HSBC		GBP	(62,421	)		USD	85,474			7/29/16	2,355
JPMC		KRW	(65,187,280	)		USD	55,722			7/29/16	(791)
JPMC		PLN	(26,137	)		USD	6,718			7/29/16	99
TD		EUR	(43,716	)		USD	48,387			7/29/16	(180)
TD		JPY	(1,839,899	)		USD	17,339			7/29/16	(494)
TD		NZD	(103,233	)		USD	72,868			7/29/16	(726)
											$(2,292)

LVIP Delaware Foundation^® Moderate Allocation Fund—28

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(12)	E-mini S&P 500 Index		$(1,224,464)		$(1,254,120	)		9/19/16		$(29,656)
(17)	U.S. Treasury 10 yr Notes		(2,217,636)		(2,260,734	)		9/22/16		(43,098)
14	U.S. Treasury Long Bonds		2,310,471		2,412,813			9/22/16		102,342
										$  29,588

Swap Contract

CDS Contract

Counterparty	Swap Referenced         Obligation	Notional Value2		Annual Protection Payments     (Receipts)		Termination   Date		Upfront Payments Paid     (Received)		Unrealized Appreciation  (Depreciation)
	Protection Sold:
HSBC	CDX.EM.253		570,000		1.00%		6/20/21		$(49,890)		$6,845

The use of foreign currency exchange contracts, futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

²Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

³Markit’s CDX.EM Index is composed of fourteen sovereign issuers from the following regions: Latin America, Middle East, Eastern Europe, Africa and Asia.

Summary of Abbreviations:

ADR–American Depositary Receipt

ARM–Adjustable Rate Mortgage

AUD–Australian Dollar

BAML–Bank of America Merrill Lynch

BB–Barclays Bank

BNP–BNP Paribas

BNYM–Bank of New York Mellon

BRL–Brazilian Real

CAD–Canadian Dollar

CDS–Credit Default Swap

CDX.EM–Credit Default Swap Index Emerging Markets

CHF–Swiss Franc

COP–Colombian Peso

CVA–Dutch Certificate

DB–Deutsche Bank

DKK–Danish Krone

EAFE–Europe Australasia Far East

ETF–Exchange-Traded Fund

EUR–Euro

GBP–British Pound Sterling

GDR–Global Depositary Receipt

GE–General Electric

GNMA–Government National Mortgage Association

GS–Goldman Sachs

HKD–Hong Kong Dollar

HSBC–Hong Kong Shanghai Bank

IDR–Indonesian Rupiah

INR–Indian Rupee

IT–Information Technology

JPM–JPMorgan

LVIP Delaware Foundation^® Moderate Allocation Fund—29

LVIP Delaware Foundation^® Moderate Allocation Fund

Schedule of Investments (continued)

Summary of Abbreviations: (continued)

JPMC–JPMorgan Chase Bank

JPY–Japanese Yen

KRW–South Korean Won

LB–Lehman Brothers

MXN–Mexican Peso

NOK–Norwegian Krone

NVDR–Non-Voting Depositary Receipt

NZD–New Zealand Dollar

PLN–Polish Zloty

REIT–Real Estate Investment Trust

REMIC–Real Estate Mortgage Investment Conduit

SEK–Swedish Krona

S.F.–Single Family

TBA–To be announced

TD–Toronto Dominion Securities

UBS–Union Bank of Switzerland

USD–U.S. Dollar

yr–Year

ZAR–South African Rand

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

LVIP Delaware Foundation^® Moderate Allocation Fund—30

LVIP Delaware Foundation^® Moderate Allocation Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments, at value	$	103,333,268
Receivables for securities sold		9,462,461
Dividends and interest receivable		337,397
Cash		311,912
Foreign currencies, at value		307,044
Unrealized appreciation on futures contracts		29,588
Receivables for fund shares sold		23,460
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		14,761
Unrealized appreciation on credit default swap contracts		6,845
Unrealized appreciation on foreign currency exchange contracts		6,465
Options purchased, at value		2,750
Swap payments receivable		169
Foreign currencies collateral held at broker for futures contracts, at value		64
TOTAL ASSETS		113,836,184
LIABILITIES:
Payable for securities purchased		15,128,868
Payables for fund shares redeemed		123,986
Due to manager and affiliates		59,915
Other accrued expenses payable		52,322
Due to broker for futures contracts		51,551
Upfront payments received on credit default swap contracts		49,890
Unrealized depreciation on foreign currency exchange contracts		8,757
Deferred capital gains taxes payable		104
TOTAL LIABILITIES		15,475,393
TOTAL NET ASSETS	$	98,360,791
Investments, at cost	$	89,763,317
Foreign currencies, at cost		305,902
Options purchased, at cost		5,246
Foreign currencies collateral held at broker for futures contracts, at cost		64
Standard Class:
Net Assets	$	87,960,525
Shares Outstanding		5,884,944
Net Asset Value Per Share	$	14.947
Service Class:
Net Assets	$	10,400,266
Shares Outstanding		681,249
Net Asset Value Per Share	$	15.266
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	79,918,180
Undistributed net investment income		798,991
Undistributed net realized gain on investments		4,041,872
Net unrealized appreciation of investments and derivatives		13,601,748
TOTAL NET ASSETS	$	98,360,791

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

LVIP Delaware Foundation^® Moderate Allocation Fund—31

LVIP Delaware Foundation^® Moderate

Allocation Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	744,358
Interest		515,044
Foreign tax withheld		(33,522	)
		1,225,880
EXPENSES:
Management fees		365,001
Professional fees		33,348
Pricing fees		32,497
Reports and statements to shareholders		14,693
Custodian fees		13,698
Accounting and administration expenses		12,279
Distribution fees-Service Class		11,934
Trustees’ fees and expenses		1,325
Consulting fees		874
Other		464
		486,113
Less management fees waived		(48,667	)
Less expenses reimbursed		(70,244	)
Total operating expenses		367,202
NET INVESTMENT INCOME		858,678
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments*		136,799
Foreign currencies		(31,807	)
Foreign currency exchange contracts		(35,531	)
Futures contracts		22,710
Options purchased		9,706
Options written		(11,043	)
Swap contracts		50,060
Net realized gain		140,894
Net change in unrealized appreciation (depreciation) of:
Investments		1,149,399
Foreign currencies		1,693
Foreign currency exchange contracts		1,047
Futures contracts		55,012
Options purchased		(2,496	)
Swap contracts		2,233
Net change in unrealized appreciation (depreciation)		1,206,888
NET REALIZED AND UNREALIZED GAIN		1,347,782
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,206,460

*Includes $149 currency taxes paid.

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

LVIP Delaware Foundation^® Moderate

Allocation Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	858,678		$	1,899,259
Net realized gain		140,894			5,186,095
Net change in unrealized appreciation (depreciation)		1,206,888			(8,201,283	)
Net increase (decrease) in net assets resulting from operations		2,206,460			(1,115,929	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(2,068,207	)
Service Class		—			(176,440	)
Net realized gain:
Standard Class		—			(3,109,087	)
Service Class		—			(272,229	)
		—			(5,625,963	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		4,192,580			10,958,735
Service Class		1,317,739			2,491,528
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			5,177,294
Service Class		—			448,669
		5,510,319			19,076,226
Cost of shares redeemed:
Standard Class		(10,127,371	)		(20,538,221	)
Service Class		(353,647	)		(681,809	)
		(10,481,018	)		(21,220,030	)
Decrease in net assets derived from capital share transactions		(4,970,699	)		(2,143,804	)
NET DECREASE IN NET ASSETS		(2,764,239	)		(8,885,696	)
NET ASSETS:
Beginning of period		101,125,030			110,010,726
End of period	$	98,360,791		$	101,125,030
Undistributed (distributions in excess of) net investment income	$	798,991		$	(59,687	)

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

LVIP Delaware Foundation^® Moderate Allocation Fund—32

LVIP Delaware Foundation^® Moderate Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Foundation® Moderate Allocation Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	14.606		$	15.631			$	15.878			$	14.477			$	13.334			$	13.650
Income (loss) from investment operations:
Net investment income2			0.129			0.281				0.325				0.295				0.303				0.320
Net realized and unrealized gain (loss)			0.212			(0.468	)			0.409				1.746				1.199				(0.286	)
Total from investment operations			0.341			(0.187	)			0.734				2.041				1.502				0.034
Less dividends and distributions from:
Net investment income			—			(0.336	)			(0.325	)			(0.290	)			(0.339	)			(0.350	)
Net realized gain			—			(0.502	)			(0.656	)			(0.350	)			(0.020	)			—
Total dividends and distributions			—			(0.838	)			(0.981	)			(0.640	)			(0.359	)			(0.350	)
Net asset value, end of period		$	14.947		$	14.606			$	15.631			$	15.878			$	14.477			$	13.334
Total return3			2.34%			(1.15%	)			4.63%				14.24%				11.30%				0.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	87,961		$	91,928			$	102,477			$	103,403			$	89,494			$	112,260
Ratio of expenses to average net assets			0.73%			0.73%				0.73%				0.73%				0.73%				0.73%
Ratio of expenses to average net assets prior to expenses waived/reimbursed.			0.97%			1.00%				0.94%				1.00%				1.00%				0.97%
Ratio of net investment income to average net assets			1.79%			1.79%				2.01%				1.92%				2.15%				2.31%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.55%			1.52%				1.80%				1.65%				1.88%				2.07%
Portfolio turnover			94%			124%				117%				163%				161%				143%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Delaware Foundation^® Moderate Allocation Fund–33

LVIP Delaware Foundation^® Moderate Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Foundation® Moderate Allocation Fund Service Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	14.938		$	15.966			$	16.198			$	14.761			$	13.589			$	13.905
Income (loss) from investment operations:
Net investment income2			0.113			0.246				0.290				0.262				0.274				0.289
Net realized and unrealized gain (loss)			0.215			(0.476	)			0.418				1.777				1.221				(0.289	)
Total from investment operations			0.328			(0.230	)			0.708				2.039				1.495				—
Less dividends and distributions from:
Net investment income			—			(0.296	)			(0.284	)			(0.252	)			(0.303	)			(0.316	)
Net realized gain			—			(0.502	)			(0.656	)			(0.350	)			(0.020	)			—
Total dividends and distributions			—			(0.798	)			(0.940	)			(0.602	)			(0.323	)			(0.316	)
Net asset value, end of period		$	15.266		$	14.938			$	15.966			$	16.198			$	14.761			$	13.589
Total return3			2.21%			(1.39%	)			4.38%				13.96%				11.03%				0.02%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	10,400		$	9,197			$	7,534			$	5,234			$	2,665			$	1,047
Ratio of expenses to average net assets			0.98%			0.98%				0.98%				0.98%				0.98%				0.98%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.22%			1.25%				1.19%				1.25%				1.25%				1.22%
Ratio of net investment income to average net assets			1.54%			1.54%				1.76%				1.67%				1.90%				2.06%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.30%			1.27%				1.55%				1.40%				1.63%				1.82%
Portfolio turnover			94%			124%				117%				163%				161%				143%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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 by the manager. Performance would have been lower had the waivers not been in effect.

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

LVIP Delaware Foundation^® Moderate Allocation Fund–34

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Delaware Foundation^® Moderate Allocation 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”), 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 capital appreciation with current income as a secondary objective.

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 Funds.

Security Valuation–Equity securities and exchange-traded funds (“ETFs”), 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 and ETFs 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 or ETF 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 generally valued at the last quoted sale price on the valuation date. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities, credit default swap (“CDS”) contracts, and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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.

To Be Announced Trades (TBA)–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement

LVIP Delaware Foundation^® Moderate Allocation Fund–35

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates is included in the Statement of Operations under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, both types of changes in gain (loss) 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.

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., trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. 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. 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. Taxable non-cash dividends are recorded as dividend income. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset-and mortgage-backed securities are classified as interest income. Withholding taxes on foreign dividends and interest have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. 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 commission to the Fund in cash. Commission rebates are included in “Net realized gain (loss) from investments” on the Statement of Operations and totaled $148 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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-advisers, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate 0.75% of the average daily net assets of the Fund. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.10% of the Fund’s average daily net assets. The agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

LIAC has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.73% of average daily net assets for the Standard Class and 0.98% for the Service Class. The agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of Board and LIAC.

LVIP Delaware Foundation^® Moderate Allocation Fund–36

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

Delaware Investments Fund Advisers (“DIFA”) (the “Sub-Adviser”), a series of Delaware Management Business Trust, and its affiliate, Jackson Square Partners, LLC (“JSP”), are responsible for the day-to-day management of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays DIFA and JSP 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	2,606
Legal		717

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 $8,344 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. Pursuant to a 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement from LIAC	$	14,761
Management fees payable to LIAC		52,334
Distribution fees payable to LFD		2,085
Printing and mailing fees payable to Lincoln Life		5,495

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Fund engaged in securities purchases of $58,459 and securities sales of $101,009.

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	60,704,292
Purchases of U.S. government securities		28,557,241
Sales other than U.S. government securities		59,157,023
Sales of U.S. government securities		33,761,676

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	89,899,718
Aggregate unrealized appreciation	$	17,443,524
Aggregate unrealized depreciation		(4,007,224	)
Net unrealized appreciation	$	13,436,300

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

LVIP Delaware Foundation^® Moderate Allocation Fund–37

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

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 June 30, 2016:

	Level 1		Level 2		Level 3		Total
Common Stock
U.S. Markets
Aerospace & Defense	$	918,064	$	—	$	—	$	918,064
Air Freight & Logistics		40,178		—		—		40,178
Auto Components		355,422		—		—		355,422
Automobiles		55,937		—		—		55,937
Banks		1,115,441		143,159		—		1,258,600
Beverages		60,386		—		—		60,386
Biotechnology		1,376,046		—		—		1,376,046
Building Products		129,849		—		—		129,849
Capital Markets		591,945		—		—		591,945
Chemicals		557,068		—		—		557,068
Commercial Services & Supplies		508,839		—		—		508,839
Communications Equipment		461,182		—		—		461,182
Construction & Engineering		97,967		—		—		97,967
Consumer Finance		59,699		—		—		59,699
Containers & Packaging		42,874		—		—		42,874
Diversified Financial Services		342,219		—		—		342,219
Diversified Telecommunication Services		817,732		—		—		817,732
Electric Utilities		287,379		—		—		287,379
Electrical Equipment		44,797		—		—		44,797
Electronic Equipment, Instruments & Components		31,702		—		—		31,702
Energy Equipment & Services		385,952		—		—		385,952
Food & Staples Retailing		833,969		—		—		833,969
Food Products		959,515		—		—		959,515
Gas Utilities		78,667		—		—		78,667
Health Care Equipment & Supplies		422,871		35,666		—		458,537
Health Care Providers & Services		919,830		284,935		—		1,204,765
Health Care Technology		5,021		—		—		5,021
Hotels, Restaurants & Leisure		317,589		—		—		317,589
Household Durables		30,065		—		—		30,065
Household Products		161,667		—		—		161,667

LVIP Delaware Foundation^® Moderate Allocation Fund–38

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Industrial Conglomerates	$	166,214	$	—	$	—	$	166,214
Insurance		900,698		90,449		—		991,147
Internet & Catalog Retail		727,786		—		—		727,786
Internet Software & Services		1,622,768		31,876		—		1,654,644
IT Services		1,460,555		234,403		—		1,694,958
Leisure Products		—		29,596		—		29,596
Life Sciences Tools & Services		91,638		—		—		91,638
Machinery		172,998		150,301		—		323,299
Media		696,888		—		—		696,888
Metals & Mining		127,695		—		—		127,695
Multi-Utilities		66,539		—		—		66,539
Oil, Gas & Consumable Fuels		1,444,121		—		—		1,444,121
Paper & Forest Products		96,257		—		—		96,257
Pharmaceuticals		1,721,501		—		—		1,721,501
Professional Services		413,586		—		—		413,586
Real Estate Investment Trusts		3,432,060		—		—		3,432,060
Road & Rail		142,345		—		—		142,345
Semiconductors & Semiconductor Equipment		1,230,073		—		—		1,230,073
Software		1,555,925		284,505		—		1,840,430
Specialty Retail		704,052		—		—		704,052
Technology Hardware, Storage & Peripherals		200,760		—		—		200,760
Textiles, Apparel & Luxury Goods		149,094		—		—		149,094
Thrifts & Mortgage Finance		28,166		—		—		28,166
Trading Companies & Distributors		60,488		—		—		60,488
Developed Markets
Aerospace & Defense		—		158,362		—		158,362
Air Freight & Logistics		—		262,990		—		262,990
Auto Components		—		279,719		—		279,719
Automobiles		—		479,931		—		479,931
Banks		—		999,671		—		999,671
Beverages		—		391,683		—		391,683
Biotechnology		—		100,553		—		100,553
Construction & Engineering		—		318,257		—		318,257
Diversified Telecommunication Services		—		433,684		—		433,684
Food & Staples Retailing		—		143,901		—		143,901
Food Products		—		164,786		—		164,786
Household Durables		—		231,768		—		231,768
Industrial Conglomerates		—		218,808		—		218,808
Insurance		—		214,968		—		214,968
IT Services		297,965		—		—		297,965
Life Sciences Tools & Services		51,457		—		—		51,457
Machinery		—		64,542		—		64,542
Media		31,799		91,121		—		122,920
Metals & Mining		156,075		134,736		—		290,811
Multi-Utilities		—		131,216		—		131,216
Oil, Gas & Consumable Fuels		155,350		201,319		—		356,669
Pharmaceuticals		531,225		878,721		—		1,409,946
Professional Services		—		354,869		—		354,869
Road & Rail		—		284,136		—		284,136
Software		—		151,364		—		151,364
Specialty Retail		—		198,906		—		198,906
Textiles, Apparel & Luxury Goods		—		471,613		—		471,613
Tobacco		—		310,327		—		310,327
Trading Companies & Distributors		—		346,421		—		346,421
Wireless Telecommunication Services		—		184,796		—		184,796
Emerging Markets

LVIP Delaware Foundation^® Moderate Allocation Fund–39

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Airlines	$	13,979	$	—	$	—	$	13,979
Automobiles		—		105,022		—		105,022
Banks		344,685		374,417		—		719,102
Beverages		197,130		76,784		—		273,914
Building Products		—		98,122		—		98,122
Chemicals		85,869		—		—		85,869
Construction Materials		64,944		115,692		—		180,636
Diversified Financial Services		—		62,201		—		62,201
Diversified Telecommunication Services		130,248		31,048		—		161,296
Electronic Equipment, Instruments & Components		—		107,919		—		107,919
Food & Staples Retailing		90,402		—		—		90,402
Food Products		54,884		279,317		—		334,201
Hotels, Restaurants & Leisure		—		32,436		—		32,436
Insurance		—		82,960		—		82,960
Internet & Catalog Retail		8,937		55,424		—		64,361
Internet Software & Services		474,744		291,017		—		765,761
IT Services		—		43,470		—		43,470
Media		124,992		—		—		124,992
Metals & Mining		21,758		6,331		—		28,089
Multiline Retail		—		51,718		—		51,718
Oil, Gas & Consumable Fuels		573,470		213,631		—		787,101
Paper & Forest Products		—		36,034		—		36,034
Personal Products		73,826		—		—		73,826
Real Estate Management & Development		—		32,775		—		32,775
Road & Rail		3,313		—		—		3,313
Semiconductors & Semiconductor Equipment		97,051		178,238		—		275,289
Technology Hardware, Storage & Peripherals		—		467,007		—		467,007
Wireless Telecommunication Services		547,337		247,700		—		795,037
Convertible Preferred Stock		76,949		17,329		—		94,278
Exchange-Traded Funds		7,041,984		—		—		7,041,984
Preferred Stock		—		270,326		—		270,326
Agency Asset-Backed Security		—		201		—		201
Agency Collateralized Mortgage Obligations		—		1,077,182		41,147		1,118,329
Agency Commercial Mortgage-Backed Securities		—		624,109		30,599		654,708
Agency Mortgage-Backed Securities		—		12,742,190		—		12,742,190
Convertible Bonds		—		466,169		—		466,169
Corporate Bonds		—		17,562,775		—		17,562,775
Municipal Bonds		—		401,044		—		401,044
Non-Agency Asset-Backed Securities		—		1,572,270		—		1,572,270
Non-Agency Collateralized Mortgage Obligations		—		117,697		—		117,697
Non-Agency Commercial Mortgage-Backed Securities		—		1,990,195		—		1,990,195
Regional Bonds		—		333,907		—		333,907
Senior Secured Loans		—		1,126,931		61,425		1,188,356
Sovereign Bonds		—		597,040		—		597,040
Supranational Banks		—		237,932		—		237,932
U.S. Treasury Obligations		—		3,170,993		—		3,170,993
Options Purchased		2,750		—		—		2,750
Right		—		—		—		—
Money Market Fund		1,942,034		—		—		1,942,034
Short-Term Investments		—		6,000,000		—		6,000,000
Total	$	42,417,236	$	60,785,611	$	133,171	$	103,336,018

LVIP Delaware Foundation^® Moderate Allocation Fund–40

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1	Level 2	Level 3	Total
Foreign Currency Exchange Contracts	$       —	$(2,292)	$—	$(2,292)
Futures Contracts	$29,588	$      —	$—	$29,588
Swap Contracts	$       —	$ 6,845	$—	$  6,845

As a result of utilizing international fair value pricing at June 30, 2016, a portion of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended    6/30/16			Year Ended    12/31/15
Shares sold:
Standard Class		291,203			695,505
Service Class		89,211			156,651
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			352,969
Service Class		—			29,956
		380,414			1,235,081
Shares redeemed:
Standard Class		(699,904	)		(1,310,869	)
Service Class		(23,666	)		(42,770	)
		(723,570	)		(1,353,639	)
Net decrease		(343,156	)		(118,558	)

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

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 against fluctuations in the value of its portfolio securities. 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 Delaware Foundation^® Moderate Allocation Fund–41

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

5. 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.

Options Contracts–During the six months ended June 30, 2016, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; to increase yield during low interest rate environment; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

Transactions in options written during the six months ended June 30, 2016 for the Fund were as follows:

Call Options	Number of Contracts			Premiums
Options outstanding at December 31, 2015		—			$	—
Options written		(66,017	)			(4,261	)
Options expired		66,000				605
Options terminated in closing purchase transactions		17				2,656
Options outstanding at June 30, 2016		—			$	—

Put Options	Number of Contracts			Premiums
Options outstanding at December 31, 2015		—			$	—
Options written		(66,000	)			(619	)
Options expired		66,000				619
Options outstanding at June 30, 2016		—			$	—

Swap Contracts–The Fund enters into CDS contracts in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay and obligation default.

LVIP Delaware Foundation^® Moderate Allocation Fund–42

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2016, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to central counterparties for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

As disclosed in the footnotes to the Schedule of Investments, at June 30, 2016, the notional value of the protection sold was $570,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At June 30, 2016, the net unrealized appreciation of the protection sold was $6,845.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its positions in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Schedule of Investments.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities	Fair Value		Statement of Assets and Liabilities	Fair Value
Currency contracts (Foreign currency exchange contracts)	Unrealized depreciation of foreign currency exchange contracts		$    6,465	Unrealized depreciation of foreign currency exchange contracts		$  (8,757	)
Equity contracts (Futures contracts)	Unrealized appreciation of futures contracts		—	Unrealized appreciation of futures contracts		(29,656	)
Interest rate contracts (Futures contracts)	Unrealized appreciation of futures contracts		102,342	Unrealized appreciation of futures contracts		(43,098	)
Interest rate contracts (Option purchased)	Options purchased, at value		2,750	Options purchased, at value		—
Credit contracts (Swap contracts)	Unrealized appreciation on credit default swap contracts		6,845	Unrealized appreciation on credit default swap contracts		—
Total			$118,402			$(81,511	)

LVIP Delaware Foundation^® Moderate Allocation Fund–43

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss)  on Derivatives                 Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(35,531	)		$	1,047
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			734				(18,522	)
Interest rate contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			21,976				73,534
Interest rate contracts (Options purchase)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased			9,706				(2,496	)
Interest rate contracts (Options written)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written			(13,267	)			—
Currency contracts (Options written)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written			2,224				—
Credit contracts (Swap contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(19,333	)			2,233
Interest rate contracts (Swap contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			69,393				—
Total			$	35,902			$	55,796

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset            Derivative            Volume			Liability            Derivative            Volume
Foreign currency exchange contracts (average cost)		USD	185,594		USD	556,584
Futures contracts (average notional value)		USD	2,138,239		USD	2,056,471
Options contracts (average notional value)		USD	1,739		USD	138
CDS contracts (average notional value)*		EUR	118,880		EUR	—
		USD	577,800		USD	186,880
Interest rate swap contracts (average notional value)		USD	675,840		USD	—

*Asset represents buying protection and liability represents selling protection.

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 exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/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.

LVIP Delaware Foundation^® Moderate Allocation Fund–44

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

At June 30, 2016 , the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability		Net Position
Bank of America Merrill Lynch		$    1,724		$  (3,878)		$(2,154)
BNP Paribas		419		(117)		302
BNY Mellon		708		(2,569)		(1,861)
Hong Kong Shanghai Bank		9,200		—		9,200
JPMorgan Chase Bank		102,441		(73,545)		28,896
Toronto Dominion Bank		—		(1,400)		(1,400)
Total		$114,492		$(81,509)		$32,983

Counterparty	Net Position		Fair Value of Non Cash Collateral Received	Cash Collateral Received	Fair Value of Non Cash Collateral Pledged	Cash Collateral Pledged			Net Amounta
Bank of America Merrill Lynch		$(2,154)	$—	$—	$—		$        —			$(2,154)
BNP Paribas		302	—	—	—		—			302
BNY Mellon		(1,861)	—	—	—		—			(1,861)
Hong Kong Shanghai Bank		9,200	—	—	—		—			9,200
JPMorgan Chase Bank		28,896	—	—	—		(28,896	)		—
Toronto Dominion Bank		(1,400)	—	—	—		—			(1,400)
Total		$32,983	$—	$—	$—		$(28,896	)		$ 4,087

^aNet amount represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default.

6. Credit and Market Risk

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 for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of 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 invests in high yield fixed income securities, which are securities rated BB or lower by Standard and Poor’s Financial Services LLC and/or Ba or lower by Moody’s Investors Service Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely effected by changes in interest rates and shifts in market’s perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (“CMOs”). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of

LVIP Delaware Foundation^® Moderate Allocation Fund–45

LVIP Delaware Foundation^® Moderate Allocation Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the a CMO’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. Rule 144A and illiquid securities are identified on the Schedule of Investments.

7. 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.

8. 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 Delaware Foundation^® Moderate Allocation Fund–46

                    LVIP Dimensional U.S. Core Equity 1 Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Dimensional U.S. Core Equity 1 Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	24
Statements of Changes in Net Assets	24
Financial Highlights	25
Notes to Financial Statements	27

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Dimensional U.S. Core Equity 1 Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,034.30		0.40%	$2.02
Service Class Shares		1,000.00		1,032.50		0.75%	3.79
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,022.87		0.40%	$2.01
Service Class Shares		1,000.00		1,021.13		0.75%	3.77

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Dimensional U.S. Core Equity 1 Fund–1

LVIP Dimensional U.S. Core Equity 1 Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock	99.68%
Aerospace & Defense	2.78%
Air Freight & Logistics	0.71%
Airlines	0.71%
Auto Components	0.74%
Automobiles	0.60%
Banks	5.65%
Beverages	1.92%
Biotechnology	2.47%
Building Products	0.48%
Capital Markets	1.68%
Chemicals	2.60%
Commercial Services & Supplies	1.35%
Communications Equipment	1.12%
Construction & Engineering	0.42%
Construction Materials	0.20%
Consumer Finance	0.90%
Containers & Packaging	0.84%
Distributors	0.21%
Diversified Consumer Services	0.27%
Diversified Financial Services	1.51%
Diversified Telecommunication Services	2.58%
Electric Utilities	1.88%
Electrical Equipment	0.69%
Electronic Equipment, Instruments & Components	1.27%
Energy Equipment & Services	0.90%
Food & Staples Retailing	1.96%
Food Products	2.02%
Gas Utilities	0.62%
Health Care Equipment & Supplies	2.08%
Health Care Providers & Services	3.17%
Health Care Technology	0.17%
Hotels, Restaurants & Leisure	2.62%
Household Durables	0.88%
Household Products	1.33%
Independent Power & Renewable Electricity Producers	0.21%
Industrial Conglomerates	1.21%
Insurance	3.34%
Internet & Catalog Retail	1.60%
Internet Software & Services	2.24%
IT Services	3.97%
Leisure Products	0.28%
Life Sciences Tools & Services	0.81%
Machinery	2.69%
Marine	0.06%
Media	3.26%

Security Type/Sector	Percentage of Net Assets
Metals & Mining	0.79%
Multiline Retail	0.65%
Multi-Utilities	1.14%
Oil, Gas & Consumable Fuels	4.93%
Paper & Forest Products	0.15%
Personal Products	0.27%
Pharmaceuticals	3.62%
Professional Services	0.67%
Real Estate Management & Development	0.21%
Road & Rail	1.15%
Semiconductors & Semiconductor Equipment	3.08%
Software	3.38%
Specialty Retail	3.55%
Technology Hardware, Storage & Peripherals	3.50%
Textiles, Apparel & Luxury Goods	1.05%
Thrifts & Mortgage Finance	0.31%
Tobacco	1.33%
Trading Companies & Distributors	0.51%
Transportation Infrastructure	0.03%
Water Utilities	0.20%
Wireless Telecommunication Services	0.16%
Right	0.00%
Money Market Fund	0.13%
Total Value of Securities	99.81%
Receivables and Other Assets Net of Liabilities	0.19%
Total Net Assets	100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Apple	2.75%
Exxon Mobil	1.44%
Microsoft	1.38%
Johnson & Johnson	1.22%
Amazon.com	1.14%
Verizon Communications	1.12%
AT&T	1.10%
Comcast Class A	0.93%
Wells Fargo	0.93%
Intel	0.90%
Total	12.91%

IT–Information Technology

LVIP Dimensional U.S. Core Equity 1 Fund–2

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–99.68%
Aerospace & Defense–2.78%
AAR		6,789	$	158,455
†Aerojet Rocketdyne Holdings		9,478		173,258
†Aerovironment		2,215		61,577
†Astronics		2,505		83,316
†Astronics Class B		375		12,420
B/E Aerospace		6,033		278,574
Boeing		37,923		4,925,060
BWX Technologies		11,734		419,725
Cubic		3,873		155,540
Curtiss-Wright		6,659		561,021
†DigitalGlobe		10,882		232,766
†Ducommun		1,600		31,648
†Esterline Technologies		4,509		279,738
General Dynamics		13,232		1,842,424
HEICO		3,473		232,031
HEICO Class A		4,578		245,610
Hexcel		12,095		503,636
Honeywell International		36,684		4,267,083
Huntington Ingalls Industries		7,025		1,180,411
†KLX		6,809		211,079
†Kratos Defense & Security Solutions		5,182		21,246
L-3 Communications Holdings		4,693		688,416
Lockheed Martin		15,708		3,898,254
†Mercury Systems		3,446		85,668
†Moog Class A		5,219		281,408
Northrop Grumman		9,036		2,008,522
Orbital ATK		8,195		697,722
Raytheon		13,074		1,777,410
Rockwell Collins		11,575		985,495
†Spirit AeroSystems Holdings Class A		7,938		341,334
†TASER International		1,443		35,902
†Teledyne Technologies		4,923		487,623
Textron		22,144		809,585
†TransDigm Group		3,095		816,121
Triumph Group		6,690		237,495
United Technologies		36,406		3,733,435
				32,761,008
Air Freight & Logistics–0.71%
†Air Transport Services Group		11,784		152,721
†Atlas Air Worldwide Holdings		3,789		156,940
CH Robinson Worldwide		11,156		828,333
†Echo Global Logistics		2,584		57,933
Expeditors International of Washington		11,713		574,406
FedEx		11,653		1,768,692
Forward Air		3,352		149,265
†Hub Group Class A		4,075		156,358
Park-Ohio Holdings		801		22,652
United Parcel Service Class B		39,912		4,299,321
†XPO Logistics		9,607		252,280
				8,418,901

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Airlines–0.71%
Alaska Air Group		16,423	$	957,297
Allegiant Travel		2,149		325,573
American Airlines Group		40,394		1,143,554
Copa Holdings Class A		4,803		251,005
Delta Air Lines		46,387		1,689,878
†Hawaiian Holdings		9,950		377,702
†JetBlue Airways		30,530		505,577
SkyWest		6,659		176,197
Southwest Airlines		39,453		1,546,952
†Spirit Airlines		10,860		487,288
†United Continental Holdings		21,708		890,896
				8,351,919
Auto Components–0.74%
†American Axle & Manufacturing Holdings		8,555		123,876
Autoliv		7,240		777,938
BorgWarner		18,858		556,688
Cooper Tire & Rubber		10,762		320,923
†Cooper-Standard Holding		1,676		132,387
Dana Holding		30,421		321,246
Delphi Automotive		16,408		1,027,141
†Dorman Products		200		11,440
Drew Industries		3,305		280,396
†Federal-Mogul Holdings Class A		11,461		95,241
†Fox Factory Holding		4,534		78,756
Gentex		39,164		605,084
†Gentherm		4,875		166,969
Goodyear Tire & Rubber		38,344		983,907
†Horizon Global		2,190		24,857
Johnson Controls		25,800		1,141,908
Lear		6,985		710,794
†Modine Manufacturing		8,303		73,066
†Motorcar Parts of America		2,029		55,148
Standard Motor Products		2,906		115,601
†Stoneridge		3,532		52,768
Superior Industries International		3,283		87,919
†Tenneco		8,836		411,846
Tower International		4,230		87,053
Visteon		6,978		459,222
				8,702,174
Automobiles–0.60%
Ford Motor		270,509		3,400,298
General Motors		71,065		2,011,139
Harley-Davidson		15,921		721,221
†Tesla Motors		1,590		337,525
Thor Industries		7,273		470,854
Winnebago Industries		3,677		84,277
				7,025,314

LVIP Dimensional U.S. Core Equity 1 Fund–3

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks–5.65%
1st Source		2,576	$	83,437
Ameris Bancorp		3,331		98,931
Arrow Financial		432		13,085
Associated Banc-Corp		18,002		308,734
Banc of California		858		15,530
BancFirst		192		11,581
†Bancorp		1,514		9,114
BancorpSouth		13,499		306,292
Bank of America		425,469		5,645,974
Bank of Hawaii		5,806		399,453
Bank of the Ozarks		9,112		341,882
BankUnited		12,210		375,091
Banner		3,101		131,917
BB&T		32,705		1,164,625
BBCN Bancorp		12,568		187,515
Berkshire Hills Bancorp		5,646		151,990
BNC Bancorp		2,712		61,590
BOK Financial		5,855		367,109
Boston Private Financial Holdings		14,301		168,466
Brookline Bancorp		9,134		100,748
Bryn Mawr Bank		2,262		66,050
Camden National		424		17,808
Capital Bank Financial		4,655		134,064
Cardinal Financial		3,968		87,058
Cathay General Bancorp		10,056		283,579
CenterState Banks of Florida		2,822		44,447
Central Pacific Financial		5,001		118,024
Chemical Financial		4,839		180,446
CIT Group		10,255		327,237
Citigroup		121,112		5,133,938
@City Holding		2,841		129,180
@CoBiz Financial		3,260		38,142
Columbia Banking System		8,265		231,916
Comerica		9,594		394,601
Commerce Bancshares		13,947		668,061
Community Bank System		7,256		298,149
Community Trust Bancorp		1,117		38,715
ConnectOne Bancorp		2,533		39,743
Cullen/Frost Bankers		6,810		434,001
†Customers Bancorp		3,657		91,900
CVB Financial		12,226		200,384
†Eagle Bancorp		3,520		169,347
East West Bancorp		14,663		501,181
Enterprise Financial Services		1,260		35,141
†FCB Financial Holdings Class A		2,044		69,496
Fidelity Southern		1,928		30,212
Fifth Third Bancorp		49,269		866,642
†First BanCorp (Puerto Rico)		32,583		129,354
First Busey		2,156		46,117
First Citizens BancShares Class A		925		239,492
First Commonwealth Financial		14,092		129,646
First Financial		880		32,226

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
First Financial Bancorp		9,348	$	181,819
First Horizon National		28,550		393,419
First Interstate BancSystem		3,666		103,015
First Merchants		5,490		136,866
First Midwest Bancorp		14,084		247,315
†First NBC Bank Holding		2,270		38,113
First Niagara Financial Group		40,123		390,798
First of Long Island		800		22,936
First Republic Bank		13,071		914,839
FirstMerit		20,372		412,940
@Flushing Financial		4,876		96,935
FNB		25,558		320,497
Fulton Financial		21,249		286,861
Glacier Bancorp		10,015		266,199
Great Southern Bancorp		946		34,974
Guaranty Bancorp		864		14,429
Hancock Holding		11,693		305,304
Hanmi Financial		4,000		93,960
Heartland Financial USA		2,604		91,895
Heritage Commerce		487		5,128
Heritage Financial		3,857		67,806
†Hilltop Holdings		14,415		302,571
Home BancShares		17,596		348,225
†HomeTrust Bancshares		901		16,669
Huntington Bancshares		74,523		666,236
IBERIABANK		4,998		298,531
Independent Bank (Massachusetts)		3,374		154,192
Independent Bank Group		1,383		59,345
International Bancshares		10,063		262,544
Investors Bancorp		37,926		420,220
JPMorgan Chase		156,544		9,727,644
KeyCorp		47,798		528,168
Lakeland Bancorp		1,264		14,384
Lakeland Financial		1,868		87,815
LegacyTexas Financial Group		5,131		138,075
M&T Bank		4,922		581,928
MB Financial		9,540		346,111
Mercantile Bank		836		19,947
National Bank Holdings Class A		3,583		72,950
NBT Bancorp		5,373		153,829
OFG Bancorp		4,091		33,955
Old National Bancorp		17,834		223,460
Opus Bank		660		22,308
†Pacific Premier Bancorp		1,227		29,448
PacWest Bancorp		10,759		427,993
Peapack Gladstone Financial		548		10,143
Peoples Bancorp		481		10,481
People’s United Financial		25,518		374,094
Pinnacle Financial Partners		4,099		200,236
PNC Financial Services Group		21,686		1,765,024
Popular		12,693		371,905
Preferred Bank		230		6,641

LVIP Dimensional U.S. Core Equity 1 Fund–4

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
PrivateBancorp		11,176	$	492,079
Prosperity Bancshares		7,549		384,923
Regions Financial		72,373		615,894
Renasant		5,232		169,151
S&T Bancorp		3,442		84,157
Sandy Spring Bancorp		3,312		96,247
†Seacoast Banking Corp of Florida		1,194		19,391
ServisFirst Bancshares		80		3,951
†Signature Bank		2,593		323,918
Simmons First National Class A		1,963		90,661
South State		3,499		238,107
Southside Bancshares		910		28,136
Southwest Bancorp		2,660		45,034
State Bank Financial		5,416		110,216
Sterling Bancorp		16,375		257,087
Stock Yards Bancorp		2,112		59,622
SunTrust Banks		21,339		876,606
†SVB Financial Group		4,498		428,030
Synovus Financial		16,013		464,217
Talmer Bancorp Class A		10,621		203,605
TCF Financial		27,139		343,308
†Texas Capital Bancshares		5,756		269,151
Tompkins Financial		1,080		70,200
TowneBank		6,489		140,487
TriCo Bancshares		1,599		44,132
Trustmark		10,322		256,502
U.S. Bancorp		73,174		2,951,107
UMB Financial		6,082		323,623
Umpqua Holdings		25,379		392,613
Union Bankshares		7,033		173,785
United Bankshares		8,323		312,196
United Community Banks		7,355		134,523
Univest Corp of Pennsylvania		1,042		21,903
Valley National Bancorp		29,056		264,991
Washington Trust Bancorp		1,086		41,181
Webster Financial		11,063		375,589
Wells Fargo		230,584		10,913,541
WesBanco		4,468		138,731
Westamerica Bancorporation		2,893		142,509
†Western Alliance Bancorp		8,104		264,596
Wilshire Bancorp		10,111		105,357
Wintrust Financial		5,764		293,964
Yadkin Financial		3,834		96,195
Zions Bancorporation		11,912		299,349
				66,611,046
Beverages–1.92%
†Boston Beer Class A		1,347		230,377
Brown-Forman Class A		523		56,500
Brown-Forman Class B		6,886		686,947
Coca-Cola		186,990		8,476,257
Coca-Cola Bottling Consolidated		1,354		199,674

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Beverages (continued)
Coca-Cola European Partners		19,755	$	705,056
Constellation Brands Class A		5,045		834,443
Dr Pepper Snapple Group		13,027		1,258,799
MGP Ingredients		1,497		57,230
Molson Coors Brewing Class B		5,161		521,932
†Monster Beverage		4,163		669,036
†National Beverage		1,899		119,276
PepsiCo		83,267		8,821,306
				22,636,833
Biotechnology–2.47%
AbbVie		94,538		5,852,848
†ACADIA Pharmaceuticals		307		9,965
†Acorda Therapeutics		4,839		123,419
†Alexion Pharmaceuticals		3,978		464,471
†Alkermes		3,336		144,182
†Alnylam Pharmaceuticals		2,227		123,576
Amgen		29,424		4,476,862
†Biogen		11,266		2,724,344
†BioMarin Pharmaceutical		3,782		294,240
†Bluebird Bio		2,058		89,091
†Celgene		33,922		3,345,727
†Clovis Oncology		1,025		14,063
†Emergent BioSolutions		5,759		161,943
†Five Prime Therapeutics		247		10,213
Gilead Sciences		88,005		7,341,377
†Incyte		4,184		334,636
†Insys Therapeutics		2,779		35,960
†Intercept Pharmaceuticals		795		113,431
†Ligand Pharmaceuticals Class B		1,549		184,749
†Medivation		12,620		760,986
†Myriad Genetics		6,072		185,803
†Neurocrine Biosciences		3,241		147,303
†OPKO Health		26,983		252,021
†Regeneron Pharmaceuticals		3,070		1,072,136
†Seattle Genetics		4,382		177,077
Shire ADR		—		85
†United Therapeutics		3,080		326,234
†Vertex Pharmaceuticals		3,876		333,414
				29,100,156
Building Products–0.48%
AAON		7,398		203,519
Allegion		3,626		251,753
†American Woodmark		2,433		161,503
AO Smith		5,428		478,261
Apogee Enterprises		3,439		159,398
†Armstrong Flooring		3,796		64,342
†Armstrong World Industries		7,592		297,227
†Builders FirstSource		12,418		139,703
†Continental Building Products		6,258		139,115
Fortune Brands Home & Security		8,581		497,441

LVIP Dimensional U.S. Core Equity 1 Fund–5

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Building Products (continued)
†Gibraltar Industries		3,900	$	123,123
Insteel Industries		1,756		50,204
Lennox International		3,124		445,482
Masco		22,402		693,118
†NCI Building Systems		6,362		101,728
†Nortek		596		35,349
Owens Corning		12,082		622,465
†Patrick Industries		2,808		169,294
†PGT		8,191		84,367
†Ply Gem Holdings		5,809		84,637
Quanex Building Products		4,360		81,052
Simpson Manufacturing		4,772		190,737
†Trex		4,106		184,442
Universal Forest Products		1,382		128,098
†USG		10,447		281,651
				5,668,009
Capital Markets–1.68%
†Affiliated Managers Group		4,373		615,587
Ameriprise Financial		10,399		934,350
Artisan Partners Asset Management		3,789		104,880
Bank of New York Mellon		46,195		1,794,676
BGC Partners Class A		27,104		236,076
BlackRock		3,337		1,143,023
Charles Schwab		33,576		849,809
Cohen & Steers		4,394		177,693
Diamond Hill Investment Group		152		28,640
†E*TRADE Financial		15,622		366,961
Eaton Vance		18,805		664,569
Evercore Partners Class A		5,155		227,799
Federated Investors Class B		13,518		389,048
Franklin Resources		21,004		700,903
Goldman Sachs Group		15,000		2,228,700
Greenhill & Co.		3,574		57,541
HFF Class A		5,221		150,782
Interactive Brokers Group		8,526		301,820
†INTL. FCStone		1,728		47,157
Invesco		26,923		687,613
Investment Technology Group		5,918		98,949
Janus Capital Group		23,005		320,230
†KCG Holdings		12,555		166,981
Legg Mason		12,215		360,220
LPL Financial Holdings		16,584		373,638
Moelis & Co.		434		9,765
Morgan Stanley		58,921		1,530,768
Northern Trust		19,892		1,318,044
NorthStar Asset Management Group		8,384		85,601
Oppenheimer Holdings Class A		566		8,750
Raymond James Financial		13,800		680,340
SEI Investments		9,432		453,774
State Street		13,574		731,910
†Stifel Financial		8,209		258,173

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Capital Markets (continued)
T. Rowe Price Group		12,360	$	901,909
TD Ameritrade Holding		11,630		331,164
Virtus Investment Partners		817		58,154
Waddell & Reed Financial Class A		15,478		266,531
Westwood Holdings Group		147		7,615
WisdomTree Investments		12,979		127,064
				19,797,207
Chemicals–2.60%
A. Schulman		4,438		108,376
Air Products & Chemicals		8,136		1,155,637
Albemarle		6,061		480,698
American Vanguard		3,629		54,834
Ashland		4,435		509,005
Axiall		10,643		347,068
Balchem		2,885		172,090
Cabot		8,060		368,020
Calgon Carbon		8,361		109,947
Celanese Class A		9,212		602,925
CF Industries Holdings		26,901		648,314
†Chemtura		9,586		252,879
Dow Chemical		51,650		2,567,521
Eastman Chemical		18,625		1,264,637
Ecolab		11,805		1,400,073
EI du Pont de Nemours		37,593		2,436,026
FMC		7,320		338,989
FutureFuel		4,566		49,678
†GCP Applied Technologies		5,509		143,454
H.B. Fuller		5,740		252,503
Hawkins		819		35,553
Huntsman		46,016		618,915
†Ingevity		2,439		83,024
Innophos Holdings		2,701		114,009
Innospec		4,258		195,825
International Flavors & Fragrances		5,956		750,873
KMG Chemicals		1,701		44,209
†Koppers Holdings		2,915		89,578
†Kraton Performance Polymers		4,560		127,361
Kronos Worldwide		6,569		34,487
†LSB Industries		2,575		31,106
LyondellBasell Industries Class A		25,148		1,871,514
Minerals Technologies		4,368		248,102
Monsanto		24,155		2,497,869
Mosaic		31,833		833,388
NewMarket		1,427		591,320
Olin		22,736		564,762
†OMNOVA Solutions		2,534		18,371
†Platform Specialty Products		22,651		201,141
PolyOne		12,817		451,671
PPG Industries		13,312		1,386,445
Praxair		16,799		1,888,040
Quaker Chemical		1,377		122,828

LVIP Dimensional U.S. Core Equity 1 Fund–6

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Chemicals (continued)
RPM International		11,498	$	574,325
Scotts Miracle-Gro Class A		8,700		608,217
Sensient Technologies		3,376		239,831
Sherwin-Williams		4,501		1,321,809
Stepan		2,486		147,992
†Trecora Resources		1,810		18,878
Tredegar		492		7,931
Tronox		7,502		33,084
Valspar		7,308		789,483
W.R. Grace		5,509		403,314
Westlake Chemical		11,121		477,313
				30,685,242
Commercial Services & Supplies–1.35%
ABM Industries		7,883		287,572
†ACCO Brands		15,297		158,018
†ARC Document Solutions		6,046		23,519
Brady Class A		6,818		208,358
Brink’s		6,531		186,068
Cintas		8,381		822,428
†Clean Harbors		9,325		485,926
†Copart		16,745		820,672
Covanta Holding		22,488		369,928
Deluxe		9,390		623,214
Ennis		3,323		63,735
Essendant		5,795		177,095
G&K Services Class A		2,774		212,405
Herman Miller		8,070		241,212
HNI		6,100		283,589
Interface Class A		8,682		132,401
KAR Auction Services		13,984		583,692
Kimball International Class B		4,901		55,773
Knoll		7,864		190,938
Matthews International Class A		3,204		178,271
McGrath RentCorp		3,969		121,412
Mobile Mini		5,916		204,930
MSA Safety		4,253		223,410
Multi-Color		1,912		121,221
Pitney Bowes		23,939		426,114
Quad/Graphics		5,244		122,133
R.R. Donnelley & Sons		33,962		574,637
Republic Services		43,925		2,253,792
Rollins		13,074		382,676
†SP Plus		3,002		67,785
Steelcase Class A		12,090		164,061
†Stericycle		4,662		485,407
†Team		2,683		66,619
Tetra Tech		8,459		260,072
†TRC		1,338		8,456
Tyco International		25,189		1,073,051
U.S. Ecology		3,569		163,996
UniFirst		2,026		234,449

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Commercial Services & Supplies (continued)
Viad		1,892	$	58,652
VSE		300		20,040
Waste Connections		17,396		1,253,382
Waste Management		20,630		1,367,150
West		11,036		216,968
				15,975,227
Communications Equipment–1.12%
ADTRAN		4,884		91,087
†Arista Networks		3,731		240,202
†ARRIS International		22,220		465,731
Brocade Communications Systems		61,076		560,678
†CalAmp		2,806		41,557
†Calix		3,340		23,079
†Ciena		14,673		275,119
Cisco Systems		223,566		6,414,109
†CommScope Holding		12,171		377,666
Comtech Telecommunications		2,467		31,676
†EchoStar Class A		6,579		261,186
†F5 Networks		4,506		512,963
†Finisar		13,225		231,570
†Harmonic		15,891		45,289
Harris		8,495		708,823
†Infinera		2,440		27,523
InterDigital		6,220		346,330
†Ixia		8,963		88,017
Juniper Networks		22,261		500,650
Motorola Solutions		5,314		350,565
†NETGEAR		4,473		212,646
†NetScout Systems		3,994		88,867
†Palo Alto Networks		1,993		244,422
Plantronics		3,909		171,996
†Polycom		16,826		189,293
†ShoreTel		4,568		30,560
†Sonus Networks		7,554		65,644
†Ubiquiti Networks		5,466		211,316
†ViaSat		4,826		344,576
†Viavi Solutions		10,836		71,843
				13,224,983
Construction & Engineering–0.42%
†AECOM		18,267		580,343
†Aegion		4,365		85,161
Argan		2,865		119,528
Chicago Bridge & Iron		12,398		429,343
Comfort Systems USA		5,275		171,807
†Dycom Industries		5,163		463,431
EMCOR Group		9,724		479,004
Fluor		15,066		742,452
Granite Construction		4,504		205,157
†Great Lakes Dredge & Dock		483		2,106
†Jacobs Engineering Group		7,177		357,486

LVIP Dimensional U.S. Core Equity 1 Fund–7

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Construction & Engineering (continued)
KBR		15,549	$	205,869
†MasTec		3,310		73,879
†MYR Group		2,986		71,903
Primoris Services		3,904		73,903
†Quanta Services		18,900		436,968
†Tutor Perini		7,043		165,863
Valmont Industries		2,153		291,236
				4,955,439
Construction Materials–0.20%
Eagle Materials		5,781		446,004
†Headwaters		9,629		172,744
Martin Marietta Materials		3,480		668,160
†US Concrete		2,396		145,940
Vulcan Materials		8,235		991,165
				2,424,013
Consumer Finance–0.90%
†Ally Financial		26,793		457,356
American Express		43,293		2,630,483
Capital One Financial		26,077		1,656,150
Cash America International		4,207		179,302
†Credit Acceptance		2,546		471,214
Discover Financial Services		29,578		1,585,085
†Encore Capital Group		3,358		79,014
†Enova International		937		6,896
†EZCORP Class A		6,690		50,576
First Cash Financial Services		3,446		176,883
†Green Dot Class A		5,105		117,364
Navient		57,265		684,317
Nelnet Class A		4,320		150,120
†OneMain Holdings		9,601		219,095
†PRA Group		6,942		167,580
†Santander Consumer USA Holdings		11,067		114,322
†SLM		54,985		339,807
†Synchrony Financial		59,805		1,511,870
				10,597,434
Containers & Packaging–0.84%
AEP Industries		1,162		93,494
AptarGroup		9,760		772,309
Avery Dennison		10,390		776,653
Ball		11,756		849,841
Bemis		16,843		867,246
†Berry Plastics Group		10,012		388,966
†Crown Holdings		7,001		354,741
Graphic Packaging Holding		63,505		796,353
Greif Class A		3,312		123,438
International Paper		21,242		900,236
Myers Industries		2,920		42,048
†Owens-Illinois		29,881		538,157
Packaging Corp of America		10,592		708,923
Sealed Air		16,972		780,203

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Containers & Packaging (continued)
Silgan Holdings		11,004	$	566,266
Sonoco Products		15,608		775,093
WestRock		14,639		569,018
				9,902,985
Distributors–0.21%
Core-Mark Holding		5,228		244,984
Genuine Parts		11,206		1,134,607
†LKQ		21,855		692,803
Pool		4,978		468,081
				2,540,475
Diversified Consumer Services–0.27%
†American Public Education		2,213		62,185
†Bright Horizons Family Solutions		6,159		408,403
Capella Education		1,204		63,379
†Career Education		2,503		14,893
Carriage Services		2,326		55,080
Graham Holdings		553		270,716
†Grand Canyon Education		6,766		270,099
H&R Block		17,103		393,369
†Houghton Mifflin Harcourt		14,700		229,761
†K12		6,889		86,044
Service Corp International		25,237		682,408
†ServiceMaster Global Holdings		8,653		344,389
Sotheby’s		7,971		218,405
†Strayer Education		1,056		51,881
				3,151,012
Diversified Financial Services–1.51%
†Berkshire Hathaway Class B		65,443		9,475,492
CBOE Holdings		8,400		559,608
CME Group		12,919		1,258,311
FactSet Research Systems		3,459		558,352
GAIN Capital Holdings		5,501		34,766
Intercontinental Exchange		3,191		816,768
Leucadia National		19,765		342,527
MarketAxess Holdings		3,353		487,526
Moody’s		7,458		698,889
Morningstar		5,529		452,162
MSCI		6,463		498,427
Nasdaq		10,110		653,814
†PICO Holdings		2,699		25,533
S&P Global		15,553		1,668,215
Voya Financial		11,977		296,551
				17,826,941
Diversified Telecommunication Services–2.58%
AT&T		301,096		13,010,358
ATN International		1,514		117,804
CenturyLink		40,860		1,185,349
†Cincinnati Bell		25,476		116,425
Cogent Communications Holdings		5,986		239,799

LVIP Dimensional U.S. Core Equity 1 Fund–8

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Diversified Telecommunication Services (continued)
Consolidated Communications Holdings		8,146	$	221,897
†FairPoint Communications		2,657		39,005
Frontier Communications		85,293		421,347
†General Communication Class A		7,752		122,482
IDT Class B		3,397		48,203
Inteliquent		5,052		100,484
†Level 3 Communications		13,761		708,554
†Lumos Networks		2,700		32,670
†ORBCOMM		9,336		92,893
†SBA Communications Class A		7,366		795,086
Verizon Communications		236,167		13,187,565
				30,439,921
Electric Utilities–1.88%
ALLETE		6,594		426,170
Alliant Energy		12,308		488,628
American Electric Power		19,483		1,365,563
Duke Energy		28,158		2,415,675
Edison International		12,899		1,001,865
El Paso Electric		4,644		219,522
Empire District Electric		4,987		169,408
Entergy		9,739		792,268
Eversource Energy		15,551		931,505
Exelon		35,590		1,294,052
FirstEnergy		22,090		771,162
Great Plains Energy		19,671		597,998
IDACORP		6,633		539,595
ITC Holdings		16,117		754,598
MGE Energy		3,422		193,394
NextEra Energy		17,820		2,323,728
OGE Energy		10,930		357,957
Otter Tail		4,368		146,284
PG&E		19,189		1,226,561
Pinnacle West Capital		6,414		519,919
PNM Resources		9,656		342,209
Portland General Electric		9,526		420,287
PPL		26,960		1,017,740
Southern		36,734		1,970,044
Westar Energy		12,179		683,120
Xcel Energy		28,189		1,262,303
				22,231,555
Electrical Equipment–0.69%
Acuity Brands		2,185		541,793
Allied Motion Technologies		1,708		39,728
AMETEK		19,210		888,078
AZZ		4,022		241,240
†Babcock & Wilcox Enterprises		3,921		57,599
Eaton		13,572		810,656
Emerson Electric		32,448		1,692,488
Encore Wire		2,356		87,832

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electrical Equipment (continued)
EnerSys		7,070	$	420,453
†Generac Holdings		13,746		480,560
General Cable		9,785		124,367
Hubbell		5,553		585,675
Powell Industries		1,827		71,874
†Power Solutions International		813		14,512
Regal Beloit		4,821		265,396
Rockwell Automation		10,776		1,237,300
†Sensata Technologies Holding		10,345		360,937
†SolarCity		4,342		103,904
†Thermon Group Holdings		3,728		71,615
				8,096,007
Electronic Equipment, Instruments & Components–1.27%
Amphenol Class A		18,381		1,053,783
†Anixter International		4,994		266,080
†Arrow Electronics		9,905		613,119
Avnet		13,984		566,492
AVX		10,683		145,075
Badger Meter		1,396		101,950
Belden		3,678		222,041
CDW		15,967		639,957
Cognex		8,502		366,436
†Coherent		2,520		231,286
Corning		48,923		1,001,943
Daktronics		5,746		35,913
Dolby Laboratories Class A		6,088		291,311
†DTS		1,495		39,543
†Fabrinet		5,499		204,123
FEI		3,888		415,549
†Flextronics International		34,173		403,241
FLIR Systems		17,970		556,171
†II-VI		7,979		149,686
Ingram Micro		16,845		585,869
†IPG Photonics		6,576		526,080
†Itron		3,730		160,763
Jabil Circuit		33,466		618,117
†Keysight Technologies		17,570		511,111
Littelfuse		2,295		271,246
Methode Electronics		4,593		157,218
MTS Systems		1,823		79,920
†Multi-Fineline Electronix		3,137		72,778
National Instruments		10,428		285,727
†Novanta		700		10,605
†OSI Systems		2,992		173,925
Park Electrochemical		2,423		35,206
PC Connection		3,183		75,755
†Plexus		3,371		145,627
†QLogic		11,636		171,515
†Rofin-Sinar Technologies		3,306		105,594
†Rogers		2,571		157,088
†Sanmina		10,665		285,929

LVIP Dimensional U.S. Core Equity 1 Fund–9

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electronic Equipment, Instruments & Components (continued)
†ScanSource		4,669	$	173,267
SYNNEX		5,679		538,483
TE Connectivity		16,123		920,785
†Tech Data		5,267		378,434
†Trimble Navigation		16,068		391,416
†TTM Technologies		12,750		96,007
†Universal Display		356		24,137
†VeriFone Systems		12,652		234,568
Vishay Intertechnology		23,342		289,207
†Zebra Technologies		3,022		151,402
				14,931,478
Energy Equipment & Services–0.90%
Archrock		11,511		108,434
Atwood Oceanics		8,344		104,467
†Basic Energy Services		5,503		9,245
Bristow Group		5,275		60,188
Core Laboratories		3,364		416,766
Diamond Offshore Drilling		14,549		353,977
†Dril-Quip		5,598		327,091
†Era Group		2,010		18,894
†Exterran		5,755		73,952
†FMC Technologies		17,612		469,712
†Forum Energy Technologies		11,621		201,159
Halliburton		17,738		803,354
†Helix Energy Solutions Group		3,940		26,634
Helmerich & Payne		11,155		748,835
†Key Energy Services		21,340		4,949
†Matrix Service		3,017		49,750
Nabors Industries		32,530		326,927
†Newpark Resources		12,083		69,961
Noble		26,081		214,907
Oceaneering International		12,328		368,114
†Oil States International		6,670		219,310
†Parker Drilling		15,756		36,081
Patterson-UTI Energy		19,155		408,385
†Pioneer Energy Services		7,354		33,828
†RigNet		1,617		21,652
Rowan		15,208		268,573
†RPC		26,800		416,204
Schlumberger		41,261		3,262,920
†SEACOR Holdings		2,936		170,141
Superior Energy Services		21,611		397,858
Tesco		5,029		33,644
†TETRA Technologies		6,536		41,634
Transocean		33,325		396,234
†Weatherford International		39,221		217,677
				10,681,457
Food & Staples Retailing–1.96%
Andersons		4,370		155,310
Casey’s General Stores		8,086		1,063,390

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Food & Staples Retailing (continued)
†Chefs’ Warehouse		2,580	$	41,280
Costco Wholesale		21,531		3,381,228
CVS Health		44,394		4,250,282
Ingles Markets Class A		2,345		87,469
Kroger		54,430		2,002,480
PriceSmart		3,470		324,688
†Rite Aid		49,757		372,680
SpartanNash		5,888		180,055
†Sprouts Farmers Market		18,502		423,696
†SUPERVALU		35,583		167,952
Sysco		29,408		1,492,162
†United Natural Foods		6,297		294,700
Village Super Market Class A		618		17,854
Walgreens Boots Alliance		25,358		2,111,561
Wal-Mart Stores		80,344		5,866,719
Weis Markets		969		48,983
Whole Foods Market		27,380		876,708
				23,159,197
Food Products–2.02%
Alico		234		7,079
Archer-Daniels-Midland		23,513		1,008,473
B&G Foods		9,162		441,608
Bunge		7,740		457,821
Calavo Growers		1,666		111,622
Cal-Maine Foods		6,757		299,470
Campbell Soup		25,897		1,722,927
ConAgra Foods		8,193		391,707
†Darling Ingredients		11,907		177,414
Dean Foods		10,300		186,327
†Farmer Brothers		400		12,824
Flowers Foods		26,330		493,687
Fresh Del Monte Produce		6,313		343,617
General Mills		29,451		2,100,445
†Hain Celestial Group		9,937		494,366
Hershey		8,647		981,348
Hormel Foods		13,741		502,921
Ingredion		8,589		1,111,502
J&J Snack Foods		2,310		275,514
JM Smucker		7,511		1,144,751
John B. Sanfilippo & Son		748		31,887
Kellogg		12,773		1,042,915
Kraft Heinz		15,284		1,352,328
Lancaster Colony		3,385		431,960
†Landec		1,935		20,821
McCormick Non-Voting Shares		7,654		816,452
Mead Johnson Nutrition		13,213		1,199,080
Mondelez International		45,139		2,054,276
Pilgrim’s Pride		12,600		321,048
Pinnacle Foods		13,985		647,366
†Post Holdings		7,356		608,268
Sanderson Farms		1,466		127,014

LVIP Dimensional U.S. Core Equity 1 Fund–10

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Food Products (continued)
†Seaboard		14	$	40,189
Snyders-Lance		11,169		378,517
†TreeHouse Foods		5,048		518,177
Tyson Foods Class A		23,162		1,546,990
†WhiteWave Foods		8,805		413,307
				23,816,018
Gas Utilities–0.62%
AGL Resources		14,810		977,016
Atmos Energy		10,204		829,789
Chesapeake Utilities		1,638		108,403
National Fuel Gas		9,772		555,831
New Jersey Resources		11,433		440,742
Northwest Natural Gas		3,933		254,937
ONE Gas		6,456		429,905
Piedmont Natural Gas		10,405		625,549
Questar		22,383		567,857
South Jersey Industries		7,029		222,257
Southwest Gas		4,816		379,067
Spire		5,436		385,086
UGI		24,954		1,129,169
WGL Holdings		6,029		426,793
				7,332,401
Health Care Equipment & Supplies–2.08%
Abaxis		2,179		102,914
Abbott Laboratories		42,875		1,685,416
†ABIOMED		2,200		240,438
†Alere		10,100		420,968
†Align Technology		6,906		556,278
Analogic		1,912		151,889
†AngioDynamics		5,678		81,593
†Anika Therapeutics		1,937		103,920
Atrion		226		96,696
Baxter International		22,745		1,028,529
Becton Dickinson		6,106		1,035,517
†Boston Scientific		26,851		627,508
C.R. Bard		6,214		1,461,284
Cantel Medical		4,304		295,814
CONMED		2,672		127,535
Cooper		1,674		287,208
†Cynosure Class A		3,265		158,826
DENTSPLY SIRONA		11,965		742,309
†DexCom		2,041		161,913
†Edwards Lifesciences		16,294		1,625,001
†Exactech		917		24,521
†Globus Medical		8,601		204,962
†Haemonetics		5,852		169,649
†Halyard Health		7,052		229,331
Hill-Rom Holdings		6,594		332,667
†Hologic		23,871		825,937
†ICU Medical		1,330		149,957

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†IDEXX Laboratories		6,797	$	631,169
†Inogen		1,392		69,753
†Integer Holdings		3,432		106,152
†Integra LifeSciences Holdings		4,394		350,553
†Intuitive Surgical		1,073		709,693
Invacare		4,463		54,136
†LivaNova		3,945		198,157
†Masimo		7,606		399,429
Medtronic		31,853		2,763,885
Meridian Bioscience		6,320		123,240
†Merit Medical Systems		5,462		108,311
†Natus Medical		2,545		96,201
†Neogen		3,194		179,663
†NuVasive		4,865		290,538
†Nuvectra		1,144		8,466
†OraSure Technologies		3,636		21,489
†Orthofix International		1,657		70,257
†Quidel		952		17,003
ResMed		7,991		505,271
†RTI Surgical		7,962		28,584
†SeaSpine Holdings		1,244		13,037
St. Jude Medical		10,065		785,070
STERIS		5,234		359,837
Stryker		9,708		1,163,310
†SurModics		1,196		28,082
Teleflex		2,882		511,007
†Varian Medical Systems		7,434		611,298
†Vascular Solutions		1,826		76,071
West Pharmaceutical Services		8,444		640,731
†Wright Medical Group		3,239		56,261
Zimmer Biomet Holdings		5,071		610,447
				24,515,681
Health Care Providers & Services–3.17%
†Acadia Healthcare		5,448		301,819
Aceto		3,288		71,974
†Addus HomeCare		500		8,715
Aetna		19,426		2,372,497
†Air Methods		7,270		260,484
†Almost Family		1,338		57,012
†Amedisys		2,782		140,435
AmerisourceBergen		5,178		410,719
†AMN Healthcare Services		7,388		295,298
†Amsurg		8,702		674,753
Anthem		12,651		1,661,582
†Brookdale Senior Living		13,344		206,031
†Capital Senior Living		3,628		64,107
Cardinal Health		16,212		1,264,698
†Centene		11,855		846,091
Chemed		2,440		332,596
Cigna		10,510		1,345,175
†Community Health Systems		21,088		254,110

LVIP Dimensional U.S. Core Equity 1 Fund–11

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services (continued)
†CorVel		4,063	$	175,440
†Cross Country Healthcare		2,049		28,522
†DaVita HealthCare Partners		17,515		1,354,260
Ensign Group		7,140		150,011
†Envision Healthcare Holdings		9,949		252,406
†ExamWorks Group		5,018		174,877
†Express Scripts Holding		29,574		2,241,709
†Hanger		4,881		36,266
†HCA Holdings		12,467		960,084
HealthSouth		12,452		483,387
†Healthways		6,476		74,798
†Henry Schein		5,219		922,719
Humana		8,492		1,527,541
Kindred Healthcare		12,991		146,668
†Laboratory Corp of America Holdings		4,902		638,584
Landauer		60		2,470
†LHC Group		2,482		107,421
†LifePoint Health		7,221		472,037
†Magellan Health		4,141		272,354
McKesson		11,235		2,097,013
†MEDNAX		9,343		676,713
†Molina Healthcare		7,676		383,032
National HealthCare		513		33,212
Owens & Minor		8,370		312,871
Patterson		12,944		619,888
†PharMerica		3,751		92,500
†Premier Class A		4,134		135,182
†Providence Service		1,930		86,618
@Quest Diagnostics		17,031		1,386,494
†Quorum Health		5,272		56,463
†Select Medical Holdings		20,300		220,661
†Surgical Care Affiliates		7,203		343,367
†Team Health Holdings		8,590		349,355
†Tenet Healthcare		15,569		430,327
†Triple-S Management Class B		3,127		76,393
U.S. Physical Therapy		1,600		96,336
UnitedHealth Group		49,571		6,999,425
Universal American		11,905		90,240
Universal Health Services Class B		7,416		994,486
†VCA		9,185		620,998
†WellCare Health Plans		6,048		648,829
				37,340,053
Health Care Technology–0.17%
†Allscripts Healthcare Solutions		20,550		260,985
†athenahealth		1,791		247,176
†Cerner		11,856		694,762
Computer Programs & Systems		971		38,762
†HealthStream		2,152		57,071
†HMS Holdings		8,554		150,636
†IMS Health Holdings		8,017		203,311
†Omnicell		4,404		150,749

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Health Care Technology (continued)
Quality Systems		6,110	$	72,770
†Veeva Systems Class A		4,571		155,962
				2,032,184
Hotels, Restaurants & Leisure–2.62%
Aramark		21,338		713,116
†Belmond		15,774		156,163
†Biglari Holdings		1		403
†BJ’s Restaurants		3,790		166,116
Bloomin’ Brands		24,094		430,560
Bob Evans Farms		3,052		115,823
†Bravo Brio Restaurant Group		2,116		17,330
Brinker International		6,684		304,322
†Buffalo Wild Wings		3,038		422,130
Carnival		13,164		581,849
†Carrols Restaurant Group		5,537		65,890
Cheesecake Factory		6,977		335,873
†Chipotle Mexican Grill		1,590		640,388
Choice Hotels International		7,826		372,674
†Chuy’s Holdings		1,400		48,454
ClubCorp Holdings		7,852		102,076
Cracker Barrel Old Country Store		4,396		753,782
Darden Restaurants		5,562		352,297
†Dave & Buster’s Entertainment		2,609		122,075
†Del Frisco’s Restaurant Group		2,666		38,177
†Denny’s		10,416		111,764
†Diamond Resorts International		9,452		283,182
DineEquity		3,027		256,629
Domino’s Pizza		3,807		500,164
Dunkin’ Brands Group		8,637		376,746
†Fiesta Restaurant Group		2,409		52,540
Hilton Worldwide Holdings		12,339		277,998
†Hyatt Hotels Class A		2,033		99,902
International Game Technology		1,296		24,287
International Speedway Class A		1,628		54,457
Interval Leisure Group		12,750		202,725
Jack in the Box		4,071		349,780
†Krispy Kreme Doughnuts		5,282		110,711
†La Quinta Holdings		15,085		171,969
Las Vegas Sands		22,692		986,875
Marriott International Class A		8,531		566,970
Marriott Vacations Worldwide		3,991		273,344
McDonald’s		54,504		6,559,011
†Norwegian Cruise Line Holdings		12,252		488,120
†Panera Bread Class A		2,372		502,722
Papa John’s International		4,299		292,332
†Pinnacle Entertainment		4,347		48,165
†Popeyes Louisiana Kitchen		2,261		123,541
†Red Robin Gourmet Burgers		2,551		120,994
Royal Caribbean Cruises		8,264		554,928
†Ruby Tuesday		8,013		28,927
Ruth’s Hospitality Group		4,654		74,231

LVIP Dimensional U.S. Core Equity 1 Fund–12

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
SeaWorld Entertainment		15,297	$	219,206
Six Flags Entertainment		8,945		518,363
Sonic		4,619		124,944
Speedway Motorsports		5,420		96,205
Starbucks		93,795		5,357,570
Starwood Hotels & Resorts Worldwide		14,192		1,049,498
Texas Roadhouse		9,489		432,698
Vail Resorts		5,717		790,261
Wendy’s		50,385		484,704
Wyndham Worldwide		8,697		619,487
Yum Brands		24,572		2,037,510
				30,962,958
Household Durables–0.88%
CalAtlantic Group		15,357		563,755
†Cavco Industries		858		80,395
DR Horton		23,627		743,778
Ethan Allen Interiors		3,617		119,506
Flexsteel Industries		262		10,380
Garmin		10,598		449,567
†GoPro		11,800		127,558
†Green Brick Partners		1,200		8,724
Harman International Industries		3,775		271,121
†Helen of Troy		3,194		328,471
†Installed Building Products		1,727		62,673
La-Z-Boy		7,762		215,939
Leggett & Platt		7,668		391,911
Lennar Class A		15,130		697,493
Libbey		2,727		43,332
†M/I Homes		4,399		82,833
MDC Holdings		8,114		197,495
†Meritage Homes		6,285		235,939
†Mohawk Industries		5,674		1,076,698
NACCO Industries Class A		200		11,200
Newell Brands		11,901		578,032
†NVR		399		710,356
PulteGroup		27,725		540,360
†Taylor Morrison Home Class A		4,152		61,616
†Tempur Sealy International		7,403		409,534
†Toll Brothers		12,705		341,892
†TopBuild		3,133		113,415
†TRI Pointe Homes		24,489		289,460
Tupperware Brands		6,114		344,096
†Universal Electronics		1,276		92,229
Whirlpool		6,493		1,081,994
†William Lyon Homes Class A		2,599		41,896
†ZAGG		1,799		9,445
				10,333,093
Household Products–1.33%
†Central Garden & Pet Class A		5,487		119,123
Church & Dwight		7,774		799,867

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Household Products (continued)
Clorox		8,441	$	1,168,150
Colgate-Palmolive		39,144		2,865,341
Energizer Holdings		5,574		287,005
†HRG Group		24,284		333,419
Kimberly-Clark		17,160		2,359,157
Procter & Gamble		83,822		7,097,209
Spectrum Brands Holdings		4,407		525,799
WD-40		1,305		153,272
				15,708,342
Independent Power & Renewable Electricity Producers–0.21%
AES		39,067		487,556
†Calpine		58,583		864,099
†Dynegy		13,812		238,119
NRG Energy		32,120		481,479
NRG Yield Class A		4,200		63,924
NRG Yield Class C		4,981		77,654
Ormat Technologies		1,022		44,723
Pattern Energy Group		8,394		192,810
†Talen Energy		3,367		45,623
				2,495,987
Industrial Conglomerates–1.21%
3M		34,245		5,996,984
Carlisle		4,973		525,547
Danaher		17,673		1,784,973
General Electric		172,406		5,427,341
Raven Industries		2,462		46,630
Roper Technologies		3,000		511,680
				14,293,155
Insurance–3.34%
Aflac		20,377		1,470,404
†Alleghany		913		501,767
Allied World Assurance Holdings		10,862		381,691
Allstate		19,075		1,334,296
†Ambac Financial Group		5,809		95,616
American Equity Investment Life Holding		11,818		168,407
American Financial Group		5,938		438,996
American International Group		45,591		2,411,308
American National Insurance		2,502		283,101
AMERISAFE		3,206		196,271
AmTrust Financial Services		24,542		601,279
Aon		10,160		1,109,777
†Arch Capital Group		6,967		501,624
Arthur J. Gallagher & Co.		13,473		641,315
Aspen Insurance Holdings		7,489		347,340
Assurant		4,181		360,862
Assured Guaranty		22,041		559,180
Axis Capital Holdings		7,202		396,110
Brown & Brown		19,616		735,012
Chubb		19,678		2,572,111

LVIP Dimensional U.S. Core Equity 1 Fund–13

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Insurance (continued)
Cincinnati Financial		9,836	$	736,618
CNA Financial		2,638		82,886
Employers Holdings		4,584		133,028
Endurance Specialty Holdings		5,889		395,505
†Enstar Group		795		128,782
Erie Indemnity Class A		3,335		331,299
Everest Re Group		2,508		458,136
Federated National Holding		2,034		38,727
Fidelity & Guaranty Life		4,327		100,300
First American Financial		14,738		592,762
†Genworth Financial		43,794		112,988
†Greenlight Capital Re Class A		4,459		89,893
Hanover Insurance Group		5,492		464,733
Hartford Financial Services Group		17,777		788,943
HCI Group		2,595		70,792
Kemper		7,867		243,720
Loews		18,688		767,890
Maiden Holdings		14,033		171,764
†Markel		790		752,696
Marsh & McLennan		26,368		1,805,153
†MBIA		23,888		163,155
Mercury General		6,858		364,571
MetLife		37,928		1,510,672
National General Holdings		6,191		132,611
National Interstate		879		26,590
National Western Life Group Class A		200		39,054
Navigators Group		2,199		202,242
Old Republic International		32,974		636,068
OneBeacon Insurance Group Class A		3,300		45,540
Primerica		7,888		451,509
Principal Financial Group		27,024		1,110,957
ProAssurance		7,047		377,367
Progressive		40,367		1,352,295
Prudential Financial		17,685		1,261,648
Reinsurance Group of America		3,778		366,428
RenaissanceRe Holdings		3,717		436,524
RLI		4,951		340,530
Safety Insurance Group		2,774		170,823
@Selective Insurance Group		9,030		345,036
State Auto Financial		500		10,955
Stewart Information Services		3,350		138,723
Torchmark		6,882		425,445
Travelers		23,242		2,766,728
United Fire Group		2,487		105,523
United Insurance Holdings		3,254		53,300
Universal Insurance Holdings		7,335		136,284
Unum Group		13,712		435,904
Validus Holdings		9,469		460,099
W.R. Berkley		12,012		719,759
White Mountains Insurance Group		316		266,072
Willis Towers Watson		5,102		634,230

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Insurance (continued)
XL Group		16,530	$	550,614
				39,410,338
Internet & Catalog Retail–1.60%
†1-800-Flowers.com Class A		5,253		47,382
†Amazon.com		18,776		13,436,481
Blue Nile		592		16,209
Expedia		2,853		303,274
†FTD		4,356		108,726
†Groupon		13,237		43,020
HSN		6,625		324,161
†Liberty TripAdvisor Holdings Class A		10,113		221,272
†Netflix		7,194		658,107
Nutrisystem		3,791		96,140
†Priceline Group		2,455		3,064,847
†Shutterfly		4,744		221,118
†TripAdvisor		6,012		386,572
				18,927,309
Internet Software & Services–2.24%
†Actua		5,753		51,950
†Akamai Technologies		9,655		540,004
†Alphabet Class A		8,310		5,846,334
†Alphabet Class C		8,766		6,066,949
†Angie’s List		2,100		13,671
†Blucora		5,281		54,711
†Cimpress		4,105		379,630
†comScore		4,617		110,254
†CoStar Group		920		201,167
†DHI Group		5,517		34,371
EarthLink Holdings		19,178		122,739
†eBay		42,250		989,073
†Envestnet		1,992		66,354
†Facebook Class A		57,060		6,520,817
†GrubHub		5,087		158,053
†GTT Communications		1,807		33,393
InterActiveCorp		7,464		420,223
†Internap		6,320		13,019
†Intralinks Holdings		5,548		36,062
j2 Global		6,291		397,402
†Limelight Networks		5,104		7,605
†LinkedIn Class A		1,787		338,190
†Liquidity Services		356		2,791
†Monster Worldwide		13,949		33,338
NIC		6,405		140,526
†Rackspace Hosting		25,049		522,522
†Shutterstock		1,013		46,395
†Twitter		7,054		119,283
†VeriSign		7,421		641,620
†Web.com Group		9,420		171,256
†WebMD Health		4,714		273,931
†XO Group		1,837		32,019

LVIP Dimensional U.S. Core Equity 1 Fund–14

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Internet Software & Services (continued)
†Yahoo		36,469	$	1,369,776
†Yelp		2,468		74,928
†Zillow Group		6,848		250,979
†Zillow Group Class C		9,200		333,776
				26,415,111
IT Services–3.97%
Accenture Class A		37,147		4,208,384
†Acxiom		10,198		224,254
†Alliance Data Systems		4,827		945,706
Amdocs		10,852		626,377
Automatic Data Processing		23,070		2,119,441
†Blackhawk Network Holdings Class A		5,669		189,855
Booz Allen Hamilton Holding		17,715		525,073
Broadridge Financial Solutions		10,359		675,407
†CACI International Class A		4,037		364,985
†Cardtronics		8,238		327,955
Cass Information Systems		587		30,348
†Ciber		6,327		9,491
†Cognizant Technology Solutions Class A		23,912		1,368,723
Computer Sciences		15,899		789,385
Convergys		391		9,775
†CoreLogic		11,629		447,484
CSG Systems International		5,410		218,077
CSRA		8,435		197,632
DST Systems		5,765		671,219
†EPAM Systems		4,126		265,343
†Euronet Worldwide		5,965		412,718
†Everi Holdings		7,580		8,717
†ExlService Holdings		3,213		168,393
Fidelity National Information Services		10,239		754,410
†Fiserv		14,006		1,522,872
†FleetCor Technologies		4,616		660,688
Forrester Research		2,034		74,973
†Gartner		4,792		466,789
†Genpact		15,431		414,168
Global Payments		14,005		999,677
Hackett Group		2,613		36,242
International Business Machines		53,161		8,068,777
Jack Henry & Associates		6,801		593,523
Leidos Holdings		4,578		219,149
†Lionbridge Technologies		2,841		11,222
ManTech International Class A		3,157		119,398
MasterCard Class A		57,083		5,026,729
MAXIMUS		8,374		463,668
†MoneyGram International		6,116		41,895
Paychex		22,786		1,355,767
†PayPal Holdings		19,280		703,913
†Perficient		3,999		81,220
Sabre		10,487		280,947
Science Applications International		6,731		392,754

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
IT Services (continued)
†Sykes Enterprises		6,187	$	179,176
†Syntel		9,000		407,340
TeleTech Holdings		3,077		83,479
†Teradata		8,589		215,326
Total System Services		13,298		706,257
Travelport Worldwide		3,949		50,903
†Unisys		5,740		41,787
†Vantiv Class A		12,254		693,576
†Virtusa		1,578		45,573
Visa Class A		74,156		5,500,150
Western Union		43,533		834,963
†WEX		4,036		357,872
@Xerox		61,583		584,423
				46,794,348
Leisure Products–0.28%
Arctic Cat		1,628		27,676
Brunswick		11,643		527,661
Callaway Golf		9,101		92,921
Hasbro		9,226		774,892
Mattel		24,314		760,785
†Nautilus		4,229		75,445
Polaris Industries		5,015		410,026
†Smith & Wesson Holding		8,067		219,261
Sturm Ruger & Co.		1,692		108,305
†Vista Outdoor		6,866		327,714
				3,324,686
Life Sciences Tools & Services–0.81%
Agilent Technologies		20,463		907,739
†Bio-Rad Laboratories Class A		2,802		400,742
Bio-Techne		3,697		416,911
Bruker		15,441		351,128
†Cambrex		5,069		262,219
†Charles River Laboratories International		7,518		619,784
†Illumina		6,638		931,842
†INC Research Holdings Class A		3,432		130,862
†Luminex		4,176		84,480
†Mettler-Toledo International		2,275		830,193
†PAREXEL International		10,224		642,885
PerkinElmer		4,129		216,442
†Quintiles Transnational Holdings		6,212		405,768
Thermo Fisher Scientific		16,518		2,440,700
†VWR		9,060		261,834
†Waters		4,541		638,692
				9,542,221
Machinery–2.69%
Actuant Class A		3,465		78,344
AGCO		14,195		669,010
Albany International		4,803		191,784
Allison Transmission Holdings		28,993		818,472

LVIP Dimensional U.S. Core Equity 1 Fund–15

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
Altra Industrial Motion		3,166	$	85,419
Astec Industries		3,444		193,381
Barnes Group		7,276		240,981
Briggs & Stratton		6,831		144,681
Caterpillar		31,520		2,389,531
†Chart Industries		3,942		95,120
CIRCOR International		2,520		143,615
CLARCOR		7,108		432,380
†Colfax		13,541		358,295
Crane		7,844		444,912
Cummins		8,972		1,008,812
Deere & Co.		18,161		1,471,767
Donaldson		19,265		661,945
Douglas Dynamics		3,817		98,211
Dover		14,382		996,960
EnPro Industries		3,111		138,097
@ESCO Technologies		2,378		94,977
Federal Signal		9,771		125,850
Flowserve		12,077		545,518
Franklin Electric		6,304		208,347
Global Brass & Copper Holdings		1,864		50,869
Graco		7,673		606,090
Harsco		14,587		96,858
Hillenbrand		9,705		291,538
Hyster-Yale Materials Handling		2,265		134,745
IDEX		5,345		438,825
Illinois Tool Works		17,309		1,802,905
Ingersoll-Rand		21,504		1,369,375
ITT		10,472		334,895
John Bean Technologies		2,830		173,253
Joy Global		12,246		258,880
Kennametal		9,700		214,467
L. B. Foster Class A		1,339		14,582
Lincoln Electric Holdings		10,864		641,845
†Lydall		277		10,681
Manitowoc		21,116		115,082
†Manitowoc Foodservice		21,116		372,064
†Meritor		14,282		102,830
†Middleby		3,797		437,604
Mueller Industries		7,847		250,162
Mueller Water Products Class A		32,192		367,633
NN		2,981		41,704
Nordson		8,732		730,082
Oshkosh		12,175		580,869
PACCAR		16,795		871,157
Parker-Hannifin		13,767		1,487,524
Pentair		9,608		560,050
†Proto Labs		1,861		107,119
†RBC Bearings		2,276		165,010
†Rexnord		17,542		344,349
Snap-on		4,695		740,965
SPX		4,663		69,246

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
†SPX FLOW		4,663	$	121,564
Standex International		1,405		116,095
Stanley Black & Decker		15,821		1,759,612
Sun Hydraulics		2,590		76,897
Tennant		2,035		109,625
Terex		15,105		306,783
Timken		8,861		271,678
Titan International		4,215		26,133
Toro		6,729		593,498
†TriMas		5,477		98,586
Trinity Industries		25,053		465,234
†Wabash National		13,252		168,300
†WABCO Holdings		4,566		418,109
Wabtec		4,860		341,318
Watts Water Technologies Class A		2,752		160,332
Woodward		10,392		598,995
Xylem		16,528		737,975
				31,790,401
Marine–0.06%
†Kirby		7,077		441,534
Matson		7,118		229,840
				671,374
Media–3.26%
AMC Entertainment Holdings		3,427		94,619
†AMC Networks Class A		4,165		251,649
Cable One		575		294,061
†Carmike Cinemas		2,102		63,312
CBS Class B		23,342		1,270,738
†Charter Communications Class A		11,364		2,598,351
Cinemark Holdings		15,721		573,188
Clear Channel Outdoor Holdings Class A		2,039		12,683
Comcast Class A		168,655		10,994,619
†Discovery Communications Class A		8,778		221,469
†Discovery Communications Class C		12,130		289,301
†DISH Network Class A		12,793		670,353
†DreamWorks Animation SKG Class A		3,480		142,228
Entercom Communications Class A		1,204		16,338
Entravision Communications Class A		11,605		77,986
†EW Scripps Class A		6,953		110,136
Gannett		12,945		178,770
†Gray Television		12,929		140,280
Harte-Hanks		6,110		9,715
Interpublic Group		29,757		687,387
John Wiley & Sons Class A		8,331		434,712
†Liberty Braves Group Class A		594		8,934
†Liberty Braves Group Class C		1,227		17,988
†Liberty Broadband Class A		1,624		96,466
†Liberty Broadband Class C		4,561		273,660
†Liberty Media Group Class A		1,485		28,423

LVIP Dimensional U.S. Core Equity 1 Fund–16

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Media (continued)
†Liberty Media Group Class C		3,069	$	58,219
†Liberty SiriusXM Group		5,940		186,278
†Liberty SiriusXM Group Class C		12,277		378,991
Lions Gate Entertainment		9,277		187,674
†Live Nation Entertainment		22,069		518,621
†Madison Square Garden Class A		2,362		407,469
†Media General		16,818		289,101
Meredith		5,810		301,597
†MSG Networks		7,386		113,301
National CineMedia		6,797		105,218
New York Times Class A		15,478		187,284
News Class A		20,540		233,129
News Class B		8,371		97,690
Nexstar Broadcasting Group Class A		3,597		171,145
Omnicom Group		17,244		1,405,214
†Reading International Class A		489		6,108
Regal Entertainment Group Class A		20,086		442,695
Scholastic		4,716		186,801
Scripps Networks Interactive Class A		7,846		488,570
Sinclair Broadcast Group Class A		9,958		297,346
†Sirius XM Holdings		96,690		381,925
†Starz		11,177		334,416
TEGNA		20,647		478,391
Time		16,596		273,170
Time Warner		30,726		2,259,590
Twenty-First Century Fox Class A		52,996		1,433,542
Twenty-First Century Fox Class B		17,580		479,055
Viacom Class B		20,565		852,831
Walt Disney		64,400		6,299,608
				38,412,345
Metals & Mining–0.79%
Alcoa		80,625		747,394
Allegheny Technologies		11,771		150,080
Carpenter Technology		7,558		248,885
†Century Aluminum		1,404		8,887
†Coeur Mining		21,436		228,508
Commercial Metals		17,961		303,541
Compass Minerals International		6,373		472,813
Ferroglobe		8,766		75,475
Freeport-McMoRan		46,494		517,943
Haynes International		1,268		40,677
Hecla Mining		61,998		316,190
Kaiser Aluminum		1,961		177,294
Materion		3,100		76,756
Newmont Mining		46,244		1,809,065
Nucor		31,587		1,560,714
Reliance Steel & Aluminum		10,411		800,606
Royal Gold		7,027		506,085
Schnitzer Steel Industries Class A		2,157		37,963
Southern Copper		7,616		205,480
Steel Dynamics		19,705		482,773

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Metals & Mining (continued)
†Stillwater Mining		15,568	$	184,636
TimkenSteel		6,778		65,204
United States Steel		2,782		46,904
Worthington Industries		5,243		221,779
				9,285,652
Multiline Retail–0.65%
Big Lots		8,831		442,521
Dillard’s Class A		6,398		387,719
Dollar General		15,063		1,415,922
†Dollar Tree		7,909		745,344
Fred’s Class A		5,241		84,432
†J.C. Penney		3,928		34,881
Kohl’s		28,811		1,092,513
Macy’s		21,353		717,674
Nordstrom		16,663		634,027
Target		30,038		2,097,253
				7,652,286
Multi-Utilities–1.14%
Ameren		14,689		787,037
Avista		8,017		359,162
Black Hills		4,628		291,749
CenterPoint Energy		22,804		547,296
CMS Energy		16,911		775,538
Consolidated Edison		12,491		1,004,776
Dominion Resources		23,695		1,846,551
DTE Energy		10,288		1,019,747
MDU Resources Group		23,210		557,040
NiSource		35,969		953,898
NorthWestern		5,837		368,140
Public Service Enterprise Group		20,567		958,628
SCANA		8,158		617,234
Sempra Energy		9,092		1,036,670
TECO Energy		29,827		824,418
Unitil		1,492		63,664
Vectren		10,681		562,568
WEC Energy Group		13,440		877,632
				13,451,748
Oil, Gas & Consumable Fuels–4.93%
†Abraxas Petroleum		15,421		17,426
Alon USA Energy		9,006		58,359
Anadarko Petroleum		18,723		997,000
†Antero Resources		6,335		164,583
Apache		10,448		581,640
Cabot Oil & Gas		15,604		401,647
California Resources		4,397		53,643
†Callon Petroleum		12,029		135,086
†Carrizo Oil & Gas		4,397		157,632
†Cheniere Energy		13,897		521,832
Chevron		78,968		8,278,215
Cimarex Energy		2,862		341,494

LVIP Dimensional U.S. Core Equity 1 Fund–17

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†Clayton Williams Energy		525	$	14,417
†Cobalt International Energy		49,489		66,315
Columbia Pipeline Group		18,186		463,561
†Concho Resources		7,334		874,726
ConocoPhillips		50,799		2,214,836
CONSOL Energy		15,623		251,374
†Continental Resources		11,358		514,177
CVR Energy		6,305		97,727
Delek U.S. Holdings		9,540		126,023
Devon Energy		14,358		520,477
DHT Holdings		14,019		70,516
†Diamondback Energy		4,332		395,122
Energen		9,546		460,213
EnLink Midstream		13,242		210,680
EOG Resources		14,108		1,176,889
†EP Energy Class A		16,914		87,614
EQT		7,664		593,424
Exxon Mobil		181,406		17,004,998
GasLog		9,204		119,468
Green Plains		4,898		96,589
†Gulfport Energy		13,145		410,913
Hess		11,154		670,355
HollyFrontier		14,491		344,451
Kinder Morgan		58,215		1,089,785
†Kosmos Energy		37,603		204,936
†Laredo Petroleum		8,206		85,999
Marathon Oil		33,764		506,798
Marathon Petroleum		36,196		1,374,000
†Matador Resources		8,389		166,102
†Memorial Resource Development		4,851		77,034
Murphy Oil		12,665		402,114
†Newfield Exploration		4,736		209,236
Noble Energy		24,079		863,714
†Oasis Petroleum		407		3,801
Occidental Petroleum		22,204		1,677,734
ONEOK		15,751		747,385
Panhandle Oil and Gas Class A		1,806		30,106
†Par Pacific Holdings		300		4,602
†Parsley Energy Class A		7,407		200,433
PBF Energy Class A		14,133		336,083
†PDC Energy		5,391		310,575
Phillips 66		24,655		1,956,128
Pioneer Natural Resources		5,165		781,000
QEP Resources		20,772		366,210
Range Resources		9,669		417,121
†Renewable Energy Group		5,557		49,068
†Rice Energy		14,692		323,812
†RSP Permian		12,683		442,510
Scorpio Tankers		27,600		115,920
SemGroup Class A		5,519		179,699
SM Energy		11,793		318,411
†Southwestern Energy		32,813		412,788

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
Spectra Energy		26,888	$	984,907
†Synergy Resources		13,799		91,901
Targa Resources		8,547		360,171
Teekay		13,659		97,389
Tesoro		18,972		1,421,382
Valero Energy		30,128		1,536,528
Western Refining		17,616		363,418
†Whiting Petroleum		8,850		81,951
Williams		20,050		433,681
World Fuel Services		8,754		415,727
†WPX Energy		23,303		216,951
				58,150,532
Paper & Forest Products–0.15%
†Boise Cascade		5,938		136,277
†Clearwater Paper		2,473		161,660
Deltic Timber		456		30,611
Domtar		10,770		377,058
KapStone Paper and Packaging		17,293		224,982
†Louisiana-Pacific		15,346		266,253
Mercer International		10,372		82,769
Neenah Paper		2,359		170,721
P.H. Glatfelter		4,944		96,705
†Resolute Forest Products		7,351		38,887
Schweitzer-Mauduit International		4,384		154,668
				1,740,591
Personal Products–0.27%
Avon Products		39,085		147,741
Coty Class A		4,418		114,824
†Edgewell Personal Care		6,027		508,739
Estee Lauder Class A		12,377		1,126,555
†Herbalife		8,001		468,299
Inter Parfums		3,508		100,224
Medifast		1,745		58,056
Natural Health Trends		1,722		48,543
Nu Skin Enterprises Class A		9,513		439,405
†Revlon Class A		4,768		153,434
†USANA Health Sciences		211		23,512
				3,189,332
Pharmaceuticals–3.62%
†Akorn		6,474		184,412
†Allergan		15,984		3,693,743
Bristol-Myers Squibb		33,192		2,441,272
†Catalent		10,073		231,578
†Depomed		7,216		141,578
Eli Lilly		38,525		3,033,844
†Endo International		5,722		89,206
†Horizon Pharma		8,749		144,096
†Impax Laboratories		7,524		216,842
Innoviva		911		9,593
†Jazz Pharmaceuticals		2,576		364,015

LVIP Dimensional U.S. Core Equity 1 Fund–18

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Pharmaceuticals (continued)
Johnson & Johnson		119,032	$	14,438,582
†Lannett		7,113		169,218
†Mallinckrodt		8,454		513,834
†Medicines		9,062		304,755
Merck & Co.		87,602		5,046,751
†Mylan		5,416		234,188
†Nektar Therapeutics		1,134		16,137
Pfizer		255,180		8,984,888
Phibro Animal Health Class A		1,442		26,908
†Prestige Brands Holdings		7,374		408,520
†Sagent Pharmaceuticals		3,106		46,528
†SciClone Pharmaceuticals		5,143		67,168
†Sucampo Pharmaceuticals Class A		3,401		37,309
†Supernus Pharmaceuticals		3,800		77,406
†Taro Pharmaceutical Industries		2,437		354,827
Zoetis		29,532		1,401,589
				42,678,787
Professional Services–0.67%
†Advisory Board		2,548		90,174
†CBIZ		6,360		66,208
CEB		3,863		238,270
Dun & Bradstreet		4,540		553,154
Equifax		7,987		1,025,531
Exponent		4,158		242,869
†Franklin Covey		993		15,223
†FTI Consulting		6,870		279,472
†GP Strategies		1,772		38,435
Heidrick & Struggles International		2,100		35,448
†Huron Consulting Group		2,990		180,656
†ICF International		3,173		129,776
†IHS Class A		3,904		451,341
Insperity		3,305		255,245
Kelly Services Class A		3,655		69,335
Kforce		4,767		80,515
Korn/Ferry International		6,340		131,238
ManpowerGroup		9,027		580,797
†Mistras Group		3,448		82,304
†Navigant Consulting		4,750		76,713
Nielsen Holdings		20,721		1,076,870
†On Assignment		6,674		246,604
Resources Connection		4,071		60,169
Robert Half International		11,099		423,538
†RPX		7,879		72,250
†TriNet Group		8,091		168,212
†TrueBlue		5,561		105,214
†Verisk Analytics Class A		13,318		1,079,823
				7,855,384
Real Estate Management & Development–0.21%
Alexander & Baldwin		8,202		296,420
†Altisource Portfolio Solutions		712		19,822

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Real Estate Management & Development (continued)
†CBRE Group Class A		23,540	$	623,339
†Forestar Group		4,339		51,591
†Howard Hughes		4,620		528,158
Jones Lang LaSalle		3,224		314,179
Kennedy-Wilson Holdings		2,078		39,399
†Marcus & Millichap		3,589		91,196
RE/MAX Holdings		1,135		45,695
†Realogy Holdings		15,344		445,283
				2,455,082
Road & Rail–1.15%
AMERCO		1,614		604,524
ArcBest		3,735		60,694
†Avis Budget Group		20,105		647,984
Celadon Group		4,136		33,791
†Covenant Transportation Group Class A		3,400		61,438
CSX		47,982		1,251,371
†Genesee & Wyoming		4,133		243,640
Heartland Express		13,599		236,487
†Herc Holdings		9,738		107,800
JB Hunt Transport Services		10,200		825,486
Kansas City Southern		10,638		958,377
Knight Transportation		13,495		358,697
Landstar System		7,389		507,329
Marten Transport		4,762		94,288
Norfolk Southern		13,859		1,179,817
†Old Dominion Freight Line		10,109		609,674
†Roadrunner Transportation Systems		5,207		38,844
Ryder System		10,618		649,184
†Saia		3,643		91,585
†Swift Transportation		17,811		274,467
Union Pacific		51,084		4,457,079
†USA Truck		1,448		25,354
Werner Enterprises		12,297		282,462
†YRC Worldwide		1,455		12,804
				13,613,176
Semiconductors & Semiconductor Equipment–3.08%
†Advanced Energy Industries		4,678		177,577
†Advanced Micro Devices		40,901		210,231
†Amkor Technology		37,829		217,517
Analog Devices		8,683		491,805
Applied Materials		33,111		793,671
†Axcelis Technologies		4,200		11,298
Broadcom		11,428		1,775,911
Brooks Automation		8,566		96,110
Cabot Microelectronics		2,668		112,963
†CEVA		2,353		63,931
†Cirrus Logic		8,845		343,098
Cohu		497		5,392
†Cree		11,762		287,463

LVIP Dimensional U.S. Core Equity 1 Fund–19

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
Cypress Semiconductor		32,772	$	345,745
†Diodes		7,611		143,011
†DSP Group		4,368		46,344
†Entegris		15,222		220,262
†Exar		3,720		29,946
†Fairchild Semiconductor International		13,249		262,993
†First Solar		9,258		448,828
†FormFactor		7,433		66,823
†Integrated Device Technology		11,976		241,077
Intel		321,976		10,560,813
Intersil Class A		16,449		222,719
IXYS		4,008		41,082
KLA-Tencor		12,919		946,317
†Kulicke & Soffa Industries		12,689		154,425
Lam Research		13,496		1,134,474
†Lattice Semiconductor		17,582		94,064
Linear Technology		16,120		750,064
†M/A-COM Technology Solutions Holdings		3,725		122,851
Marvell Technology Group		35,597		339,239
Maxim Integrated Products		11,953		426,603
Microchip Technology		8,427		427,754
†Micron Technology		71,704		986,647
†Microsemi		9,527		311,342
MKS Instruments		6,800		292,808
†Nanometrics		2,667		55,447
†NeoPhotonics		926		8,825
NVE		50		2,933
NVIDIA		46,520		2,186,905
†ON Semiconductor		59,904		528,353
†PDF Solutions		3,040		42,530
†Photronics		5,636		50,217
Power Integrations		2,120		106,148
†Qorvo		5,984		330,676
QUALCOMM		51,502		2,758,962
†Rambus		9,571		115,618
†Rudolph Technologies		4,102		63,704
†Semtech		6,166		147,121
†Sigma Designs		1,968		12,654
†Silicon Laboratories		3,260		158,892
Skyworks Solutions		10,149		642,229
†SunPower		12,428		192,510
†Synaptics		4,025		216,344
Teradyne		23,927		471,123
Tessera Technologies		7,199		220,577
Texas Instruments		58,221		3,647,546
†Ultratech		3,675		84,415
†Veeco Instruments		5,210		86,278
†Xcerra		5,880		33,810
Xilinx		20,531		947,095
				36,314,110

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software–3.38%
†ACI Worldwide		14,185	$	276,749
Activision Blizzard		15,960		632,495
†Adobe Systems		9,190		880,310
†ANSYS		5,401		490,141
†Aspen Technology		10,168		409,160
†Autodesk		5,098		276,006
†AVG Technologies		7,693		146,090
†Barracuda Networks		2,289		34,655
Blackbaud		4,439		301,408
†BroadSoft		500		20,515
@CA		53,474		1,755,551
†Cadence Design Systems		19,616		476,669
CDK Global		6,967		386,599
†Citrix Systems		8,053		644,965
†Electronic Arts		13,033		987,380
†EnerNOC		4,615		29,167
Epiq Systems		4,152		60,619
Fair Isaac		3,741		422,770
†FireEye		6,823		112,375
†Fortinet		3,418		107,975
†Guidewire Software		4,253		262,665
Intuit		14,939		1,667,342
†Manhattan Associates		8,875		569,154
Mentor Graphics		14,598		310,353
Microsoft		319,000		16,323,230
†MicroStrategy		1,106		193,572
Monotype Imaging Holdings		3,104		76,452
†NetSuite		1,383		100,682
†Nuance Communications		32,242		503,942
Oracle		133,496		5,463,991
†Paycom Software		2,924		126,346
Pegasystems		8,394		226,218
†Progress Software		4,679		128,485
†PTC		6,960		261,557
QAD Class A		1,105		21,293
†Qualys		453		13,504
†Red Hat		9,877		717,070
†Rovi		11,413		178,499
†salesforce.com		10,976		871,604
†Seachange International		2,000		6,380
†ServiceNow		3,722		247,141
†Silver Spring Networks		1,700		20,655
†Splunk		2,645		143,306
SS&C Technologies Holdings		10,860		304,949
Symantec		26,606		546,487
†Synchronoss Technologies		4,423		140,917
†Synopsys		8,263		446,863
†Tableau Software Class A		1,254		61,346
†Take-Two Interactive Software		5,489		208,143
†Telenav		2,300		11,730
†TiVo		12,507		123,819
†Tyler Technologies		1,278		213,055

LVIP Dimensional U.S. Core Equity 1 Fund–20

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software (continued)
†Ultimate Software Group		1,222	$	256,974
†Verint Systems		3,692		122,316
†VMware Class A		1,975		113,009
†Workday Class A		2,207		164,797
†Xura		631		15,415
†Zedge Class B		1,132		5,196
†Zynga Class A		95,244		237,158
				39,857,214
Specialty Retail–3.55%
Aaron’s		13,763		301,272
Abercrombie & Fitch		1,003		17,863
Advance Auto Parts		4,940		798,452
American Eagle Outfitters		28,359		451,759
†America’s Car-Mart		962		27,167
†Asbury Automotive Group		5,290		278,995
†Ascena Retail Group		28,043		196,021
†AutoNation		13,117		616,237
†AutoZone		1,414		1,122,490
Barnes & Noble		9,682		109,891
†Barnes & Noble Education		6,119		62,108
Bed Bath & Beyond		16,739		723,460
Best Buy		44,427		1,359,466
Big 5 Sporting Goods		900		8,343
†Build-A-Bear Workshop		2,901		38,931
†Burlington Stores		9,077		605,527
†Cabela’s		9,948		497,997
Caleres		7,320		177,217
†CarMax		11,906		583,751
Cato Class A		4,303		162,309
Chico’s FAS		18,957		203,029
Children’s Place		3,021		242,224
Citi Trends		2,149		33,374
CST Brands		12,256		527,988
Dick’s Sporting Goods		11,492		517,830
DSW Class A		11,901		252,063
†Express		12,788		185,554
Finish Line Class A		5,944		120,009
†Five Below		5,269		244,534
Foot Locker		14,273		783,017
†Francesca’s Holdings		6,695		73,980
GameStop Class A		18,683		496,594
Gap		31,510		668,642
†Genesco		3,102		199,490
GNC Holdings		14,677		356,504
Group 1 Automotive		3,419		168,762
Guess		11,019		165,836
Haverty Furniture		2,655		47,870
†Hibbett Sports		4,645		161,600
Home Depot		73,781		9,421,096
†Kirkland’s		2,488		36,524
L Brands		11,417		766,423

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail (continued)
Lithia Motors Class A		3,884	$	276,036
Lowe’s		54,082		4,281,672
†MarineMax		2,439		41,390
†Michaels		7,693		218,789
Monro Muffler Brake		3,844		244,325
†Murphy USA		8,712		646,082
†O’Reilly Automotive		5,785		1,568,313
Penske Automotive Group		13,958		439,119
Rent-A-Center		8,035		98,670
†Restoration Hardware Holdings		5,147		147,616
Ross Stores		23,514		1,333,009
†Sally Beauty Holdings		19,812		582,671
†Select Comfort		8,853		189,277
Shoe Carnival		1,575		39,469
Signet Jewelers		6,827		562,613
Sonic Automotive Class A		5,355		91,624
†Sportsman’s Warehouse Holdings		165		1,330
Stage Stores		4,087		19,945
Staples		37,524		323,457
Stein Mart		6,897		53,245
Tailored Brands		5,189		65,693
Tiffany & Co.		8,129		492,943
TJX		38,771		2,994,284
Tractor Supply		10,859		990,124
†Ulta Salon Cosmetics & Fragrance		4,365		1,063,489
†Urban Outfitters		23,588		648,670
†Vitamin Shoppe		3,839		117,358
†West Marine		1,000		8,390
Williams-Sonoma		8,222		428,613
†Zumiez		4,241		60,689
				41,841,104
Technology Hardware, Storage & Peripherals–3.50%
Apple		338,950		32,403,620
†Avid Technology		6,614		38,427
†Cray		1,551		46,406
Diebold		7,855		195,040
†Electronics For Imaging		5,336		229,661
EMC		115,989		3,151,421
Hewlett Packard Enterprise		75,577		1,380,792
HP		84,900		1,065,495
Lexmark International Class A		9,928		374,782
†NCR		14,792		410,774
NetApp		23,621		580,840
Seagate Technology		26,122		636,332
†Super Micro Computer		6,166		153,225
Western Digital		12,675		599,021
				41,265,836
Textiles, Apparel & Luxury Goods–1.05%
Carter’s		5,417		576,748
Coach		19,971		813,619

LVIP Dimensional U.S. Core Equity 1 Fund–21

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Textiles, Apparel & Luxury Goods (continued)
Columbia Sportswear		6,536	$	376,081
†Crocs		5,293		59,705
Culp		695		19,203
†Deckers Outdoor		5,238		301,290
†Fossil Group		8,573		244,588
†G-III Apparel Group		5,901		269,794
Hanesbrands		28,474		715,552
†Kate Spade & Co.		11,466		236,314
†lululemon athletica		9,083		670,870
†Michael Kors Holdings		15,972		790,295
Movado Group		2,255		48,888
NIKE Class B		64,610		3,566,472
Oxford Industries		2,792		158,083
†Perry Ellis International		2,325		46,779
PVH		4,626		435,908
Ralph Lauren		4,415		395,672
†Skechers U.S.A. Class A		13,059		388,113
†Steven Madden		7,834		267,766
†Tumi Holdings		8,739		233,681
†Under Armour Class A		8,228		330,190
†Under Armour Class C		8,286		301,625
†Vera Bradley		701		9,933
VF		12,928		794,943
Wolverine World Wide		16,475		334,772
				12,386,884
Thrifts & Mortgage Finance–0.31%
Astoria Financial		15,660		240,068
†Beneficial Bancorp		11,715		149,015
†BofI Holding		7,624		135,021
Capitol Federal Financial		21,314		297,330
Clifton Bancorp		3,028		45,632
Dime Community Bancshares		6,872		116,893
EverBank Financial		18,905		280,928
First Defiance Financial		802		31,158
†Flagstar Bancorp		7,368		179,853
†HomeStreet		2,845		56,672
Kearny Financial		1,011		12,718
Meridian Bancorp		8,312		122,851
Meta Financial Group		741		37,761
New York Community Bancorp		26,829		402,167
†NMI Holdings Class A		299		1,638
Northfield Bancorp		6,724		99,717
Northwest Bancshares		14,286		211,861
OceanFirst Financial		569		10,339
Oritani Financial		6,244		99,842
†PennyMac Financial Services Class A		1,643		20,521
Provident Financial Services		9,985		196,105
TFS Financial		9,289		159,957
TrustCo Bank		12,472		79,946
United Community Financial		2,888		17,559
United Financial Bancorp		4,707		61,097

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Thrifts & Mortgage Finance (continued)
†Walker & Dunlop		4,483	$	102,123
Washington Federal		11,536		279,863
Waterstone Financial		3,925		60,170
WSFS Financial		3,684		118,588
				3,627,393
Tobacco–1.33%
Altria Group		112,753		7,775,447
Philip Morris International		58,687		5,969,642
Reynolds American		29,597		1,596,166
Vector Group		14,239		319,238
				15,660,493
Trading Companies & Distributors–0.51%
Air Lease		16,007		428,667
Applied Industrial Technologies		5,308		239,603
†Beacon Roofing Supply		6,388		290,462
†CAI International		2,879		21,593
†DXP Enterprises		131		1,956
Fastenal		18,484		820,505
H&E Equipment Services		2,158		41,067
†HD Supply Holdings		11,623		404,713
Kaman		3,636		154,603
†MRC Global		13,960		198,372
MSC Industrial Direct		6,956		490,815
†Rush Enterprises Class A		69		1,487
TAL International Group		4,292		57,556
†United Rentals		12,021		806,609
†Veritiv		1,100		41,338
Watsco		4,390		617,629
†WESCO International		6,714		345,704
WW Grainger		4,437		1,008,308
				5,970,987
Transportation Infrastructure–0.03%
Macquarie Infrastructure		2,545		188,457
†Wesco Aircraft Holdings		14,929		200,347
				388,804
Water Utilities–0.20%
American States Water		4,789		209,854
American Water Works		10,364		875,862
Aqua America		21,116		752,997
California Water Service Group		7,599		265,433
Connecticut Water Service		819		46,028
Middlesex Water		1,357		58,867
SJW		2,258		88,920
York Water		591		18,936
				2,316,897
Wireless Telecommunication Services–0.16%
†Boingo Wireless		4,098		36,554
Shenandoah Telecommunications		6,684		261,077

LVIP Dimensional U.S. Core Equity 1 Fund–22

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Wireless Telecommunication Services (continued)
Spok Holdings		1,858	$	35,609
†Sprint		74,780		338,753
Telephone & Data Systems		13,099		388,516
†T-Mobile U.S		15,158		655,887
†United States Cellular		3,838		150,717
				1,867,113
Total Common Stock (Cost $1,010,263,149)				1,175,583,343

	Number of Shares		Value (U.S. $)
RIGHT–0.00%
†@=Dyax		7,132	$	7,917
Total Right (Cost $7,917)				7,917
MONEY MARKET FUND–0.13%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		1,526,576		1,526,576
Total Money Market Fund (Cost $1,526,576)				1,526,576

TOTAL VALUE OF SECURITIES–99.81% (Cost $1,011,797,642)		1,177,117,836
★RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.19%		2,299,603
NET ASSETS APPLICABLE TO 30,383,535 SHARES OUTSTANDING–100.00%	$	1,179,417,439

NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND STANDARD CLASS ($1,096,198,118 / 28,231,224 Shares) $38.829

NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND SERVICE CLASS ($83,219,321 / 2,152,311 Shares)		$38.665
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	577,000,615
Undistributed net investment income		9,996,084
Accumulated net realized gain on investments		427,100,546
Net unrealized appreciation of investments		165,320,194
TOTAL NET ASSETS	$	1,179,417,439

† Non-income producing for the period.

★ Includes $538,362 payable for fund shares redeemed and $359,811 due to manager and affiliates, and $94 prepaid printing and mailing fees to Lincoln Life as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $4,438,655, which represents 0.38% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $7,916, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

IT–Information Technology

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

LVIP Dimensional U.S. Core Equity 1 Fund–23

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	12,442,442
Foreign tax withheld		(1,715	)
		12,440,727
EXPENSES:
Management fees		2,004,042
Accounting and administration expenses		144,713
Distribution fees-Service Class		135,967
Reports and statements to shareholders		86,642
Professional fees		27,209
Trustees’ fees and expenses		15,458
Custodian fees		13,733
Pricing fees		3,130
Consulting fees		1,090
Other		12,659
Total operating expenses		2,444,643
NET INVESTMENT INCOME		9,996,084
NET REALIZED AND UNREALIZED GAIN
Net realized gain from investments		5,237,946
Net change in unrealized appreciation (depreciation) of investments		23,160,152
NET REALIZED AND UNREALIZED GAIN		28,398,098
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	38,394,182

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

LVIP Dimensional U.S. Core Equity 1 Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,996,084		$	19,750,518
Net realized gain		5,237,946			434,869,853
Net change in unrealized appreciation (depreciation)		23,160,152			(478,626,947	)
Net increase (decrease) in net assets resulting from operations		38,394,182			(24,006,576	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(19,065,030	)
Service Class		—			(1,026,926	)
Net realized gain:
Standard Class		—			(136,817,145	)
Service Class		—			(9,294,038	)
		—			(166,203,139	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		47,506,251			16,324,245
Service Class		9,101,329			12,193,148
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			155,882,175
Service Class		—			10,320,964
		56,607,580			194,720,532
Cost of shares redeemed:
Standard Class		(107,555,550	)		(153,484,609	)
Service Class		(6,322,561	)		(16,167,678	)
		(113,878,111	)		(169,652,287	)
Increase (Decrease) in net assets derived from capital share transactions		(57,270,531	)		25,068,245
NET DECREASE IN NET ASSETS		(18,876,349	)		(165,141,470	)
NET ASSETS:
Beginning of period		1,198,293,788			1,363,435,258
End of period	$	1,179,417,439		$	1,198,293,788
Undistributed net investment income	$	9,996,084		$	—

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

LVIP Dimensional U.S. Core Equity 1 Fund–24

LVIP Dimensional U.S. Core Equity 1 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional U.S. Core Equity 1 Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)		12/31/152			12/31/14			Year Ended  12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	37.542	$	44.352		$	42.182		$	33.037		$	28.992		$	28.962
Income (loss) from investment operations:
Net investment income3		0.325		0.665			0.736			0.671			0.563			0.428
Net realized and unrealized gain (loss)		0.962		(1.700	)		4.729			10.231			3.872			(0.081	)
Total from investment operations		1.287		(1.035	)		5.465			10.902			4.435			0.347
Less dividends and distributions from:
Net investment income		—		(0.653	)		(0.855	)		(0.688	)		(0.360	)		(0.317	)
Net realized gain		—		(5.122	)		(2.440	)		(1.069	)		(0.030	)		—
Total dividends and distributions		—		(5.775	)		(3.295	)		(1.757	)		(0.390	)		(0.317	)
Net asset value, end of period	$	38.829	$	37.542		$	44.352		$	42.182		$	33.037		$	28.992
Total return4		3.43%		(2.00%	)		13.18%			33.26%			15.32%			1.20%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,096,198	$	1,120,426		$	1,279,820		$	1,266,909		$	1,067,651		$	979,176
Ratio of expenses to average net assets		0.40%		0.39%			0.38%			0.40%			0.41%			0.42%
Ratio of net investment income to average net assets		1.76%		1.54%			1.68%			1.75%			1.75%			1.45%
Portfolio turnover		2%		74%			14%			12%			22%			36%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Commencing after the close of business on April 30, 2015, Dimensional Fund Advisors replaced Delaware Investments Fund Advisors as the Fund’s sub-adviser.

³  The average shares outstanding method has been applied for per share information.

⁴  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.

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

LVIP Dimensional U.S. Core Equity 1 Fund–25

LVIP Dimensional U.S. Core Equity 1 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional U.S. Core Equity 1 Fund Service Class
	Six Months Ended 6/30/161 (unaudited)			12/31/152				12/31/14				Year Ended    12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	37.449		$	44.254			$	42.107			$	32.994			$	28.957			$	28.928
Income (loss) from investment operations:
Net investment income3			0.260			0.511				0.581				0.536				0.449				0.323
Net realized and unrealized gain (loss)			0.956			(1.691	)			4.708				10.199				3.867				(0.079	)
Total from investment operations			1.216			(1.180	)			5.289				10.735				4.316				0.244
Less dividends and distributions from:
Net investment income			—			(0.503	)			(0.702	)			(0.553	)			(0.249	)			(0.215	)
Net realized gain			—			(5.122	)			(2.440	)			(1.069	)			(0.030	)			—
Total dividends and distributions			—			(5.625	)			(3.142	)			(1.622	)			(0.279	)			(0.215	)
Net asset value, end of period		$	38.665		$	37.449			$	44.254			$	42.107			$	32.994			$	28.957
Total return4			3.25%			(2.34%	)			12.78%				32.80%				14.92%				0.84%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	83,219		$	77,868			$	83,615			$	84,813			$	68,109			$	66,033
Ratio of expenses to average net assets			0.75%			0.74%				0.73%				0.75%				0.76%				0.77%
Ratio of net investment income to average net assets			1.41%			1.19%				1.33%				1.40%				1.40%				1.10%
Portfolio turnover			2%			74%				14%				12%				22%				36%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Commencing after the close of business on April 30, 2015, Dimensional Fund Advisors replaced Delaware Investments Fund Advisors as the Fund’s sub-adviser.

³  The average shares outstanding method has been applied for per share information.

⁴  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.

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

LVIP Dimensional U.S. Core Equity 1 Fund–26

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Dimensional U.S. Core Equity 1 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”). 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 long-term capital appreciation.

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 sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015) 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 six months ended June 30, 2016, 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.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes 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. Discounts and premiums on non-convertible debt securities are

LVIP Dimensional U.S. Core Equity 1 Fund–27

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

amortized to interest income over the lives of the respective securities using the effective interest method. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.48% of the first $200 million of the average daily net assets of the Fund; 0.40% of the next $200 million; and 0.30% of the average daily net assets of the Fund in excess of $400 million.

Dimensional Fund Advisors (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	30,480
Legal		8,387

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 $77,089 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.35% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	336,124
Distribution fees payable to LFD		23,687
Prepaid printing and mailing fees to Lincoln Life		94

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	23,436,080
Sales		73,165,714

LVIP Dimensional U.S. Core Equity 1 Fund–28

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements (continued)

3. Investments (continued)

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,011,797,642
Aggregate unrealized appreciation	$	268,956,706
Aggregate unrealized depreciation		(103,636,512	)
Net unrealized appreciation	$	165,320,194

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Level 3		Total
Common Stock
Aerospace & Defense		$32,761,008		$          —		$—		$32,761,008
Air Freight & Logistics		8,418,901		—		—		8,418,901
Airlines		8,351,919		—		—		8,351,919
Auto Components		8,702,174		—		—		8,702,174
Automobiles		7,025,314		—		—		7,025,314
Banks		66,192,597		418,449		—		66,611,046
Beverages		22,636,833		—		—		22,636,833
Biotechnology		29,100,156		—		—		29,100,156
Building Products		5,668,009		—		—		5,668,009
Capital Markets		19,797,207		—		—		19,797,207
Chemicals		30,685,242		—		—		30,685,242
Commercial Services & Supplies		15,975,227		—		—		15,975,227
Communications Equipment		13,224,983		—		—		13,224,983
Construction & Engineering		4,955,439		—		—		4,955,439
Construction Materials		2,424,013		—		—		2,424,013
Consumer Finance		10,597,434		—		—		10,597,434
Containers & Packaging		9,902,985		—		—		9,902,985
Distributors		2,540,475		—		—		2,540,475
Diversified Consumer Services		3,151,012		—		—		3,151,012
Diversified Financial Services		17,826,941		—		—		17,826,941
Diversified Telecommunication Services		30,439,921		—		—		30,439,921
Electric Utilities		22,231,555		—		—		22,231,555
Electrical Equipment		8,096,007		—		—		8,096,007
Electronic Equipment, Instruments & Components		14,931,478		—		—		14,931,478
Energy Equipment & Services		10,681,457		—		—		10,681,457
Food & Staples Retailing		23,159,197		—		—		23,159,197

LVIP Dimensional U.S. Core Equity 1 Fund–29

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Food Products		$     23,816,018		$            —		$      —		$     23,816,018
Gas Utilities		7,332,401		—		—		7,332,401
Health Care Equipment & Supplies		24,515,681		—		—		24,515,681
Health Care Providers & Services		35,953,559		1,386,494		—		37,340,053
Health Care Technology		2,032,184		—		—		2,032,184
Hotels, Restaurants & Leisure		30,962,958		—		—		30,962,958
Household Durables		10,333,093		—		—		10,333,093
Household Products		15,708,342		—		—		15,708,342
Independent Power & Renewable Electricity Producers		2,495,987		—		—		2,495,987
Industrial Conglomerates		14,293,155		—		—		14,293,155
Insurance		39,065,302		345,036		—		39,410,338
Internet & Catalog Retail		18,927,309		—		—		18,927,309
Internet Software & Services		26,415,111		—		—		26,415,111
IT Services		46,209,925		584,423		—		46,794,348
Leisure Products		3,324,686		—		—		3,324,686
Life Sciences Tools & Services		9,542,221		—		—		9,542,221
Machinery		31,695,424		94,977		—		31,790,401
Marine		671,374		—		—		671,374
Media		38,412,345		—		—		38,412,345
Metals & Mining		9,285,652		—		—		9,285,652
Multiline Retail		7,652,286		—		—		7,652,286
Multi-Utilities		13,451,748		—		—		13,451,748
Oil, Gas & Consumable Fuels		58,150,532		—		—		58,150,532
Paper & Forest Products		1,740,591		—		—		1,740,591
Personal Products		3,189,332		—		—		3,189,332
Pharmaceuticals		42,678,787		—		—		42,678,787
Professional Services		7,855,384		—		—		7,855,384
Real Estate Management & Development		2,455,082		—		—		2,455,082
Road & Rail		13,613,176		—		—		13,613,176
Semiconductors & Semiconductor Equipment		36,314,110		—		—		36,314,110
Software		38,101,663		1,755,551		—		39,857,214
Specialty Retail		41,841,104		—		—		41,841,104
Technology Hardware, Storage & Peripherals		41,265,836		—		—		41,265,836
Textiles, Apparel & Luxury Goods		12,386,884		—		—		12,386,884
Thrifts & Mortgage Finance		3,627,393		—		—		3,627,393
Tobacco		15,660,493		—		—		15,660,493
Trading Companies & Distributors		5,970,987		—		—		5,970,987
Transportation Infrastructure		388,804		—		—		388,804
Water Utilities		2,316,897		—		—		2,316,897
Wireless Telecommunication Services		1,867,113		—		—		1,867,113
Right		—		—		7,917		7,917
Money Market Fund		1,526,576		—		—		1,526,576
Total		$1,172,524,989		$4,584,930		$7,917		$1,177,117,836

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Dimensional U.S. Core Equity 1 Fund–30

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		1,241,580			384,606
Service Class		244,406			288,391
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			4,174,343
Service Class		—			277,862
		1,485,986			5,125,202
Shares redeemed:
Standard Class		(2,854,674	)		(3,570,916	)
Service Class		(171,414	)		(376,362	)
		(3,026,088	)		(3,947,278	)
Net increase (decrease)		(1,540,102	)		1,177,924

5. Market Risk

The Fund invests 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. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities have been identified on the Statement of Net Assets.

6. 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.

7. 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 Dimensional U.S. Core Equity 1 Fund–31

LVIP Delaware Social Awareness Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Delaware Social Awareness Fund

Index
Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	6
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Delaware Social Awareness Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	995.60		0.44%		$2.18
Service Class Shares		1,000.00		993.80		0.79%		3.92
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.68		0.44%		$2.21
Service Class Shares		1,000.00		1,020.93		0.79%		3.97

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Delaware Social Awareness Fund—1

LVIP Delaware Social Awareness Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock	98.49%
Aerospace & Defense	1.68%
Auto Components	0.57%
Automobiles	1.25%
Banks	2.84%
Beverages	1.43%
Biotechnology	6.79%
Capital Markets	4.83%
Chemicals	2.14%
Communications Equipment	1.25%
Consumer Finance	1.29%
Containers & Packaging	0.66%
Diversified Financial Services	0.99%
Diversified Telecommunication Services	2.58%
Electrical Equipment	0.76%
Food & Staples Retailing	2.37%
Food Products	1.56%
Health Care Equipment & Supplies	1.64%
Health Care Providers & Services	3.37%
Health Care Technology	0.81%
Hotels, Restaurants & Leisure	1.73%
Household Durables	0.80%
Industrial Conglomerates	1.04%
Insurance	4.91%
Internet & Catalog Retail	1.22%
Internet Software & Services	3.52%
IT Services	2.05%
Life Sciences Tools & Services	1.15%
Machinery	2.09%
Media	6.86%
Oil, Gas & Consumable Fuels	6.16%
Pharmaceuticals	2.64%
Professional Services	1.24%
Real Estate Investment Trusts	4.34%
Road & Rail	1.56%
Semiconductors & Semiconductor Equipment	6.26%
Software	5.77%
Specialty Retail	3.54%
Technology Hardware, Storage & Peripherals	2.13%
Textiles, Apparel & Luxury Goods	0.67%
Money Market Fund	3.36%
Total Value of Securities	101.85%
Liabilities Net of Receivables and Other Assets	(1.85%)
Total Net Assets	100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Alphabet Class A	3.52%
Comcast Class A	3.11%
Walt Disney	2.97%
AT&T	2.58%
UnitedHealth Group	2.35%
Microsoft	2.20%
Apple	2.12%
AbbVie	1.99%
Gilead Sciences	1.95%
American Tower	1.94%
Total	24.73%

IT–Information Technology

LVIP Delaware Social Awareness Fund–2

LVIP Delaware Social Awareness Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–98.49%
Aerospace & Defense–1.68%
Rockwell Collins		134,000	$	11,408,760
				11,408,760
Auto Components–0.57%
BorgWarner		131,100		3,870,072
				3,870,072
Automobiles–1.25%
Ford Motor		676,400		8,502,348
				8,502,348
Banks–2.84%
KeyCorp		563,300		6,224,465
U.S. Bancorp		325,100		13,111,283
				19,335,748
Beverages–1.43%
PepsiCo		92,000		9,746,480
				9,746,480
Biotechnology–6.79%
AbbVie		218,900		13,552,098
†Alkermes		77,700		3,358,194
†Celgene		115,700		11,411,491
Gilead Sciences		158,900		13,255,438
†Vertex Pharmaceuticals		54,100		4,653,682
				46,230,903
Capital Markets–4.83%
BlackRock		30,100		10,310,153
Invesco		366,200		9,352,748
Raymond James Financial		135,900		6,699,870
State Street		120,800		6,513,536
				32,876,307
Chemicals–2.14%
†Axalta Coating Systems		258,500		6,858,005
Praxair		68,500		7,698,715
				14,556,720
Communications Equipment–1.25%
Cisco Systems		296,800		8,515,192
				8,515,192
Consumer Finance–1.29%
Capital One Financial		138,150		8,773,907
				8,773,907
Containers & Packaging–0.66%
WestRock		115,500		4,489,485
				4,489,485
Diversified Financial Services–0.99%
Intercontinental Exchange		26,450		6,770,142
				6,770,142

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Diversified Telecommunication Services–2.58%
AT&T		406,000	$	17,543,260
				17,543,260
Electrical Equipment–0.76%
Acuity Brands		20,900		5,182,364
				5,182,364
Food & Staples Retailing–2.37%
Casey’s General Stores		31,900		4,195,169
CVS Health		124,800		11,948,352
				16,143,521
Food Products–1.56%
General Mills		148,800		10,612,416
				10,612,416
Health Care Equipment & Supplies–1.64%
Abbott Laboratories		182,100		7,158,351
†DexCom		50,600		4,014,098
				11,172,449
Health Care Providers & Services–3.37%
†Express Scripts Holding		91,500		6,935,700
UnitedHealth Group		113,300		15,997,960
				22,933,660
Health Care Technology–0.81%
†Cerner		94,000		5,508,400
				5,508,400
Hotels, Restaurants & Leisure–1.73%
Aramark		102,600		3,428,892
Starbucks		145,900		8,333,808
				11,762,700
Household Durables–0.80%
Newell Brands		112,626		5,470,245
				5,470,245
Industrial Conglomerates–1.04%
Roper Technologies		41,500		7,078,240
				7,078,240
Insurance–4.91%
Aflac		179,100		12,923,856
Prudential Financial		103,100		7,355,154
Travelers		110,700		13,177,728
				33,456,738
Internet & Catalog Retail–1.22%
†Amazon.com		11,600		8,301,192
				8,301,192

LVIP Delaware Social Awareness Fund–3

LVIP Delaware Social Awareness Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet Software & Services–3.52%
†Alphabet Class A		34,100	$	23,990,373
				23,990,373
IT Services–2.05%
Accenture Class A		59,600		6,752,084
Sabre		268,500		7,193,115
				13,945,199
Life Sciences Tools & Services–1.15%
Thermo Fisher Scientific		53,200		7,860,832
				7,860,832
Machinery–2.09%
Lincoln Electric Holdings		87,100		5,145,868
Parker-Hannifin		84,000		9,076,200
				14,222,068
Media–6.86%
Cinemark Holdings		146,800		5,352,328
Comcast Class A		324,800		21,173,712
Walt Disney		206,400		20,190,048
				46,716,088
Oil, Gas & Consumable Fuels–6.16%
EOG Resources		109,600		9,142,832
EQT		94,700		7,332,621
Marathon Oil		376,900		5,657,269
Noble Energy		208,300		7,471,721
Occidental Petroleum		67,200		5,077,632
Pioneer Natural Resources		47,800		7,227,838
				41,909,913
Pharmaceuticals–2.64%
†Allergan		41,203		9,521,601
Pfizer		240,200		8,457,442
				17,979,043
Professional Services–1.24%
Nielsen Holdings		162,400		8,439,928
				8,439,928
Real Estate Investment Trusts–4.34%
American Tower		116,500		13,235,564
Host Hotels & Resorts		305,000		4,944,050
National Retail Properties		173,600		8,978,591
Sovran Self Storage		22,700		2,381,684
				29,539,889
Road & Rail–1.56%
Union Pacific		121,400		10,592,150
				10,592,150
Semiconductors & Semiconductor Equipment–6.26%
Analog Devices		62,300		3,528,672
Broadcom		53,600		8,329,440

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
Intel		326,500	$	10,709,200
Maxim Integrated Products		256,000		9,136,640
QUALCOMM		203,200		10,885,424
				42,589,376
Software–5.77%
†Adobe Systems		108,300		10,374,057
Microsoft		292,800		14,982,575
†salesforce.com		113,900		9,044,799
†Tyler Technologies		29,200		4,867,932
				39,269,363
Specialty Retail–3.54%
Home Depot		96,200		12,283,778
Tractor Supply		129,900		11,844,282
				24,128,060
Technology Hardware, Storage & Peripherals–2.13%
Apple		151,300		14,464,280
				14,464,280
Textiles, Apparel & Luxury Goods–0.67%
NIKE Class B		82,800		4,570,560
				4,570,560
Total Common Stock (Cost $466,855,646)				670,458,371
MONEY MARKET FUND–3.36%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		22,879,247		22,879,247
Total Money Market Fund (Cost $22,879,247)				22,879,247

LVIP Delaware Social Awareness Fund–4

LVIP Delaware Social Awareness Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–101.85% (Cost $489,734,893)	$	693,337,618
★LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.85%)		(12,574,530	)
NET ASSETS APPLICABLE TO 17,092,995 SHARES OUTSTANDING–100.00%	$	680,763,088
NET ASSET VALUE PER SHARE–LVIP DELAWARE SOCIAL AWARENESS FUND STANDARD CLASS ($598,028,075 / 15,006,630 Shares)		$39.851
NET ASSET VALUE PER SHARE–LVIP DELAWARE SOCIAL AWARENESS FUND SERVICE CLASS ($82,735,013 / 2,086,365 Shares)		$39.655
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	349,980,359
Undistributed net investment income		4,996,470
Accumulated net realized gain on investments		122,183,534
Net unrealized appreciation of investments		203,602,725
Total net assets	$	680,763,088

† Non-income producing for the period.

★ Includes $18,710,131 payable for securities purchased, 346,454 payable for fund shares redeemed and $239,746 due to manager and affiliates as of June 30, 2016.

IT–Information Technology

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

LVIP Delaware Social Awareness Fund–5

LVIP Delaware Social Awareness Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	6,608,834
Interest		8,707
		6,617,541
EXPENSES:
Management fees		1,291,200
Distribution fees-Service Class		141,685
Accounting and administration expenses		84,974
Reports and statements to shareholders		37,174
Professional fees		23,027
Trustees’ fees and expenses		9,103
Custodian fees		3,782
Consulting fees		1,015
Pricing fees		178
Other		28,933
Total operating expenses		1,621,071
NET INVESTMENT INCOME		4,996,470
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investments		38,614,345
Net change in unrealized appreciation (depreciation) of investments		(47,974,638	)
NET REALIZED AND UNREALIZED LOSS		(9,360,293	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,363,823	)

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

LVIP Delaware Social Awareness Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,996,470		$	10,590,866
Net realized gain		38,614,345			84,333,052
Net change in unrealized appreciation (depreciation)		(47,974,638	)		(99,197,488	)
Net decrease in net assets resulting from operations		(4,363,823	)		(4,273,570	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(9,703,449	)
Service Class		—			(980,596	)
Net realized gain:
Standard Class		—			(71,891,423	)
Service Class		—			(9,630,705	)
		—			(92,206,173	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		7,095,796			16,367,190
Service Class		4,612,142			17,311,844
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			81,594,872
Service Class		—			10,611,301
		11,707,938			125,885,207
Cost of shares redeemed:
Standard Class		(40,470,692	)		(81,046,112	)
Service Class		(6,727,803	)		(20,069,177	)
		(47,198,495	)		(101,115,289	)
Increase (decrease) in net assets derived from capital share transactions		(35,490,557	)		24,769,918
NET DECREASE IN NET ASSETS		(39,854,380	)		(71,709,825	)
NET ASSETS:
Beginning of period		720,617,468			792,327,293
End of period	$	680,763,088		$	720,617,468
Undistributed net investment income	$	4,996,470		$	—

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

LVIP Delaware Social Awareness Fund–6

LVIP Delaware Social Awareness Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Social Awareness Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	40.028			$	46.219			$	42.841			$	32.535			$	30.528			$	30.573
Income (loss) from investment operations:
Net investment income2			0.292				0.643				0.589				0.490				0.429				0.352
Net realized and unrealized gain (loss)			(0.469	)			(1.131	)			5.822				11.070				4.186				(0.154	)
Total from investment operations			(0.177	)			(0.488	)			6.411				11.560				4.615				0.198
Less dividends and distributions from:
Net investment income			—				(0.621	)			(0.687	)			(0.498	)			(0.246	)			(0.243	)
Net realized gain			—				(5.082	)			(2.346	)			(0.756	)			(2.362	)			—
Total dividends and distributions			—				(5.703	)			(3.033	)			(1.254	)			(2.608	)			(0.243	)
Net asset value, end of period		$	39.851			$	40.028			$	46.219			$	42.841			$	32.535			$	30.528
Total return3			(0.44%	)			(0.66%	)			15.20%				35.69%				15.28%				0.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	598,028			$	635,177			$	703,330			$	666,760			$	546,051			$	541,611
Ratio of expenses to average net assets			0.44%				0.42%				0.42%				0.45%				0.47%				0.47%
Ratio of net investment income to average net assets			1.52%				1.42%				1.31%				1.27%				1.31%				1.12%
Portfolio turnover			14%				20%				15%				15%				22%				41%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP Delaware Social Awareness Fund–7

LVIP Delaware Social Awareness Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Social Awareness Fund Service Class
	Six Months Ended 6/30/161 (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	39.901			$	46.089			$	42.740			$	32.475			$	30.478			$	30.523
Income (loss) from investment operations:
Net investment income2			0.224				0.482				0.430				0.355				0.313				0.241
Net realized and unrealized gain (loss)			(0.470	)			(1.125	)			5.795				11.030				4.178				(0.151	)
Total from investment operations			(0.246	)			(0.643	)			6.225				11.385				4.491				0.090
Less dividends and distributions from:
Net investment income			—				(0.463	)			(0.530	)			(0.364	)			(0.132	)			(0.135	)
Net realized gain			—				(5.082	)			(2.346	)			(0.756	)			(2.362	)			—
Total dividends and distributions			—				(5.545	)			(2.876	)			(1.120	)			(2.494	)			(0.135	)
Net asset value, end of period		$	39.655			$	39.901			$	46.089			$	42.740			$	32.475			$	30.478
Total return3			(0.62%	)			(1.01%	)			14.80%				35.21%				14.88%				0.29%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	82,735			$	85,440			$	88,997			$	82,148			$	60,175			$	56,915
Ratio of expenses to average net assets			0.79%				0.77%				0.77%				0.80%				0.82%				0.82%
Ratio of net investment income to average net assets			1.17%				1.07%				0.96%				0.92%				0.96%				0.77%
Portfolio turnover			14%				20%				15%				15%				22%				41%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP Delaware Social Awareness Fund–8

LVIP Delaware Social Awareness Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Delaware Social Awareness 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”). 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 maximize long-term capital appreciation (as measured by the change in the value of Fund shares over a period of three years or longer).

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. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value. 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”).

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 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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.

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., trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. 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. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions

LVIP Delaware Social Awareness Fund–9

LVIP Delaware Social Awareness Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

by the issuer or management estimate. 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.48% of the first $200 million of the average daily net assets of the Fund; 0.40% of the next $200 million; and 0.30% of the average daily net assets of the Fund in excess of $400 million.

Delaware Investments Fund Advisers (the “Sub-Adviser”), a series of Delaware Management Business Trust, 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	17,927
Legal		4,934

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 $29,454 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	214,748
Distribution fees payable to LFD		23,903
Printing and mailing fees payable to Lincoln Life		1,095

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	92,082,924
Sales		120,498,565

LVIP Delaware Social Awareness Fund–10

LVIP Delaware Social Awareness Fund

Notes to Financial Statements (continued)

3. Investments (continued)

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	489,734,893
Aggregate unrealized appreciation	$	226,750,334
Aggregate unrealized depreciation		(23,147,609	)
Net unrealized appreciation	$	203,602,725

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Common Stock	$	670,458,371
Money Market Fund		22,879,247
Total	$	693,337,618

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Delaware Social Awareness Fund–11

LVIP Delaware Social Awareness Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		180,847			363,453
Service Class		120,799			385,641
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,074,417
Service Class		—			271,552
		301,646			3,095,063
Shares redeemed:
Standard Class		(1,042,621	)		(1,786,883	)
Service Class		(175,760	)		(446,838	)
		(1,218,381	)		(2,233,721	)
Net increase (decrease)		(916,735	)		861,342

5. Market Risk

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund only invests in companies that meet its definition of “socially responsible” and may be subject to certain risks as a result of investing exclusively in socially responsible companies. By avoiding certain companies not considered socially responsible, it could miss out on strong performance from those companies.

6. 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.

7. 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 Delaware Social Awareness Fund–12

LVIP Delaware Special Opportunities Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Delaware Special Opportunities Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	6
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Delaware Special Opportunities Fund

Disclosure

        OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	1,060.30		0.45	%		$	2.31
Service Class Shares			1,000.00			1,058.50		0.80	%			4.09
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,022.63		0.45	%		$	2.26
Service Class Shares			1,000.00			1,020.89		0.80	%			4.02

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Delaware Special Opportunities Fund–1

LVIP Delaware Special Opportunities Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		97.88	%
Auto Components		1.67	%
Banks		8.34	%
Beverages		1.36	%
Capital Markets		1.88	%
Chemicals		7.06	%
Commercial Services & Supplies		0.39	%
Construction & Engineering		1.53	%
Containers & Packaging		2.82	%
Diversified Consumer Services		1.02	%
Electric Utilities		4.24	%
Electrical Equipment		0.60	%
Electronic Equipment, Instruments & Components		2.49	%
Energy Equipment & Services		3.01	%
Food Products		1.29	%
Health Care Equipment & Supplies		2.93	%
Health Care Providers & Services		3.93	%
Hotels, Restaurants & Leisure		1.35	%
Household Durables		1.15	%
Insurance		10.88	%
IT Services		1.83	%
Leisure Products		0.89	%
Life Sciences Tools & Services		2.65	%
Machinery		2.76	%
Media		1.31	%
Multiline Retail		0.61	%
Multi-Utilities		3.15	%
Oil, Gas & Consumable Fuels		4.74	%
Pharmaceuticals		0.64	%
Professional Services		0.97	%
Real Estate Investment Trusts		8.61	%
Road & Rail		1.68	%
Semiconductors & Semiconductor Equipment		1.53	%
Software		4.09	%
Specialty Retail		0.37	%
Technology Hardware, Storage & Peripherals		0.50	%
Textiles, Apparel & Luxury Goods		0.54	%
Tobacco		1.27	%
Trading Companies & Distributors		1.80	%
Money Market Fund		1.78	%
Short-Term Investment		0.42	%
Total Value of Securities		100.08	%
Liabilities Net of Receivables and Other Assets		(0.08	%)
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
American Financial Group		3.43	%
East West Bancorp		2.78	%
Synopsys		2.45	%
Torchmark		2.35	%
Newfield Exploration		2.11	%
Reinsurance Group of America		2.05	%
Raymond James Financial		1.88	%
Fiserv		1.83	%
Highwoods Properties		1.82	%
Berry Plastics Group		1.77	%
Total		22.47	%

IT–Information Technology

LVIP Delaware Special Opportunities Fund–2

LVIP Delaware Special Opportunities Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of  Shares		Value (U.S. $)
COMMON STOCK–97.88%
Auto Components–1.67%
BorgWarner		104,700		$	3,090,744
Johnson Controls		75,500			3,341,630
†Tenneco		74,400			3,467,784
					9,900,158
Banks–8.34%
Bank of Hawaii		98,800			6,797,440
Comerica		230,900			9,496,917
East West Bancorp		481,000			16,440,580
Fifth Third Bancorp		395,000			6,948,050
Hancock Holding		210,700			5,501,377
Zions Bancorporation		168,800			4,241,944
					49,426,308
Beverages–1.36%
Dr Pepper Snapple Group		83,400			8,058,942
					8,058,942
Capital Markets–1.88%
Raymond James Financial		226,050			11,144,265
					11,144,265
Chemicals–7.06%
Albemarle		119,900			9,509,269
†Axalta Coating Systems		279,100			7,404,523
Celanese Class A		114,100			7,467,845
Eastman Chemical		133,200			9,044,280
†GCP Applied Technologies		96,400			2,510,256
W.R. Grace		80,200			5,871,442
					41,807,615
Commercial Services & Supplies–0.39%
Brink’s		82,000			2,336,180
					2,336,180
Construction & Engineering–1.53%
†AECOM		189,400			6,017,238
KBR		230,400			3,050,496
					9,067,734
Containers & Packaging–2.82%
†Berry Plastics Group		270,282			10,500,456
Graphic Packaging Holding		495,500			6,213,570
					16,714,026
Diversified Consumer Services–1.02%
Service International		223,300			6,038,032
					6,038,032
Electric Utilities–4.24%
Edison International		112,500			8,737,875
IDACORP		101,800			8,281,430
PPL		214,100			8,082,275
					25,101,580

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Electrical Equipment–0.60%
Regal Beloit		64,600		$	3,556,230
					3,556,230
Electronic Equipment, Instruments & Components–2.49%
Avnet		252,900			10,244,979
†Keysight Technologies		155,950			4,536,585
					14,781,564
Energy Equipment & Services–3.01%
Helmerich & Payne		50,700			3,403,491
Rowan		213,600			3,772,176
Schlumberger		30,530			2,414,312
Superior Energy Services		447,700			8,242,157
					17,832,136
Food Products–1.29%
Tyson Foods Class A		114,500			7,647,455
					7,647,455
Health Care Equipment & Supplies–2.93%
Becton Dickinson		46,100			7,818,099
Zimmer Biomet Holdings		79,100			9,522,058
					17,340,157
Health Care Providers & Services–3.93%
Cigna		40,500			5,183,595
†MEDNAX		59,500			4,309,585
@Quest Diagnostics		51,100			4,160,051
Universal Health Services Class B		71,600			9,601,560
					23,254,791
Hotels, Restaurants & Leisure–1.35%
Bloomin’ Brands		211,300			3,775,931
Starwood Hotels & Resorts Worldwide		56,800			4,200,360
					7,976,291
Household Durables–1.15%
DR Horton		217,033			6,832,199
					6,832,199
Insurance–10.88%
American Financial Group		274,650			20,304,875
Reinsurance Group of America		125,500			12,172,245
Torchmark		225,150			13,918,773
Validus Holdings		176,500			8,576,135
W.R. Berkley		158,450			9,494,324
					64,466,352
IT Services–1.83%
†Fiserv		99,800			10,851,254
					10,851,254

LVIP Delaware Special Opportunities Fund–3

LVIP Delaware Special Opportunities Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Leisure Products–0.89%
Hasbro		62,600	$	5,257,774
				5,257,774
Life Sciences Tools & Services–2.65%
Agilent Technologies		166,700		7,394,812
Thermo Fisher Scientific		56,200		8,304,112
				15,698,924
Machinery–2.76%
ITT		235,400		7,528,092
Stanley Black & Decker		61,400		6,828,908
Terex		97,000		1,970,070
				16,327,070
Media–1.31%
Cinemark Holdings		106,900		3,897,574
Meredith		74,625		3,873,784
				7,771,358
Multiline Retail–0.61%
Macy’s		106,800		3,589,548
				3,589,548
Multi-Utilities–3.15%
Public Service Enterprise Group		200,700		9,354,627
WEC Energy Group		142,600		9,311,780
				18,666,407
Oil, Gas & Consumable Fuels–4.74%
†Newfield Exploration		283,200		12,511,776
SM Energy		287,400		7,759,800
Tesoro		62,200		4,660,024
†Whiting Petroleum		337,300		3,123,398
				28,054,998
Pharmaceuticals–0.64%
†Mylan		87,300		3,774,852
				3,774,852
Professional Services–0.97%
ManpowerGroup		89,800		5,777,732
				5,777,732
Real Estate Investment Trusts–8.61%
Apartment Investment & Management Class A		93,800		4,142,208
Boston Properties		45,800		6,041,020
Brandywine Realty Trust		554,600		9,317,280
CBL & Associates Properties		367,500		3,421,425
Highwoods Properties		204,400		10,792,320
Host Hotels & Resorts		509,400		8,257,374
Kimco Realty		287,400		9,018,612
				50,990,239

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Road & Rail–1.68%
CSX		216,200	$	5,638,496
JB Hunt Transport Services		53,000		4,289,290
				9,927,786
Semiconductors & Semiconductor Equipment–1.53%
†Qorvo		72,500		4,006,350
Teradyne.		258,000		5,080,020
				9,086,370
Software–4.09%
†Citrix Systems		41,900		3,355,771
Symantec		310,900		6,385,886
†Synopsys		268,400		14,515,072
				24,256,729
Specialty Retail–0.37%
Staples		254,300		2,192,066
				2,192,066
Technology Hardware, Storage & Peripherals–0.50%
Western Digital		63,200		2,986,832
				2,986,832
Textiles, Apparel & Luxury Goods–0.54%
VF		51,800		3,185,182
				3,185,182
Tobacco–1.27%
Reynolds American		139,700		7,534,021
				7,534,021
Trading Companies & Distributors–1.80%
†HD Supply Holdings		130,600		4,547,492
†United Rentals		90,800		6,092,680
				10,640,172
Total Common Stock (Cost $391,957,655)				579,851,329
MONEY MARKET FUND–1.78%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		10,552,546		10,552,546
Total Money Market Fund (Cost $10,552,546)				10,552,546

LVIP Delaware Special Opportunities Fund–4

LVIP Delaware Special Opportunities Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
SHORT-TERM INVESTMENT–0.42%
≠Discounted Commercial Paper–0.42%
BNP Paribas
0.28% 7/1/16		2,500,000		$	2,500,000
Total Short-Term Investment (Cost $2,500,000)					2,500,000

TOTAL VALUE OF SECURITIES–100.08% (Cost $405,010,201)	$	592,903,875
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.08%)		(500,069	)
NET ASSETS APPLICABLE TO 14,543,610 SHARES OUTSTANDING–100.00%	$	592,403,806
NET ASSET VALUE PER SHARE–LVIP DELAWARE SPECIAL OPPORTUNITIES FUND STANDARD CLASS ($501,754,695 / 12,309,958 Shares)	$	40.760
NET ASSET VALUE PER SHARE–LVIP DELAWARE SPECIAL OPPORTUNITIES FUND SERVICE CLASS ($90,649,111 / 2,233,652 Shares)	$	40.583
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)		$292,652,347
Undistributed net investment income		5,047,974
Accumulated net realized gain on investments		106,810,304
Net unrealized appreciation of investments		187,893,181
Total net assets		$592,403,806

† Non-income producing for the period.

« Includes $263,227 payable for fund shares redeemed, $7,054,201 payable for securities purchased and $218,520 due to manager and affiliates as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $4,160,051, which represents 0.70% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in U.S. dollars.

IT–Information Technology

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

LVIP Delaware Special Opportunities Fund–5

LVIP Delaware Special Opportunities Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	6,380,134
Interest		14,803
Foreign tax withheld		(3,188	)
		6,391,749
EXPENSES:
Management fees		1,126,350
Distribution fees-Service Class		149,702
Accounting and administration expenses		70,946
Reports and statements to shareholders		33,701
Professional fees.		20,732
Trustees’ fees and expenses		7,540
Custodian fees		3,348
Consulting fees		969
Pricing fees		206
Other		4,830
Total operating expenses		1,418,324
NET INVESTMENT INCOME		4,973,425
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		23,514,330
Foreign currencies		(473	)
Foreign currency exchange contracts		615
Net realized gain		23,514,472
Net change in unrealized appreciation (depreciation) of:
Investments		5,177,127
Foreign currencies		(563	)
Net change in unrealized appreciation (depreciation)		5,176,564
NET REALIZED AND UNREALIZED GAIN		28,691,036
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,664,461

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

LVIP Delaware Special Opportunities Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)				Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		$	4,973,425			$	7,302,103
Net realized gain			23,514,472				83,954,685
Net change in unrealized appreciation (depreciation)			5,176,564				(88,640,817	)
Net increase in net assets resulting from operations			33,664,461				2,615,971
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class			—				(6,438,561	)
Service Class			—				(787,896	)
Net realized gain:
Standard Class			—				(37,081,332	)
Service Class			—				(6,065,216	)
			—				(50,373,005	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class			12,957,202				13,149,611
Service Class			5,620,453				13,551,189
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class			—				43,519,893
Service Class			—				6,853,112
			18,577,655				77,073,805
Cost of shares redeemed:
Standard Class			(36,986,581	)			(80,055,505	)
Service Class			(6,538,456	)			(15,214,128	)
			(43,525,037	)			(95,269,633	)
Decrease in net assets derived from capital share transactions			(24,947,382	)			(18,195,828	)
NET INCREASE (DECREASE) IN NET ASSETS			8,717,079				(65,952,862	)
NET ASSETS:
Beginning of period			583,686,727				649,639,589
End of period		$	592,403,806			$	583,686,727
Undistributed net investment income		$	5,047,974			$	74,549

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

LVIP Delaware Special Opportunities Fund—6

LVIP Delaware Special Opportunities Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Special Opportunities Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	38.441		$	41.904			$	41.371			$	34.125			$	33.749			$	39.323
Income (loss) from investment operations:
Net investment income2			0.344			0.509				0.471				0.441				0.470				0.345
Net realized and unrealized gain (loss)			1.975			(0.451	)			2.651				10.699				4.485				(2.624	)
Total from investment operations			2.319			0.058				3.122				11.140				4.955				(2.279	)
Less dividends and distributions from:
Net investment income			—			(0.502	)			(0.564	)			(0.434	)			(0.269	)			(0.115	)
Net realized gain			—			(3.019	)			(2.025	)			(3.460	)			(4.310	)			(3.180	)
Total dividends and distributions			—			(3.521	)			(2.589	)			(3.894	)			(4.579	)			(3.295	)
Net asset value, end of period		$	40.760		$	38.441			$	41.904			$	41.371			$	34.125			$	33.749
Total return3			6.03%			0.26%				7.63%				33.78%				14.94%				(5.20%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	501,755		$	497,273			$	561,547			$	573,997			$	473,471			$	467,227
Ratio of expenses to average net assets			0.45%			0.44%				0.43%				0.46%				0.47%				0.46%
Ratio of net investment income to average net assets			1.81%			1.21%				1.10%				1.13%				1.32%				0.90%
Portfolio turnover			7%			19%				7%				13%				11%				9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP Delaware Special Opportunities Fund–7

LVIP Delaware Special Opportunities Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Delaware Special Opportunities Fund Service Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	38.341		$	41.801			$	41.280			$	34.069			$	33.702			$	39.288
Income (loss) from investment operations:
Net investment income2			0.277			0.359				0.320				0.304				0.344				0.208
Net realized and unrealized gain (loss)			1.965			(0.445	)			2.641				10.665				4.477				(2.614	)
Total from investment operations			2.242			(0.086	)			2.961				10.969				4.821				(2.406	)
Less dividends and distributions from:
Net investment income			—			(0.355	)			(0.415	)			(0.298	)			(0.144	)			—
Net realized gain			—			(3.019	)			(2.025	)			(3.460	)			(4.310	)			(3.180	)
Total dividends and distributions			—			(3.374	)			(2.440	)			(3.758	)			(4.454	)			(3.180	)
Net asset value, end of period		$	40.583		$	38.341			$	41.801			$	41.280			$	34.069			$	33.702
Total return3			5.85%			(0.09%	)			7.26%				33.32%				14.54%				(5.53%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	90,649		$	86,414			$	88,093			$	85,755			$	64,617			$	61,431
Ratio of expenses to average net assets			0.80%			0.79%				0.78%				0.81%				0.82%				0.81%
Ratio of net investment income to average net assets			1.46%			0.86%				0.75%				0.78%				0.97%				0.55%
Portfolio turnover			7%			19%				7%				13%				11%				9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP Delaware Special Opportunities Fund–8

LVIP Delaware Special Opportunities Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Delaware Special Opportunities 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”). 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 maximize long-term capital appreciation (as measured by the change in the value of Fund shares over a period of three years or longer).

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 generally valued at the last quoted sale price on the valuation date. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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

LVIP Delaware Special Opportunities Fund–9

LVIP Delaware Special Opportunities Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.48% of the first $200 million of average daily net assets of the Fund; 0.40% of the next $200 million; and 0.30% of average daily net assets of the Fund in excess of $400 million.

Delaware Investments Fund Advisers (the “Sub-Adviser”), a series of Delaware Management Business Trust, 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	14,852
Legal		4,085

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 $28,457 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is 0.35% of average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	192,327
Distribution fees payable to LFD		26,076

LVIP Delaware Special Opportunities Fund–10

LVIP Delaware Special Opportunities Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Printing and mailing fees payable to Lincoln Life 117

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	41,331,013
Sales		62,283,425

At June 30, 2016, the cost of investments for federal income tax purpose has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	405,010,201
Aggregate unrealized appreciation	$	228,332,541
Aggregate unrealized depreciation		(40,438,867	)
Net unrealized appreciation	$	187,893,674

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 2		Total
Common Stock
Auto Components		$	9,900,158		$—		$	9,900,158
Banks			49,426,308		—			49,426,308
Beverages			8,058,942		—			8,058,942
Capital Markets			11,144,265		—			11,144,265
Chemicals			41,807,615		—			41,807,615
Commercial Services & Supplies			2,336,180		—			2,336,180
Construction & Engineering			9,067,734		—			9,067,734
Containers & Packaging			16,714,026		—			16,714,026
Diversified Consumer Services			6,038,032		—			6,038,032
Electric Utilities			25,101,580		—			25,101,580
Electrical Equipment			3,556,230		—			3,556,230
Electronic Equipment, Instruments & Components			14,781,564		—			14,781,564
Energy Equipment & Services			17,832,136		—			17,832,136
Food Products			7,647,455		—			7,647,455
Health Care Equipment & Supplies			17,340,157		—			17,340,157

LVIP Delaware Special Opportunities Fund–11

LVIP Delaware Special Opportunities Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2			Total
Health Care Providers & Services		$	19,094,740		$	4,160,051		$	23,254,791
Hotels, Restaurants & Leisure			7,976,291			—			7,976,291
Household Durables			6,832,199			—			6,832,199
Insurance			64,466,352			—			64,466,352
IT Services			10,851,254			—			10,851,254
Leisure Products			5,257,774			—			5,257,774
Life Sciences Tools & Services			15,698,924			—			15,698,924
Machinery			16,327,070			—			16,327,070
Media			7,771,358			—			7,771,358
Multiline Retail			3,589,548			—			3,589,548
Multi-Utilities			18,666,407			—			18,666,407
Oil, Gas & Consumable Fuels			28,054,998			—			28,054,998
Pharmaceuticals			3,774,852			—			3,774,852
Professional Services			5,777,732			—			5,777,732
Real Estate Investment Trusts			50,990,239			—			50,990,239
Road & Rail			9,927,786			—			9,927,786
Semiconductors & Semiconductor Equipment			9,086,370			—			9,086,370
Software			24,256,729			—			24,256,729
Specialty Retail			2,192,066			—			2,192,066
Technology Hardware, Storage & Peripherals			2,986,832			—			2,986,832
Textiles, Apparel & Luxury Goods			3,185,182			—			3,185,182
Tobacco			7,534,021			—			7,534,021
Trading Companies & Distributors			10,640,172			—			10,640,172
Money Market Fund			10,552,546			—			10,552,546
Short-Term Investment			—			2,500,000			2,500,000
Total		$	586,243,824		$	6,660,051		$	592,903,875

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		329,533			310,536
Service Class		149,994			328,828
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,135,159
Service Class		—			179,726
		479,527			1,954,249
Shares redeemed:
Standard Class		(955,641	)		(1,910,457	)
Service Class		(170,165	)		(362,141	)
		(1,125,806	)		(2,272,598	)
Net decrease		(646,279	)		(318,349	)

LVIP Delaware Special Opportunities Fund–12

LVIP Delaware Special Opportunities Fund

Notes to Financial Statements (continued)

5. 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.

Foreign Currency Exchange Contracts –The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

No foreign currency exchange contracts were outstanding at June 30, 2016.

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	615		$	—

6. Market Risk

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.

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 invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. As of June 30, 2016, there were no Rule 144A securities held by the Fund. Illiquid securities have been identified on the Statement of Net Assets.

LVIP Delaware Special Opportunities Fund–13

LVIP Delaware Special Opportunities Fund

Notes to Financial Statements (continued)

7. 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.

8. 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 Delaware Special Opportunities Fund–14

LVIP Dimensional International Equity Managed Volatility Fund (formerly LVIP Dimensional International Core Equity Managed Volatility Fund) a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Dimensional International Equity Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Dimensional International Equity Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 ratios 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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

LVIP Dimensional International Core Equity Managed Volatility Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	951.20		0.18	%		$	0.87
Service Class Shares			1,000.00			950.10		0.43	%			2.08
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,023.97		0.18	%		$	0.91
Service Class Shares			1,000.00			1,022.73		0.43	%			2.16

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests a significant portion of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP Dimensional International Equity Managed Volatility Fund–1

LVIP Dimensional International Equity Managed Volatility Fund

Security Type/Sector Allocations (unaudited)

As of June 30, 2016

LVIP Dimensional International Equity Managed Volatility Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company		46.48	%
International Equity Fund		46.48	%
Unaffiliated Investment Companies		47.71	%
International Equity Fund		46.76	%
Money Market Fund		0.95	%
Total Value of Securities		94.19	%
Receivables and Other Assets Net of Liabilities		5.81	%
Total Net Assets		100.00	%

LVIP Dimensional International Equity Managed Volatility Fund–2

LVIP Dimensional International Equity Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–46.48%
International Equity Fund–46.48%
*Lincoln Variable Insurance Products Trust - LVIP Dimensional International Core Equity Fund		14,163,491		$	123,590,626
Total Affiliated Investment Company (Cost $136,034,679)					123,590,626

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–47.71%
International Equity Fund–46.76%
**DFA International Value Portfolio		8,350,412		$	124,337,639
					124,337,639
Money Market Fund–0.95%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		2,539,722			2,539,722
					2,539,722
Total Unaffiliated Investment Companies (Cost $119,956,972)					126,877,361

TOTAL VALUE OF SECURITIES–94.19% (Cost $255,991,651)		250,467,987
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–5.81%		15,448,833
NET ASSETS APPLICABLE TO 31,297,382 SHARES OUTSTANDING–100.00%	$	265,916,820

* Standard Class shares.

** Class I shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)				Notional Value				Expiration Date		Unrealized Appreciation (Depreciation)
(450)   British Pound Currency		$	(38,802,920	)		$	(37,260,000	)		9/20/16		$	1,542,920
(449)   Euro Currency			(62,746,779	)			(62,340,844	)		9/20/16			405,935
(2,003)   Euro STOXX 50 Index			(62,332,866	)			(63,461,775	)		9/19/16			(1,128,909	)
(454)   FTSE 100 Index			(36,596,611	)			(38,816,787	)		9/19/16			(2,220,176	)
(369)   Japanese Yen Currency			(44,555,537	)			(44,773,538	)		9/20/16			(218,001	)
(294)   Nikkei 225 Index (OSE)			(44,609,438	)			(44,328,475	)		9/9/16			280,963
												$	(1,337,268	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

DFA–Dimensional Fund Advisors

OSE–Osaka Securities Exchange

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

LVIP Dimensional International Equity Managed Volatility Fund–3

LVIP Dimensional International Equity Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment company, at value	$	123,590,626
Investments in unaffiliated investment companies, at value		126,877,361
Total investments, at value		250,467,987
Cash collateral held at broker for futures contracts		27,155,298
Receivables for fund shares sold		248,780
Dividends receivable from investment companies		2,379
TOTAL ASSETS		277,874,444
LIABILITIES:
Foreign currencies collateral due to broker		10,420,452
Net unrealized depreciation on futures contracts		1,337,268
Due to manager and affiliates		99,631
Payables for fund shares redeemed		52,899
Payables for investment companies shares purchased		30,856
Other accrued expenses payable		16,518
TOTAL LIABILITIES		11,957,624
TOTAL NET ASSETS	$	265,916,820
Investments in affiliated investment company, at cost	$	136,034,679
Investments in unaffiliated investment companies, at cost		119,956,972
Total investments, at cost	$	255,991,651
Standard Class:
Net Assets	$	15,949,050
Shares Outstanding		1,875,151
Net Asset Value Per Share	$	8.505
Service Class:
Net Assets	$	249,967,770
Shares Outstanding		29,422,231
Net Asset Value Per Share	$	8.496
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	299,142,046
Undistributed net investment income		2,316,117
Accumulated net realized loss on investments		(28,680,411	)
Net unrealized depreciation of investments and derivatives		(6,860,932	)
TOTAL NET ASSETS	$	265,916,820

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

LVIP Dimensional International Equity Managed Volatility Fund–4

LVIP Dimensional International Equity Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies .	$	2,853,624
EXPENSES:
Management fees		324,123
Distribution fees-Service Class		304,345
Accounting and administration expenses		56,481
Reports and statements to shareholders		18,556
Professional fees		13,416
Trustees’ fees and expenses		3,392
Custodian fees		2,052
Consulting fees		1,895
Pricing fees.		101
Other		774
		725,135
Less management fees waived		(187,628	)
Total operating expenses		537,507
NET INVESTMENT INCOME		2,316,117
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of investments in affiliated investment companies		(27,720,439	)
Sale of investments in unaffiliated investment companies		341,179
Foreign currencies		(173,889	)
Futures contracts		(5,058,464	)
Net realized loss		(32,611,613	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		11,613,850
Investments in unaffiliated investment companies		6,920,389
Futures contracts		(1,325,337	)
Net change in unrealized appreciation (depreciation)		17,208,902
NET REALIZED AND UNREALIZED LOSS		(15,402,711	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,086,594	)

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

LVIP Dimensional International Equity Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)				Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		$	2,316,117			$	1,687,275
Net realized gain (loss)			(32,611,613	)			11,266,590
Net change in unrealized appreciation (depreciation)			17,208,902				(24,200,204	)
Net decrease in net assets resulting from operations			(13,086,594	)			(11,246,339	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class			—				(162,023	)
Service Class			—				(1,803,734	)
			—				(1,965,757	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class			1,451,345				6,612,006
Service Class			31,406,267				105,859,586
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class			—				162,023
Service Class			—				1,803,734
			32,857,612				114,437,349
Cost of shares redeemed:
Standard Class			(759,299	)			(25,077,487	)
Service Class			(15,469,427	)			(29,256,855	)
			(16,228,726	)			(54,334,342	)
Increase in net assets derived from capital share transactions			16,628,886				60,103,007
NET INCREASE IN NET ASSETS .			3,542,292				46,890,911
NET ASSETS:
Beginning of period			262,374,528				215,483,617
End of period		$	265,916,820			$	262,374,528
Undistributed net investment income		$	2,316,117			$	—

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

LVIP Dimensional International Equity Managed Volatility Fund–5

LVIP Dimensional International Equity Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional International Equity Managed Volatility Fund Standard Class
	Six Months
	Ended															5/2/113
	6/30/161, 2			Year Ended												to
	(unaudited)			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	8.941		$	9.403		$	10.391		$	9.202		$	7.951		$	10.000
Income (loss) from investment operations:
Net investment income4		0.087			0.089			0.270			0.246			0.310			0.280
Net realized and unrealized gain (loss)		(0.523	)		(0.461	)		(1.048	)		1.142			1.172			(2.306	)
Total from investment operations		(0.436	)		(0.372	)		(0.778	)		1.388			1.482			(2.026	)
Less dividends and distributions from:
Net investment income		—			(0.090	)		(0.210	)		(0.187	)		(0.212	)		(0.023	)
Net realized gain		—			—			—			(0.012	)		(0.019	)		—
Total dividends and distributions		—			(0.090	)		(0.210	)		(0.199	)		(0.231	)		(0.023	)
Net asset value, end of period	$	8.505		$	8.941		$	9.403		$	10.391		$	9.202		$	7.951
Total return5		(4.88%	)		(3.97%	)		(7.50%	)		15.12%			18.77%			(20.26%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15,949		$	16,022		$	33,237		$	34,646		$	21,171		$	7,955
Ratio of expenses to average net assets6		0.18%			0.19%			0.33%			0.33%			0.30%			0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.32%			0.33%			0.33%			0.37%			0.50%			1.52%
Ratio of net investment income to average net assets		2.02%			0.92%			2.62%			2.50%			3.60%			5.26%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.88%			0.78%			2.62%			2.46%			3.40%			4.04%
Portfolio turnover		51%			119%	7		13%			13%			11%			5%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

⁷  As a result of changes in the Fund’s investment strategy, the portfolio turnover exceeded 100%.

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

LVIP Dimensional International Equity Managed Volatility Fund–6

LVIP Dimensional International Equity Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional International Equity Managed Volatility Fund Service Class
	Six Months
	Ended															5/2/113
	6/30/161, 2			Year Ended												to
	(unaudited)			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	8.942		$	9.403		$	10.390		$	9.202		$	7.954		$	10.000
Income (loss) from investment operations:
Net investment income4		0.076			0.064			0.243			0.223			0.288			0.271
Net realized and unrealized gain (loss)		(0.522	)		(0.458	)		(1.046	)		1.139			1.171			(2.310	)
Total from investment operations		(0.446	)		(0.394	)		(0.803	)		1.362			1.459			(2.039	)
Less dividends and distributions from:
Net investment income		—			(0.067	)		(0.184	)		(0.162	)		(0.192	)		(0.007	)
Net realized gain		—			—			—			(0.012	)		(0.019	)		—
Total dividends and distributions		—			(0.067	)		(0.184	)		(0.174	)		(0.211	)		(0.007	)
Net asset value, end of period	$	8.496		$	8.942		$	9.403		$	10.390		$	9.202		$	7.954
Total return5		(4.99%	)		(4.21%	)		(7.74%	)		14.84%			18.47%			(20.39%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	249,968		$	246,353		$	182,247		$	101,016		$	30,083		$	14,579
Ratio of expenses to average net assets6		0.43%			0.44%			0.58%			0.58%			0.55%			0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.57%			0.58%			0.58%			0.62%			0.75%			1.77%
Ratio of net investment income to average net assets		1.77%			0.67%			2.37%			2.25%			3.35%			5.01%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.63%			0.53%			2.37%			2.21%			3.15%			3.79%
Portfolio turnover		51%			119%	7		13%			13%			11%			5%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

⁷  As a result of changes in the Fund’s investment strategy, the portfolio turnover exceeded 100%.

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

LVIP Dimensional International Equity Managed Volatility Fund–7

LVIP Dimensional International Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Dimensional International Equity Managed Volatility Fund (formerly, LVIP Dimensional International Core Equity Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests a significant portion of its assets in open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the Fund is to seek long-term capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012-December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the 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.

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

LVIP Dimensional International Equity Managed Volatility Fund–8

LVIP Dimensional International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gains distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 0.25% of the average daily net assets of the Fund. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC).

LIAC has contractually agreed to waive a portion of its advisory fee. Effective May 1, 2016, LIAC has contractually agreed to waive 0.04% of average daily net assets of the Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, LIAC had contractually agreed to waive 0.20% of average daily net assets of the Fund.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	7,255
Legal		1,868

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $6,774 for the six months ended June 30, 2016.

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 $15,269 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fee and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds and has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	46,291
Distribution fees payable to LFD		51,787
Printing and mailing fees payable to Lincoln Life		1,553

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.

LVIP Dimensional International Equity Managed Volatility Fund–9

LVIP Dimensional International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act are investments that have a common investment adviser (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends		Capital Gain Distributions
LVIP Dimensional International Core Equity Fund		$	244,278,089		$	12,617,846		$	117,198,720		$	(27,720,439	)		$	123,590,626		$—		$	—

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	137,860,736
Sales		125,365,539

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	255,991,651
Aggregate unrealized appreciation	$	6,920,389
Aggregate unrealized depreciation		(12,444,053	)
Net unrealized depreciation	$	(5,523,664	)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies		$	250,467,987
Futures Contracts		$	(1,337,268	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Dimensional International Equity Managed Volatility Fund–10

LVIP Dimensional International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		168,989			685,510
Service Class		3,667,799			11,026,039
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			17,990
Service Class		—			200,366
		3,836,788			11,929,905
Shares redeemed:
Standard Class		(85,754	)		(2,446,388	)
Service Class		(1,794,941	)		(3,058,955	)
		(1,880,695	)		(5,505,343	)
Net increase		1,956,093			6,424,562

5. 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 in the normal course of pursuing its investment objectives and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts	$	280,963	Net unrealized depreciation on futures contracts	$	(3,349,085	)
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts		1,948,855	Net unrealized depreciation on futures contracts		(218,001	)
Total		$	2,229,818		$	(3,567,086	)

LVIP Dimensional International Equity Managed Volatility Fund–11

LVIP Dimensional International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(2,484,110	)		$	(3,076,555	)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(2,574,354	)			1,751,218
Total			$	(5,058,464	)		$	(1,325,337	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume			Liability Derivative Volume
Futures contracts (average notional value)		$	1,322,283		$	126,809,065

6. Credit and Market Risk

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.

7. 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.

8. 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 Dimensional International Equity Managed Volatility Fund–12

LVIP Dimensional International Equity Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Dimensional International Equity Managed Volatility Fund–13

LVIP Dimensional U.S. Equity Managed Volatility Fund (formerly LVIP Dimensional U.S. Core Equity 2 Managed Volatility Fund) a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Dimensional U.S. Equity Managed Volatility Fund

Index

Disclosure of Expenses	1
Security Type/Sector Allocations	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Dimensional U.S. Equity Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 ratios 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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

LVIP Dimensional U.S. Equity Managed Volatility Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	1,016.30		0.18	%		$	0.90
Service Class Shares			1,000.00			1,015.00		0.43	%			2.15
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,023.97		0.18	%		$	0.91
Service Class Shares			1,000.00			1,022.73		0.43	%			2.16

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests a significant portion of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP Dimensional U.S. Equity Managed Volatility Fund–1

LVIP Dimensional U.S. Equity Managed Volatility Fund

Security Type/Sector Allocations (unaudited)

As of June 30, 2016

LVIP Dimensional U.S. Equity Managed Volatility Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company		56.07%
Equity Fund		56.07%
Unaffiliated Investment Companies		43.35%
Equity Fund		37.86%
Money Market Fund		5.49%
Total Value of Securities		99.42%
Receivables and Other Assets Net of Liabilities		0.58%
Total Net Assets		100.00%

LVIP Dimensional U.S. Equity Managed Volatility Fund–2

LVIP Dimensional U.S. Equity Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–56.07%
Equity Fund–56.07%
*Lincoln Variable Insurance Products Trust - LVIP Dimensional U.S. Core Equity 2 Fund		28,014,392	$	271,375,418
Total Affiliated Investment Company (Cost $275,705,292)				271,375,418

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–43.35%
Equity Fund–37.86%
**DFA U.S. Large Company Portfolio		11,180,470	$	183,247,906
				183,247,906
Money Market Fund–5.49%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		26,574,145		26,574,145
				26,574,145
Total Unaffiliated Investment Companies (Cost $189,599,617)				209,822,051

TOTAL VALUE OF SECURITIES–99.42% (Cost $465,304,909)		481,197,469
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.58%		2,785,031
NET ASSETS APPLICABLE TO 36,917,603 SHARES OUTSTANDING–100.00%	$	483,982,500

*  Standard Class shares.

**  Institutional Class shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation (Depreciation)
(100)	E-mini Russell 2000 Index		$(11,073,616)		$(11,474,000)		9/19/16		$   (400,384)
(744)	E-mini S&P 500 Index		(75,358,483)		(77,755,440)		9/19/16		(2,396,957)
(162)	E-mini S&P MidCap 400 Index		(23,301,568)		(24,186,600)		9/19/16		(885,032)
									$(3,682,373)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 5 in “Notes to Financial Statements.”

DFA–Dimensional Fund Advisors

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

LVIP Dimensional U.S. Equity Managed Volatility Fund–3

LVIP Dimensional U.S. Equity Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment company, at value	$	271,375,418
Investments in unaffiliated investment companies, at value		209,822,051
Total investments, at value		481,197,469
Cash collateral held at broker for futures contracts		6,836,393
Receivables for fund shares sold		376,100
Dividends receivable from investment companies		5,340
Prepaid printing and mailing fees to Lincoln Life		3,082
TOTAL ASSETS		488,418,384
LIABILITIES:
Net unrealized depreciation on futures contracts		3,682,373
Payables for investment companies shares purchased		403,203
Due to manager and affiliates		192,946
Payables for fund shares redeemed		139,847
Other accrued expenses payable		17,515
TOTAL LIABILITIES		4,435,884
TOTAL NET ASSETS	$	483,982,500
Investments in affiliated investment company, at cost	$	275,705,292
Investments in unaffiliated investment companies, at cost		189,599,617
Total investments, at cost	$	465,304,909
Standard Class:
Net Assets	$	21,663,424
Shares Outstanding		1,650,047
Net Asset Value Per Share	$	13.129
Service Class:
Net Assets	$	462,319,076
Shares Outstanding		35,267,556
Net Asset Value Per Share	$	13.109
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	460,150,097
Undistributed net investment income		1,145,100
Accumulated net realized gain on investments		10,477,116
Net unrealized appreciation of investments and derivatives		12,210,187
TOTAL NET ASSETS	$	483,982,500

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

LVIP Dimensional U.S. Equity Managed Volatility Fund–4

LVIP Dimensional U.S. Equity Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	2,100,310
EXPENSES:
Management fees		569,142
Distribution fees-Service Class		542,681
Accounting and administration expenses		87,423
Reports and statements to shareholders		24,279
Professional fees		15,832
Trustees’ fees and expenses		5,944
Custodian fees		2,917
Consulting fees		1,976
Pricing fees		73
Other		1,325
		1,251,592
Less management fees waived		(296,382	)
Total operating expenses		955,210
NET INVESTMENT INCOME:		1,145,100
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of investments in affiliated investment companies		(28,911,132	)
Sale of investments in unaffiliated investment companies		322,476
Futures contracts		(4,563,153	)
Net realized loss		(33,151,809	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		21,786,648
Investments in unaffiliated investment companies		20,222,434
Futures contracts		(2,425,197	)
Net change in unrealized appreciation (depreciation)		39,583,885
NET REALIZED AND UNREALIZED GAIN		6,432,076
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,577,176

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

LVIP Dimensional U.S. Equity Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,145,100		$	3,068,684
Net realized gain (loss)		(33,151,809	)		50,724,954
Net change in unrealized appreciation (depreciation)		39,583,885			(89,533,297	)
Net increase (decrease) in net assets resulting from operations		7,577,176			(35,739,659	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(260,560	)
Service Class		—			(4,167,321	)
		—			(4,427,881	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,082,599			8,358,715
Service Class		55,598,026			159,560,746
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			260,560
Service Class		—			4,167,321
		57,680,625			172,347,342
Cost of shares redeemed:
Standard Class		(1,765,266	)		(8,637,983	)
Service Class		(29,674,329	)		(52,536,562	)
		(31,439,595	)		(61,174,545	)
Increase in net assets derived from capital share transactions		26,241,030			111,172,797
NET INCREASE IN NET ASSETS		33,818,206			71,005,257
NET ASSETS:
Beginning of period		450,164,294			379,159,037
End of period	$	483,982,500		$	450,164,294
Undistributed net investment income	$	1,145,100		$	—

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

LVIP Dimensional U.S. Equity Managed Volatility Fund–5

LVIP Dimensional U.S. Equity Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional U.S. Equity Managed Volatility Fund
	Standard Class
	Six Months Ended 6/30/161, 2		Year Ended												5/2/113 to
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	12.919	$	14.157		$	13.649		$	10.715		$	9.230		$	10.000
Income (loss) from investment operations:
Net investment income4		0.047		0.133			0.154			0.165			0.199			0.175
Net realized and unrealized gain (loss)		0.163		(1.210	)		0.488			2.955			1.405			(0.932	)
Total from investment operations		0.210		(1.077	)		0.642			3.120			1.604			(0.757	)
Less dividends and distributions from:
Net investment income		—		(0.161	)		(0.134	)		(0.125	)		(0.117	)		(0.013	)
Net realized gain		—		—			—			(0.061	)		(0.002	)		—
Total dividends and distributions		—		(0.161	)		(0.134	)		(0.186	)		(0.119	)		(0.013	)
Net asset value, end of period	$	13.129	$	12.919		$	14.157		$	13.649		$	10.715		$	9.230
Total return5		1.63%		(7.61%	)		4.70%			29.18%			17.41%			(7.57%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,664	$	20,947		$	22,848		$	15,078		$	2,558		$	698
Ratio of expenses to average net assets6		0.18%		0.18%			0.31%			0.32%			0.30%			0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.31%		0.32%			0.31%			0.33%			0.39%			1.08%
Ratio of net investment income to average net assets		0.74%		0.96%			1.11%			1.31%			1.94%			2.95%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.61%		0.82%			1.11%			1.30%			1.85%			2.17%
Portfolio turnover		40%		108%	7		26%			15%			14%			6%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

⁷  As a result of changes in the Fund’s investment strategy, the portfolio turnover exceeded 100%.

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

LVIP Dimensional U.S. Equity Managed Volatility Fund–6

LVIP Dimensional U.S. Equity Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional U.S. Equity Managed Volatility Fund
	Service Class
	Six Months Ended 6/30/161, 2		Year Ended												5/2/113 to
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	12.915	$	14.151		$	13.645		$	10.714		$	9.229		$	10.000
Income (loss) from investment operations:
Net investment income4		0.031		0.098			0.119			0.133			0.174			0.160
Net realized and unrealized gain (loss)		0.163		(1.207	)		0.487			2.953			1.403			(0.931	)
Total from investment operations		0.194		(1.109	)		0.606			3.086			1.577			(0.771	)
Less dividends and distributions from:
Net investment income		—		(0.127	)		(0.100	)		(0.094	)		(0.090	)		—
Net realized gain		—		—			—			(0.061	)		(0.002	)		—
Total dividends and distributions		—		(0.127	)		(0.100	)		(0.155	)		(0.092	)		—
Net asset value, end of period	$	13.109	$	12.915		$	14.151		$	13.645		$	10.714		$	9.229
Total return5		1.50%		(7.85%	)		4.44%			28.86%			17.12%			(7.71%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	462,319	$	429,217		$	356,311		$	220,223		$	92,185		$	24,883
Ratio of expenses to average net assets6		0.43%		0.43%			0.56%			0.57%			0.55%			0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.56%		0.57%			0.56%			0.58%			0.64%			1.33%
Ratio of net investment income to average net assets		0.49%		0.71%			0.86%			1.06%			1.69%			2.70%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.36%		0.57%			0.86%			1.05%			1.60%			1.92%
Portfolio turnover		40%		108%	7		26%			15%			14%			6%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

⁷  As a result of changes in the Fund’s investment strategy, the portfolio turnover exceeded 100%.

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

LVIP Dimensional U.S. Equity Managed Volatility Fund–7

LVIP Dimensional U.S. Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Dimensional U.S. Equity Managed Volatility Fund (formerly, LVIP Dimensional U.S. Core Equity 2 Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests a significant portion of its assets in open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek long-term capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012-December 31, 2015) 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 six months ended June 30, 2016, 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.

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. Income and capital gains distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

LVIP Dimensional U.S. Equity Managed Volatility Fund–8

LVIP Dimensional U.S. Equity Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates

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 0.25% of the average daily net assets of the Fund. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC).

LIAC had contractually agreed to waive a portion of its advisory fee. For the period May 1, 2015 through April 30, 2016, LIAC had contractually agreed to waive 0.20% of average daily net assets of the Fund.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	12,680
Legal		3,264

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $11,802 for the six months ended June 30, 2016.

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 $20,511 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fee and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	98,698
Distribution fees payable to LFD		94,248
Prepaid printing and mailing fees to Lincoln Life		3,082

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.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends		Capital Gain Distributions
LVIP Dimensional U.S. Core Equity 2 Fund		$	418,584,434		$	22,088,061		$	162,172,593		$	(28,911,132	)		$	271,375,418		$—		$	—

LVIP Dimensional U.S. Equity Managed Volatility Fund–9

LVIP Dimensional U.S. Equity Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	194,260,812
Sales		171,642,348

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	465,304,909
Aggregate unrealized appreciation	$	20,222,434
Aggregate unrealized depreciation		(4,329,874	)
Net unrealized appreciation	$	15,892,560

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	481,197,469
Futures Contracts	$	(3,682,373	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of beginning of the reporting period in which the transfer occurred.

LVIP Dimensional U.S. Equity Managed Volatility Fund–10

LVIP Dimensional U.S. Equity Managed Volatility Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		163,001			599,977
Service Class		4,353,995			11,527,629
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			20,044
Service Class		—			320,689
		4,516,996			12,468,339
Shares redeemed:
Standard Class		(134,413	)		(612,490	)
Service Class		(2,320,157	)		(3,793,573	)
		(2,454,570	)		(4,406,063	)
Net increase		2,062,426			8,062,276

5. 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 in the normal course of pursuing its investment objectives and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		$—	Net unrealized depreciation on futures contracts	$	(3,682,373	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(4,563,153	)		$	(2,425,197	)

LVIP Dimensional U.S. Equity Managed Volatility Fund–11

LVIP Dimensional U.S. Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume			Liability Derivative Volume
Futures contracts (average notional value)		$	9,515,017		$	67,705,608

6. 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.

7. 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 Dimensional U.S. Equity Managed Volatility Fund–12

LVIP Dimensional U.S. Equity Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Dimensional U.S. Equity Managed Volatility Fund–13

LVIP Dimensional/Vanguard Allocation Funds LVIP Dimensional/Vanguard Total Bond Fund LVIP Vanguard Domestic Equity ETF Fund LVIP Vanguard International Equity ETF Fund each a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Dimensional/Vanguard Allocation Funds

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations	2
Schedules of Investments	3
Statements of Assets and Liabilities	6
Statements of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	15

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. You may also request a copy by calling 1-800-4LINCOLN (454-6265).

For a free copy of the Funds’ proxy voting procedures and information regarding how 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 Dimensional/Vanguard Allocation Funds

Disclosure

        OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of a Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis tables. The Expense Analysis tables do not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur transaction costs, including sales charges (loads) on purchase payments, reinvested dividends or other distributions, redemption fees, and exchange fees. These Expense Analyses are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Analyses are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 to June 30, 2016.

Actual Expenses

The first section of the tables, “Actual”, provides information about actual account values and actual expenses. You may use the information in this section of the tables, 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 tables, “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses can not 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 Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. The Funds do not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Funds’ actual expenses shown in the tables reflect fee waivers in effect.

LVIP Dimensional/Vanguard Total Bond Fund Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	1,043.10		0.23	%		$	1.17
Service Class Shares			1,000.00			1,041.60		0.48	%			2.44
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,023.72		0.23	%		$	1.16
Service Class Shares			1,000.00			1,022.48		0.48	%			2.41

LVIP Vanguard Domestic Equity ETF Fund Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	1,040.90		0.25	%		$	1.27
Service Class Shares			1,000.00			1,039.60		0.50	%			2.54
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,023.62		0.25	%		$	1.26
Service Class Shares			1,000.00			1,022.38		0.50	%			2.51

LVIP Vanguard International Equity ETF Fund Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	997.50		0.27	%		$	1.34
Service Class Shares			1,000.00			996.10		0.52	%			2.58
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,023.52		0.27	%		$	1.36
Service Class Shares			1,000.00			1,022.28		0.52	%			2.61

* “Expenses Paid During Period” are equal to a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Each Fund operates under a fund of funds structure. Each Fund invests a significant portion of its assets in other investment companies (Underlying Funds). In addition to the Funds’ expenses reflected above, the Funds also indirectly bear their portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in each table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP Dimensional/Vanguard Allocation Funds–1

LVIP Dimensional/Vanguard Allocation Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2016

LVIP Dimensional/Vanguard Total Bond Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		30.00	%
Fixed Income Funds		28.01	%
Money Market Fund		1.99	%
Unaffiliated Investment Companies		70.08	%
Fixed Income Funds		69.99	%
Money Market Fund		0.09	%
Total Value of Securities		100.08	%
Liabilities Net of Receivables and Other Assets		(0.08	%)
Total Net Assets		100.00	%

LVIP Vanguard Domestic Equity ETF Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company		2.02	%
Money Market Fund		2.02	%
Unaffiliated Investment Companies		98.38	%
Equity Funds		98.01	%
Money Market Fund		0.37	%
Total Value of Securities		100.40	%
Liabilities Net of Receivables and Other Assets		(0.40	%)
Total Net Assets		100.00	%

LVIP Vanguard International Equity ETF Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company		2.07	%
Money Market Fund		2.07	%
Unaffiliated Investment Companies		98.32	%
International Equity Funds		97.97	%
Money Market Fund		0.35	%
Total Value of Securities		100.39	%
Liabilities Net of Receivables and Other Assets		(0.39	%)
Total Net Assets		100.00	%

LVIP Dimensional/Vanguard Allocation Funds–2

LVIP Dimensional/Vanguard Total Bond Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–30.00%
Fixed Income Funds–28.01%
*DFA Intermediate Term Extended Quality Portfolio		8,554,603	$	94,785,002
*DFA VA Global Bond Portfolio		3,014,990		33,285,485
*DFA VA Short-Term Fixed Portfolio		2,694,285		27,589,475
				155,659,962
Money Market Fund–1.99%
**Lincoln Variable Insurance Products Trust–LVIP Government Money Market Fund (seven-day effective yield 0.05%)		1,102,531		11,025,306
				11,025,306
Total Affiliated Investment Companies (Cost $162,240,812)				166,685,268
UNAFFILIATED INVESTMENT COMPANIES–70.08%
Fixed Income Funds–69.99%
*DFA Inflation Protected Securities Portfolio		1,376,614		16,657,026
*DFA One-Year Fixed Income Portfolio		3,741,495		38,649,639

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
Fixed Income Funds (continued)
*DFA Two-Year Global Fixed Income Portfolio		6,087,796	$	60,756,208
Vanguard Long-Term Bond ETF		172,711		16,934,313
Vanguard Mortgage-Backed Securities ETF		1,235,443		66,528,605
Vanguard Short-Term Corporate Bond ETF		274,581		22,197,128
Vanguard Total Bond Market ETF		1,982,868		167,155,772
				388,878,691
Money Market Fund–0.09%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		517,220		517,220
				517,220
Total Unaffiliated Investment Companies (Cost $380,226,785)				389,395,911

TOTAL VALUE OF SECURITIES–100.08% (Cost $542,467,597)		556,081,179
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.08%)		(432,622	)
NET ASSETS APPLICABLE TO 51,413,002 SHARES OUTSTANDING–100.00%	$	555,648,557

* Institutional Class shares.

** Standard Class shares.

Summary of Abbreviations:

DFA–Dimensional Fund Advisors

ETF–Exchange-Traded Fund

VA–Variable Annuity

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

LVIP Dimensional/Vanguard Allocation Funds–3

LVIP Vanguard Domestic Equity ETF Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of  Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–2.02%
Money Market Fund–2.02%
*Lincoln Variable Insurance Products Trust– LVIP Government Money Market Fund (seven-day effective yield 0.05%)		484,415	$	4,844,154
Total Affiliated Investment Company (Cost $4,844,154)				4,844,154
UNAFFILIATED INVESTMENT COMPANIES–98.38%
Equity Funds–98.01%
Vanguard Dividend Appreciation ETF		291,296		24,250,392
Vanguard Mega Cap 300 Growth ETF		513,695		42,872,985
Vanguard Mega Cap 300 Value ETF		744,171		45,811,167
Vanguard Mid-Cap Growth ETF		116,642		11,884,653
Vanguard Mid-Cap Value ETF		133,226		11,867,772
Vanguard REIT ETF		56,913		5,046,476
Vanguard Small-Cap Growth ETF		38,312		4,746,857

	Number of  Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
Equity Funds (continued)
Vanguard Small-Cap Value ETF		112,360	$	11,838,250
Vanguard Total Stock Market ETF		669,078		71,698,398
**Vanguard Variable Insurance Fund– Small Company Growth Portfolio		247,074		4,677,102
				234,694,052
Money Market Fund–0.37%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		880,300		880,300
				880,300
Total Unaffiliated Investment Companies (Cost $180,233,160)				235,574,352

TOTAL VALUE OF SECURITIES–100.40% (Cost $185,077,314)		240,418,506
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.40%)		(967,439	)
NET ASSETS APPLICABLE TO 15,944,385 SHARES OUTSTANDING–100.00%	$	239,451,067

* Standard Class shares.

** Institutional Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

REIT–Real Estate Investment Trust

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

LVIP Dimensional/Vanguard Allocation Funds–4

LVIP Vanguard International Equity ETF Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of  Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–2.07%
Money Market Fund–2.07%
*Lincoln Variable Insurance Products Trust–LVIP Government Money Market Fund (seven-day effective yield 0.05%)		299,009	$	2,990,087
Total Affiliated Investment Company (Cost $2,990,087)				2,990,087
UNAFFILIATED INVESTMENT COMPANIES–98.32%
International Equity Funds–97.97%
Vanguard FTSE All-World ex-U.S. ETF		505,542		21,662,475
Vanguard FTSE All-World ex-U.S. Small-Cap ETF		182,495		16,988,459
Vanguard FTSE Developed Markets ETF		887,239		31,372,771
Vanguard FTSE Emerging Markets ETF		384,302		13,535,116

	Number of  Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds (continued)
Vanguard FTSE European ETF		391,145	$	18,250,826
Vanguard FTSE Pacific ETF		418,257		23,309,462
Vanguard Global ex-U.S. Real Estate ETF		54,115		2,925,457
**Vanguard VA International Portfolio		700,976		13,227,415
				141,271,981
Money Market Fund–0.35%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		503,516		503,516
				503,516
Total Unaffiliated Investment Companies (Cost $142,821,010)				141,775,497

TOTAL VALUE OF SECURITIES–100.39% (Cost $145,811,097)		144,765,584
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.39%)		(561,471	)
NET ASSETS APPLICABLE TO 15,925,837 SHARES OUTSTANDING–100.00%	$	144,204,113

* Standard Class shares.

** Retail Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

VA–Variable Annuity

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

LVIP Dimensional/Vanguard Allocation Funds–5

LVIP Dimensional/Vanguard Allocation Funds

Statements of Assets and Liabilities

June 30, 2016 (unaudited)

	LVIP Dimensional/ Vanguard Total Bond Fund				LVIP Vanguard Domestic Equity ETF Fund				LVIP Vanguard International Equity ETF Fund
ASSETS:
Investments in affiliated investment companies, at value		$	166,685,268			$	4,844,154			$	2,990,087
Investments in unaffiliated investment companies, at value			389,395,911				235,574,352				141,775,497
Total investments, at value			556,081,179				240,418,506				144,765,584
Cash			—				5				19
Receivables for fund shares sold			401,483				227,086				116,666
Dividends receivable from investment companies			213				76				59
TOTAL ASSETS			556,482,875				240,645,673				144,882,328
LIABILITIES:
Payable for investment companies shares purchased			517,041				879,774				503,383
Due to manager and affiliates			191,013				76,658				45,656
Payables for fund shares redeemed			107,907				221,085				112,968
Other accrued expenses payable			18,357				17,089				16,208
TOTAL LIABILITIES			834,318				1,194,606				678,215
TOTAL NET ASSETS		$	555,648,557			$	239,451,067			$	144,204,113
Investments in affiliated investment companies, at cost		$	162,240,812			$	4,844,154			$	2,990,087
Investments in unaffiliated investment companies, at cost			380,226,785				180,233,160				142,821,010
Total investments, at cost		$	542,467,597			$	185,077,314			$	145,811,097
Standard Class:
Net Assets		$	52,718,529			$	68,649,151			$	50,648,397
Shares Outstanding			4,872,547				4,565,976				5,588,594
Net Asset Value Per Share		$	10.820			$	15.035			$	9.063
Service Class:
Net Assets		$	502,930,028			$	170,801,916			$	93,555,716
Shares Outstanding			46,540,455				11,378,409				10,337,243
Net Asset Value Per Share		$	10.806			$	15.011			$	9.050
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)		$	541,310,562			$	183,130,376			$	152,687,849
Undistributed net investment income			2,984,874				1,569,025				1,771,251
Accumulated net realized loss on investments			(2,260,461	)			(589,526	)			(9,209,474	)
Net unrealized appreciation (depreciation) of investments			13,613,582				55,341,192				(1,045,513	)
TOTAL NET ASSETS		$	555,648,557			$	239,451,067			$	144,204,113

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

LVIP Dimensional/Vanguard Allocation Funds–6

LVIP Dimensional/Vanguard Allocation Funds

Statements of Operations

Six Months Ended June 30, 2016 (unaudited)

	LVIP Dimensional/ Vanguard Total Bond Fund			LVIP Vanguard Domestic Equity ETF Fund			LVIP Vanguard International Equity ETF Fund
INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	2,967,884		$	2,040,723		$	2,039,480
Dividends from affiliated investment companies		1,196,188			637			396
		4,164,072			2,041,360			2,039,876
EXPENSES:
Management fees		641,068			275,523			169,673
Distribution expenses-Service Class		581,449			199,011			112,101
Accounting and administration expenses		35,980			24,096			20,659
Reports and statements to shareholders		18,952			8,373			9,779
Professional fees		15,919			13,138			12,135
Trustees’ fees and expenses		6,490			2,850			1,769
Custodian fees		5,166			2,985			2,083
Consulting fees		1,061			934			901
Pricing fees		41			30			22
Other		1,286			500			349
		1,307,412			527,440			329,471
Less management fees waived		(128,214	)		(55,105	)		(33,935	)
Total operating expenses		1,179,198			472,335			295,536
NET INVESTMENT INCOME		2,984,874			1,569,025			1,744,340
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investment companies		—			622,903			211,284
Sale of investments in unaffiliated investment companies		(217,134	)		(978,187	)		(1,879,813	)
Sale of investments in affiliated investment companies		(79,019	)		—			—
Net realized loss		(296,153	)		(355,284	)		(1,668,529	)
Net change in unrealized appreciation (depreciation) of:
Investments in unaffiliated investment companies		12,348,496			7,977,748			(340,648	)
Investments in affiliated investment companies		6,170,817			—			—
Net change in unrealized appreciation (depreciation)		18,519,313			7,977,748			(340,648	)
NET REALIZED AND UNREALIZED GAIN (LOSS)		18,223,160			7,622,464			(2,009,177	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21,208,034		$	9,191,489		$	(264,837	)

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

LVIP Dimensional/Vanguard Allocation Funds–7

LVIP Dimensional/Vanguard Allocation Funds

Statements of Changes in Net Assets

	LVIP Dimensional/ Vanguard Total Bond Fund						LVIP Vanguard Domestic Equity ETF Fund						LVIP Vanguard International Equity ETF Fund
	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,984,874		$	5,985,072		$	1,569,025		$	3,108,401		$	1,744,340		$	2,712,108
Net realized gain (loss)		(296,153	)		(181,149	)		(355,284	)		457,649			(1,668,529	)		(2,733,147	)
Net change in unrealized appreciation (depreciation)		18,519,313			(5,966,185	)		7,977,748			(4,812,938	)		(340,648	)		(5,706,887	)
Net increase (decrease) in net assets resulting from operations		21,208,034			(162,262	)		9,191,489			(1,246,888	)		(264,837	)		(5,727,926	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(710,024	)		—			(989,656	)		—			(1,068,316	)
Service Class		—			(6,081,714	)		—			(2,240,845	)		—			(2,014,796	)
Net realized gain:
Standard Class		—			(13,425	)		—			(62,057	)		—			—
Service Class		—			(141,645	)		—			(176,455	)		—			—
Return of capital:
Standard Class		—			(9,759	)		—			—			—			—
Service Class		—			(98,920	)		—			—			—			—
		—			(7,055,487	)		—			(3,469,013	)		—			(3,083,112	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		9,821,368			21,406,931			8,966,725			27,410,729			7,635,545			20,188,078
Service Class		80,366,130			134,637,290			22,255,122			36,410,004			11,173,331			37,665,889
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			733,208			—			1,051,713			—			1,068,316
Service Class		—			6,322,279			—			2,417,300			—			2,014,796
		90,187,498			163,099,708			31,221,847			67,289,746			18,808,876			60,937,079
Cost of shares redeemed:
Standard Class		(2,550,057	)		(10,604,951	)		(2,570,148	)		(4,280,720	)		(1,479,100	)		(3,747,961	)
Service Class		(36,685,079	)		(58,752,853	)		(16,765,172	)		(31,056,593	)		(9,548,289	)		(32,552,139	)
		(39,235,136	)		(69,357,804	)		(19,335,320	)		(35,337,313	)		(11,027,389	)		(36,300,100	)
Increase in net assets derived from capital share transactions		50,952,362			93,741,904			11,886,527			31,952,433			7,781,487			24,636,979
NET INCREASE IN NET ASSETS		72,160,396			86,524,155			21,078,016			27,236,532			7,516,650			15,825,941
NET ASSETS:
Beginning of period		483,488,161			396,964,006			218,373,051			191,136,519			136,687,463			120,861,522
End of period	$	555,648,557		$	483,488,161		$	239,451,067		$	218,373,051		$	144,204,113		$	136,687,463
Undistributed net investment income	$	2,984,874		$	—		$	1,569,025		$	—		$	1,771,251		$	26,911

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

LVIP Dimensional/Vanguard Allocation Funds–8

LVIP Dimensional/Vanguard Total Bond Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional/Vanguard Total Bond Fund Standard Class
	Six Months
	Ended														5/2/112
	6/30/161		Year Ended												to
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	10.373	$	10.518		$	10.224		$	10.688		$	10.491		$	10.000
Income (loss) from investment operations:
Net investment income3		0.073		0.164			0.196			0.162			0.193			0.234
Net realized and unrealized gain (loss)		0.374		(0.132	)		0.278			(0.457	)		0.198			0.291
Total from investment operations		0.447		0.032			0.474			(0.295	)		0.391			0.525
Less dividends and distributions from:
Net investment income		—		(0.172	)		(0.172	)		(0.141	)		(0.175	)		(0.034	)
Net realized gain		—		(0.003	)		(0.008	)		(0.028	)		(0.019	)		—
Return of capital		—		(0.002	)		—			—			—			—
Total dividends and distributions		—		(0.177	)		(0.180	)		(0.169	)		(0.194	)		(0.034	)
Net asset value, end of period	$	10.820	$	10.373		$	10.518		$	10.224		$	10.688		$	10.491
Total return4		4.31%		0.31%			4.64%			(2.76%	)		3.73%			5.26%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	52,719	$	43,416		$	32,573		$	13,621		$	8,444		$	1,286
Ratio of expenses to average net assets5		0.23%		0.23%			0.24%			0.26%			0.30%			0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5		0.28%		0.28%			0.29%			0.31%			0.35%			0.68%
Ratio of net investment income to average net assets		1.39%		1.55%			1.86%			1.55%			1.80%			3.37%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.34%		1.50%			1.81%			1.50%			1.75%			2.99%
Portfolio turnover		6%		10%			14%			9%			26%			22%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Dimensional/Vanguard Allocation Funds–9

LVIP Dimensional/Vanguard Total Bond Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional/Vanguard Total Bond Fund Service Class
	Six Months
	Ended														5/2/112
	6/30/161		Year Ended												to
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	10.374	$	10.519		$	10.224		$	10.689		$	10.494		$	10.000
Income (loss) from investment operations:
Net investment income3		0.060		0.137			0.169			0.136			0.166			0.217
Net realized and unrealized gain (loss)		0.372		(0.131	)		0.280			(0.457	)		0.199			0.291
Total from investment operations		0.432		0.006			0.449			(0.321	)		0.365			0.508
Less dividends and distributions from:
Net investment income		—		(0.146	)		(0.146	)		(0.116	)		(0.151	)		(0.014	)
Net realized gain		—		(0.003	)		(0.008	)		(0.028	)		(0.019	)		—
Return of capital		—		(0.002	)		—			—			—			—
Total dividends and distributions		—		(0.151	)		(0.154	)		(0.144	)		(0.170	)		(0.014	)
Net asset value, end of period	$	10.806	$	10.374		$	10.519		$	10.224		$	10.689		$	10.494
Total return4		4.16%		0.06%			4.39%			(3.00%	)		3.48%			5.08%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	502,930	$	440,072		$	364,391		$	233,819		$	137,634		$	56,459
Ratio of expenses to average net assets5		0.48%		0.48%			0.49%			0.51%			0.55%			0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5		0.53%		0.53%			0.54%			0.56%			0.60%			0.93%
Ratio of net investment income to average net assets		1.14%		1.30%			1.61%			1.30%			1.55%			3.12%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.09%		1.25%			1.56%			1.25%			1.50%			2.74%
Portfolio turnover		6%		10%			14%			9%			26%			22%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Dimensional/Vanguard Allocation Funds–10

LVIP Vanguard Domestic Equity ETF Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Vanguard Domestic Equity ETF Fund Standard Class
	Six Months
	Ended														5/2/112
	6/30/161		Year Ended												to
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	14.444	$	14.748		$	13.421		$	10.394		$	9.158		$	10.000
Income (loss) from investment operations:
Net investment income3		0.114		0.249			0.229			0.212			0.200			0.174
Net realized and unrealized gain (loss)		0.477		(0.293	)		1.409			2.960			1.187			(0.961	)
Total from investment operations		0.591		(0.044	)		1.638			3.172			1.387			(0.787	)
Less dividends and distributions from:
Net investment income		—		(0.243	)		(0.265	)		(0.145	)		(0.151	)		(0.055	)
Net realized gain		—		(0.017	)		(0.046	)		—			—			—
Total dividends and distributions		—		(0.260	)		(0.311	)		(0.145	)		(0.151	)		(0.055	)
Net asset value, end of period	$	15.035	$	14.444		$	14.748		$	13.421		$	10.394		$	9.158
Total return4		4.09%		(0.31%	)		12.21%			30.52%			(15.17%	)		(7.87%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	68,649	$	59,518		$	36,626		$	13,983		$	1,723		$	146
Ratio of expenses to average net assets5		0.25%		0.25%			0.25%			0.29%			0.30%			0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5		0.30%		0.30%			0.30%			0.34%			0.39%			0.57%
Ratio of net investment income to average net assets		1.60%		1.68%			1.62%			1.71%			1.97%			2.90%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.55%		1.63%			1.57%			1.66%			1.88%			2.63%
Portfolio turnover		7%		14%			15%			20%			17%			10%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Dimensional/Vanguard Allocation Funds–11

LVIP Vanguard Domestic Equity ETF Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Vanguard Domestic Equity ETF Fund Service Class
	Six Months
	Ended														5/2/112
	6/30/161		Year Ended												to
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	14.439	$	14.743		$	13.418		$	10.395		$	9.159		$	10.000
Income (loss) from investment operations:
Net investment income3		0.096		0.212			0.192			0.177			0.174			0.158
Net realized and unrealized gain (loss)		0.476		(0.293	)		1.409			2.961			1.187			(0.959	)
Total from investment operations		0.572		(0.081	)		1.601			3.138			1.361			(0.801	)
Less dividends and distributions from:
Net investment income		—		(0.206	)		(0.230	)		(0.115	)		(0.125	)		(0.040	)
Net realized gain		—		(0.017	)		(0.046	)		—			—			—
Total dividends and distributions		—		(0.223	)		(0.276	)		(0.115	)		(0.125	)		(0.040	)
Net asset value, end of period	$	15.011	$	14.439		$	14.743		$	13.418		$	10.395		$	9.159
Total return4		3.96%		(0.56%	)		11.93%			30.20%			(14.88%	)		(8.00%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	170,802	$	158,855		$	154,511		$	134,339		$	86,200		$	52,435
Ratio of expenses to average net assets5		0.50%		0.50%			0.50%			0.54%			0.55%			0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5		0.55%		0.55%			0.55%			0.59%			0.64%			0.82%
Ratio of net investment income to average net assets		1.35%		1.43%			1.37%			1.46%			1.72%			2.65%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.30%		1.38%			1.32%			1.41%			1.63%			2.38%
Portfolio turnover		7%		14%			15%			20%			17%			10%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Dimensional/Vanguard Allocation Funds–12

LVIP Vanguard International Equity ETF Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Vanguard International Equity ETF Fund Standard Class
	Six Months
	Ended															5/2/112
	6/30/161			Year Ended												to
	(unaudited)			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	9.086		$	9.595		$	10.272		$	9.139		$	8.000		$	10.000
Income (loss) from investment operations:
Net investment income3		0.120			0.225			0.280			0.246			0.193			0.313
Net realized and unrealized gain (loss)		(0.143	)		(0.507	)		(0.756	)		1.100			1.336			(2.313	)
Total from investment operations		(0.023	)		(0.282	)		(0.476	)		1.346			1.529			(2.000	)
Less dividends and distributions from:
Net investment income		—			(0.227	)		(0.201	)		(0.212	)		(0.188	)		—
Net realized gain		—			—			—			—			—	4		—
Return of capital		—			—			—			(0.001	)		(0.202	)		—
Total dividends and distributions		—			(0.227	)		(0.201	)		(0.213	)		(0.390	)		—
Net asset value, end of period	$	9.063		$	9.086		$	9.595		$	10.272		$	9.139		$	8.000
Total return5		(0.25%	)		(2.95%	)		(4.64%	)		14.75%			19.35%			(20.00%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	50,648		$	44,417		$	29,516		$	11,500		$	1,890		$	600
Ratio of expenses to average net assets6		0.27%			0.27%			0.28%			0.30%			0.30%			0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.32%			0.32%			0.32%			0.39%			0.36%			0.46%
Ratio of net investment income to average net assets		2.73%			2.29%			2.72%			2.52%			2.21%			5.73%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.68%			2.24%			2.67%			2.43%			2.15%			5.57%
Portfolio turnover		8%			23%			11%			17%			48%			13%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Net realized gain distribution of $11 was made, which calculated to de minimus amount of $0.000 per share.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Dimensional/Vanguard Allocation Funds–13

LVIP Vanguard International Equity ETF Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Vanguard International Equity ETF Fund Service Class
	Six Months
	Ended															5/2/112
	6/30/161			Year Ended												to
	(unaudited)			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	9.085		$	9.592		$	10.268		$	9.137		$	7.987		$	10.000
Income (loss) from investment operations:
Net investment income3		0.109			0.200			0.254			0.220			0.169			0.307
Net realized and unrealized gain (loss)		(0.144	)		(0.505	)		(0.755	)		1.099			1.335			(2.320	)
Total from investment operations		(0.035	)		(0.305	)		(0.501	)		1.319			1.504			(2.013	)
Less dividends and distributions from:
Net investment income		—			(0.202	)		(0.175	)		(0.187	)		(0.170	)		—
Net realized gain		—			—			—			—			—	4		—
Return of capital		—			—			—			(0.001	)		(0.184	)		—
Total dividends and distributions		—			(0.202	)		(0.175	)		(0.188	)		(0.354	)		—
Net asset value, end of period	$	9.050		$	9.085		$	9.592		$	10.268		$	9.137		$	7.987
Total return5		(0.39%	)		(3.19%	)		(4.88%	)		14.46%			19.04%			(20.13%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	93,556		$	92,270		$	91,345		$	75,098		$	50,677		$	77,833
Ratio of expenses to average net assets6		0.52%			0.52%			0.53%			0.55%			0.55%			0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.57%			0.57%			0.58%			0.64%			0.61%			0.71%
Ratio of net investment income to average net assets		2.48%			2.04%			2.47%			2.27%			1.96%			5.48%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.43%			1.99%			2.42%			2.18%			1.90%			5.32%
Portfolio turnover		8%			23%			11%			17%			48%			13%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Net realized gain distribution of $1,475 was made, which calculated to de minimus amount of $0.000 per share.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Dimensional/Vanguard Allocation Funds–14

LVIP Dimensional/Vanguard Allocation Funds

Notes to Financial Statements

June 30, 2016 (unaudited)     

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Dimensional/Vanguard Total Bond Fund, LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF Fund (each, a “Fund”, and collectively, the “Funds”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are non-diversified management investment companies registered under the 1940 Act. The Funds sell their shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The LVIP Dimensional/Vanguard Total Bond Fund operates under a fund of funds structure and invests a significant portion of its assets in Underlying Funds and Exchange Traded Funds (“ETFs”) which, in turn, invest in U.S. and foreign fixed-income securities. The Underlying Funds and ETFs will primarily be a combination of Dimensional Investment Group Inc. mutual funds and Vanguard ETF^® funds. In addition to mutual fund and ETF investments, the Fund may invest in individual securities, such as money market instruments.

The LVIP Vanguard Domestic Equity ETF Fund and the LVIP Vanguard International Equity ETF Fund operate under a fund of funds structure and invest a significant portion of their assets in ETFs which, in turn, invest in U.S. and foreign stocks and money market instruments. The underlying ETFs will primarily be Vanguard ETFs^®. In addition to ETF investments, the Funds may invest in individual securities, such as money market instruments.

Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP Dimensional/Vanguard Total Bond Fund is to seek total return consistent with the preservation of capital. Total return is comprised of income and capital appreciation.

The investment objective of the LVIP Vanguard Domestic Equity ETF Fund and LVIP Vanguard International Equity ETF Fund is to seek long-term capital appreciation.

1. Significant Accounting Policies

Each Fund is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Funds.

Security Valuation–ETFs, 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 (“NYSE”) on the valuation date. ETFs 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 ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Funds value Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each 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 benefit or expense in the current year. Management has analyzed the tax positions taken on the Funds’ federal income tax returns for all open tax years (December 31, 2012-December 31, 2015) and has concluded that no provision for federal income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the six months ended June 30, 2016, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

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.

LVIP Dimensional/Vanguard Allocation Funds–15

LVIP Dimensional/Vanguard Allocation Funds

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gains distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

Lincoln Investment Advisors Corporation (“LIAC”) is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LIAC is responsible for overall management of the Funds’ investment portfolios and providing certain administrative services to the Funds. For its services, LIAC receives a management fee at an annual rate of 0.25% of the average daily net assets of the Funds. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC).

LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.05% of average daily net assets of LVIP Dimensional/Vanguard Total Bond Fund, LVIP Vanguard Domestic ETF Fund, and LVIP Vanguard International Equity ETF Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, the Funds reimburse Lincoln Life for the cost of administrative and internal legal services, which is included in “Accounting and administration expenses” on the Statements of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

	LVIP Dimensional/ Vanguard Total Bond Fund	LVIP Vanguard Domestic Equity ETF Fund	LVIP Vanguard International Equity ETF Fund
Administrative	$14,115	$6,118	$3,810
Legal	3,632	1,576	981

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP Dimensional/ Vanguard Total Bond Fund	LVIP Vanguard Domestic Equity ETF Fund	LVIP Vanguard International Equity ETF Fund
Trading operation	$2,994	$1,296	$802

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP Dimensional/ Vanguard Total Bond Fund	LVIP Vanguard Domestic Equity ETF Fund	LVIP Vanguard International Equity ETF Fund
Printing and mailing	$15,799	$6,191	$8,001

The Funds offer Standard Class and Service Class shares. Pursuant to its distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP Dimensional/Vanguard Allocation Funds–16

LVIP Dimensional/Vanguard Allocation Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

In addition to the management fee and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds and ETFs in which they invest. Because each of the Underlying Funds and ETFs has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds and ETFs at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Funds had liabilities payable to affiliates as follows:

	LVIP Dimensional/ Vanguard Total Bond Fund		LVIP Vanguard Domestic Equity ETF Fund		LVIP Vanguard International Equity ETF Fund
Management fees payable to LIAC		$  89,584		$38,815		$23,454
Distribution fees payable to LFD		101,411		34,801		19,123
Printing and mailing fees payable to Lincoln Life		18		3,042		3,079

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby a Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds or ETFs). Investments in companies considered to be affiliates of the Funds and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

LVIP Dimensional/ Vanguard Total Bond Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
DFA Intermediate Term Extended Quality Portfolio		$	72,666,026		$	19,657,686		$	2,344,125		$	(75,792	)		$	94,785,002		$	1,194,735		$	—
DFA VA Global Bond Portfolio			29,059,661			4,127,189			983,106			(9,075	)			33,285,485			—			—
DFA VA Short-Term Fixed Portfolio			29,073,175			4,213,341			5,901,683			5,848				27,589,475			—			—
LVIP Government Money Market Fund			9,690,570			1,659,182			324,446			—				11,025,306			1,453			—
Total		$	140,489,432		$	29,657,398		$	9,553,360		$	(79,019	)		$	166,685,268		$	1,196,188		$	—

LVIP Vanguard Domestic Equity ETF Fund

	Value 12/31/15		Purchases		Sales		Net Realized Gain (Loss)		Value 6/30/16		Dividends		Capital Gain Distributions
LVIP Government Money Market Fund		$4,420,302		$736,895		$313,043		$—		$4,844,154		$637		$—
LVIP Vanguard International Equity ETF Fund
	Value 12/31/15		Purchases		Sales		Net Realized Gain (Loss)		Value 6/30/16		Dividends		Capital Gain Distributions
LVIP Government Money Market Fund		$2,806,028		$437,609		$253,550		$—		$2,990,087		$396		$—

3. Investments

For the six months ended June 30, 2016, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	LVIP Dimensional/ Vanguard Total Bond Fund		LVIP Vanguard Domestic Equity ETF Fund		LVIP Vanguard International Equity ETF Fund
Purchases		$86,188,061		$30,000,467		$20,402,459
Sales		32,751,333		16,239,370		10,970,993

LVIP Dimensional/Vanguard Allocation Funds–17

LVIP Dimensional/Vanguard Allocation Funds

Notes to Financial Statements (continued)

3. Investments (continued)

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	LVIP Dimensional/ Vanguard Total Bond Fund				LVIP Vanguard Domestic Equity ETF Fund			LVIP Vanguard International Equity ETF Fund
Cost of investments		$	542,467,597			$	185,077,314		$	145,811,097
Aggregate unrealized appreciation		$	13,635,498			$	55,341,192		$	2,201,140
Aggregate unrealized depreciation			(21,916	)			—			(3,246,653	)
Net unrealized appreciation (depreciation)		$	13,613,582			$	55,341,192		$	(1,045,513	)

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, 2015, the Funds had the following capital loss carryforwards for federal income tax purposes:

	Post-Enactment Losses (No Expiration)
	Short-Term			Long-Term			Total
LVIP Dimensional/Vanguard Total Bond Fund		$	20,622		$	—		$	20,622
LVIP Vanguard International Equity ETF Fund			1,086,540			3,182,819			4,269,359

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)
Level 2–	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
Level 3–	inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2016:

Level 1	LVIP Dimensional/ Vanguard Total Bond Fund			LVIP Vanguard Domestic Equity ETF Fund			LVIP Vanguard International Equity ETF Fund
Investment Companies		$	556,081,179		$	240,418,506		$	144,765,584

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. Each Fund’s policy is to recognize transfers between levels as of beginning of the reporting period in which the transfer occurred.

LVIP Dimensional/Vanguard Allocation Funds–18

LVIP Dimensional/Vanguard Allocation Funds

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	LVIP Dimensional/ Vanguard Total Bond Fund						LVIP Vanguard Domestic Equity ETF Fund						LVIP Vanguard International Equity ETF Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		929,179			2,022,374			624,261			1,854,589			865,424			2,067,448
Service Class		7,597,127			12,728,668			1,549,230			2,455,819			1,273,179			3,771,121
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			70,671			—			72,288			—			116,760
Service Class		—			609,269			—			166,310			—			220,402
		8,526,306			15,430,982			2,173,491			4,549,006			2,138,603			6,175,731
Shares redeemed:
Standard Class		(242,037	)		(1,004,438	)		(178,941	)		(289,650	)		(165,246	)		(372,143	)
Service Class		(3,479,214	)		(5,557,996	)		(1,172,888	)		(2,100,346	)		(1,092,412	)		(3,357,819	)
		(3,721,251	)		(6,562,434	)		(1,351,829	)		(2,389,996	)		(1,257,658	)		(3,729,962	)
Net increase		4,805,055			8,868,548			821,662			2,159,010			880,945			2,445,769

5. Contractual Obligations

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

6. Subsequent Events

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

LVIP Dimensional/Vanguard Allocation Funds–19

LVIP Dimensional International Core Equity Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Dimensional International Core Equity Fund

Index

Disclosure of Fund Expenses	1
Security Type/Country and Sector Allocations and Top 10 Equity Holdings	2
Statement of Net Assets	4
Statement of Operations	35
Statement of Changes in Net Assets	35
Financial Highlights	36
Notes to Financial Statements	38

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Dimensional International Core Equity Fund

Disclosure

        OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts (variable accounts) that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	971.20		0.68	%	$	3.33
Service Class Shares		1,000.00		970.00		0.93	%		4.56
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.48		0.68	%	$	3.42
Service Class Shares		1,000.00		1,020.24		0.93	%		4.67

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Dimensional International Core Equity Fund–1

LVIP Dimensional International Core Equity Fund

Security Type/Country and Sector Allocations

and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Security Type/Country	Percentage of Net Assets
Common Stock		98.77%
Australia		6.58%
Austria		0.48%
Belgium		1.62%
Canada		8.46%
China		0.00%
Denmark		2.12%
Finland		2.07%
France		6.56%
Germany		6.52%
Hong Kong		2.96%
Ireland		0.64%
Israel		0.63%
Italy		2.36%
Japan		23.28%
Netherlands		2.51%
New Zealand		0.56%
Norway		0.91%
Portugal		0.28%
Singapore		1.20%
Spain		2.41%
Sweden		3.03%
Switzerland		6.99%
United Kingdom		16.60%
Limited Partnership		0.00%
Preferred Stock		0.45%
Rights		0.01%
Money Market Fund		0.21%
Total Value of Securities		99.44%
Receivables and Other Assets Net of Liabilities		0.56%
Total Net Assets		100.00%

Sector designations may be different than the sector designations presented in other Fund materials.

Sector	Percentage of Net Assets
Aerospace & Defense		1.12%
Air Freight & Logistics		0.38%
Airlines		0.36%
Auto Components		2.25%
Automobiles		2.86%
Banks		8.16%
Beverages		1.46%
Biotechnology		0.34%
Building Products		0.77%
Capital Markets		1.81%
Chemicals		5.60%
Commercial Services & Supplies		1.63%
Communications Equipment		0.32%

Sector	Percentage of Net Assets
Construction & Engineering		1.79%
Construction Materials		0.91%
Consumer Finance		0.20%
Containers & Packaging		1.02%
Distributors		0.24%
Diversified Consumer Services		0.14%
Diversified Financial Services		0.85%
Diversified Telecommunication Services		2.36%
Electric Utilities		1.30%
Electrical Equipment		1.72%
Electronic Equipment, Instruments & Components		1.91%
Energy Equipment & Services		0.78%
Food & Staples Retailing		2.47%
Food Products		2.98%
Gas Utilities		0.46%
Health Care Equipment & Supplies		0.95%
Health Care Providers & Services		0.86%
Health Care Technology		0.08%
Hotels, Restaurants & Leisure		2.12%
Household Durables		2.25%
Household Products		0.52%
Independent Power & Renewable Electricity Producers		0.26%
Industrial Conglomerates		1.27%
Insurance		3.83%
Internet & Catalog Retail		0.22%
Internet Software & Services		0.31%
IT Services		0.99%
Leisure Products		0.37%
Life Sciences Tools & Services		0.48%
Machinery		4.07%
Marine		0.39%
Media		2.13%
Metals & Mining		5.08%
Multiline Retail		0.60%
Multi-Utilities		1.03%
Oil, Gas & Consumable Fuels		6.25%
Paper & Forest Products		0.96%
Personal Products		0.59%
Pharmaceuticals		3.38%
Professional Services		1.05%
Real Estate Management & Development		2.41%
Road & Rail		1.38%
Semiconductors & Semiconductor Equipment		0.76%
Software		1.08%
Specialty Retail		1.34%
Technology Hardware, Storage & Peripherals		0.61%
Textiles, Apparel & Luxury Goods		1.22%
Thrifts & Mortgage Finance		0.14%
Tobacco		0.46%
Trading Companies & Distributors		1.81%

LVIP Dimensional International Core Equity Fund–2

LVIP Dimensional International Core Equity Fund

Security Type/Country and Sector Allocations

and Top 10 Equity Holdings (continued)

Sector	Percentage of Net Assets
Transportation Infrastructure		0.63	%
Water Utilities		0.15	%
Wireless Telecommunication Services		1.02	%
Total		99.24	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Nestle		1.04	%
BP ADR		0.95	%
Syngenta		0.58	%
Toyota Motor		0.55	%
BASF		0.49	%
Novo Nordisk		0.47	%
TOTAL		0.46	%
Daimler		0.44	%
ABB		0.43	%
Westpac Banking		0.40	%
Total		5.81	%

IT–Information Technology

LVIP Dimensional International Core Equity Fund–3

LVIP Dimensional International Core Equity Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK–98.77%
Australia–6.58%
Adelaide Brighton		12,534	$	52,557
AGL Energy		1,773		25,749
Ainsworth Game Technology		6,705		10,862
Alumina		58,323		57,330
Alumina ADR		2,200		8,448
Amcor		5,735		64,482
AMP		54,529		212,511
Ansell		2,635		36,063
APA Group		4,589		31,918
ARB		745		9,386
Aristocrat Leisure		6,690		69,596
Asciano		34,452		228,582
ASX		1,102		37,943
Aurizon Holdings		22,875		82,997
AusNet Services		18,433		22,702
=Austal		22,237		20,067
Australia & New Zealand Banking Group		18,423		335,668
†Australian Agricultural		5,321		7,043
Australian Pharmaceutical Industries		13,270		16,747
Automotive Holdings Group		8,212		23,238
Aveo Group		5,162		12,310
Bank of Queensland		11,133		88,822
Beach Energy		51,415		23,926
Bendigo & Adelaide Bank		10,620		76,894
BHP Billiton		25,793		359,457
BHP Billiton ADR		4,100		117,096
Blackmores		209		20,628
BlueScope Steel		13,992		67,604
Boral		18,529		86,990
Brambles		5,959		55,636
Brickworks		1,457		15,671
Caltex Australia		1,216		29,318
Cardno		5,181		2,117
=Cardno		4,842		1,968
carsales.com		2,285		21,170
Cedar Woods Properties		6,372		20,748
Challenger		10,297		67,273
Cleanaway Waste Management		72,925		44,046
Coca-Cola Amatil		6,680		41,236
Cochlear		684		62,408
Collins Foods		4,637		14,717
Commonwealth Bank of Australia		9,736		546,483
Computershare		5,618		38,848
Corporate Travel Management		854		9,014
Credit Corp Group		1,365		12,314
CSG		9,755		10,840
CSL		1,037		87,453
CSR		13,387		36,803
Domino’s Pizza Enterprises		795		40,909
Downer EDI		21,992		63,157
@=DSHE Holdings		11,325		0

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Australia (continued)
DUET Group		13,924	$	26,116
DuluxGroup		3,860		18,372
†Energy Resources of Australia		12,324		3,229
†Energy World		39,810		5,493
ERM Power		5,246		3,302
Event Hospitality & Entertainment		2,844		30,969
Evolution Mining		20,878		36,486
Fairfax Media		66,213		46,350
Flight Centre Travel Group		1,021		24,290
Fortescue Metals Group		42,223		112,991
G8 Education		9,725		27,719
Genworth Mortgage Insurance Australia		9,798		20,306
GrainCorp Class A		6,889		44,647
GWA Group		8,661		13,651
Hansen Technologies		6,741		17,126
Harvey Norman Holdings		12,146		42,263
Healthscope		12,447		26,785
HFA Holdings		2,382		4,084
Iluka Resources		1,930		9,515
IMF Bentham		9,910		11,357
Incitec Pivot		31,100		69,860
Independence Group		15,674		39,017
Insurance Australia Group		7,592		31,273
InvoCare		1,288		12,730
IOOF Holdings		2,614		15,443
IRESS		1,482		12,166
Isentia Group		1,475		3,842
James Hardie Industries CDI		3,210		49,714
JB Hi-Fi Class FI		1,866		33,816
LendLease Group		4,998		47,477
Macquarie Atlas Roads Group		10,026		39,102
Macquarie Group		4,569		237,837
Magellan Financial Group		1,909		32,179
McMillan Shakespeare		2,428		25,004
Medibank Pvt		33,796		74,945
Metals X		23,081		24,052
†Metcash		22,404		32,111
Mineral Resources		7,647		48,145
Monadelphous Group		2,631		14,813
Myer Holdings		37,090		31,301
National Australia Bank		12,442		238,879
Navitas		8,596		35,544
†Newcrest Mining		10,398		180,217
†NEXTDC		4,592		12,073
nib holdings		7,558		23,930
Nine Entertainment Holdings		14,493		11,488
Northern Star Resources		8,386		31,046
Nufarm		1,968		10,942
Oil Search		17,779		89,776
Orica		16,321		151,826
Origin Energy		25,807		112,754

LVIP Dimensional International Core Equity Fund—4

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Australia (continued)
Orora		25,866	$	53,705
OZ Minerals		8,936		38,348
OzForex Group		8,551		14,910
Pacific Current Group		1,154		3,723
Pact Group Holdings		4,699		21,326
Perpetual		812		25,232
Platinum Asset Management		4,023		17,472
Premier Investments		3,384		36,361
Primary Health Care		13,622		40,573
Programmed Maintenance Services		6,193		8,171
Qantas Airways		9,895		20,960
QBE Insurance Group		10,506		82,993
Ramsay Health Care		886		47,884
REA Group		640		28,722
Regis Resources		5,650		14,476
Reject Shop		2,536		23,208
Rio Tinto		5,215		180,390
SAI Global		2,650		7,299
Sandfire Resources		5,612		22,324
Santos		30,959		109,588
†Saracen Mineral Holdings		31,831		34,223
SEEK		3,406		39,100
Select Harvests		2,007		10,270
Seven West Media		48,144		38,571
SG Fleet Group		6,686		18,284
Sigma Pharmaceuticals		39,183		33,337
Sims Metal Management		3,859		22,883
Sirtex Medical		1,494		28,767
Slater & Gordon		15,496		4,569
SMS Management & Technology		4,019		4,920
Sonic Healthcare		3,151		51,100
†South32 ADR		4,200		24,654
Southern Cross Media Group		32,767		30,824
Spark Infrastructure Group		16,018		29,350
Spotless Group Holdings		25,020		21,175
†St Barbara		15,960		35,157
Star Entertainment Group		19,146		78,015
Steadfast Group		19,347		28,787
Suncorp Group		9,691		88,866
Super Retail Group		4,725		31,263
Sydney Airport		4,421		23,085
Tabcorp Holdings		35,276		121,518
Tassal Group		6,191		18,501
Tatts Group		29,582		85,129
Technology One		8,398		32,742
Telstra		11,902		49,747
TFS		11,219		11,850
Thorn Group		8,175		8,534
Tox Free Solutions		4,503		8,766
TPG Telecom		1,899		17,028
Transurban Group		7,094		63,894
Treasury Wine Estates		21,277		147,851

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Australia (continued)
Villa World		9,971	$	15,468
†Virgin Australia Holdings		38,668		5,935
Virtus Health		2,673		13,829
=Vocus Communications		8,044		51,113
Webjet		4,869		25,803
Wesfarmers		6,044		182,268
Western Areas		9,085		14,837
Westpac Banking		24,871		551,528
Westpac Banking ADR		1,600		35,344
Woodside Petroleum		14,488		293,777
Woolworths		2,588		40,705
WorleyParsons		2,712		14,882
				9,014,012
Austria–0.48%
ANDRITZ		1,114		52,823
Austria Technologie & Systemtechnik		1,434		17,244
BUWOG		571		13,218
CA Immobilien Anlagen		877		14,646
Conwert Immobilien Invest		2,046		32,950
DO & CO		154		13,484
Erste Group Bank		1,834		41,756
Lenzing		116		10,724
Mayr Melnhof Karton		125		13,558
Oesterreichische Post		634		20,474
OMV		5,048		141,903
Palfinger		421		12,098
POLYTEC Holding		1,389		11,293
†Raiffeisen Bank International		3,311		41,826
RHI		530		10,198
S IMMO		1,531		14,321
Schoeller-Bleckmann Oilfield Equipment		215		13,007
Semperit Holding		457		15,108
Strabag		572		17,257
Telekom Austria		5,124		29,749
Vienna Insurance Group		535		10,161
voestalpine		3,070		103,322
Wienerberger		505		7,077
				658,197
Belgium–1.62%
Ackermans & van Haaren		578		70,918
Ageas		3,535		122,874
†AGFA-Gevaert		10,744		34,878
Anheuser-Busch InBev		3,528		466,530
Anheuser-Busch InBev ADR		1,200		158,016
Barco		303		19,765
Bekaert		1,162		50,617
bpost		1,600		40,958
Cie d’Entreprises CFE		299		27,212
Colruyt		2,057		113,830

LVIP Dimensional International Core Equity Fund—5

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Belgium (continued)
Delhaize Group		3,168	$	334,650
Delhaize Group ADR		2,700		70,902
D’ieteren		798		34,673
†Econocom Group		1,261		14,475
Elia System Operator		497		27,785
EVS Broadcast Equipment		178		5,741
†Fagron		1,210		10,692
†Galapagos		131		7,199
†KBC Group		586		28,820
Kinepolis Group		347		15,514
Melexis		433		27,209
†Nyrstar		5,651		53,179
Ontex Group		1,480		46,663
†Orange Belgium		932		21,545
Proximus SADP		2,859		90,855
Sioen Industries		782		16,363
Solvay Class A		1,121		104,710
†Telenet Group Holding		551		25,195
†Tessenderlo Chemie		1,119		38,414
UCB		774		58,118
Umicore		1,504		77,688
				2,215,988
Canada–8.46%
Absolute Software		1,400		7,488
†Advantage Oil & Gas		4,200		23,472
Aecon Group		2,600		35,379
Agnico Eagle Mines		1,585		84,797
Agrium		497		44,939
AGT Food & Ingredients		200		5,494
Aimia		2,561		15,660
†Air Canada		2,506		17,244
†Alacer Gold		10,000		23,840
Alamos Gold		4,580		39,385
Alamos Gold		1,800		15,480
Alaris Royalty		489		10,852
Algonquin Power & Utilities		4,121		37,926
Alimentation Couche-Tard Class B		1,200		51,531
AltaGas		2,524		61,344
Altus Group		800		13,790
†Amaya		3,470		53,195
ARC Resources		3,800		65,032
†Argonaut Gold		3,300		9,706
Atco		800		28,063
†Athabasca Oil		4,108		4,547
†ATS Automation Tooling Systems		3,200		24,075
†AuRico Metals		5,788		4,570
AutoCanada		579		9,927
†B2Gold		24,900		62,445
Badger Daylighting		700		12,191
Bank of Montreal		5,583		353,906
Bank of Montreal		1,500		95,147

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
Bank of Nova Scotia		5,688	$	278,769
Bank of Nova Scotia		300		14,701
†Bankers Petroleum		14,306		22,811
Barrick Gold		2,100		44,835
Barrick Gold		1,300		27,752
Baytex Energy		5,200		30,187
BCE		800		37,859
†Bellatrix Exploration		6,491		6,381
†Birchcliff Energy		4,212		22,430
Bird Construction		622		6,437
Black Diamond Group		2,500		10,430
†BlackBerry		10,229		68,645
†Bombardier Class B		20,046		30,101
Bonavista Energy		5,224		13,344
Bonterra Energy		400		8,239
Boralex Class A		1,496		22,545
Brookfield Asset Management		1,700		56,239
†BRP		951		15,215
CAE		2,826		34,166
CAE		2,800		33,831
Cameco		1,449		15,896
Cameco		1,236		13,575
Canaccord Genuity Group		3,700		14,090
†Canacol Energy		8,100		27,273
Canadian Imperial Bank of Commerce		1,446		108,551
Canadian National Railway		1,700		100,385
Canadian National Railway		203		11,989
Canadian Natural Resources		11,400		351,462
Canadian Tire Class A		609		66,347
Canadian Utilities Class A		1,000		28,972
Canadian Western Bank		2,845		54,282
Canam Group		2,500		25,214
†Canfor		3,400		34,343
Canfor Pulp Products		1,800		14,392
Canyon Services Group		3,100		13,557
Capital Power		1,600		23,877
Cascades		1,468		10,397
CCL Industries		200		34,806
†Celestica		4,724		43,933
Cenovus Energy		5,810		80,363
Centerra Gold		5,827		34,729
†CGI Group Class A		497		21,227
†China Gold International Resources		13,200		23,908
CI Financial		1,400		29,204
Cineplex		700		27,947
Cogeco		200		8,643
Cogeco Communications		300		15,744
Colliers International Group		599		20,450
Colliers International Group		100		3,415
Computer Modelling Group		1,300		10,404
Constellation Software		100		38,702
Corus Entertainment Class B		4,000		41,240

LVIP Dimensional International Core Equity Fund—6

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
Cott		3,200	$	44,732
Cott		1,710		23,872
Crescent Point Energy		3,657		57,773
Crescent Point Energy		2,503		39,522
†Crew Energy		3,555		15,987
†Delphi Energy		4,020		3,392
†Detour Gold		3,495		87,432
DH		1,558		38,722
Dollarama		500		34,908
Dominion Diamond		2,600		22,984
Dorel Industries Class B		1,100		29,272
Eldorado Gold		14,266		64,155
Emera		109		4,102
Empire Class A		1,865		27,731
Enbridge		1,600		67,780
Enbridge		398		16,859
Enbridge Income Fund Holdings		2,240		55,586
†Endeavour Mining		1,094		18,570
†Endeavour Silver		5,100		20,053
EnerCare		1,670		22,104
Enerflex		2,000		16,533
Enerplus		2,100		13,833
Enghouse Systems		500		21,204
Ensign Energy Services		3,200		17,957
Equitable Group		556		24,096
†exactEarth		534		574
Exco Technologies		2,400		22,663
Extendicare		1,700		10,711
Fairfax Financial Holdings		600		323,153
Finning International		4,800		78,170
First Capital Realty		1,200		20,583
†First Majestic Silver		4,128		56,075
First Quantum Minerals		13,875		97,408
FirstService		200		9,147
Fortis		1,700		57,463
†Fortuna Silver Mines		4,027		28,146
Gamehost		1,600		12,384
Genworth MI Canada		900		23,086
George Weston		500		43,272
Gibson Energy		2,800		32,487
Gildan Activewear		1,000		29,289
Gluskin Sheff + Associates		900		11,613
GMP Capital		3,300		13,435
Goldcorp		2,207		42,228
Goldcorp		1,450		27,739
†Gran Tierra Energy		11,500		38,632
Granite Oil		867		5,333
†Great Canadian Gaming		922		12,824
Great-West Lifeco		1,369		36,112
†Heroux-Devtek		1,187		13,781
High Liner Foods		600		8,754
Home Capital Group		2,212		54,823

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
Horizon North Logistics		5,000	$	6,270
HudBay Minerals		5,100		24,356
HudBay Minerals		2,400		11,472
Hudson’s Bay		2,000		24,134
Husky Energy		8,384		102,338
†IAMGOLD		17,700		73,296
IGM Financial		800		21,778
†IMAX		200		5,896
Imperial Oil		1,898		59,901
Imperial Oil		900		28,478
Industrial Alliance Insurance & Financial Services		2,423		76,162
Innergex Renewable Energy		1,751		19,639
Intact Financial		500		35,717
Inter Pipeline		1,100		23,329
†Interfor		1,400		11,996
Intertape Polymer Group		1,327		21,652
Jean Coutu Group Class A		1,000		15,480
Just Energy Group		2,000		12,160
Just Energy Group		1,946		11,809
Keyera		600		18,354
†Kinross Gold		17,700		86,859
†Kirkland Lake Gold		2,100		17,295
†Klondex Mines		6,555		23,796
Laurentian Bank of Canada		787		29,386
Leon’s Furniture		369		4,321
Linamar		1,000		35,621
Loblaw		733		39,210
Lucara Diamond		8,031		21,632
†Lundin Mining		10,900		36,785
MacDonald Dettwiler & Associates		200		13,045
Magellan Aerospace		1,000		13,940
Magna International		1,300		45,633
Magna International		400		14,028
†Mainstreet Equity		347		9,575
Major Drilling Group International		5,366		32,480
Mandalay Resources		14,708		13,547
Manitoba Telecom Services		1,900		55,782
Manulife Financial		5,900		80,694
Manulife Financial		1,900		25,973
Maple Leaf Foods		1,422		30,367
Martinrea International		2,100		13,004
Medical Facilities		2,453		36,037
†MEG Energy		8,238		43,168
Methanex		1,787		52,002
Methanex		200		5,819
Metro Class A		1,500		52,258
†Mitel Networks		1,819		11,418
Morguard		200		24,485
Morneau Shepell		2,000		27,462
MTY Food Group		600		20,160
Mullen Group		2,400		26,193

LVIP Dimensional International Core Equity Fund—7

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
National Bank of Canada		5,400	$	184,702
Nevsun Resources		13,699		40,187
New Flyer Industries		1,600		49,822
†New Gold		15,477		67,685
North West		800		18,242
Northland Power		1,446		24,847
†NuVista Energy		4,200		20,318
OceanaGold		22,400		85,477
Onex		600		36,689
Open Text		798		47,210
Osisko Gold Royalties		1,200		15,688
†Painted Pony Petroleum		2,700		15,841
Pan American Silver		3,600		59,220
Pan American Silver		919		15,137
†Parex Resources		1,487		14,399
Parkland Fuel		1,200		20,889
Pason Systems		1,300		17,971
Pembina Pipeline		900		27,349
Pengrowth Energy		14,416		26,334
Penn West Petroleum		12,400		17,276
†Performance Sports Group		1,204		3,612
Peyto Exploration & Development		1,900		51,002
PHX Energy Services		2,800		5,830
Potash Corp of Saskatchewan		7,474		121,378
Potash Corp of Saskatchewan		800		13,004
PrairieSky Royalty		228		4,259
Precision Drilling		3,108		16,479
Precision Drilling		2,600		13,780
Premium Brands Holdings		800		33,686
†Primero Mining		8,307		17,296
Quebecor Class B		1,000		28,654
†Raging River Exploration		1,539		12,246
Restaurant Brands International		269		11,198
Richelieu Hardware		900		17,659
†Richmont Mines		4,400		40,834
Ritchie Bros Auctioneers		1,192		40,266
†Rock Energy		4,000		2,539
Rogers Communications Class B		500		20,241
Rogers Communications Class B		500		20,200
Royal Bank of Canada		5,563		328,718
Russel Metals		1,000		17,710
†Sandstorm Gold		8,400		37,775
Sandvine		5,400		11,118
Saputo		2,500		74,248
Secure Energy Services		3,500		23,921
†SEMAFO		13,600		65,266
†Seven Generations Energy Class A		700		13,361
Shaw Communications Class B		4,180		80,256
ShawCor		1,261		31,263
Sienna Senior Living		700		9,281
†Sierra Wireless		900		15,249
†Sierra Wireless		507		8,599

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
†Silver Standard Resources		7,663	$	99,462
Silver Wheaton		770		18,124
SNC-Lavalin Group		2,800		117,596
†Spartan Energy		4,600		12,070
Stantec		1,075		26,047
Stella-Jones		500		18,619
Student Transportation		3,000		15,419
Student Transportation		1,945		9,997
Sun Life Financial		2,178		71,504
Sun Life Financial		1,700		55,844
Suncor Energy		15,892		440,863
Suncor Energy		8,494		235,539
†SunOpta		1,959		8,208
Superior Plus		2,600		21,453
Surge Energy		7,100		14,014
Tahoe Resources		4,400		65,868
Tahoe Resources		3,572		53,506
Teck Resources Class B		2,300		30,291
Teck Resources Class B		2,115		27,846
Thomson Reuters		700		28,321
Thomson Reuters		300		12,126
TMX Group		300		12,481
TORC Oil & Gas		3,334		21,161
Toromont Industries		1,400		40,788
Toronto-Dominion Bank		6,100		261,951
Toronto-Dominion Bank		3,032		130,164
Torstar Class B		2,100		2,666
Total Energy Services		1,899		19,050
†Tourmaline Oil		4,700		123,725
TransAlta		9,588		50,049
TransCanada		2,495		112,824
Transcontinental Class A		2,000		27,106
TransForce		4,100		76,132
Trinidad Drilling		8,700		17,104
†Turquoise Hill Resources		7,241		24,493
Uni-Select		600		15,214
†Valeant Pharmaceuticals International		100		2,014
Valener		700		11,877
Veresen		4,238		35,919
Vermilion Energy		800		25,475
Wajax		700		8,116
West Fraser Timber		3,000		87,705
Western Forest Products		15,500		24,475
Westjet Airlines		1,300		21,211
Westshore Terminals Investment		1,600		23,171
Whistler Blackcomb Holdings		968		17,982
Whitecap Resources		6,600		50,473
Wi-LAN		7,500		19,041
Winpak		400		14,697
WSP Global		788		24,104
Yamana Gold		20,804		108,211

LVIP Dimensional International Core Equity Fund—8

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
†Yellow Pages		600	$	8,508
				11,587,710
¨China–0.00%
Chu Kong Shipping Enterprises Group		20,000		5,202
				5,202
Denmark–2.12%
Alm Brand		1,568		10,523
Ambu Class B		636		26,323
AP Moeller - Maersk Class A		29		36,550
AP Moeller - Maersk Class B		66		86,206
Carlsberg Class B		800		76,326
Chr Hansen Holding		930		61,078
Coloplast Class B		99		7,411
†D/S Norden		1,234		17,230
Danske Bank		2,415		63,564
Dfds		1,405		61,671
DSV		5,018		210,998
FLSmidth		1,170		41,779
†Genmab		580		105,761
GN Store Nord		3,334		60,226
†H Lundbeck		1,180		44,235
IC Group		491		12,601
ISS		2,486		93,499
Jyske Bank		3,714		140,991
Matas		1,226		20,835
NKT Holding		1,030		52,091
Nordjyske Bank		540		7,110
Novo Nordisk Class B		12,030		647,850
Novo Nordisk ADR		2,700		145,206
Novozymes Class B		2,145		103,005
Pandora		1,322		180,056
Per Aarsleff Holding Class B		810		17,661
Ringkjoebing Landbobank		235		48,126
Rockwool International Class B		226		40,895
Royal Unibrew		1,093		48,895
†Santa Fe Group		936		7,680
Schouw		321		17,827
SimCorp		1,167		57,272
Solar Class B		133		6,177
Sydbank		822		20,642
TDC		19,662		96,353
†Topdanmark		1,484		35,367
Tryg		1,809		32,389
Vestas Wind Systems		1,536		104,401
†William Demant Holding		2,645		51,487
				2,898,297
Finland–2.07%
Amer Sports Class A		5,961		163,542
Cargotec Class B		848		34,560
Caverion		1,725		11,049

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Finland (continued)
Citycon		10,113	$	23,035
Cramo		1,559		32,119
Elisa		1,673		64,282
Fiskars		1,151		20,820
Fortum		2,621		42,110
Huhtamaki		6,263		259,913
Kemira		2,420		28,754
Kesko Class A		640		25,253
Kesko Class B		5,120		217,429
Kone Class B		2,104		97,100
Konecranes		1,835		46,583
Lassila & Tikanoja		992		18,330
Metsa Board		12,062		61,409
Metso		3,349		78,735
Neste		6,313		226,377
Nokia		19,400		110,492
Nokian Renkaat		1,287		46,129
Olvi Class A		439		12,328
Oriola-KD Class B		5,656		25,609
Orion Class A		901		33,970
Orion Class B		1,511		58,672
†Outokumpu		9,356		39,329
†Outotec		1,666		7,537
PKC Group		592		11,123
Raisio		7,392		31,747
Ramirent		1,333		10,216
Sampo Class A		1,322		54,065
Sanoma		4,161		24,375
†Stockmann Class B		1,585		9,165
Stora Enso Class R		15,211		122,328
Technopolis		3,440		13,552
Tieto		1,776		48,640
Tikkurila		1,661		30,077
UPM-Kymmene		27,218		500,016
Uponor		1,300		20,617
Vaisala Class A		415		13,056
Valmet		3,035		40,505
Wartsila		2,037		83,112
YIT		4,487		32,371
				2,830,431
France–6.56%
Accor		3,271		125,332
Aeroports de Paris		216		23,667
†Air France-KLM		2,170		13,695
Air Liquide		1,431		149,084
Airbus Group		1,379		79,044
Akka Technologies		602		18,510
Albioma		1,323		20,335
†Alstom		1,670		38,558
Alten		826		48,487
Altran Technologies		4,400		58,288

LVIP Dimensional International Core Equity Fund—9

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
France (continued)
Arkema		1,850	$	141,438
Assystem		625		15,772
Atos		1,592		131,259
AXA		8,478		167,632
BioMerieux		214		28,997
BNP Paribas		4,975		218,181
Boiron		217		16,997
Bollore		10,668		35,914
Bonduelle		350		8,421
Bourbon		296		3,436
Bouygues		3,777		108,205
Bureau Veritas		2,471		51,879
Cap Gemini		406		35,035
Carrefour		5,192		127,701
Casino Guichard Perrachon		1,622		90,035
†Cegedim		412		12,560
Cegid Group		348		23,380
†CGG		24,024		16,872
Chargeurs		1,133		12,523
Christian Dior		229		36,684
Cie de Saint-Gobain		4,632		175,579
Cie des Alpes		539		11,108
Cie Generale des Etablissements Michelin		3,306		311,559
CNP Assurances		2,915		43,007
†Coface		2,535		17,149
Credit Agricole		2,846		23,926
Danone		1,243		86,988
Dassault Systemes		720		54,285
Derichebourg		4,013		10,267
Devoteam		373		17,799
Edenred		3,400		69,619
Eiffage		1,061		75,427
Electricite de France		4,795		58,140
#Elior Participations 144A		2,525		54,790
Engie		8,948		143,675
Essilor International		545		71,629
†Etablissements Maurel et Prom		1,407		4,535
Euler Hermes Group		548		45,510
Eurofins Scientific		92		34,083
#Euronext 144A		1,225		44,939
Eutelsat Communications		3,683		69,517
Faiveley Transport		309		30,193
Faurecia		2,043		64,860
†Futuren		15,171		11,943
Gaztransport Et Technigaz		801		24,282
GL Events		693		11,536
Groupe Crit		166		11,051
Groupe Eurotunnel		4,235		44,733
†Groupe Fnac		298		15,976
Guerbet		218		13,303
Havas		4,643		35,811

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
France (continued)
Hermes International		73	$	27,213
Iliad		164		33,106
Imerys		582		37,135
Ingenico Group		451		52,273
Interparfums		513		12,845
Ipsen		355		21,751
IPSOS		1,469		41,812
Jacquet Metal Service		688		9,016
JCDecaux		423		14,262
Kering		243		39,119
Korian		775		25,042
Lagardere		5,677		123,486
†Le Noble Age		292		9,410
Lectra		805		12,337
Legrand		1,117		57,181
LISI		866		21,955
L’Oreal		414		79,262
LVMH Moet Hennessy Louis Vuitton		1,061		159,930
Manitou BF		108		1,645
Metropole Television		954		15,861
MGI Coutier		593		13,472
Natixis		6,691		25,177
†Naturex		119		9,469
Neopost		851		19,505
†Nexans		689		28,809
Nexity		669		33,842
†Nicox		1		11
Numericable-SFR		770		19,242
Oeneo		1,987		16,714
Orange		16,320		265,371
Orange ADR		1,900		31,198
Orpea		633		51,904
Pernod Ricard		275		30,447
†Peugeot		9,068		108,690
Plastic Omnium		1,106		30,919
Plastivaloire		178		18,094
Publicis Groupe		1,360		90,987
Rallye		599		10,283
Remy Cointreau		183		15,753
Renault		2,311		174,475
Rexel		7,068		88,862
Rothschild		861		20,481
Rubis		642		49,078
Safran		1,748		117,713
Saft Groupe		599		24,247
Sanofi		4,112		341,636
Sartorius Stedim Biotech		594		40,055
Savencia		172		10,510
Schneider Electric		2,744		160,087
SCOR		3,162		93,485
SEB		610		73,551
†Sequana		2,004		4,637

LVIP Dimensional International Core Equity Fund—10

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
France (continued)
SES FDR		1,443	$	30,891
Societe BIC		209		29,447
Societe Generale		4,524		141,537
Sodexo		581		62,242
†Solocal Group		892		2,126
Somfy		32		11,364
Sopra Steria Group		236		24,325
Stef		120		8,491
STMicroelectronics		13,472		78,655
STMicroelectronics New York Shares		1,700		10,013
Suez		1,793		27,966
Synergie		481		13,762
Tarkett		680		22,167
Technicolor		4,240		26,256
Technip		2,390		129,359
Teleperformance		2,918		248,561
Television Francaise 1		2,522		26,709
Thales		671		55,723
Thermador Groupe		42		3,636
TOTAL		12,968		621,894
TOTAL ADR		6,131		294,901
Trigano		425		24,506
†UBISOFT Entertainment		6,574		239,497
Valeo		2,853		126,656
Veolia Environnement		1,881		40,619
Vicat		454		25,567
Vilmorin & Cie		152		9,824
Vinci		2,000		141,134
†Virbac		66		11,917
Vivendi		5,812		108,735
#†Worldline 144A		650		18,906
Zodiac Aerospace		286		6,672
				8,982,543
Germany–6.52%
Aareal Bank		1,864		58,854
adidas		657		94,312
†ADVA Optical Networking		937		8,038
†AIXTRON		2,094		12,768
Allianz		2,058		293,589
Amadeus Fire		168		10,629
Aurubis		454		20,645
Axel Springer		1,300		68,255
BASF		8,719		668,562
BASF ADR		500		38,350
Bauer		208		2,861
Bayer		1,392		139,805
Bayer ADR		245		24,659
Bayerische Motoren Werke		4,325		314,752
BayWa		299		8,968
Bechtle		283		29,862
Beiersdorf		317		30,012

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
Bertrandt		246	$	24,106
†Bilfinger		1,115		32,681
Brenntag		1,493		72,324
CANCOM		189		9,384
Cewe Stiftung		267		19,469
Commerzbank		4,685		30,510
CompuGroup Medical		449		18,755
Continental		453		85,720
CTS Eventim		809		24,731
Daimler		10,097		604,188
†Deutsche Bank		2,065		28,545
†Deutsche Bank		1,780		24,439
Deutsche Boerse		819		67,285
Deutsche Lufthansa		8,766		103,066
Deutsche Post		3,394		95,617
Deutsche Telekom		26,012		443,564
Deutsche Telekom ADR		4,300		73,014
Deutsche Wohnen		6,765		230,335
Deutz		5,128		21,183
†Dialog Semiconductor		1,973		59,118
DIC Asset		876		8,299
†DMG Mori		1,107		52,206
Drillisch		96		3,687
Duerr		907		68,870
E.ON		43,082		434,905
Elmos Semiconductor		625		7,699
ElringKlinger		678		13,347
Fielmann		516		37,740
Fraport Frankfurt Airport Services Worldwide		214		11,458
Freenet		1,821		46,897
Fresenius		1,630		119,768
Fresenius Medical Care		965		84,058
FUCHS PETROLUB		814		29,285
GEA Group		1,147		54,140
Gerresheimer		1,004		77,340
Gerry Weber International		1,052		12,298
Gesco		87		6,908
GFK		423		16,996
GFT Technologies		786		15,790
Grammer		283		11,444
GRENKE		8		1,397
†H&R		1,260		17,112
Hamburger Hafen und Logistik		1,312		19,639
Hannover Rueck		427		44,740
HeidelbergCement		1,268		95,521
†Heidelberger Druckmaschinen		6,414		17,750
Hella Hueck		652		20,927
Henkel		224		24,230
HOCHTIEF		171		22,078
Hornbach Baumarkt		449		12,134
HUGO BOSS		666		37,863

LVIP Dimensional International Core Equity Fund—11

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
Indus Holding		759	$	35,336
Infineon Technologies		5,788		83,789
Infineon Technologies ADR		3,600		52,272
Jenoptik		1,125		18,547
K+S		5,642		115,504
KION Group		2,068		100,232
†Kloeckner		5,682		62,813
†Koenig & Bauer		498		25,354
Krones		238		25,140
KUKA		465		55,154
KWS Saat		66		21,812
LANXESS		1,945		85,333
†LEG Immobilien		965		90,294
Leoni		1,109		30,464
Linde		1,759		245,093
MAN		287		29,291
Merck		528		53,668
METRO		5,221		160,578
MTU Aero Engines		1,455		135,938
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		794		133,150
Nemetschek		370		20,068
†Nordex		1,096		31,111
Norma Group		500		23,690
OSRAM Licht		2,305		119,761
†Paion		2,395		5,635
†PATRIZIA Immobilien		1,258		30,260
Pfeiffer Vacuum Technology		182		17,083
ProSiebenSat.1 Media		1,098		48,029
Puma		53		11,869
†QIAGEN		787		17,151
Rational		63		29,156
Rheinmetall		1,158		68,876
RHOEN-KLINIKUM		858		25,115
RTL Group		239		19,519
†RWE		16,225		258,386
SAF-Holland		1,626		18,016
Salzgitter		1,132		29,930
SAP		1,351		101,467
Schaltbau Holding		392		20,000
SHW		537		16,015
Siemens		2,682		275,230
Sixt		410		21,091
Software		1,165		39,612
STADA Arzneimittel		2,081		107,852
Stroeer		471		21,666
Suedzucker		4,652		102,463
Symrise		1,036		70,667
TAG Immobilien		2,870		37,660
Takkt		1,454		28,560
Talanx		1,300		38,718
Telefonica Deutschland Holding		1,015		4,181

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
thyssenkrupp		844	$	16,965
TLG Immobilien		545		11,462
†Tom Tailor Holding		912		3,483
United Internet		1,020		42,400
VERBIO Vereinigte BioEnergie		2,083		12,295
Volkswagen		454		60,183
Vonovia		1,414		51,631
†Vossloh		250		15,445
VTG		245		7,093
Wacker Chemie		801		70,146
Wacker Neuson		340		5,274
Washtec		578		20,220
†Wincor Nixdorf		993		53,060
XING		87		16,604
				8,924,341
nHong Kong–2.96%
AIA Group		43,600		262,198
Allied Group		4,000		20,615
Allied Properties		50,000		9,407
APT Satellite Holdings		27,500		19,326
Asia Financial Holdings		24,000		14,640
Asia Satellite Telecommunications Holdings		6,500		9,350
ASM Pacific Technology		3,100		22,290
Bank of East Asia		13,400		51,820
BOC Hong Kong Holdings		31,000		93,414
Bright Smart Securities & Commodities Group		48,000		14,227
Brightoil Petroleum Holdings		76,000		22,331
†Burwill Holdings		208,000		6,698
Cafe de Coral Holdings		6,000		18,845
Cathay Pacific Airways		26,000		38,144
Century City International Holdings		124,000		7,456
Cheung Kong Infrastructure Holdings		2,000		17,244
Cheung Kong Property Holdings		3,680		23,186
†China Energy Development Holdings		586,000		7,907
Chinese Estates Holdings		2,000		4,250
Chow Sang Sang Holdings International		15,000		26,579
Chow Tai Fook Jewellery Group		10,600		7,617
CITIC Telecom International Holdings		95,000		35,920
CK Hutchison Holdings		19,680		216,489
CK Life Sciences International Holdings		84,000		7,631
CLP Holdings		4,000		40,861
†Convoy Financial Holdings		120,000		5,540
CW Group Holdings		24,000		5,919
Dah Sing Banking Group		19,600		36,439
Dah Sing Financial Holdings		4,000		24,720
†Dragonite International		24,000		2,475
Emperor Capital Group		72,000		6,365

LVIP Dimensional International Core Equity Fund—12

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
nHong Kong (continued)
Emperor Entertainment Hotel		45,000	$	10,802
Emperor International Holdings		44,000		8,832
†Emperor Watch & Jewellery		270,000		5,959
†Esprit Holdings		62,800		46,810
Far East Consortium International		64,000		20,271
FIH Mobile		68,000		21,916
First Pacific		62,000		45,012
First Shanghai Investments		88,000		14,166
Galaxy Entertainment Group		10,000		29,920
†Get Nice Financial Group		4,800		668
Get Nice Holdings		192,000		6,614
Giordano International		64,000		29,541
†Global Brands Group Holding		140,000		12,317
Great Eagle Holdings		1,000		3,991
G-Resources Group		1,176,000		22,533
Guoco Group		2,000		21,181
Guotai Junan International Holdings		90,000		30,936
Haitong International Securities Group		40,226		24,427
Hang Lung Group		21,000		63,269
Hang Lung Properties		21,000		42,426
Hang Seng Bank		6,400		109,778
Hanison Construction Holdings		16,639		2,656
†Hao Tian Development Group		138,600		8,833
Henderson Land Development		10,150		57,335
#HK Electric Investments 144A		12,000		11,197
HKR International		45,600		18,719
HKT Trust		24,000		34,586
Hong Kong & China Gas		12,600		23,023
Hong Kong Aircraft Engineering		1,200		7,693
Hong Kong Exchanges & Clearing		2,600		63,350
Hongkong & Shanghai Hotels		34,000		34,523
Hongkong Chinese		48,000		8,716
Hopewell Holdings		8,500		27,027
Hutchison Telecommunications Hong Kong Holdings		74,000		25,067
Hysan Development		8,000		35,676
IT		32,000		9,536
Johnson Electric Holdings		9,000		20,142
K Wah International Holdings		6,000		2,987
Kerry Logistics Network		28,500		36,827
Kerry Properties		16,000		39,613
†Kingston Financial Group		128,000		58,000
†Ko Yo Chemical Group		132,000		2,453
†@=Kong Sun Holdings		175,000		8,797
Kowloon Development		26,000		24,878
Lai Sun Development		420,000		6,474
Lai Sun Garment International		71,000		9,152
Li & Fung		124,000		60,127
Lifestyle International Holdings		28,500		47,898
Lippo China Resources		350,000		9,695
Liu Chong Hing Investment		12,000		14,182
L’Occitane International		4,750		9,729

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
nHong Kong (continued)
Luk Fook Holdings International		22,000	$	48,632
Man Wah Holdings		12,400		17,890
†Mason Financial Holdings		260,000		10,121
Melco Crown Entertainment ADR		600		7,548
Melco International Development		22,000		20,636
MGM China Holdings		20,400		26,636
†Midland Holdings		30,000		8,272
Miramar Hotel & Investment		10,000		16,929
MTR		7,000		35,513
NagaCorp		106,000		70,780
New World Development		99,088		100,908
NewOcean Energy Holdings		62,000		20,361
NWS Holdings		20,185		31,950
Orient Overseas International		5,000		17,069
†@=Pacific Andes International Holdings		338,000		6,361
Pacific Textiles Holdings		12,000		14,992
PCCW		28,000		18,815
Pico Far East Holdings		58,000		16,373
Playmates Holdings		6,000		7,876
Polytec Asset Holdings		85,000		5,588
Power Assets Holdings		5,000		45,973
Prada		4,700		14,555
Public Financial Holdings		24,000		10,345
Regal Hotels International Holdings		18,000		8,863
Samsonite International		10,800		29,904
Sands China		6,800		23,011
SEA Holdings		4,000		9,677
Shangri-La Asia		32,000		32,128
Shenwan Hongyuan		20,000		10,259
Shun Tak Holdings		36,000		11,389
Singamas Container Holdings		72,000		6,908
Sino Land		24,000		39,516
Sitoy Group Holdings		26,000		10,490
SJM Holdings		59,000		36,126
SmarTone Telecommunications Holdings		14,500		25,908
Stella International Holdings		12,500		22,131
Sun Hung Kai		29,000		17,075
Sun Hung Kai Properties		11,000		132,758
Swire Pacific		17,500		34,686
Swire Pacific Class A		6,500		73,458
Tao Heung Holdings		2,000		473
Techtronic Industries		7,500		31,320
Television Broadcasts		7,200		24,714
Texwinca Holdings		16,000		11,880
Transport International Holdings		6,400		16,785
Tsui Wah Holdings		20,000		3,288
†United Laboratories International Holdings		36,000		14,292
†United Photovoltaics Group		142,000		10,895
Value Partners Group		26,000		24,076
Varitronix International		21,000		11,173

LVIP Dimensional International Core Equity Fund—13

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
nHong Kong (continued)
Victory City International Holdings		87,604	$	4,421
Vitasoy International Holdings		20,000		36,383
VST Holdings		32,000		9,128
VTech Holdings		3,000		31,627
#WH Group 144A		109,000		86,327
Wharf Holdings		11,000		67,128
Wheelock		13,000		61,069
Wing On International		3,000		8,684
Wing Tai Properties		16,000		8,821
Wynn Macau		17,200		24,924
Xinyi Glass Holdings		48,000		35,505
Yue Yuen Industrial Holdings		15,500		61,431
				4,052,917
Ireland–0.64%
†Bank of Ireland		303,755		62,619
C&C Group		7,910		31,024
CRH ADR		7,167		212,000
Glanbia		2,358		44,302
Irish Continental Group		3,656		17,040
Kerry Group Class A		693		61,461
Kingspan Group		4,086		88,422
Paddy Power Betfair		1,289		135,469
Paddy Power Betfair		643		67,635
Smurfit Kappa Group		7,455		164,147
				884,119
Israel–0.63%
†Airport City		1,223		11,974
Azrieli Group		365		15,521
Bank Hapoalim		6,027		30,363
†Bank Leumi Le-Israel		8,582		30,133
Bezeq The Israeli Telecommunication		18,168		35,990
†Cellcom Israel		2,790		18,650
Delek Group		225		43,802
Elbit Systems		270		24,450
Elbit Systems		192		17,462
Electra		116		14,308
First International Bank Of Israel		2,821		34,512
Frutarom Industries		1,025		47,321
Harel Insurance Investments & Financial Services		2,849		9,951
Israel Chemicals		3,628		14,135
†Israel Discount Bank Class A		13,543		23,322
†Jerusalem Oil Exploration		498		19,420
†Kamada		634		2,345
Matrix IT		1,514		9,683
Melisron		262		10,532
Mizrahi Tefahot Bank		3,768		43,448
†Naphtha Israel Petroleum		2,641		12,940
Nice ADR		489		31,223
†Oil Refineries		40,638		14,331

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Israel (continued)
†Partner Communications		2,962	$	13,569
Paz Oil		143		22,972
Shikun & Binui		16,387		27,929
Shufersal		5,699		19,034
Strauss Group		436		6,856
Teva Pharmaceutical Industries ADR		5,149		258,634
				864,810
Italy–2.36%
A2A		23,544		30,872
ACEA		861		10,444
Amplifon		2,061		19,289
#Anima Holding 144A		1,556		7,336
Ascopiave		4,301		12,887
Assicurazioni Generali		17,818		210,117
Astaldi		1,991		8,066
Atlantia		2,932		73,256
Autogrill		2,409		19,476
Azimut Holding		1,440		23,495
†Banca Carige		7,846		3,217
Banca Generali		1,077		21,587
Banca IFIS		715		14,484
Banca Mediolanum		4,999		34,311
†Banca Monte dei Paschi di Siena		9,944		4,237
Banca Popolare dell’Emilia Romagna		17,783		65,289
Banca Popolare di Milano		42,864		17,620
Banca Popolare di Sondrio		11,398		29,303
Banco Popolare		41,123		98,667
Brembo		539		29,691
Buzzi Unicem		630		11,040
Cementir Holding		2,477		9,919
CIR-Compagnie Industriali Riunite		21,107		22,824
CNH Industrial		14,972		108,602
Credito Emiliano		2,363		14,339
Credito Valtellinese		15,151		6,928
Danieli & C Officine Meccaniche		586		10,444
Datalogic		1,125		18,125
Davide Campari-Milano		5,578		55,214
De’ Longhi		2,087		49,732
DiaSorin		536		32,778
†Ei Towers		275		13,954
Enel		59,261		263,086
†Engineering		193		14,120
Eni		7,538		121,416
ERG		2,382		27,168
Esprinet		1,533		8,806
Ferrari		2,515		103,247
Fiat Chrysler Automobiles		25,152		154,822
FinecoBank Banca Fineco		3,229		21,088
Geox		789		2,446
Hera		10,732		29,292
Industria Macchine Automatiche		275		16,554

LVIP Dimensional International Core Equity Fund—14

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Italy (continued)
Interpump Group		2,344	$	36,725
Intesa Sanpaolo		63,077		120,143
Iren		9,672		14,908
†Italcementi		13,188		154,550
Italmobiliare		357		12,511
†Leonardo-Finmeccanica		7,069		71,486
Luxottica Group		774		37,723
MARR		652		12,357
Mediaset		26,891		94,039
Mediobanca		4,541		26,164
Moncler		1,529		24,139
Parmalat		4,463		11,599
Piaggio & C		5,671		9,959
Prysmian		2,264		49,693
Recordati		1,750		52,639
Reply		121		15,442
†Rizzoli Corriere Della Sera Mediagroup		1,704		1,527
†Saipem		248,216		99,244
Salini Impregilo		8,251		23,416
Salvatore Ferragamo		950		19,365
Saras		10,625		18,467
Snam		8,671		51,839
Societa Cattolica di Assicurazioni		3,755		23,799
Societa Iniziative Autostradali e Servizi		2,301		19,860
†Telecom Italia		47,131		38,709
†Telecom Italia ADR		6,900		56,373
Tenaris		1,152		16,650
Terna Rete Elettrica Nazionale		6,724		37,420
Tod’s		186		9,971
UniCredit		55,085		121,146
Unipol Gruppo Finanziario		10,854		25,558
UnipolSai		28,745		43,380
Vittoria Assicurazioni		1,077		10,386
†Yoox Net-A-Porter Group		960		22,280
				3,233,055
Japan–23.28%
77 Bank		4,000		13,998
ABC-Mart		100		6,711
Accordia Golf		900		9,423
Adastria		600		23,776
ADEKA		3,000		36,357
Aderans		1,000		4,943
Aeon		6,700		104,028
Aeon Fantasy		300		8,312
AEON Financial Service		700		15,157
Aeon Hokkaido		2,300		11,382
Aeon Mall		1,200		15,701
Ahresty		1,900		12,983
Ai Holdings		400		9,368
Aica Kogyo		800		18,283

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Aichi Bank		500	$	21,155
Aichi Steel		7,000		31,070
Aida Engineering		2,700		22,190
Ain Holdings		400		31,027
Air Water		4,000		58,855
Airport Facilities		2,000		9,759
Aisan Industry		2,000		12,941
Aisin Seiki		7,300		297,353
Ajinomoto		1,000		23,561
†Akebono Brake Industry		7,100		13,850
Alfresa Holdings		1,200		25,071
Alinco		1,600		15,017
Alpine Electronics		2,200		21,561
Alps Electric		3,300		62,694
Amada Holdings		2,000		20,304
Amano		2,700		47,032
Amiyaki Tei		300		12,778
Amuse		600		11,151
ANA Holdings		10,000		28,496
Anritsu		2,600		15,004
AOKI Holdings		1,100		11,393
Aomori Bank		3,000		8,334
Aoyama Trading		1,700		62,690
Arakawa Chemical Industries		1,000		9,209
Arata		300		6,532
Arcland Sakamoto		1,600		17,766
Arcs		700		16,710
Arisawa Manufacturing		1,300		6,633
Asahi Diamond Industrial		1,100		8,518
Asahi Glass		10,000		54,269
Asahi Group Holdings		1,400		45,269
Asahi Holdings		1,700		24,627
Asahi Intecc		1,400		68,413
Asahi Kasei		22,000		153,099
ASAHI YUKIZAI		7,000		13,114
Asante		800		11,337
Ashikaga Holdings		4,400		14,116
†Asia Growth Capital		11,000		8,426
Asia Pile Holdings		1,700		6,019
Asics		2,200		37,169
ASKA Pharmaceutical		300		5,047
ASKUL		400		14,788
Astellas Pharma		3,700		58,025
Atom		1,800		11,940
Autobacs Seven		1,000		14,174
Avex Group Holdings		1,000		11,319
Awa Bank		4,000		20,891
Axial Retailing		700		24,236
Azbil		1,200		35,340
Bandai Namco Holdings		1,300		33,548
Bando Chemical Industries		3,000		14,496
Bank of Iwate		300		11,306

LVIP Dimensional International Core Equity Fund—15

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Bank of Kochi		9,000	$	8,792
Bank of Kyoto		5,000		30,669
Bank of Nagoya		8,000		24,973
Bank of Okinawa		480		14,063
Bank of Saga		7,000		15,212
Belc		400		16,676
Benefit One		900		26,949
Benesse Holdings		1,200		28,171
Bic Camera		2,200		20,257
Biofermin Pharmaceutical		600		15,821
BML		500		22,901
Bridgestone		2,700		86,770
Brother Industries		11,500		123,353
Bunka Shutter		2,900		23,261
C Uyemura		300		12,053
Calbee		600		25,102
Calsonic Kansei		4,000		30,399
Can Do		800		12,755
Canon		2,100		59,955
Canon Marketing Japan		900		16,434
Casio Computer		2,000		28,800
Cawachi		200		4,775
Central Glass		9,000		38,694
Central Japan Railway		300		53,359
Central Sports		600		13,895
Century Tokyo Leasing		1,000		32,363
Chiba Bank		5,000		23,629
Chiba Kogyo Bank		3,800		13,785
Chiyoda Integre		500		9,256
Chubu Electric Power		2,700		38,424
Chubu Shiryo		900		6,356
Chudenko		500		10,082
Chugai Ro		3,000		6,339
Chugoku Bank		6,300		64,281
Chugoku Electric Power		1,200		15,256
Chugoku Marine Paints		2,000		12,287
Chukyo Bank		7,000		16,419
Ci:z Holdings		400		8,776
Citizen Holdings		5,600		27,256
CKD		2,700		20,193
Clarion		6,000		14,731
Cleanup		2,000		14,752
CMIC Holdings		800		12,381
Coca-Cola East Japan		500		9,570
Coca-Cola West Class C		3,100		87,670
Cocokara fine		300		15,548
COLOPL		600		11,935
Colowide		1,200		21,698
COMSYS Holdings		2,100		34,046
†Concordia Financial Group		24,869		96,042
COOKPAD		900		11,032
Cosmo Energy Holdings		1,200		14,710

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Cosmos Pharmaceutical		100	$	20,149
Create SD Holdings		400		11,347
Credit Saison		2,600		43,676
CTI Engineering		400		3,225
CyberAgent		600		36,319
Dai Nippon Printing		4,000		44,580
Dai Nippon Toryo		10,000		18,558
Daibiru		1,800		15,485
Daicel		5,400		55,955
Dai-Dan		2,000		14,778
Daido Metal		1,300		12,453
Daido Steel		7,000		23,976
Daifuku		1,500		26,865
Daihatsu Diesel Manufacturing		2,400		13,656
Daihatsu Motor		8,400		109,419
Daihen		4,000		17,520
Daiho		2,000		8,969
Daiichi Jitsugyo		3,000		12,951
Dai-ichi Life Insurance		3,600		40,300
Daiichi Sankyo		1,100		26,725
Dai-ichi Seiko Class C		300		2,858
Daiichikosho		500		20,961
Daiken		4,000		12,751
Daikin Industries		800		67,236
Daikyo		7,000		10,149
Dainichiseika Color & Chemicals Manufacturing		3,000		12,024
Daio Paper		4,000		43,575
Daisan Bank		14,000		20,734
Daiseki		500		9,670
Daishi Bank		6,000		19,151
Daito Pharmaceutical		600		16,481
Daito Trust Construction		400		64,945
Daiwa House Industry		2,200		64,607
Daiwa Securities Group		16,000		84,294
Daiwabo Holdings		4,000		8,483
DCM Holdings		2,200		18,804
DeNA		1,200		28,072
Denka		12,000		48,529
Denso		4,200		147,778
Denyo		900		9,314
Descente		1,100		11,882
DIC		2,400		50,263
Digital Garage		600		14,001
Disco		300		27,132
DMG Mori		2,800		27,015
Don Quijote Holdings		600		22,298
Dowa Holdings		7,000		36,080
DTS		1,100		20,457
Eagle Industry		1,000		11,636
Earth Chemical		300		14,456
East Japan Railway		700		64,871

LVIP Dimensional International Core Equity Fund—16

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Ebara		12,000	$	66,105
EDION		2,000		16,496
Ehime Bank		7,000		15,520
Eisai		300		16,751
Elecom		1,300		27,034
Electric Power Development		600		13,979
Elematec		100		2,012
Endo Lighting		1,600		14,396
Enplas		800		21,090
Excel		1,000		12,911
Exedy		700		14,987
Ezaki Glico		300		17,550
FamilyMart		500		30,471
FANUC		400		65,069
Fast Retailing		100		26,848
FCC		700		11,382
FIDEA Holdings		7,000		9,227
Fields		800		9,908
Financial Products Group		1,500		15,485
Foster Electric		700		11,082
FP		700		33,882
Fudo Tetra		4,900		7,397
Fuji Ehime		600		14,482
Fuji Electric		15,000		62,453
Fuji Heavy Industries		1,900		65,309
Fuji Kyuko		2,000		27,965
Fuji Media Holdings		2,300		25,861
†Fuji Oil		4,500		14,968
Fuji Oil Holdings		1,200		22,373
Fuji Seal International		300		10,603
Fuji Soft		300		7,102
Fujibo Holdings		3,000		7,240
FUJIFILM Holdings		1,500		58,201
Fujikura		24,000		110,850
Fujimi		900		13,219
Fujimori Kogyo		900		17,018
Fujisash		13,300		11,197
Fujita Kanko		1,000		3,703
Fujitec		1,500		12,953
Fujitsu		32,000		117,674
Fujitsu Frontech		700		6,517
Fujitsu General		3,000		66,818
Fukui Bank		8,000		17,751
Fukuoka Financial Group		13,000		42,864
Fukushima Industries		700		20,633
Fukuyama Transporting		3,000		15,782
Furukawa		8,000		11,294
Furukawa Electric		21,000		48,657
Fuso Chemical		1,200		17,204
Fuso Pharmaceutical Industries		6,000		16,024
Futaba		700		13,335
Futaba Industrial		1,700		7,997

	Number of		Value
	Shares		(U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Future Architect		2,000	$	14,640
Fuyo General Lease		600		24,378
G-7 Holdings		800		9,294
Gakken Holdings		6,000		14,619
Gecoss		900		8,776
Geo Holdings		1,000		13,457
Giken		800		14,935
Glory		1,200		32,651
GMO internet		1,300		13,547
GMO Payment Gateway		100		5,684
†Gree		3,000		17,003
GS Yuasa		20,000		76,706
G-Tekt		1,000		12,227
Gulliver International		1,100		9,029
Gun-Ei Chemical Industry		4,000		10,860
GungHo Online Entertainment		9,800		26,554
Gunma Bank		14,000		50,841
Gunze		3,000		8,380
H2O Retailing		2,100		28,355
Hachijuni Bank		8,400		36,584
Hakuto		900		7,495
Hamakyorex		1,000		18,484
Hamamatsu Photonics		400		11,224
Hankyu Hanshin Holdings		8,000		59,652
Hanwa		5,000		26,122
Happinet		1,100		9,183
Haseko		5,800		58,393
Hazama Ando		5,500		30,550
Heiwa		2,100		42,595
Heiwa Real Estate		700		8,903
Heiwado		1,100		21,420
Hibiya Engineering		900		13,338
Hikari Tsushin		300		25,132
HI-LEX		900		21,138
Hino Motors		3,000		29,880
Hioki EE		100		1,894
Hirose Electric		200		24,593
Hiroshima Bank		8,000		26,731
HIS		1,000		32,295
Hitachi		96,000		402,226
Hitachi ADR		1,000		41,560
Hitachi Capital		1,400		27,786
Hitachi Chemical		2,100		39,220
Hitachi Construction Machinery		2,500		36,490
Hitachi High-Technologies		300		8,210
Hitachi Koki		400		2,392
Hitachi Kokusai Electric		2,000		33,493
Hitachi Metals		6,200		62,987
Hitachi Transport System		1,900		31,257
Hitachi Zosen		8,800		42,574
Hochiki		1,300		14,332
Hogy Medical		200		13,920

LVIP Dimensional International Core Equity Fund—17

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Hokkaido Electric Power		3,100	$	25,182
Hokkoku Bank		7,000		18,936
Hokuetsu Industries		2,000		11,207
Hokuetsu Kishu Paper		3,200		22,011
Hokuhoku Financial Group		41,000		46,696
Hokuriku Electric Power		2,700		33,456
Hokuto		600		11,035
Honda Motor		6,100		153,020
Honda Motor ADR		4,400		111,452
Horiba		600		26,399
Hosokawa Micron		2,000		10,295
Hoya		1,200		42,859
Hyakugo Bank		7,000		24,163
Hyakujushi Bank		8,000		23,305
Ibiden		2,800		31,658
IBJ Leasing		900		15,543
Ichibanya		600		20,851
Ichiken		4,000		10,271
Ichinen Holdings		1,200		10,789
Idec		2,000		17,708
Idemitsu Kosan		3,800		82,498
Ihara Chemical Industry		1,000		10,411
IHI		51,000		137,470
Iida Group Holdings		1,000		20,479
Iino Kaiun Kaisha		5,000		18,497
Imasen Electric Industrial		600		4,961
Inaba Denki Sangyo		400		13,700
Inabata		300		2,723
Inageya		600		7,925
Information Services International-Dentsu		900		14,061
Intage Holdings		1,000		15,108
Internet Initiative Japan		1,000		20,486
Inui Global Logistics		1,400		12,547
Iriso Electronics		400		22,330
Iseki		7,000		15,292
Isetan Mitsukoshi Holdings		3,600		32,043
†Ishihara Sangyo Kaisha		16,000		9,430
Isuzu Motors		11,100		136,719
IT Holdings		4,500		103,639
Ito En		800		30,991
ITOCHU		6,700		81,963
Itochu Enex		2,400		21,297
Itochu Techno-Solutions		300		6,463
Itochu-Shokuhin		300		12,007
Iwatani		5,000		28,363
Iyo Bank		6,200		37,973
Izumi		400		15,583
J Front Retailing		4,900		50,805
J Trust		1,600		11,748
Jaccs		7,000		30,705
Jalux		300		5,021

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Jamco		400	$	7,326
†Janome Sewing Machine		1,000		5,536
Japan Airlines		400		12,869
Japan Airport Terminal		500		18,141
Japan Aviation Electronics Industry		2,000		27,588
†Japan Display		9,800		15,943
Japan Drilling		300		6,453
Japan Exchange Group		2,800		32,238
Japan Pulp & Paper		4,000		12,814
Japan Radio		3,000		7,576
Japan Securities Finance		4,300		16,299
Japan Steel Works		7,000		31,996
Japan Tobacco		3,100		124,937
Japan Wool Textile		3,000		20,707
JCU		300		9,256
Jeol		3,000		11,490
JFE Holdings		11,200		146,106
JGC		3,000		42,947
Jimoto Holdings		7,400		10,211
Jin		200		7,849
Joshin Denki		2,000		16,847
Joyo Bank		17,000		63,553
JSR		3,600		47,675
JTEKT		6,700		75,941
Juki		2,600		23,337
Juroku Bank		8,000		21,196
JVC Kenwood		4,200		8,633
JX Holdings		39,100		152,620
K&O Energy Group		900		11,430
kabu.com Securities		7,000		22,678
Kaga Electronics		1,200		13,580
Kagome		500		13,224
Kakaku.com		2,700		53,648
Kaken Pharmaceutical		300		19,669
Kakiyasu Honten		700		12,478
Kamei		1,600		12,812
Kamigumi		1,000		9,243
Kanagawa Chuo Kotsu		2,000		11,301
Kanamoto		900		17,538
Kandenko		2,000		16,360
Kaneka		6,000		40,034
Kanematsu		19,000		30,025
†Kansai Electric Power		3,000		29,218
Kansai Paint		1,000		20,190
Kansai Urban Banking		1,000		8,736
Kanto Denka Kogyo		2,000		19,747
Kao		2,500		145,605
Kasai Kogyo		1,400		12,702
Kato Sangyo		400		9,377
Kato Works		2,000		7,722
KAWADA TECHNOLOGIES		500		16,483

LVIP Dimensional International Core Equity Fund—18

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Kawai Musical Instruments Manufacturing		900	$	17,314
Kawasaki Heavy Industries		23,000		64,852
Kawasaki Kisen Kaisha		22,000		51,857
KDDI		3,700		112,516
Keihan Electric Railway		11,000		76,223
Keihin		1,000		15,430
Keikyu		5,000		50,315
Keio		5,000		47,164
Keisei Electric Railway		1,000		12,890
Keiyo		2,300		11,686
Keiyo Bank		6,000		22,526
Kewpie		1,700		54,225
Key Coffee		700		12,899
Keyence		100		68,233
Kinden		2,300		24,897
Kintetsu Group Holdings		7,000		29,956
Kintetsu World Express		1,000		12,115
Kinugawa Rubber Industrial		3,000		22,707
Kirin Holdings		3,600		60,718
Kitagawa Iron Works		6,000		9,860
Kita-Nippon Bank		400		9,778
Kito		700		5,558
Kitz		300		1,424
Kiyo Bank		3,000		37,248
Koatsu Gas Kogyo		2,000		11,812
Kobe Steel		123,000		101,091
Kohnan Shoji		1,200		22,232
Koito Manufacturing		500		23,022
Kokusai		1,000		8,189
Kokuyo		1,500		21,368
Komatsu		4,800		83,384
Komehyo		600		5,914
Komeri		700		18,253
Komori		1,800		20,148
Konami Holdings		1,000		38,150
Konica Minolta		8,200		59,733
Konishi		1,200		15,458
Konoike Transport		600		6,245
Kose		200		16,948
Koshidaka Holdings		900		18,754
Kotobuki Spirits		500		16,637
Kourakuen Holdings		500		7,451
K’s Holdings		1,800		33,591
Kubota		2,500		33,813
Kubota ADR		300		19,989
Kumagai Gumi		11,000		31,176
Kurabo Industries		8,000		14,196
Kuraray		3,300		39,374
Kureha		7,000		24,569
Kurita Water Industries		1,100		24,521
Kuroda Electric		1,300		22,329

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
KYB		11,000	$	35,645
Kyocera		1,100		52,341
Kyocera ADR		473		22,543
Kyodo Printing		4,000		12,261
Kyoei Steel		1,000		15,213
Kyokuto Kaihatsu Kogyo		1,200		11,276
Kyokuyo		5,000		12,637
KYORIN Holdings		1,800		35,296
Kyoritsu Maintenance		200		13,394
Kyosan Electric Manufacturing		4,000		13,007
Kyudenko		1,000		29,599
Kyushu Electric Power		1,800		18,053
Kyushu Financial Group		2,100		10,409
Lasertec		1,200		14,667
Lawson		400		31,934
Leopalace21		5,400		37,930
Life		200		5,399
Lintec		900		17,625
Lion		2,000		32,999
LIXIL Group		2,900		47,623
M3		1,200		41,880
Maeda		2,000		15,652
Maeda Kosen		900		8,477
Maeda Road Construction		1,000		17,081
Makino Milling Machine		2,000		10,221
Makita		500		33,199
Mandom		300		13,807
Marubeni		18,500		83,578
Marudai Food		4,000		19,066
Maruha Nichiro		1,700		46,336
Marui Group		1,800		24,231
Marusan Securities		1,100		9,462
Maruwa Aichi		500		14,693
Maruzen Showa Unyu		2,000		7,336
Matsuda Sangyo		1,000		12,303
Matsui Construction		1,800		19,069
Matsumotokiyoshi Holdings		400		19,555
Max		2,000		22,727
Mazda Motor		10,300		136,303
Medipal Holdings		1,300		21,373
Megmilk Snow Brand		700		24,422
Meidensha		5,000		16,263
MEIJI Holdings		200		20,551
Meisei Industrial		2,100		9,075
Meitec		600		20,395
Michinoku Bank		6,000		10,452
Micronics Japan		1,200		10,681
Mie Bank		6,000		10,385
Milbon		400		18,036
Minebea		7,500		50,954
Miraca Holdings		1,000		43,368
Mirait Holdings		3,500		34,410

LVIP Dimensional International Core Equity Fund—19

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Misawa Homes		1,400	$	9,481
MISUMI Group		2,600		46,942
Mitani		600		16,268
Mitsuba		2,400		25,883
Mitsubishi		11,700		206,006
Mitsubishi Chemical Holdings		29,800		136,603
Mitsubishi Electric		28,000		334,274
Mitsubishi Estate		3,000		55,028
Mitsubishi Gas Chemical		12,000		62,603
Mitsubishi Heavy Industries		37,000		148,785
Mitsubishi Logistics		1,000		13,990
Mitsubishi Materials		27,000		64,648
Mitsubishi Motors		21,200		97,866
Mitsubishi Nichiyu Forklift		3,300		18,573
†Mitsubishi Paper Mills		21,000		14,515
Mitsubishi Shokuhin		500		13,117
Mitsubishi Steel Manufacturing		6,000		9,062
Mitsubishi Tanabe Pharma		2,900		52,398
Mitsubishi UFJ Financial Group		74,900		335,766
Mitsubishi UFJ Financial Group ADR		35,500		157,265
Mitsubishi UFJ Lease & Finance		9,400		36,120
Mitsuboshi Belting		2,000		15,594
Mitsui		8,000		95,497
Mitsui Chemicals		42,000		154,340
Mitsui Engineering & Shipbuilding		46,000		63,390
Mitsui Fudosan		3,000		68,852
Mitsui Home		3,000		12,677
Mitsui Matsushima		14,000		13,973
Mitsui Mining & Smelting		14,000		23,370
Mitsui OSK Lines		25,000		53,163
Mitsui-Soko Holdings		5,000		13,380
†Mitsumi Electric		4,800		19,362
Miyazaki Bank		5,000		12,462
Mizuho Financial Group		125,400		180,458
Mizuho Financial Group ADR		5,700		16,245
Mizuno		3,000		14,076
Mochida Pharmaceutical		300		24,242
Modec		900		13,816
Monogatari		100		5,101
MonotaRO		700		23,143
Morinaga		3,000		18,915
Morinaga Milk Industry		5,000		34,982
Morita Holdings		1,100		14,528
MS&AD Insurance Group Holdings		1,800		46,638
Murata Manufacturing		700		78,480
Musashi Seimitsu Industry		800		15,648
Musashino Bank		700		15,873
Nabtesco		2,000		47,720
Nachi-Fujikoshi		8,000		24,390
Nagano Bank		8,000		14,908
Nagase		4,700		51,988
Nagatanien Holdings		2,000		23,767

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Nagoya Railroad		4,000	$	22,538
†Nakayama Steel Works		17,000		8,318
Nankai Electric Railway		6,000		33,833
Nanto Bank		6,000		19,145
NEC		47,000		109,504
NEC Capital Solutions		700		9,609
NEC Networks & System Integration		800		14,163
NET One Systems		4,000		23,041
Next		1,800		16,110
NGK Insulators		2,000		40,435
NGK Spark Plug		2,000		30,190
NH Foods		6,000		146,964
NHK Spring		5,300		43,014
Nichias		2,000		15,309
Nichiban		3,000		22,578
Nichiha		1,000		15,803
Nichi-iko Pharmaceutical		600		12,261
Nichirei		11,000		101,484
Nichireki		2,000		12,441
Nichirin		1,000		12,392
Nidec		300		22,837
Nidec ADR		1,000		18,800
Nifco		600		31,459
Nihon Dempa Kogyo		1,200		9,996
Nihon House Holdings		2,600		8,004
Nihon M&A Center		600		38,971
Nihon Nohyaku		2,400		10,816
Nihon Parkerizing		1,800		18,936
Nihon Unisys		3,000		37,093
Nikkiso		3,300		21,336
Nikkon Holdings		1,400		25,156
Nikon		3,100		41,973
Nintendo		300		43,110
Nippo		3,000		51,031
Nippon Beet Sugar Manufacturing		10,000		17,856
Nippon Carbide Industries		8,000		10,903
Nippon Carbon		4,000		7,586
Nippon Chemi-Con		6,000		7,337
Nippon Chemiphar		3,000		13,484
Nippon Coke & Engineering		18,200		11,058
Nippon Denko		4,300		6,575
Nippon Densetsu Kogyo		1,000		16,827
Nippon Electric Glass		16,000		66,792
Nippon Express		8,000		36,558
Nippon Flour Mills		2,000		15,629
Nippon Gas		1,200		26,085
Nippon Hume		2,000		10,527
Nippon Kayaku		3,000		29,741
Nippon Koei		4,000		12,127
Nippon Light Metal Holdings		22,200		49,297
Nippon Paper Industries		2,400		41,907
Nippon Pillar Packing		1,300		11,674

LVIP Dimensional International Core Equity Fund—20

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Nippon Road		3,000	$	11,546
†Nippon Sheet Glass		39,000		24,563
Nippon Shokubai		600		34,510
Nippon Signal		1,200		9,378
Nippon Soda		4,000		16,129
Nippon Steel & Sumikin Bussan		4,000		12,926
Nippon Steel & Sumitomo Metal		14,900		288,459
Nippon Suisan Kaisha		7,700		39,544
Nippon Synthetic Chemical Industry		3,000		15,259
Nippon Telegraph & Telephone		1,500		70,342
Nippon Valqua Industries		4,000		10,196
Nippon Yakin Kogyo		5,800		6,746
Nippon Yusen		36,000		63,333
Nipro		3,700		45,967
Nishimatsu Construction		8,000		37,295
Nishi-Nippon City Bank		6,000		10,541
Nishi-Nippon Railroad		5,000		25,947
Nishio Rent All		700		14,319
Nissan Chemical Industries		2,100		61,272
Nissan Motor		25,200		224,893
Nissan Shatai		1,200		12,033
Nissei ASB Machine		400		6,666
Nissei Build Kogyo		3,000		15,503
Nissha Printing		1,200		22,026
Nisshin Fudosan		4,200		14,668
Nisshin Oillio Group		3,000		13,763
Nisshin Seifun Group		700		11,252
Nisshin Steel		6,000		76,930
Nisshinbo Holdings		3,300		29,899
Nissin		5,000		14,961
Nissin Kogyo		900		11,527
Nitori Holdings		400		48,514
Nittetsu Mining		3,000		9,723
Nitto Boseki		4,000		13,522
Nitto Denko		1,400		88,808
Nitto Kogyo		1,100		13,676
Nittoc Construction		3,400		12,993
NOF		7,000		58,100
Nohmi Bosai		900		12,056
Nojima		1,000		16,481
NOK		3,400		57,819
Nomura Holdings		22,900		81,445
Nomura Holdings ADR		8,400		29,484
Nomura Real Estate Holdings		2,700		47,180
Noritake		7,000		15,956
Noritz		600		10,716
North Pacific Bank		4,700		12,795
NS Solutions		400		6,165
NS United Kaiun Kaisha		7,000		8,876
NSD		900		14,340
NSK		12,500		91,499
NTN		12,000		32,380

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
NTT Data		1,200	$	56,674
NTT DOCOMO		4,000		107,874
NTT DOCOMO ADR		1,000		27,010
NTT Urban Development		1,900		20,426
NuFlare Technology		400		19,067
Obara Group		900		33,463
Obayashi		6,300		67,076
Obayashi Road		2,000		12,481
Ogaki Kyoritsu Bank		9,000		24,907
Ohashi Technica		1,100		13,076
Ohsho Food Service		100		3,600
Oji Holdings		9,000		34,551
Okabe		1,500		10,672
Okasan Securities Group		4,000		17,898
Oki Electric Industry		37,000		49,498
Okinawa Cellular Telephone		800		23,568
Okinawa Electric Power		1,350		28,308
OKUMA		3,000		19,721
Okumura		4,000		22,116
Okuwa		2,000		20,853
Olympus		400		14,937
Omron		1,200		39,169
Onward Holdings		4,000		24,955
Open House		1,000		27,392
Optex		400		10,317
Oracle Japan		500		26,662
Organo		3,000		11,288
Oriental Land		200		12,950
Osaka Gas		8,000		30,756
Osaka Soda		4,000		16,051
Osaka Steel		700		12,174
OSAKA Titanium Technologies		800		9,805
Osaki Electric		2,000		15,417
OSG		2,400		39,980
OSJB Holdings		3,400		6,235
Otsuka		300		14,028
Otsuka Holdings		600		27,650
Pacific Industrial		1,500		13,747
†Pacific Metals		5,000		13,634
Pack		700		17,956
Pal		1,100		25,934
PALTAC		600		12,182
PanaHome		1,000		7,916
Panasonic		27,100		233,156
Panasonic ADR		4,000		34,600
Paramount Bed Holdings		600		30,456
Parco		1,200		9,622
Park24		600		20,619
Pasona Group		500		3,453
Penta-Ocean Construction		9,300		49,176
Pigeon		1,300		38,863
Pilot		400		17,239

LVIP Dimensional International Core Equity Fund—21

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Piolax		300	$	13,992
†Pioneer		9,100		15,977
Plenus		1,000		16,245
Press Kogyo		4,300		14,282
Pressance		500		18,915
Prima Meat Packers		5,000		15,087
Proto		700		8,144
Raito Kogyo		2,000		20,890
Rakuten		2,100		22,792
Relo Holdings		200		35,398
Rengo		11,000		71,148
Resona Holdings		21,200		77,484
Resorttrust		1,100		23,762
Ricoh		13,800		119,625
Ricoh Leasing		800		20,453
Riken		3,000		9,237
Riken Technos		700		2,916
Riken Vitamin		500		23,161
Riso Kagaku		700		9,238
Rohm		800		31,576
Rohto Pharmaceutical		1,000		15,240
Roland DG		400		7,123
Round One		5,000		40,070
Royal Holdings		400		7,128
Ryobi		3,000		12,462
Ryoden Trading		2,000		12,281
Ryohin Keikaku		100		24,370
Ryosan		800		19,117
Sac’s Bar Holdings		900		8,805
Saibu Gas		5,000		12,143
Saizeriya		600		10,721
Sakata INX		1,200		13,788
Sala		100		571
SAMTY		900		8,455
San-Ai Oil		200		1,135
Sanden Holdings		5,000		13,559
San-In Godo Bank		3,300		21,547
Sanken Electric		7,000		21,703
Sankyo		600		22,496
Sankyu		7,000		37,574
Sanoh Industrial		1,700		9,085
Sanrio		800		14,244
Sanshin Electronics		1,200		9,757
Santen Pharmaceutical		900		14,145
Sanwa Holdings		5,400		49,086
Sanyo Chemical Industries		1,000		7,751
Sanyo Denki		2,000		9,047
Sanyo Electric Railway		3,000		14,677
Sanyo Shokai		5,000		9,406
Sanyo Special Steel		3,000		13,394
Sanyo Trading		500		5,759
Sapporo Holdings		1,800		52,014

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Sato Holdings		800	$	14,993
Sawada Holdings		1,600		14,144
Sawai Pharmaceutical		300		23,256
Saxa Holdings		7,000		13,035
SBI Holdings		5,500		54,770
SBS Holdings		1,000		7,202
SCREEN Holdings		5,000		54,421
SCSK		300		11,238
Secom		200		14,787
Sega Sammy Holdings		1,800		19,386
Seibu Holdings		600		10,162
Seikagaku		1,300		20,242
Seikitokyu Kogyo		1,000		4,729
Seiko Epson		3,200		51,301
Seiko Holdings		6,000		18,021
Seino Holdings		3,500		32,086
Seiren		1,200		11,352
Sekisui Chemical		4,300		52,979
Sekisui House		3,100		54,287
Sekisui Plastics		5,000		15,646
Senko		5,000		30,110
Senshu Ikeda Holdings		2,900		10,809
Senshukai		1,500		9,901
Septeni Holdings		800		29,302
Seria		400		33,106
Seven & i Holdings		2,700		113,206
Seven Bank		3,500		10,864
Shibuya		600		9,894
Shiga Bank		3,000		12,860
Shikoku Bank		8,000		15,672
Shikoku Chemicals		2,000		15,632
Shikoku Electric Power		1,800		21,322
Shima Seiki Manufacturing		1,200		23,207
Shimachu		500		10,893
Shimano		200		30,580
Shimizu		2,000		18,738
Shimizu Bank		400		8,724
Shindengen Electric Manufacturing		3,000		9,526
Shin-Etsu Chemical		2,000		117,177
Shinko Electric Industries		4,100		20,082
Shinko Plantech		1,300		9,730
Shinko Shoji		1,100		10,466
Shinmaywa Industries		3,000		18,620
Shinnihon		2,400		15,776
Shinsei Bank		26,000		37,882
Shinwa		400		5,295
Ship Healthcare Holdings		1,100		34,236
Shizuoka Bank		4,000		28,170
Shizuoka Gas		1,300		9,160
Showa		1,900		10,668
Showa Denko		3,700		34,881
Showa Sangyo		3,000		12,733

LVIP Dimensional International Core Equity Fund—22

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Siix		600	$	20,668
Sinfonia Technology		6,000		9,779
SKY Perfect JSAT Holdings		8,900		41,168
SMC		100		24,603
SMK		2,000		6,888
Sodick		2,000		15,472
SoftBank Group		4,000		226,208
Sogo Medical		400		14,789
Sojitz		48,600		115,159
Sompo Japan Nipponkoa Holdings		1,200		31,935
Sony		10,700		315,243
Sony Financial Holdings		800		9,045
Sotetsu Holdings		5,000		28,081
Sparx Group		5,300		9,629
Square Enix Holdings		800		25,970
St Marc Holdings		900		27,234
Stanley Electric		2,600		55,526
Star Micronics		1,000		10,546
Start Today		700		37,001
Starts		1,200		23,817
Starzen		400		14,734
Studio Alice		300		7,042
Sumco		6,200		39,719
Sumida		1,300		8,652
Suminoe Textile		5,000		9,372
Sumitomo		4,700		47,376
Sumitomo Bakelite		4,000		18,553
Sumitomo Chemical		49,000		202,177
Sumitomo Dainippon Pharma		1,000		17,333
Sumitomo Densetsu		900		9,804
Sumitomo Electric Industries		18,800		248,826
Sumitomo Forestry		2,700		36,645
Sumitomo Heavy Industries		14,000		61,501
Sumitomo Metal Mining		6,000		61,034
Sumitomo Mitsui Construction		36,500		30,862
Sumitomo Mitsui Financial Group		7,900		228,113
Sumitomo Mitsui Trust Holdings		13,000		42,300
Sumitomo Osaka Cement		13,000		55,783
Sumitomo Realty & Development		1,000		27,117
Sumitomo Riko		1,300		10,416
Sumitomo Rubber Industries		5,000		66,940
Sumitomo Seika Chemicals		2,000		11,142
Sumitomo Warehouse		5,000		24,890
Sun Frontier Fudousan		1,300		13,289
Sundrug		200		18,779
Suntory Beverage & Food		600		27,151
Suruga Bank		1,300		29,379
Suzuken Aichi		1,600		50,362
Suzuki Motor		1,500		40,617
†SWCC Showa Holdings		16,000		8,785
Sysmex		900		61,973
T Hasegawa		800		14,180

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
T RAD		8,000	$	13,758
T&D Holdings		3,900		33,119
T&K Toka		1,200		8,764
Tabuchi Electric		1,600		5,545
Tachibana Eletech		1,300		13,601
Tadano		3,000		25,049
Taiheiyo Cement		34,000		80,531
Taiho Kogyo		900		9,273
Taiko Bank		6,000		10,618
Taiyo Holdings		300		9,282
Taiyo Nippon Sanso		5,600		51,470
Taiyo Yuden		4,500		39,276
Takara Leben		1,900		14,561
Takasago International		600		16,162
Takashimaya		4,000		28,650
†Takata		1,700		6,568
Takeda Pharmaceutical		2,800		120,759
Takeei		900		8,190
Takeuchi Manufacturing		1,800		23,445
Takiron		4,000		17,851
Takuma		1,000		8,873
Tamron		700		9,388
Tamura		4,000		11,525
Tatsuta Electric Wire & Cable		3,600		10,119
TDK		1,700		95,160
TDK ADR		200		11,152
Teijin		30,000		99,406
Temp Holdings		1,500		25,989
Terumo		500		21,338
THK		2,300		39,202
Toa Hyogo		1,000		8,951
TOA ROAD		3,000		7,822
Toa Tokyo		6,000		9,569
Toagosei		2,600		23,987
Tobu Railway		9,000		49,397
Tocalo		600		9,723
Tochigi Bank		4,000		13,822
Toda		4,000		17,305
Toei		1,000		9,403
Toenec		3,000		15,232
Toho		300		7,037
Toho Bank		4,000		12,393
Toho Gas		4,000		32,731
Toho Holdings		1,000		24,097
Toho Titanium		1,700		10,874
Toho Zinc		5,000		15,222
Tohoku Electric Power		1,900		23,979
Tokai Gifu		500		15,093
TOKAI Holdings		2,800		17,799
Tokai Rika		2,700		39,883
Tokai Tokyo Financial Holdings		4,600		19,593
Token		300		23,590

LVIP Dimensional International Core Equity Fund—23

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Tokio Marine Holdings		2,700	$	89,886
Tokushu Tokai Paper		4,000		13,602
†Tokuyama		13,000		35,623
Tokyo Dome		4,000		18,148
†Tokyo Electric Power Holdings		6,000		25,410
Tokyo Electron		600		50,705
Tokyo Gas		10,000		41,288
Tokyo Keiki		5,000		7,588
Tokyo Rope Manufacturing		6,000		8,667
Tokyo Seimitsu		600		13,972
Tokyo Steel Manufacturing		1,600		8,770
Tokyo Tatemono		5,800		69,555
Tokyo TY Financial Group		700		16,258
Tokyu		5,000		43,898
Tokyu Construction		1,900		17,343
Tokyu Fudosan Holdings		10,900		68,000
TOMONY Holdings		2,900		8,722
Tomy		3,600		30,324
Tonami Holdings		5,000		12,756
TonenGeneral Sekiyu		3,000		27,329
Topcon		2,600		25,715
Toppan Forms		800		8,267
Toppan Printing		3,000		25,796
Topre		1,600		34,068
Topy Industries		5,000		10,293
Toray Industries		5,000		42,664
Toridoll		400		10,750
Torii Pharmaceutical		600		13,940
Torishima Pump Manufacturing		200		1,985
†Toshiba		16,000		43,584
Toshiba Machine		6,000		18,149
†Toshiba TEC		8,000		28,358
Tosoh		22,000		101,478
Totetsu Kogyo		700		19,328
TOTO		700		27,971
Tottori Bank		6,000		9,606
Towa Bank		13,000		10,061
Towa Pharmaceutical		300		15,665
Toyo Construction		5,200		23,563
Toyo Ink SC Holdings		2,000		8,376
Toyo Kohan		2,600		6,205
Toyo Seikan Group Holdings		900		17,197
Toyo Tire & Rubber		2,400		26,163
Toyobo		27,000		51,187
Toyoda Gosei		3,800		67,675
Toyota Boshoku		3,200		66,800
Toyota Motor		15,400		759,197
Toyota Motor ADR		1,489		148,885
Toyota Tsusho		7,600		163,623
TPR		800		15,490
Trancom		200		13,201
Trend Micro		400		14,306

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Trusco Nakayama		500	$	25,213
TS Tech		1,300		31,855
Tsubakimoto Chain		6,000		37,086
Tsukishima Kikai		1,500		14,061
Tsukuba Bank		3,300		8,820
Tsukui		1,400		24,811
Tsumura		900		24,411
Tsuruha Holdings		200		24,218
Tsurumi Manufacturing		800		9,651
Tv Tokyo Holdings		1,000		19,634
UACJ		10,000		23,726
Ube Industries		49,000		81,097
Ulvac		1,600		49,111
Unicharm		500		11,234
Union Tool		300		8,210
Unipres		1,800		28,977
United Arrows		300		8,736
United Super Markets Holdings		1,800		18,376
†Unitika		25,000		13,447
†Universal Entertainment		900		18,952
Unizo Holdings		300		11,937
USS		1,100		18,179
Valor Holdings		1,100		29,254
VT Holdings		2,100		9,628
Wacoal Holdings		2,000		19,737
Wacom		2,500		9,736
Warabeya Nichiyo		500		9,189
Welcia Holdings		400		25,289
West Holdings		300		1,825
West Japan Railway		400		25,349
Yahagi Construction		1,500		12,067
Yahoo Japan		9,000		39,909
YAMABIKO		1,600		11,639
Yamada Denki		3,800		20,060
Yamagata Bank		6,000		23,561
Yamaguchi Financial Group		3,000		28,369
Yamaha		800		21,563
Yamaha Motor		3,300		50,341
Yamaichi Electronics		1,500		8,999
Yamatane		9,000		12,170
Yamato Holdings		900		20,665
Yamato Kogyo		800		18,159
Yamazaki Baking		1,000		27,918
Yamazen		2,400		19,151
Yaoko		200		9,087
Yaskawa Electric		5,000		65,282
Yellow Hat		1,000		22,081
Yodogawa Steel Works		1,000		24,388
Yokogawa Electric		4,600		51,875
Yokohama Rubber		3,200		40,134
Yorozu		1,000		14,012
Yurtec		1,000		6,836

LVIP Dimensional International Core Equity Fund—24

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Yusen Logistics		900	$	8,953
Yushiro Chemical Industry		1,000		12,553
Zensho Holdings		1,500		21,944
Zeon		4,000		25,907
				31,875,461
Netherlands–2.51%
Aalberts Industries		2,757		82,650
Accell Group		622		12,800
Aegon		12,578		49,838
Aegon New York Shares		1,600		6,416
Akzo Nobel		3,998		248,359
†Altice Class A		648		9,676
AMG Advanced Metallurgical Group		1,768		24,116
Amsterdam Commodities		644		15,716
APERAM		1,130		39,556
Arcadis		2,678		40,187
†ArcelorMittal		5,908		26,936
†ArcelorMittal New York Shares		21,085		98,256
ASM International		1,628		62,838
ASML Holding		433		42,624
BE Semiconductor Industries		2,089		56,522
Beter Bed Holding		484		10,608
BinckBank		1,430		7,109
Boskalis Westminster		2,172		74,114
Brunel International		605		11,045
Corbion		2,379		57,138
Delta Lloyd		10,003		35,147
†Fugro CVA		2,253		39,654
Gemalto		3,050		184,781
#Grandvision 144A		498		12,881
Heineken		813		74,570
IMCD Group		477		18,832
ING Groep ADR		6,300		65,079
ING Groep CVA		10,523		108,870
Kendrion		498		12,830
Koninklijke Ahold		12,184		269,054
Koninklijke BAM Groep		16,316		59,160
Koninklijke DSM		3,264		188,302
Koninklijke KPN		103,811		370,028
Koninklijke Philips		3,264		81,066
Koninklijke Philips New York Shares		1,556		38,807
Koninklijke Vopak		1,961		97,618
Nederland Apparatenfabriek		289		9,205
NN Group		1,592		43,825
†PostNL		8,162		33,295
Randstad Holding		2,595		103,777
RELX		3,294		56,988
RELX ADR		1,230		21,414
SBM Offshore		4,383		50,795
Sligro Food Group		739		28,352
TKH Group CVA		1,018		34,260

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Netherlands (continued)
†TomTom		4,063	$	31,045
Unilever CVA		2,188		101,763
Unilever New York Shares		2,400		112,656
Van Lanschot CVA		475		8,591
Wessanen		2,505		26,362
Wolters Kluwer		3,500		141,719
				3,437,230
New Zealand–0.56%
Air New Zealand		17,408		26,090
Auckland International Airport		4,027		18,733
Chorus		8,416		25,416
EBOS Group		4,086		47,815
Fisher & Paykel Healthcare		6,224		44,718
Fletcher Building		14,790		90,974
Freightways		3,723		17,215
Genesis Energy		17,212		26,304
Infratil		11,249		25,679
Mainfreight		2,869		34,096
Metlifecare		6,446		25,465
Mighty River Power		3,950		8,525
New Zealand Refining		7,205		12,514
Nuplex Industries		9,706		36,448
Port of Tauranga		1,598		22,266
Ryman Healthcare		3,198		21,346
SKY Network Television		9,600		32,762
SKYCITY Entertainment Group		17,553		57,456
Spark New Zealand		32,968		83,793
Summerset Group Holdings		11,663		36,547
Trade Me Group		12,535		41,552
Vector		5,268		12,409
Warehouse Group		6,110		12,084
Z Energy		1,266		7,324
				767,531
Norway–0.91%
ABG Sundal Collier Holding		15,637		10,144
AF Gruppen		854		14,899
Aker Class A		1,440		36,959
Atea		2,405		22,918
Austevoll Seafood		4,213		35,352
Bakkafrost		490		18,487
Borregaard		2,612		19,571
#BW LPG 144A		3,677		14,015
BW Offshore		124,679		1,192
BW Offshore		9,985		218
†Det Norske Oljeselskap		5,231		63,759
DNB		5,458		65,331
Ekornes		768		8,400
†Fred Olsen Energy		1,724		5,233
Frontline		1,101		8,609
Gjensidige Forsikring		702		11,696

LVIP Dimensional International Core Equity Fund—25

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Norway (continued)
†Kongsberg Automotive		21,255	$	13,923
Kongsberg Gruppen		716		10,516
Leroy Seafood Group		319		15,051
Marine Harvest		2,355		39,722
†Nordic Semiconductor		2,947		12,074
Norsk Hydro		18,866		69,065
†Norwegian Air Shuttle		259		8,974
Ocean Yield		2,180		15,844
Opera Software		2,227		17,932
†Petroleum Geo-Services		7,553		17,981
Prosafe		14,619		1,459
Protector Forsikring		705		6,296
†REC Silicon		113,969		20,400
Salmar		1,165		34,668
†Seadrill		13,905		45,052
†Seadrill		2,073		6,718
SpareBank 1 SR-Bank		2,441		12,054
Statoil		10,419		180,024
Statoil ADR		3,900		67,509
Stolt-Nielsen		777		9,424
†Storebrand		9,816		37,236
†Subsea 7		4,336		42,621
Telenor		3,119		51,629
TGS Nopec Geophysical		5,590		91,338
Tomra Systems		1,480		15,766
Veidekke		2,004		24,005
Yara International		1,484		47,142
				1,251,206
Portugal–0.28%
Altri		3,521		11,343
†Banco BPI		16,533		20,399
†Banco Comercial Portugues Class R		1,624,565		32,909
CTT-Correios de Portugal		1,773		14,024
EDP - Energias de Portugal		11,203		34,299
EDP Renovaveis		5,921		44,567
Galp Energia		4,349		60,487
Jeronimo Martins		2,133		33,641
Navigator		20,963		58,455
NOS		6,275		37,974
REN - Redes Energeticas Nacionais		3,862		10,860
Semapa-Sociedade de Investimento e Gestao		826		9,085
Sonae		17,375		13,649
				381,692
Singapore–1.20%
Boustead Singapore		12,700		7,566
Bukit Sembawang Estates		7,100		23,909
China Merchants Holdings Pacific		18,900		14,384
Chip Eng Seng		1,600		757
City Developments		2,100		12,761

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Singapore (continued)
ComfortDelGro		8,800	$	18,072
CSE Global		25,500		8,374
CWT		7,500		11,970
Dairy Farm International Holdings		3,100		20,927
DBS Group Holdings		11,100		130,879
Delfi		3,900		8,367
†Ezion Holdings		34,300		13,398
First Resources		15,000		17,502
Frasers Centrepoint		17,500		19,930
Genting Singapore		23,800		12,910
GL		20,900		12,917
Global Logistic Properties		23,000		31,051
†GMG Global		29,800		12,167
Golden Agri-Resources		109,800		28,729
Great Eastern Holdings		700		10,678
Hong Fok		19,800		9,896
Hongkong Land Holdings		2,000		12,241
Hutchison Port Holdings Trust		183,000		83,735
Hyflux		16,000		7,168
Indofood Agri Resources		26,500		9,463
Jardine Cycle & Carriage		588		16,085
Keppel		32,300		133,247
Mandarin Oriental International		4,700		6,369
†Neptune Orient Lines		44,400		42,947
†Noble Group		130,500		19,762
Olam International		18,500		25,533
OUE		6,300		7,213
Oversea-Chinese Banking		26,088		169,625
QAF		12,400		9,757
Religare Health Trust		23,800		17,444
Riverstone Holdings		20,800		14,005
SATS		6,900		21,096
Sembcorp Industries		27,600		58,448
Sembcorp Marine		13,500		15,709
†SIIC Environment Holdings		19,160		8,839
Sinarmas Land		50,600		17,484
Singapore Airlines		13,200		104,820
Singapore Exchange		5,000		28,482
Singapore Post		23,800		26,080
Singapore Technologies Engineering		4,100		9,651
Singapore Telecommunications		27,900		86,172
SMRT		24,300		27,238
StarHub		6,600		18,623
Super Group		38,000		23,424
United Engineers		16,300		26,626
United Industrial		4,400		9,042
United Overseas Bank		6,500		89,557
UOB-Kay Hian Holdings		6,400		6,240
UOL Group		6,400		26,088
Venture		2,900		17,825

LVIP Dimensional International Core Equity Fund—26

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Singapore (continued)
Wilmar International		5,900	$	14,362
				1,637,544
Spain–2.41%
Acciona		670		48,891
Acerinox		3,101		34,494
ACS Actividades de Construccion y Servicios		2,625		72,002
Almirall		1,948		29,289
Amadeus IT Holding		2,372		104,507
Applus Services		2,284		22,361
Atresmedia de Medios de Comunicacion		2,420		23,654
Banco Bilbao Vizcaya Argentaria		84,818		485,961
Banco Bilbao Vizcaya Argentaria ADR		5,660		32,488
Banco de Sabadell		89,139		118,043
Banco Popular Espanol		65,263		84,813
Banco Santander		29,426		114,193
Banco Santander ADR		26,050		102,116
Bankia		25,490		18,556
Bankinter		11,499		74,228
Bolsas y Mercados Espanoles SHMSF		1,398		39,290
CaixaBank		8,705		19,186
CIE Automotive		1,021		17,193
Construcciones y Auxiliar de Ferrocarriles		40		13,686
Distribuidora Internacional de Alimentacion		10,903		63,640
Ebro Foods		631		14,524
Enagas		3,734		114,075
Endesa		2,284		45,830
Faes Farma		5,055		16,608
Ferrovial		1,441		28,212
†Fomento de Construcciones y Contratas		3,576		30,252
Gamesa Tecnologica		5,257		104,741
Gas Natural SDG		8,813		175,182
Grifols		1,754		39,845
Grupo Catalana Occidente		1,101		30,535
Iberdrola		50,881		347,088
Industria de Diseno Textil		2,536		85,194
Inmobiliaria Colonial		35,981		26,285
†Liberbank		7,747		5,217
Mapfre		23,231		51,019
Mediaset Espana Comunicacion		2,548		28,763
Melia Hotels International		1,845		19,916
Miquel y Costas & Miquel		308		12,210
Obrascon Huarte Lain		5,166		18,198
Papeles y Cartones de Europa		2,327		12,355
†Promotora de Informaciones Class A		2,956		16,615
Prosegur Cia de Seguridad		5,213		31,416
Red Electrica		665		59,420

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Spain (continued)
Repsol		10,180	$	130,494
Sacyr		8,173		13,468
Tecnicas Reunidas		621		18,613
Telefonica ADR		19,100		181,068
Tubacex		2,817		6,909
Vidrala		512		29,802
Viscofan		946		52,504
Zardoya Otis		3,369		31,814
				3,296,763
Sweden–3.03%
AAK		547		39,048
†AddLife		258		3,109
AddTech Class B		828		10,422
AF		1,091		18,142
Alfa Laval		3,498		55,131
Assa Abloy Class B		2,405		49,281
Atlas Copco Class A		1,827		47,451
Atlas Copco Class B		1,068		25,314
Avanza Bank Holding		406		15,601
Axfood		915		17,575
B&B Tools Class B		1,030		20,843
Beijer Alma Class B		1,082		24,417
Beijer Ref		567		13,157
Betsson		1,775		14,846
Bilia Class A		2,716		67,155
BillerudKorsnas		6,702		100,011
BioGaia Class B		302		8,191
Boliden		5,797		113,297
†Bonava Class B		1,495		18,023
Byggmax Group		1,674		12,782
Castellum		2,047		29,104
Clas Ohlson Class B		1,203		20,607
Cloetta Class B		4,816		16,559
Com Hem Holding		3,686		31,127
Concentric		2,269		25,879
Dios Fastigheter		1,538		10,949
Duni		1,284		16,490
Electrolux Class B		2,047		55,811
Elekta Class B		7,582		61,677
Fabege		2,224		37,825
†Fastighets Balder Class B		915		23,187
†Fingerprint Cards Class B		5,400		52,867
Getinge Class B		918		18,953
Gunnebo		3,239		16,181
Haldex		1,307		12,530
Hemfosa Fastigheter		1,169		12,034
Hennes & Mauritz Class B		2,119		62,343
Hexagon Class B		652		23,861
Hexpol		6,700		68,802
HIQ International		2,708		15,747
Holmen Class B		1,266		40,609

LVIP Dimensional International Core Equity Fund—27

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Sweden (continued)
Hufvudstaden Class A		1,839	$	28,864
Husqvarna Class A		1,725		12,763
Husqvarna Class B		10,966		81,658
ICA Gruppen		727		24,366
Indutrade		903		17,855
Intrum Justitia		978		30,673
ITAB Shop Concept Class B		1,500		12,305
JM		2,030		51,005
KappAhl		3,150		13,982
KNOW IT		1,633		11,782
Kungsleden		1,503		9,780
Lagercrantz Group Class B		1,482		14,034
Lindab International		1,667		12,834
Loomis Class B		2,058		50,321
†Lundin Petroleum		1,829		33,330
Meda Class A		5,545		100,549
†Medivir Class B		1,410		9,223
Mekonomen		1,414		30,417
Millicom International Cellular SDR		1,381		84,710
Modern Times Group Class B		946		25,146
Mycronic		2,215		16,561
NCC Class B		1,495		34,713
NetEnt		3,048		30,186
Nibe Industrier Class B		3,204		26,644
Nobia		3,968		34,522
Nolato Class B		1,916		50,161
Nordea Bank		8,659		73,460
†Oriflame Holding		868		22,137
Peab		5,237		39,734
Proact IT Group		780		10,049
Ratos Class B		5,331		26,010
Rezidor Hotel Group		5,074		20,930
Saab Class B		1,001		31,216
Sagax Class B		1,345		12,053
Sandvik		9,776		97,877
†SAS		6,329		12,064
Securitas Class B		2,390		36,896
Skandinaviska Enskilda Banken Class A		6,997		61,124
Skanska Class B		895		18,740
SKF Class B		4,465		71,543
SkiStar		1,095		15,919
†SSAB Class A		8,412		19,590
†SSAB Class B		8,232		15,470
†SSAB Class B		6,477		12,349
†SSAB Class B		4,206		8,097
†SSAB Class B		3,675		6,925
Svenska Cellulosa Class A		508		16,309
Svenska Cellulosa Class B		11,405		366,450
Svenska Handelsbanken Class A		5,395		65,498
Sweco Class B		1,012		17,557
Swedbank Class A		3,503		73,574

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Sweden (continued)
Swedish Match		1,220	$	42,576
Tele2 Class B		8,239		72,333
Telefonaktiebolaget LM Ericsson Class B		15,695		120,578
Telia		27,462		130,046
Trelleborg Class B		8,016		142,248
Unibet Group SDR		7,464		68,570
Victoria Park Class B		9,142		20,638
Vitrolife		148		8,198
Volvo Class A		4,893		48,451
Volvo Class B		12,462		123,801
Wallenstam Class B		1,601		13,023
Wihlborgs Fastigheter		1,310		26,815
				4,144,170
Switzerland–6.99%
†ABB		30,045		594,654
†ABB ADR		5,300		105,099
Actelion		511		86,051
Adecco		2,784		140,420
†AFG Arbonia-Forster Holding		835		11,886
†Allreal Holding		292		40,394
†Alpiq Holding		280		19,538
ams		2,708		75,181
APG SGA		29		11,864
†Aryzta		2,969		109,722
Ascom Holding		1,103		17,547
Autoneum Holding		103		24,164
Baloise Holding		693		77,187
Bank Coop Class B		246		10,757
Banque Cantonale Vaudoise		61		40,838
†Barry Callebaut		62		76,338
Belimo Holding Class R		16		47,500
Bell		30		11,283
Berner Kantonalbank		121		23,233
BKW		430		19,067
Bobst Group		566		28,112
†Bossard Holding Class A		279		29,592
Bucher Industries		164		38,393
Burckhardt Compression Holding		82		25,397
Burkhalter Holding		128		15,755
†Calida Holding		290		9,073
Cembra Money Bank		579		40,496
Chocoladefabriken Lindt & Spruengli Class R		1		71,463
Cie Financiere Richemont		4,034		236,129
Clariant		7,351		124,227
Coltene Holding		149		10,498
Conzzeta		16		10,216
†COSMO Pharmaceuticals		66		10,777
†Credit Suisse Group		5,581		59,451
Credit Suisse Group ADR		583		6,238

LVIP Dimensional International Core Equity Fund—28

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Switzerland (continued)
Daetwyler Holding Class B		454	$	60,440
DKSH Holding		919		60,202
dorma+kaba Holding Class B		62		43,314
†Dufry		385		46,047
Emmi		84		51,212
EMS-Chemie Holding		85		43,886
Feintool International Holding		85		8,026
Flughafen Zuerich		1,195		211,480
Forbo Holding		24		28,504
Galenica		70		94,366
GAM Holding		1,968		21,009
Gategroup Holding		795		41,951
Geberit		234		88,630
Georg Fischer		126		100,725
Givaudan		48		96,649
Gurit Holding Class B		24		15,101
Helvetia Holding		174		90,523
HOCHDORF Holding		95		17,981
Huber + Suhner		499		26,828
Implenia		363		23,903
Inficon Holding		61		20,647
Interroll Holding Class R		40		37,399
†Julius Baer Group		1,711		68,865
Jungfraubahn Holding		78		8,393
Kardex		391		34,931
Komax Holding Class R		72		14,879
Kudelski Class B		924		18,370
Kuehne + Nagel International		221		30,964
†LafargeHolcim		3,881		162,371
LEM Holding		12		10,790
Liechtensteinische Landesbank Class B		592		21,825
Logitech International Class R		2,260		36,793
Logitech International Class R		1,164		18,924
†Lonza Group		2,528		419,931
†Luzerner Kantonalbank		122		51,474
Metall Zug		4		11,416
Mobilezone Holding		775		10,000
†Mobimo Holding		133		30,247
Nestle		18,404		1,425,911
Novartis		2,407		198,670
Novartis ADR		161		13,284
OC Oerlikon		4,995		43,856
†Orior		228		15,387
Panalpina Welttransport Holding		333		39,863
Partners Group Holding		200		85,713
Phoenix Mecano Class B		34		16,530
PSP Swiss Property		670		65,008
Rieter Holding		85		17,399
Roche Holding		1,655		436,721
Roche Holding Class B		103		27,369
Romande Energie Holding		5		5,325

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Switzerland (continued)
Schindler Holding		107	$	19,473
†Schmolz + Bickenbach		14,538		10,124
Schweiter Technologies Class B		42		40,066
SFS Group		141		9,898
SGS		34		77,886
Siegfried Holding		157		30,162
Sika Bearer Shares		45		188,688
Sonova Holding		924		122,638
St Galler Kantonalbank		52		20,129
Straumann Holding Class R		160		63,121
Sulzer		1,096		95,107
Swatch Group		342		99,523
Swatch Group Bearer Shares		552		31,612
Swiss Life Holding		656		151,600
Swiss Re		2,475		216,168
Swisscom		223		110,788
Syngenta		2,057		789,577
Tamedia		131		22,068
Tecan Group Class R		119		18,562
†Temenos Group		1,071		53,455
†U-Blox		95		20,479
UBS Group		15,865		205,610
UBS Group		5,789		75,116
Valiant Holding		414		39,704
Valora Holding		68		18,904
Vaudoise Assurances Holding		22		11,203
Vontobel Holding Class R		572		24,649
Vp Bank		13		1,191
VZ Holding		61		18,100
Zuger Kantonalbank Class B		3		15,054
†Zurich Insurance Group		584		144,472
				9,573,699
United Kingdom–16.60%
888 Holdings		9,831		26,797
A.G. Barr		1,857		12,063
AA		3,379		10,818
Aberdeen Asset Management		17,333		65,032
Acal		3,315		10,024
Admiral Group		2,633		71,591
Aggreko		7,474		127,828
Amec Foster Wheeler		7,097		46,663
Anglo American		26,198		256,799
Antofagasta		10,457		65,388
Arrow Global Group		5,259		13,950
Ashmore Group		5,839		23,249
Ashtead Group		10,501		149,996
Associated British Foods		432		15,741
AstraZeneca ADR		10,549		318,474
AVEVA Group		2,625		59,521
Aviva		6,856		36,140
Avon Rubber		818		9,256

LVIP Dimensional International Core Equity Fund—29

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
B&M European Value Retail		9,625	$	32,798
Babcock International Group		10,054		121,555
BAE Systems		19,577		137,050
†Balfour Beatty		11,642		33,463
Barclays ADR		4,252		32,315
Barratt Developments		54,678		297,122
BBA Aviation		22,133		65,493
Beazley		10,797		52,492
Bellway		11,002		279,094
Berendsen		7,561		122,845
Berkeley Group Holdings		3,348		113,054
BGEO group		715		25,041
BHP Billiton ADR		5,073		128,753
Bodycote		10,306		71,107
Booker Group		46,542		107,781
Bovis Homes Group		3,075		30,008
BP ADR		36,478		1,295,338
Brammer		3,884		3,102
Brewin Dolphin Holdings		10,172		32,748
British American Tobacco		2,251		145,930
British American Tobacco ADR		1,500		194,220
British Polythene Industries		946		11,687
Britvic		4,680		36,622
BT Group		27,339		150,272
BT Group ADR		2,800		77,980
†BTG		1,621		15,656
Bunzl		1,748		53,783
Burberry Group		5,077		78,975
Cape		7,155		18,383
Capita		2,329		30,010
Capital & Counties Properties		9,881		39,341
Card Factory		5,274		22,461
Carillion		9,502		29,673
Carnival		801		35,532
Centamin		26,458		46,610
Centrica		44,093		133,337
Chemring Group		5,561		9,402
Chesnara		2,922		10,752
Cineworld Group		5,160		37,641
Clarkson		519		15,344
Close Brothers Group		3,787		57,404
Cobham		37,266		78,513
Coca-Cola HBC		4,056		82,071
Compass Group		4,674		88,925
Computacenter		4,566		45,036
Connect Group		11,057		21,798
Consort Medical		851		11,862
Costain Group		5,650		23,880
Countrywide		2,878		9,440
Cranswick		965		26,811
Crest Nicholson Holdings		7,287		34,793
Croda International		922		38,707

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
†CYBG CDI		2,260	$	7,081
Daily Mail & General Trust		4,762		38,015
Dairy Crest Group		10,235		73,236
DCC		3,323		292,423
De La Rue		3,905		26,663
Debenhams		24,853		18,366
Dechra Pharmaceuticals		2,720		42,438
Development Securities		6,068		12,763
Devro		10,377		35,814
Diageo		3,922		109,564
Dignity		883		30,317
Diploma		3,905		43,491
Direct Line Insurance Group		27,797		128,510
Dixons Carphone		31,836		136,642
Domino’s Pizza Group		9,282		41,239
Drax Group		10,957		47,555
DS Smith		71,337		369,077
e2v technologies		5,229		14,280
easyJet		2,846		41,357
Electrocomponents		9,327		32,432
Elementis		15,959		42,574
†EnQuest		39,301		16,861
†Enterprise Inns		7,196		7,712
Entertainment One		3,920		9,002
Essentra		2,386		16,370
esure Group		9,338		35,566
Euromoney Institutional Investor		529		6,585
†Evraz		13,963		25,664
Experian		3,396		64,429
Ferrexpo		12,597		5,450
Fidessa Group		2,138		56,336
†Firstgroup		39,397		52,820
Foxtons Group		7,206		10,696
Fresnillo		2,052		45,188
G4S		34,738		85,121
Galliford Try		1,898		23,185
GAME Digital		3,172		2,886
Gem Diamonds		5,209		8,737
Genus		1,412		29,481
GKN		36,432		131,718
GlaxoSmithKline		10,422		223,813
GlaxoSmithKline ADR		7,200		312,048
†Glencore		77,472		159,679
Go-Ahead Group		769		20,071
Grafton Group		4,564		30,176
Greencore Group		11,379		46,829
Greene King		5,765		60,036
Greggs		3,785		49,107
Halfords Group		5,506		23,673
Halma		12,799		174,079
Hargreaves Lansdown		6,159		102,738
Hays		18,420		24,068

LVIP Dimensional International Core Equity Fund—30

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Headlam Group		2,792	$	16,060
Helical Bar		2,976		11,271
Henderson Group		7,136		20,287
Hikma Pharmaceuticals		2,646		87,135
Hill & Smith Holdings		2,969		35,157
Hiscox		6,411		88,519
†Hochschild Mining		6,662		16,106
Home Retail Group		32,836		67,243
HomeServe		20,431		143,336
Howden Joinery Group		7,861		40,375
HSBC Holdings ADR		16,607		519,965
Hunting		4,363		28,063
ICAP		12,555		70,643
IG Group Holdings		11,120		120,410
†Imagination Technologies Group		4,251		10,993
IMI		3,371		43,686
Imperial Tobacco Group		2,280		123,651
Inchcape		19,753		166,090
Indivior		11,493		38,672
Informa		5,175		50,463
Inmarsat		17,144		184,759
Intercontinental Hotels Group ADR		1,394		52,289
Intermediate Capital Group		1		6
International Consolidated Airlines Group		7,151		35,467
International Consolidated Airlines Group		1,340		6,635
International Personal Finance		3,182		12,118
Interserve		4,306		14,918
Intertek Group		3,526		164,288
Investec		11,401		70,866
ITE Group		10,902		20,641
ITV		16,089		38,576
J D Wetherspoon		3,080		28,948
J Sainsbury		32,911		102,524
James Fisher & Sons		2,703		49,909
Jardine Lloyd Thompson Group		4,141		51,882
JD Sports Fashion		1,252		19,303
John Menzies		2,045		14,851
John Wood Group		7,990		73,549
Johnson Matthey		5,004		187,686
Jupiter Fund Management		10,536		51,737
†KAZ Minerals		17,192		30,524
KCOM Group		15,335		21,538
Keller Group		2,004		24,212
Kier Group		1,594		22,449
Kingfisher		13,523		58,082
Ladbrokes		17,525		26,166
Laird		13,309		58,220
†Lamprell		12,474		11,832
Lancashire Holdings		4,267		33,555
Laura Ashley Holdings		18,438		5,400

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Lavendon Group		11,835	$	17,528
Legal & General Group		56,573		144,832
†Liberty Global Class A		1,294		37,612
†Liberty Global Class C		3,169		90,781
†Liberty Global LiLAC		440		14,307
†Liberty Global Lilac Class A		161		5,210
Lloyds Banking Group ADR		44,625		132,536
†Lonmin		4,567		11,720
Lookers		14,659		21,029
LSL Property Services		3,879		12,600
Man Group		36,325		56,438
Marks & Spencer Group		25,104		107,509
Marshalls		7,159		22,756
Marston’s		10,935		19,705
McBride		15,062		31,230
Mears Group		4,643		24,338
Mediclinic International		1,095		16,031
Meggitt		16,665		90,582
Melrose Industries		3,936		22,364
#Merlin Entertainments 144A		12,367		72,829
Michael Page International		7,805		30,991
Micro Focus International		2,271		48,995
Millennium & Copthorne Hotels		7,421		39,769
Mitchells & Butlers		4,423		13,637
Mitie Group		10,021		33,207
Mondi		5,636		105,520
Moneysupermarket.com Group		8,492		30,767
Morgan Advanced Materials		12,176		37,622
Morgan Sindall Group		854		7,469
†Mothercare		4,436		8,031
N Brown Group		4,375		10,146
National Express Group		12,378		48,853
National Grid		5,875		86,394
National Grid ADR		213		15,832
NCC Group		2,225		7,840
Next		569		37,597
Northgate		4,015		17,427
Novae Group		2,374		23,719
†Ocado Group		8,442		26,048
Old Mutual		67,356		181,960
OneSavings Bank		3,383		9,534
PayPoint		2,476		29,908
†Paysafe Group		1,076		5,612
Pearson ADR		3,710		48,193
Pendragon		38,325		14,219
Pennon Group		5,370		67,916
Persimmon		14,510		281,373
Petra Diamonds		19,816		30,583
Petrofac		1,081		11,237
†Petropavlovsk		107,235		10,459
Pets at Home Group		6,229		19,321
Phoenix Group Holdings		6,173		66,303

LVIP Dimensional International Core Equity Fund—31

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Photo-Me International		13,399	$	24,348
Playtech		4,965		52,820
Poundland Group		3,756		10,325
Premier Farnell		13,027		28,571
†Premier Foods		57,392		31,516
†Premier Oil		32,723		33,359
Provident Financial		1,133		34,935
Prudential		2,934		49,787
Prudential ADR		3,479		118,321
PZ Cussons		5,431		23,876
QinetiQ Group		18,814		55,850
Randgold Resources		1,638		183,812
Rank Group		8,180		23,315
Rathbone Brothers		299		7,044
†Raven Russia		19,700		9,769
Reckitt Benckiser Group		993		99,570
Redrow		6,451		27,132
Regus		21,202		81,981
RELX		2,920		53,770
RELX ADR		3,200		59,840
Renishaw		1,075		31,299
Rentokil Initial		33,628		86,841
Restaurant Group		6,219		23,943
Ricardo		2,769		27,241
Rightmove		1,237		60,416
Rio Tinto		2,407		74,777
Rio Tinto ADR		7,700		241,010
Robert Walters		1,758		6,081
†Rolls-Royce Holdings		32,336		308,646
Rotork		33,011		95,568
Royal Dutch Shell Class A		10,444		286,846
Royal Dutch Shell ADR Class A		5,590		308,697
Royal Dutch Shell ADR Class B		9,216		516,096
Royal Mail		4,434		29,790
RPC Group		4,088		42,787
RPS Group		7,026		16,334
RSA Insurance Group		4,683		31,387
SABMiller		3,730		217,530
Saga		486		1,250
Sage Group		5,815		50,262
Savills		5,233		42,817
Schroders		1,157		36,562
Schroders Non-voting		590		14,265
SDL		2,560		13,155
Senior		18,448		50,734
Severfield		10,593		6,945
Severn Trent		2,457		80,170
@=Shanks Group		21,898		23,467
Shire		335		20,704
Shire ADR		88		16,199
SIG		11,768		17,663
Sky		5,378		61,113

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Smith & Nephew		4,107	$	69,742
Smith & Nephew ADR		1,200		41,184
Smiths Group		10,203		157,669
Soco International		5,696		10,835
Spectris		2,582		62,850
Spirax-Sarco Engineering		2,357		118,026
#Spire Healthcare Group 144A		6,438		28,710
Spirent Communications		15,901		17,199
†Sports Direct International		7,540		32,284
SSE		10,726		223,242
SSP Group		8,193		30,648
St Ives		1,227		1,344
St James’s Place		9,414		99,278
St Modwen Properties		9,782		35,110
Stagecoach Group		4,168		12,890
Standard Chartered		19,802		150,237
Standard Life		2,110		8,325
SuperGroup		1,368		23,149
Synthomer		12,723		55,269
TalkTalk Telecom Group		5,938		17,328
Taylor Wimpey		144,942		257,140
Ted Baker		533		17,322
Telecom Plus		2,063		28,617
†Tesco		47,480		111,511
†Thomas Cook Group		66,553		55,929
Travis Perkins		9,776		192,880
Trinity Mirror		20,389		23,750
TT Electronics		4,717		8,101
TUI Class DI		8,315		94,641
Tullett Prebon		9,172		37,143
†Tullow Oil		16,971		59,855
UBM		4,924		42,226
UDG Healthcare		6,282		49,714
Ultra Electronics Holdings		1,750		40,721
Unilever ADR		3,600		172,476
UNITE Group		4,651		38,475
United Utilities Group		2,845		39,433
†Vectura Group		12,867		27,664
Vedanta Resources		4,337		24,235
Vesuvius		3,987		15,235
Victrex		4,154		84,097
Vodafone Group		156,066		475,823
Vodafone Group ADR		2,400		74,136
Weir Group		5,789		111,806
WH Smith		2,162		45,420
Whitbread		1,309		61,247
William Hill		18,087		62,302
†Wincanton		4,471		11,041
Wm Morrison Supermarkets		43,602		109,459
Wolseley		1,855		96,059
WPP		4,681		97,559
WPP ADR		400		41,808

LVIP Dimensional International Core Equity Fund—32

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
WS Atkins		3,195	$	56,763
Xaar		3,092		17,216
XP Power		694		14,376
				22,728,810
Total Common Stock (Cost $151,489,402)				135,245,728
DLIMITED PARTNERSHIP–0.00%
Canada–0.00%
†Brookfield Business Partners		34		645
Total Limited Partnership (Cost $918)				645
DPREFERRED STOCK–0.45%
Germany–0.45%
Bayerische Motoren Werke 5.53%		824		52,527
Draegerwerk 0.37%		42		2,564
FUCHS PETROLUB 2.33%		1,072		42,173
Henkel 1.36%		382		46,684
Jungheinrich 1.58%		1,563		47,044
Porsche Automobil Holding 2.35%		1,012		46,777
Sartorius 0.60%		1,144		84,532
Sixt 4.50%		905		35,712
STO 4.68%		44		5,040
Villeroy & Boch 3.70%		830		12,430
Volkswagen 0.15%		1,993		241,392
Total Preferred Stock (Cost $857,645)				616,875

	Number of  Shares		Value (U.S. $)
DRIGHTS–0.01%
Belgium–0.00%
†Fagron		1,210	$	1,160
				1,160
Singapore–0.01%
†@Noble Group, expiration date 7/15/16		130,500		8,719
				8,719
Spain–0.00%
†Acerinox		3,101		1,562
†ACS Actividades de Construccion y Servicios		2,625		1,844
†Repsol		10,180		3,310
				6,716
Total Rights (Cost $6,448)				16,595
MONEY MARKET FUND–0.21%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		282,328		282,328
Total Money Market Fund (Cost $282,328)				282,328

TOTAL VALUE OF SECURITIES–99.44% (Cost $152,636,741)		136,162,171
ê RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.56%		762,907
NET ASSETS APPLICABLE TO 15,692,944 SHARES OUTSTANDING–100.00%	$	136,925,078

NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND STANDARD CLASS ($128,214,199 / 14,693,637 Shares)	$	8.726
NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND SERVICE CLASS ($8,710,879 / 999,307 Shares)	$	8.717

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$177,738,663
Undistributed net investment income	2,227,426
Accumulated net realized loss on investments	(26,560,058	)
Net unrealized depreciation of investments, foreign currencies and derivatives	(16,480,953	)
Total net assets	$136,925,078

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $351,930, which represents 0.26% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin. Classification by type of business has been presented on page 2 and 3.

n Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

LVIP Dimensional International Core Equity Fund—33

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

† Non-income producing for the period.

ê Includes $229 payable for fund shares redeemed, $67,807 due to manager and affiliates,$34,929 expense reimbursement receivable from Lincoln Investment Advisors Corporation. as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $47,344, which represents 0.03% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $111,773, which represents 0.08% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

¨ Securities listed and traded on the Hong Kong Stock Exchange.

Summary of Abbreviations:

ADR–American Depositary Receipt

CDI–Chess Depository Interest

CVA–Dutch Certificate

FDR–Fiduciary Depository Receipt

SDR–Special Drawing Rights

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

LVIP Dimensional International Core Equity Fund—34

LVIP Dimensional International Core Equity Fund

Statement of Operations

Six Months Ended to June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	3,116,954
Foreign tax withheld		(266,705	)
		2,850,249
EXPENSES:
Management fees		583,483
Pricing fees		125,373
Custodian fees		40,269
Professional fees		33,483
Accounting and administration expenses		20,102
Distribution fees-Service Class		8,792
Reports and statements to shareholders		7,761
Trustees’ fees and expenses		2,380
Consulting fees		251
Other		824
		822,718
Less management fees waived		(132,256	)
Less expenses reimbursed		(152,645	)
Total operating expenses		537,817
NET INVESTMENT INCOME		2,312,432
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(22,542,930	)
Foreign currencies		1,938,071
Foreign currency exchange contracts		(1,835,638	)
Futures contracts		(3,833,018	)
Net realized loss		(26,273,515	)
Net change in unrealized appreciation (depreciation) of:
Investments		7,637,354
Foreign currencies		(1,926	)
Foreign currency exchange contracts		(69	)
Net change in unrealized appreciation (depreciation)		7,635,359
NET REALIZED AND UNREALIZED LOSS		(18,638,156	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,325,724	)

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

LVIP Dimensional International Core Equity Fund

Statement of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			5/1/15* to 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,312,432		$	2,584,426
Net realized loss		(26,273,515	)		(342,510	)
Net change in unrealized appreciation (depreciation)		7,635,359			(24,116,312	)
Net decrease in net assets resulting from operations		(16,325,724	)		(21,874,396	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(2,571,490	)
Service Class		—			(42,499	)
		—			(2,613,989	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		16,364,635			295,329,691
Service Class		4,657,593			7,889,125
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,571,490
Service Class		—			42,499
		21,022,228			305,832,805
Cost of shares redeemed:
Standard Class		(117,409,637	)		(28,230,791	)
Service Class		(1,317,185	)		(2,158,233	)
		(118,726,822	)		(30,389,024	)
Increase (decrease) in net assets derived from capital share transactions		(97,704,594	)		275,443,781
NET INCREASE (DECREASE) IN NET ASSETS		(114,030,318	)		250,955,396
NET ASSETS:
Beginning of period		250,955,396			—
End of period	$	136,925,078		$	250,955,396
Undistributed (distributions in excess of) net investment income	$	2,227,426		$	(85,006	)

*Date of commencement of operations.

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

LVIP Dimensional International Core Equity Fund—35

LVIP Dimensional International Core Equity Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional International Core Equity Fund Standard Class
	Six Months Ended				5/1/152
	6/30/161				to
	(unaudited)				12/31/15
Net asset value, beginning of period		$	8.985			$	10.000
Income (loss) from investment operations:
Net investment income3			0.129				0.103
Net realized and unrealized loss			(0.388	)			(1.022	)
Total from investment operations			(0.259	)			(0.919	)
Less dividends and distributions from:
Net investment income			—				(0.096	)
Total dividends and distributions			—				(0.096	)
Net asset value, end of period		$	8.726			$	8.985
Total return4			(2.88%	)			(9.18%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	128,214			$	245,437
Ratio of expenses to average net assets			0.68%				0.67%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.05%				1.02%
Ratio of net investment income to average net assets			2.99%				1.63%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.62%				1.28%
Portfolio turnover			14%				92%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Dimensional International Core Equity Fund–36

LVIP Dimensional International Core Equity Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional International Core Equity Fund Service Class
	Six Months Ended				5/1/152
	6/30/161				to
	(unaudited)				12/31/15
Net asset value, beginning of period		$	8.987			$	10.000
Income (loss) from investment operations:
Net investment income3			0.119				0.086
Net realized and unrealized loss			(0.389	)			(1.020)
Total from investment operations			(0.270)				(0.934)
Less dividends and distributions from:
Net investment income			—				(0.079)
Total dividends and distributions			—				(0.079)
Net asset value, end of period		$	8.717			$	8.987
Total return4			(3.00%	)			(9.33%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	8,711			$	5,518
Ratio of expenses to average net assets			0.93%				0.92%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.30%				1.27%
Ratio of net investment income to average net assets			2.74%				1.38%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.37%				1.03%
Portfolio turnover			14%				92%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Dimensional International Core Equity Fund–37

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Dimensional International Core Equity 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”). 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 long-term capital appreciation.

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. Equity securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. 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”).

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 return 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 benefit or expense in the current year. Management has analyzed the tax positions taken or expected to be taken on the Fund’s federal income tax return through the six months ended June 30, 2016 and for the open tax year ended December 31, 2015, 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 six months ended June 30, 2016, 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 generally does not seperate that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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.

LVIP Dimensional International Core Equity Fund–38

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.75% of the average daily net assets of the Fund. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.17% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017 and cannot be terminated before that date without the mutual agreement of the Board and the LIAC.

LIAC has contractually agreed to reimburse the Fund to the extent that the annual operating expenses exceed 0.68% of average daily net assets for the Standard Class and 0.93% for the Service Class. This agreement will continue through at least April 30, 2017 and cannot be terminated before that date without the mutual agreement of the Board and the LIAC.

Dimensional Fund Advisors LP (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	4,529
Legal		1,255

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 $439 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	34,929
Management fees payable to LIAC		66,034
Distribution fees payable to LFD		1,763
Printing and mailing fees payable to Lincoln Life		11

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.

LVIP Dimensional International Core Equity Fund–39

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	22,378,478
Sales		120,155,663

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	152,636,741
Aggregate unrealized appreciation	$	13,888,694
Aggregate unrealized depreciation		(30,363,264	)
Net unrealized depreciation	$	(16,474,570	)

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$217,183	$—	$217,183

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)

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.

LVIP Dimensional International Core Equity Fund—40

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	217,343	$	8,723,521	$	73,148	$	9,014,012
Austria		40,690		617,507		—		658,197
Belgium		323,966		1,892,022		—		2,215,988
Canada		11,587,710		—		—		11,587,710
China		—		5,202		—		5,202
Denmark		157,807		2,740,490		—		2,898,297
Finland		134,237		2,696,194		—		2,830,431
France		690,099		8,292,444		—		8,982,543
Germany		359,338		8,565,003		—		8,924,341
Hong Kong		105,093		3,932,666		15,158		4,052,917
Ireland		361,764		522,355		—		884,119
Israel		358,713		506,097		—		864,810
Italy		284,192		2,948,863		—		3,233,055
Japan		735,027		31,140,434		—		31,875,461
Netherlands		551,236		2,885,994		—		3,437,230
New Zealand		12,084		755,447		—		767,531
Norway		159,802		1,090,212		1,192		1,251,206
Portugal		—		381,692		—		381,692
Singapore		77,133		1,560,411		—		1,637,544
Spain		362,089		2,934,674		—		3,296,763
Sweden		227,174		3,916,996		—		4,144,170
Switzerland		1,012,395		8,561,304		—		9,573,699
United Kingdom		6,278,386		16,426,957		23,467		22,728,810
Preferred Stock		12,430		604,445		—		616,875
Rights		7,876		—		8,719		16,595
Limited Partnership		645		—		—		645
Money Market Fund		282,328		—		—		282,328
Total	$	24,339,557	$	111,700,930	$	121,684	$	136,162,171

As a result of utilizing international fair value pricing at June 30, 2016, the majority of the Fund’s common stock was categorized as Level 2.

During the six months ended, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Dimensional International Core Equity Fund—41

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			5/1/15* to 12/31/15
Shares sold:
Standard Class		1,892,443			29,858,773
Service Class		536,736			838,976
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			287,157
Service Class		—			4,744
		2,429,179			30,989,650
Shares redeemed:
Standard Class		(14,515,961	)		(2,828,775	)
Service Class		(151,440	)		(229,709	)
		(14,667,401	)		(3,058,484	)
Net increase (decrease)		(12,238,222	)		27,931,166

* Date of commencement of operations.

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. 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 control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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. No futures contracts were outstanding at June 30, 2016.

LVIP Dimensional International Core Equity Fund—42

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operation for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income				Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized loss from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(1,835,638	)		$	(69	)
Equity contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(3,833,018	)			—
Total			$	(5,668,656	)		$	(69	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016

	Asset Derivative Volume		Liability Derivative Volume
Foreign currency exchange contracts (average cost)	$	168,125	$	1,433,130
Futures contracts (average notional value)		3,385,869		—

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 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.

At June 30, 2016, the Fund held no assets or liabilities that are subject to the offsetting provisions.

6. Credit and Market Risk

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.

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 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. Rule 144A and illiquid securities are identified on the Statement of Net Assets.

LVIP Dimensional International Core Equity Fund—43

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

7. 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.

8. 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 Dimensional International Core Equity Fund—44

LVIP Dimensional U.S. Core Equity 2 Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Dimensional U.S. Core Equity 2 Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	27
Statements of Changes in Net Assets	27
Financial Highlights	28
Notes to Financial Statements	30

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Dimensional U.S. Core Equity 2 Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $ 1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,034.70		0.48	%		$2.43
Service Class Shares		1,000.00		1,033.40		0.73	%		3.69
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.48		0.48	%		$2.41
Service Class Shares		1,000.00		1,021.23		0.73	%		3.67

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Dimensional U.S. Core Equity 2 Fund–1

LVIP Dimensional U.S. Core Equity 2 Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		99.47%
Aerospace & Defense		2.01%
Air Freight & Logistics		0.55%
Airlines		0.73%
Auto Components		0.90%
Automobiles		0.71%
Banks		7.50%
Beverages		0.99%
Biotechnology		1.43%
Building Products		0.66%
Capital Markets		2.03%
Chemicals		2.54%
Commercial Services & Supplies		1.54%
Communications Equipment		1.60%
Construction & Engineering		0.59%
Construction Materials		0.23%
Consumer Finance		1.13%
Containers & Packaging		0.94%
Distributors		0.20%
Diversified Consumer Services		0.41%
Diversified Financial Services		0.97%
Diversified Telecommunication Services		3.10%
Electric Utilities		0.97%
Electrical Equipment		0.77%
Electronic Equipment, Instruments & Components		1.73%
Energy Equipment & Services		1.38%
Food & Staples Retailing		2.39%
Food Products		1.99%
Gas Utilities		0.46%
Health Care Equipment & Supplies		2.25%
Health Care Providers & Services		3.68%
Health Care Technology		0.22%
Hotels, Restaurants & Leisure		2.28%
Household Durables		1.18%
Household Products		1.05%
Independent Power & Renewable Electricity Producers		0.28%
Industrial Conglomerates		0.91%
Insurance		4.15%
Internet & Catalog Retail		0.87%
Internet Software & Services		1.82%
IT Services		2.71%
Leisure Products		0.32%
Life Sciences Tools & Services		0.83%
Machinery		3.15%
Marine		0.08%
Media		3.79%

Security Type/Sector	Percentage of Net Assets
Metals & Mining		0.99%
Multiline Retail		0.63%
Multi-Utilities		0.59%
Oil, Gas & Consumable Fuels		5.67%
Paper & Forest Products		0.21%
Personal Products		0.29%
Pharmaceuticals		3.18%
Professional Services		0.61%
Real Estate Management & Development		0.37%
Road & Rail		1.49%
Semiconductors & Semiconductor Equipment		3.77%
Software		2.51%
Specialty Retail		2.84%
Technology Hardware, Storage & Peripherals		3.11%
Textiles, Apparel & Luxury Goods		0.98%
Thrifts & Mortgage Finance		0.52%
Tobacco		0.65%
Trading Companies & Distributors		0.61%
Transportation Infrastructure		0.06%
Water Utilities		0.15%
Wireless Telecommunication Services		0.22%
Right		0.00%
Money Market Fund		0.72%
Total Value of Securities		100.19%
Liabilities Net of Receivables and Other Assets		(0.19%	)
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Apple		2.15%
Exxon Mobil		1.66%
AT&T		1.56%
Wells Fargo		1.31%
Comcast Class A		1.12%
Intel		1.10%
JPMorgan Chase		1.01%
Verizon Communications		0.93%
Pfizer		0.91%
Cisco Systems		0.82%
Total		12.57%

IT-Information Technology

LVIP Dimensional U.S. Core Equity 2 Fund–2

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of  Shares		Value (U.S. $)
COMMON STOCK–99.47%
Aerospace & Defense–2.01%
AAR		1,552	$	36,224
†Aerojet Rocketdyne Holdings		1,896		34,659
†Aerovironment		1,176		32,693
American Science & Engineering		238		8,904
†Astronics		1,340		44,568
†Astronics Class B		482		15,964
B/E Aerospace		2,315		106,895
Boeing		3,171		411,818
BWX Technologies		2,465		88,173
Cubic		1,296		52,047
Curtiss-Wright		2,325		195,881
†DigitalGlobe		3,100		66,309
†Ducommun		1,095		21,659
†Engility Holdings		672		14,193
†Esterline Technologies		1,147		71,160
General Dynamics		2,270		316,075
HEICO		1,177		78,635
HEICO Class A		1,714		91,956
Hexcel		4,405		183,424
Honeywell International		4,053		471,445
Huntington Ingalls Industries		434		72,925
†KEYW Holding		83		825
†KLX		2,337		72,447
†Kratos Defense & Security Solutions		2,339		9,590
L-3 Communications Holdings		868		127,327
Lockheed Martin		1,378		341,978
†Mercury Systems		2,137		53,126
†Moog Class A		1,476		79,586
Northrop Grumman		1,151		255,844
Orbital ATK		2,751		234,220
Raytheon		2,222		302,081
Rockwell Collins		1,452		123,623
†Sparton		651		14,172
†Spirit AeroSystems Holdings Class A		3,585		154,155
†TASER International		1,980		49,262
†Teledyne Technologies		1,570		155,509
Textron		6,060		221,554
†TransDigm Group		397		104,685
Triumph Group		2,184		77,532
United Technologies		9,104		933,615
				5,726,738
Air Freight & Logistics–0.55%
†Air Transport Services Group		3,863		50,064
†Atlas Air Worldwide Holdings		1,091		45,189
CH Robinson Worldwide		1,590		118,057
†Echo Global Logistics		1,028		23,048
Expeditors International of Washington		1,720		84,349
FedEx		4,065		616,986
Forward Air		1,203		53,570
†Hub Group Class A		1,581		60,663

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Air Freight & Logistics (continued)
Park-Ohio Holdings		841	$	23,783
†Radiant Logistics		4,220		12,660
United Parcel Service Class B		3,468		373,573
†XPO Logistics		3,599		94,510
				1,556,452
Airlines–0.73%
Alaska Air Group		4,189		244,177
Allegiant Travel		373		56,509
American Airlines Group		4,187		118,534
Copa Holdings Class A		1,258		65,743
Delta Air Lines		9,107		331,768
†Hawaiian Holdings		3,535		134,189
†JetBlue Airways		11,120		184,147
SkyWest		2,247		59,456
Southwest Airlines		9,962		390,610
†Spirit Airlines		3,564		159,917
†United Continental Holdings		8,458		347,116
				2,092,166
Auto Components–0.90%
†American Axle & Manufacturing Holdings		4,209		60,946
Autoliv		2,049		220,165
BorgWarner		4,963		146,508
Cooper Tire & Rubber		3,194		95,245
†Cooper-Standard Holding		928		73,303
Dana Holding		7,617		80,436
Delphi Automotive		1,895		118,627
†Dorman Products		1,605		91,806
Drew Industries		1,644		139,477
†Federal-Mogul Holdings Class A		4,366		36,281
†Fox Factory Holding		1,720		29,876
Gentex		13,609		210,259
†Gentherm		1,671		57,232
Goodyear Tire & Rubber		7,442		190,962
†Horizon Global		1,513		17,173
Johnson Controls		8,694		384,796
Lear		2,084		212,068
†Modine Manufacturing		3,332		29,322
†Motorcar Parts of America		609		16,553
Standard Motor Products		2,098		83,458
†Stoneridge		1,066		15,926
Superior Industries International		1,457		39,018
†Tenneco		1,920		89,491
Tower International		1,402		28,853
Visteon		1,582		104,111
				2,571,892
Automobiles–0.71%
Ford Motor		73,935		929,363
General Motors		23,222		657,183
Harley-Davidson		5,310		240,543

LVIP Dimensional U.S. Core Equity 2 Fund–3

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Automobiles (continued)
†Tesla Motors		117	$	24,837
Thor Industries		2,324		150,456
Winnebago Industries		1,195		27,389
				2,029,771
Banks–7.50%
1st Source		1,769		57,298
Access National		600		11,706
Ameris Bancorp		1,069		31,749
Arrow Financial		570		17,265
Associated Banc-Corp		5,838		100,122
Banc of California		2,093		37,883
BancFirst		1,077		64,965
†Bancorp		1,384		8,332
BancorpSouth		4,142		93,982
Bank of America		81,477		1,081,200
Bank of Hawaii		2,277		156,658
Bank of Marin Bancorp		451		21,815
Bank of the Ozarks		3,660		137,323
BankUnited		4,786		147,026
Banner		1,190		50,623
BB&T		7,014		249,769
BBCN Bancorp		5,541		82,672
Berkshire Hills Bancorp		1,376		37,042
Blue Hills Bancorp		656		9,683
BNC Bancorp		1,764		40,060
BOK Financial		2,377		149,038
Boston Private Financial Holdings		5,510		64,908
Bridge Bancorp		778		22,095
Brookline Bancorp		3,522		38,848
Bryn Mawr Bank		760		22,192
Camden National		585		24,570
Capital Bank Financial		1,391		40,061
Cardinal Financial		1,427		31,308
†Cascade Bancorp		1,783		9,878
Cathay General Bancorp		3,446		97,177
CenterState Banks		2,033		32,020
Central Pacific Financial		1,457		34,385
Chemical Financial		1,691		63,057
CIT Group		2,967		94,677
Citigroup		23,295		987,475
Citizens & Northern		430		8,695
Citizens Financial Group		8,245		164,735
@City Holding		834		37,922
CNB Financial		584		10,395
@CoBiz Financial		1,737		20,323
Columbia Banking System		3,256		91,363
Comerica		2,805		115,370
Commerce Bancshares		4,177		200,078
Community Bank System		1,925		79,098
Community Trust Bancorp		1,117		38,715
ConnectOne Bancorp		1,333		20,915

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
†CU Bancorp		295	$	6,705
Cullen/Frost Bankers		2,455		156,457
†Customers Bancorp		1,240		31,161
CVB Financial		4,122		67,560
†Eagle Bancorp		1,471		70,770
East West Bancorp		3,807		130,123
Enterprise Financial Services		804		22,424
Farmers Capital Bank		466		12,745
†FCB Financial Holdings Class A		1,963		66,742
Fidelity Southern		1,403		21,985
Fifth Third Bancorp		18,692		328,792
Financial Institutions		629		16,398
First Bancorp		1,423		25,016
†First BanCorp (Puerto Rico)		10,810		42,916
First Busey		2,171		46,438
First Business Financial Services		400		9,388
First Citizens BancShares Class A		484		125,312
First Commonwealth Financial		4,553		41,888
First Community Bancshares		1,227		27,534
First Connecticut Bancorp		902		14,937
First Financial		910		33,324
First Financial Bancorp		3,485		67,783
First Financial Bankshares		1,287		42,201
First Horizon National		10,076		138,847
First Interstate BancSystem		956		26,864
First Merchants		3,372		84,064
First Midwest Bancorp		3,455		60,670
†First NBC Bank Holding		1,064		17,865
First Niagara Financial Group		19,416		189,112
First of Long Island		820		23,509
First Republic Bank		2,426		169,796
FirstMerit		9,330		189,119
@Flushing Financial		1,741		34,611
FNB		7,787		97,649
Fulton Financial		6,576		88,776
German American Bancorp		700		22,379
Glacier Bancorp		3,327		88,432
Great Southern Bancorp		741		27,395
Guaranty Bancorp		800		13,360
Hancock Holding		3,427		89,479
Hanmi Financial		1,416		33,262
Heartland Financial USA		993		35,043
Heritage Commerce		1,727		18,185
Heritage Financial		1,608		28,269
†Hilltop Holdings		4,379		91,915
Home BancShares		6,048		119,690
†HomeTrust Bancshares		1,279		23,661
Horizon Bancorp		340		8,548
Huntington Bancshares		18,666		166,874
IBERIABANK		1,454		86,847
Independent Bank		1,162		53,103
Independent Bank Group		1,061		45,528

LVIP Dimensional U.S. Core Equity 2 Fund–4

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
International Bancshares		3,323	$	86,697
Investors Bancorp		12,500		138,500
JPMorgan Chase		46,358		2,880,686
KeyCorp		13,173		145,562
Lakeland Bancorp		2,566		29,201
Lakeland Financial		645		30,321
LegacyTexas Financial Group		2,110		56,780
M&T Bank		1,197		141,521
MainSource Financial Group		1,080		23,814
MB Financial		3,048		110,581
Mercantile Bank		720		17,179
National Bank Holdings Class A		1,365		27,791
NBT Bancorp		2,252		64,475
OFG Bancorp		1,942		16,119
Old National Bancorp		5,072		63,552
Opus Bank		1,084		36,639
Pacific Continental		830		13,039
†Pacific Premier Bancorp		953		22,872
PacWest Bancorp		4,009		159,478
Park National		485		44,513
Park Sterling		1,168		8,281
Peapack Gladstone Financial		901		16,678
Peoples Bancorp		1,224		26,671
People’s United Financial		10,780		158,035
Pinnacle Financial Partners		1,612		78,746
PNC Financial Services Group		6,301		512,838
Popular		3,440		100,792
Preferred Bank		736		21,252
PrivateBancorp		3,063		134,864
Prosperity Bancshares		2,826		144,098
QCR Holdings		161		4,378
Regions Financial		19,270		163,988
Renasant		1,783		57,644
Republic Bancorp Class A		900		24,867
S&T Bancorp		1,882		46,015
Sandy Spring Bancorp		1,079		31,356
†Seacoast Banking of Florida		1,521		24,701
ServisFirst Bancshares		982		48,501
†Signature Bank		1,182		147,655
Simmons First National Class A		1,326		61,241
South State		1,073		73,018
Southside Bancshares		1,440		44,511
Southwest Bancorp		899		15,220
State Bank Financial		1,643		33,435
Sterling Bancorp		4,991		78,359
Stock Yards Bancorp		886		25,012
Stonegate Bank		395		12,747
†Sun Bancorp		487		10,061
SunTrust Banks		6,225		255,723
†SVB Financial Group		1,255		119,426
Synovus Financial		4,986		144,544
Talmer Bancorp Class A		3,242		62,149

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
TCF Financial		7,509	$	94,989
†Texas Capital Bancshares		2,030		94,923
Tompkins Financial		757		49,205
TriCo Bancshares		1,330		36,708
†TriState Capital Holdings		1,385		19,016
Trustmark		2,992		74,351
U.S. Bancorp		20,514		827,330
UMB Financial		1,638		87,158
Umpqua Holdings		8,614		133,259
Union Bankshares		1,989		49,148
United Bankshares		2,311		86,686
United Community Banks		2,799		51,194
Univest of Pennsylvania		600		12,612
Valley National Bancorp		8,204		74,820
Washington Trust Bancorp		1,005		38,110
Webster Financial		3,645		123,748
Wells Fargo		78,993		3,738,739
WesBanco		1,705		52,940
West Bancorporation		758		14,091
Westamerica Bancorporation		989		48,718
†Western Alliance Bancorp		3,964		129,425
Wilshire Bancorp		6,221		64,823
Wintrust Financial		1,903		97,053
Yadkin Financial		1,815		45,538
Zions Bancorporation		3,985		100,143
				21,358,775
Beverages–0.99%
†Boston Beer Class A		264		45,152
Brown-Forman Class A		214		23,118
Brown-Forman Class B		553		55,167
Coca-Cola		23,369		1,059,317
Coca-Cola Bottling Consolidated		632		93,201
Coca-Cola European Partners		3,922		139,976
Constellation Brands Class A		1,379		228,087
Dr Pepper Snapple Group		1,646		159,053
MGP Ingredients		923		35,286
Molson Coors Brewing Class B		1,211		122,468
†Monster Beverage		475		76,337
†National Beverage		964		60,549
PepsiCo		6,748		714,883
				2,812,594
Biotechnology–1.43%
AbbVie		7,487		463,520
†ACADIA Pharmaceuticals		909		29,506
†Acorda Therapeutics		1,804		46,011
†Adamas Pharmaceuticals		1,097		16,609
†Akebia Therapeutics		1,002		7,495
†Alexion Pharmaceuticals		821		95,860
†Alkermes		437		18,887
†Alnylam Pharmaceuticals		447		24,804

LVIP Dimensional U.S. Core Equity 2 Fund–5

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†AMAG Pharmaceuticals		989	$	23,657
Amgen		5,796		881,861
†Biogen		1,429		345,561
†BioMarin Pharmaceutical		370		28,786
†BioSpecifics Technologies		307		12,262
†Bluebird Bio		717		31,039
†Celgene		3,262		321,731
†Clovis Oncology		500		6,860
†Concert Pharmaceuticals		1,000		11,230
†Emergent BioSolutions		2,009		56,493
†Five Prime Therapeutics		1,579		65,292
Gilead Sciences		7,180		598,956
†Incyte		687		54,946
†Insys Therapeutics		1,480		19,151
†Intercept Pharmaceuticals		263		37,525
†Ligand Pharmaceuticals Class B		1,194		142,408
†Medivation		1,510		91,053
†Momenta Pharmaceuticals		2,972		32,098
†Myriad Genetics		2,645		80,937
†Neurocrine Biosciences		637		28,952
†OPKO Health		17,418		162,684
PDL BioPharma		8,018		25,177
†Radius Health		400		14,700
†Regeneron Pharmaceuticals		318		111,055
†Repligen		1,034		28,290
Shire ADR		1		96
†United Therapeutics		1,150		121,808
†Vertex Pharmaceuticals		408		35,096
†Vitae Pharmaceuticals		1,074		11,588
				4,083,984
Building Products–0.66%
AAON		2,821		77,606
Advanced Drainage Systems		2,948		80,687
Allegion		1,062		73,735
†American Woodmark		1,051		69,765
AO Smith		553		48,725
Apogee Enterprises		1,544		71,564
†Armstrong Flooring		1,225		20,764
†Armstrong World Industries		2,731		106,919
†Builders FirstSource		5,130		57,713
†Continental Building Products		1,869		41,548
Fortune Brands Home & Security		3,552		205,909
†Gibraltar Industries		1,375		43,409
Griffon		2,129		35,895
Insteel Industries		1,017		29,076
Lennox International		499		71,157
Masco		2,483		76,824
†NCI Building Systems		1,535		24,545
†Nortek		300		17,793
Owens Corning		3,881		199,949
†Patrick Industries		1,033		62,280

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Building Products (continued)
†PGT		3,232	$	33,290
†Ply Gem Holdings		2,247		32,739
Quanex Building Products		1,644		30,562
Simpson Manufacturing		1,603		64,072
†Trex		1,025		46,043
Universal Forest Products		780		72,298
†USG		6,652		179,338
				1,874,205
Capital Markets–2.03%
†Affiliated Managers Group		1,196		168,361
Ameriprise Financial		4,670		419,599
Artisan Partners Asset Management		1,669		46,198
Bank of New York Mellon		13,364		519,191
BGC Partners Class A		14,081		122,646
BlackRock		1,108		379,523
Charles Schwab		6,559		166,008
Cohen & Steers		2,296		92,850
†Cowen Group Class A		5,999		17,757
Diamond Hill Investment Group		200		37,684
†E*TRADE Financial		5,225		122,735
Eaton Vance		4,269		150,866
Evercore Partners Class A		2,348		103,758
Federated Investors Class B		5,512		158,635
Financial Engines		537		13,892
Franklin Resources		6,358		212,166
Goldman Sachs Group		3,049		453,020
Greenhill & Co.		974		15,681
HFF Class A		2,436		70,352
Interactive Brokers Group		3,457		122,378
†INTL. FCStone		844		23,033
Invesco		10,116		258,363
Investment Technology Group		1,487		24,863
Janus Capital Group		8,191		114,019
†KCG Holdings		2,919		38,823
Legg Mason		3,578		105,515
LPL Financial Holdings		4,382		98,726
Moelis & Co.		691		15,547
Morgan Stanley		9,982		259,332
Northern Trust		5,046		334,348
NorthStar Asset Management Group		6,246		63,772
OM Asset Management		141		1,882
Oppenheimer Holdings Class A		765		11,827
†Piper Jaffray		673		25,372
Raymond James Financial		3,187		157,119
†Safeguard Scientifics		1,565		19,547
SEI Investments		1,215		58,454
State Street		2,821		152,108
†Stifel Financial		2,308		72,587
T. Rowe Price Group		2,316		168,999
TD Ameritrade Holding		8,110		230,932
Virtus Investment Partners		230		16,371

LVIP Dimensional U.S. Core Equity 2 Fund–6

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Capital Markets (continued)
Waddell & Reed Financial Class A		3,757	$	64,696
Westwood Holdings Group		439		22,740
WisdomTree Investments		5,289		51,779
				5,784,054
Chemicals–2.54%
A. Schulman		1,598		39,023
Air Products & Chemicals		1,712		243,172
Albemarle		2,356		186,854
American Vanguard		1,373		20,746
Ashland		1,225		140,593
†Axalta Coating Systems		1,100		29,183
Axiall		5,154		168,072
Balchem		1,397		83,331
Cabot		2,471		112,826
Calgon Carbon		2,629		34,571
Celanese Class A		3,387		221,679
CF Industries Holdings		8,601		207,284
Chase		400		23,628
†Chemtura		2,919		77,003
Dow Chemical		22,758		1,131,300
Eastman Chemical		4,113		279,273
Ecolab		1,877		222,612
EI du Pont de Nemours		5,227		338,710
†Ferro		4,988		66,739
†Flotek Industries		3,167		41,804
FMC		2,099		97,205
FutureFuel		2,591		28,190
†GCP Applied Technologies		782		20,363
H.B. Fuller		2,574		113,230
Hawkins		465		20,186
Huntsman		12,547		168,757
†Ingevity		632		21,513
Innophos Holdings		852		35,963
Innospec		1,066		49,025
International Flavors & Fragrances		740		93,292
KMG Chemicals		360		9,356
†Koppers Holdings		1,366		41,977
†Kraton Performance Polymers		1,352		37,761
Kronos Worldwide		3,617		18,989
†LSB Industries		2,413		29,149
LyondellBasell Industries Class A		3,486		259,428
Minerals Technologies		1,539		87,415
Monsanto		1,828		189,033
Mosaic		8,225		215,331
NewMarket		266		110,225
Olin		14,699		365,123
†OMNOVA Solutions		2,345		17,001
†Platform Specialty Products		10,201		90,585
PolyOne		3,980		140,255
PPG Industries		1,490		155,183
Praxair		1,892		212,642

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Chemicals (continued)
Quaker Chemical		589	$	52,539
Rayonier Advanced Materials		605		8,222
RPM International		1,836		91,708
Scotts Miracle-Gro Class A		2,103		147,021
Sensient Technologies		1,584		112,527
Sherwin-Williams		394		115,706
Stepan		986		58,697
†Trecora Resources		817		8,521
Tredegar		1,894		30,531
Trinseo		679		29,149
Tronox		3,659		16,136
Valspar		875		94,526
W.R. Grace		782		57,250
Westlake Chemical		2,594		111,334
				7,229,447
Commercial Services & Supplies–1.54%
ABM Industries		1,863		67,962
†ACCO Brands		6,158		63,612
†ARC Document Solutions		3,148		12,246
Brady Class A		1,701		51,983
Brink’s		2,865		81,624
†Casella Waste Systems		2,159		16,948
CECO Environmental		1,187		10,374
Cintas		998		97,934
†Clean Harbors		3,111		162,114
†Copart		3,928		192,511
Covanta Holding		5,897		97,006
Deluxe		2,271		150,726
Ennis		1,143		21,923
Essendant		1,656		50,607
G&K Services Class A		1,284		98,316
Healthcare Services Group		1,609		66,580
Herman Miller		3,316		99,115
HNI		2,546		118,364
†InnerWorkings		1,100		9,097
Interface Class A		3,645		55,586
KAR Auction Services		5,554		231,824
Kimball International Class B		2,416		27,494
Knoll		3,200		77,696
Matthews International Class A		1,118		62,206
McGrath RentCorp		1,058		32,364
Mobile Mini		1,983		68,691
MSA Safety		1,654		86,885
Multi-Color		744		47,170
†NL Industries		2,090		5,371
Pitney Bowes		4,363		77,661
Quad		1,620		37,730
R.R. Donnelley & Sons		7,467		126,342
Republic Services		7,689		394,523
Rollins		1,429		41,827
†SP Plus		1,195		26,983

LVIP Dimensional U.S. Core Equity 2 Fund–7

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Commercial Services & Supplies (continued)
Steelcase Class A		4,018	$	54,524
†Stericycle		1,411		146,913
†Team		1,744		43,304
Tetra Tech		1,947		59,861
†TRC		1,726		10,908
Tyco International		7,559		322,013
U.S. Ecology		1,083		49,764
UniFirst		592		68,506
Viad		1,421		44,051
VSE		95		6,346
Waste Connections		4,547		327,611
Waste Management		4,943		327,573
West		2,457		48,305
				4,379,074
Communications Equipment–1.60%
ADTRAN		1,646		30,698
†Arista Networks		1,190		76,612
†ARRIS International		8,453		177,175
Bel Fuse Class B		100		1,778
Black Box		1,723		22,537
Brocade Communications Systems		18,899		173,488
†CalAmp		1,620		23,992
†Calix		2,250		15,547
†Ciena		4,105		76,969
Cisco Systems		80,766		2,317,177
†CommScope Holding		3,805		118,069
Comtech Telecommunications		715		9,181
†Digi International		1,498		16,074
†EchoStar Class A		2,042		81,067
†F5 Networks		634		72,175
†Finisar		5,923		103,712
†Harmonic		3,856		10,990
Harris		2,479		206,848
†Infinera		2,580		29,102
InterDigital		1,960		109,133
†Ixia		3,546		34,822
Juniper Networks		6,670		150,008
Motorola Solutions		1,354		89,323
†NETGEAR		1,046		49,727
†NetScout Systems		3,053		67,929
†Palo Alto Networks		243		29,802
Plantronics		2,355		103,620
†Polycom		5,865		65,981
†ShoreTel		1,706		11,413
†Sonus Networks		3,105		26,982
†Ubiquiti Networks		1,836		70,980
†ViaSat		1,786		127,520
†Viavi Solutions		6,741		44,693
				4,545,124

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Construction & Engineering–0.59%
†AECOM		6,463	$	205,330
†Aegion		1,719		33,538
Argan		739		30,831
Chicago Bridge & Iron		4,083		141,394
Comfort Systems USA		1,705		55,532
†Dycom Industries		1,748		156,900
EMCOR Group		2,830		139,406
Fluor		3,919		193,128
Granite Construction		1,526		69,509
†Great Lakes Dredge & Dock		5,107		22,267
†IES Holdings		1,179		14,643
†Jacobs Engineering Group		2,317		115,410
KBR		4,791		63,433
†MasTec		3,538		78,968
†MYR Group		1,177		28,342
†Northwest Pipe		539		5,810
Primoris Services		2,288		43,312
†Quanta Services		5,004		115,692
†Tutor Perini		2,173		51,174
Valmont Industries		893		120,796
				1,685,415
Construction Materials–0.23%
Eagle Materials		2,184		168,496
†Headwaters		4,098		73,518
Martin Marietta Materials		932		178,944
†U.S. Concrete		812		49,459
United States Lime & Minerals		277		16,340
Vulcan Materials		1,478		177,892
				664,649
Consumer Finance–1.13%
†Ally Financial		16,639		284,028
American Express		11,847		719,824
Capital One Financial		6,500		412,815
Cash America International		1,126		47,990
†Credit Acceptance		948		175,456
Discover Financial Services		8,388		449,513
†Encore Capital Group		1,119		26,330
†Enova International		2,659		19,570
†EZCORP Class A		2,772		20,956
First Cash Financial Services		1,489		76,430
†Green Dot Class A		2,315		53,222
Navient		16,366		195,574
Nelnet Class A		1,479		51,395
†OneMain Holdings		4,466		101,914
†PRA Group		2,135		51,539
†Regional Management		129		1,891
†Santander Consumer USA Holdings		7,150		73,860
†SLM		18,869		116,610
†Synchrony Financial		13,066		330,308

LVIP Dimensional U.S. Core Equity 2 Fund–8

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Consumer Finance (continued)
†World Acceptance		395	$	18,012
				3,227,237
Containers & Packaging–0.94%
AEP Industries		339		27,276
AptarGroup		2,881		227,974
Avery Dennison		1,309		97,848
Ball		1,509		109,086
Bemis		4,664		240,149
†Berry Plastics Group		2,666		103,574
†Crown Holdings		1,543		78,184
Graphic Packaging Holding		19,737		247,502
Greif Class A		1,138		42,413
International Paper		10,549		447,067
Myers Industries		2,439		35,122
†Owens-Illinois		8,903		160,343
Packaging of America		3,246		217,255
Sealed Air		2,186		100,490
Silgan Holdings		2,861		147,227
Sonoco Products		5,028		249,690
WestRock		3,793		147,434
				2,678,634
Distributors–0.20%
Core-Mark Holding		2,242		105,060
Genuine Parts		1,499		151,774
†LKQ		6,764		214,419
Pool		943		88,670
Weyco Group		507		14,084
				574,007
Diversified Consumer Services–0.41%
†American Public Education		1,300		36,530
†Apollo Education Group Class A		3,529		32,184
†Ascent Capital Group Class A		345		5,310
†Bridgepoint Education		2,198		15,914
†Bright Horizons Family Solutions		1,797		119,159
Capella Education		708		37,269
†Career Education		3,948		23,491
Carriage Services		768		18,186
DeVry Education Group		2,811		50,148
Graham Holdings		162		79,305
†Grand Canyon Education		2,655		105,988
H&R Block		2,612		60,076
†Houghton Mifflin Harcourt		4,461		69,725
†K12		2,018		25,205
†Regis		2,095		26,083
Service International		8,782		237,465
†ServiceMaster Global Holdings		2,625		104,475
Sotheby’s		2,959		81,077
†Strayer Education		800		39,304
				1,166,894

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Diversified Financial Services–0.97%
†Berkshire Hathaway Class B		7,683	$	1,112,422
CBOE Holdings		1,893		126,112
CME Group		2,707		263,662
FactSet Research Systems		456		73,608
GAIN Capital Holdings		2,244		14,182
Intercontinental Exchange		1,315		336,587
Leucadia National		6,549		113,494
MarketAxess Holdings		688		100,035
Marlin Business Services		729		11,883
Moody’s		690		64,660
Morningstar		1,224		100,099
MSCI		947		73,033
Nasdaq		1,818		117,570
†NewStar Financial		1,435		12,083
†PICO Holdings		1,481		14,010
S&P Global		1,347		144,479
Voya Financial		3,179		78,712
				2,756,631
Diversified Telecommunication Services–3.10%
AT&T		102,921		4,447,216
ATN International		622		48,398
CenturyLink		21,863		634,246
†Cincinnati Bell		6,196		28,316
Cogent Communications Holdings		1,769		70,866
Consolidated Communications Holdings		3,804		103,621
†FairPoint Communications		1,193		17,513
Frontier Communications		31,766		156,924
†General Communication Class A		2,677		42,297
†Hawaiian Telcom Holdco		500		10,595
IDT Class B		1,774		25,173
Inteliquent		1,868		37,155
†Iridium Communications		4,205		37,340
†Level 3 Communications		6,070		312,544
†Lumos Networks		217		2,626
†ORBCOMM		2,840		28,258
†SBA Communications Class A		931		100,492
Verizon Communications		47,559		2,655,695
†Vonage Holdings		9,457		57,688
				8,816,963
Electric Utilities–0.97%
ALLETE		1,303		84,213
Alliant Energy		1,946		77,256
American Electric Power		2,202		154,338
Avangrid		2,129		98,062
Duke Energy		2,800		240,212
Edison International		1,262		98,020
El Paso Electric		1,457		68,872
Empire District Electric		1,293		43,923
Entergy		1,452		118,120

LVIP Dimensional U.S. Core Equity 2 Fund–9

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Electric Utilities (continued)
Eversource Energy		1,415	$	84,759
Exelon		3,870		140,713
FirstEnergy		3,436		119,951
Great Plains Energy		3,548		107,859
Hawaiian Electric Industries		1,848		60,596
IDACORP		1,072		87,207
ITC Holdings		1,133		53,047
MGE Energy		1,127		63,692
NextEra Energy		1,785		232,764
OGE Energy		1,474		48,273
Otter Tail		1,114		37,308
PG&E		1,900		121,448
Pinnacle West Capital		818		66,307
PNM Resources		1,470		52,097
Portland General Electric		1,638		72,269
PPL		2,607		98,414
Southern		3,522		188,885
Westar Energy		1,044		58,558
Xcel Energy		1,966		88,037
				2,765,200
Electrical Equipment–0.77%
Acuity Brands		324		80,339
Allied Motion Technologies		758		17,631
AMETEK		5,499		254,219
AZZ		1,479		88,710
†Babcock & Wilcox Enterprises		2,436		35,785
Eaton		5,524		329,949
Emerson Electric		6,011		313,534
Encore Wire		1,119		41,716
EnerSys		2,644		157,239
†Generac Holdings		3,098		108,306
General Cable		2,165		27,517
Hubbell		2,390		252,073
LSI Industries		457		5,059
Powell Industries		509		20,024
Regal Beloit		1,653		90,998
Rockwell Automation		1,461		167,752
†Sensata Technologies Holding		4,710		164,332
†SolarCity		897		21,465
†Thermon Group Holdings		790		15,176
†Vicor		1,194		12,024
				2,203,848
Electronic Equipment, Instruments & Components–1.73%
Amphenol Class A		2,484		142,408
†Anixter International		1,760		93,773
†Arrow Electronics		2,975		184,153
Avnet		5,424		219,726
AVX		5,051		68,593
Badger Meter		643		46,958
Belden		1,662		100,335

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Electronic Equipment, Instruments & Components (continued)
†Benchmark Electronics		2,238	$	47,334
CDW		1,874		75,110
Cognex		2,503		107,879
†Coherent		939		86,181
Corning		8,731		178,811
CTS		1,364		24,443
Daktronics		1,460		9,125
Dolby Laboratories Class A		2,388		114,266
†DTS		802		21,213
Electro Rent		1,265		19,494
†Electro Scientific Industries		460		2,686
†ePlus		332		27,154
†Fabrinet		1,188		44,099
†FARO Technologies		703		23,782
FEI		1,331		142,257
†Flextronics International		17,046		201,143
FLIR Systems		5,753		178,055
†II-VI		2,715		50,933
Ingram Micro		4,971		172,891
†Insight Enterprises		3,469		90,194
†IPG Photonics		2,083		166,640
†Itron		1,759		75,813
Jabil Circuit		10,279		189,853
†Keysight Technologies		6,102		177,507
†Kimball Electronics		1,253		15,600
†Knowles		2,411		32,982
Littelfuse		617		72,923
Mesa Laboratories		195		23,985
Methode Electronics		1,960		67,091
MTS Systems		657		28,803
†Multi-Fineline Electronix		1,421		32,967
National Instruments		4,223		115,710
†Novanta		1,849		28,012
†OSI Systems		767		44,586
Park Electrochemical		1,422		20,662
PC Connection		1,762		41,936
†Plexus		1,477		63,806
†QLogic		3,713		54,730
†Rofin-Sinar Technologies		1,256		40,117
†Rogers		795		48,575
†Sanmina		3,418		91,637
†ScanSource		1,186		44,012
SYNNEX		1,852		175,607
†Systemax		1,538		13,119
TE Connectivity		5,820		332,380
†Tech Data		1,359		97,644
†Trimble Navigation		4,160		101,338
†TTM Technologies		4,390		33,057
†VeriFone Systems		4,122		76,422
Vishay Intertechnology		6,250		77,438

LVIP Dimensional U.S. Core Equity 2 Fund–10

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Electronic Equipment, Instruments & Components (continued)
†Zebra Technologies		1,262	$	63,226
				4,921,174
Energy Equipment & Services–1.38%
Archrock		6,266		59,026
Atwood Oceanics		3,242		40,590
Baker Hughes		3,689		166,485
†Basic Energy Services		3,876		6,512
Bristow Group		1,547		17,651
CARBO Ceramics		560		7,336
Core Laboratories		730		90,440
Diamond Offshore Drilling		5,355		130,287
†Dril-Quip		1,587		92,728
†Era Group		1,340		12,596
†Exterran		3,133		40,259
†Fairmount Santrol Holdings		56		432
†FMC Technologies		6,739		179,729
†Forum Energy Technologies		4,515		78,155
†Geospace Technologies		1,182		19,349
†Gulfmark Offshore		2,023		6,332
Halliburton		6,026		272,918
†Helix Energy Solutions Group		7,128		48,185
Helmerich & Payne		2,696		180,982
†Hornbeck Offshore Services		1,588		13,244
†ION Geophysical		332		2,068
†Matrix Service		882		14,544
†McDermott International		9,065		44,781
Nabors Industries		12,554		126,168
National Oilwell Varco		5,870		197,525
†Natural Gas Services Group		679		15,549
†Newpark Resources		3,727		21,579
Noble		10,715		88,292
Oceaneering International		4,875		145,567
†Oil States International		2,250		73,980
†Parker Drilling		2,258		5,171
Patterson-UTI Energy		6,517		138,942
†PHI		903		16,146
†Pioneer Energy Services		5,840		26,864
†RigNet		1,403		18,786
Rowan		4,327		76,415
†RPC		4,865		75,553
Schlumberger		10,523		832,159
†SEACOR Holdings		769		44,564
Superior Energy Services		6,675		122,887
Tesco		2,570		17,193
†TETRA Technologies		3,841		24,467
Tidewater		2,609		11,506
Transocean		12,320		146,485
U.S. Silica Holdings		1,825		62,908
†Unit		2,450		38,122
†Weatherford International		11,500		63,825
				3,915,282

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Food & Staples Retailing–2.39%
Andersons		1,240	$	44,070
Casey’s General Stores		1,880		247,239
†Chefs’ Warehouse		1,611		25,776
Costco Wholesale		2,634		413,643
CVS Health		17,548		1,680,046
Ingles Markets Class A		618		23,051
Kroger		6,151		226,295
†Natural Grocers by Vitamin Cottage		985		12,854
PriceSmart		1,121		104,892
†Rite Aid		12,700		95,123
SpartanNash		1,665		50,916
†Sprouts Farmers Market		3,821		87,501
†SUPERVALU		7,851		37,057
Sysco		2,500		126,850
†United Natural Foods		2,198		102,866
Walgreens Boots Alliance		10,180		847,689
Wal-Mart Stores		31,636		2,310,061
Weis Markets		1,415		71,528
Whole Foods Market		9,251		296,217
				6,803,674
Food Products–1.99%
Alico		310		9,377
Archer-Daniels-Midland		4,960		212,734
B&G Foods		3,072		148,070
Bunge		4,548		269,014
Calavo Growers		882		59,094
Cal-Maine Foods		2,819		124,938
Campbell Soup		927		61,673
ConAgra Foods		1,602		76,592
†Darling Ingredients		7,295		108,695
Dean Foods		4,533		82,002
†Farmer Brothers		1,079		34,593
Flowers Foods		7,829		146,794
Fresh Del Monte Produce		1,736		94,490
General Mills		3,284		234,215
†Hain Celestial Group		4,249		211,388
Hershey		739		83,869
Hormel Foods		1,288		47,141
Ingredion		1,759		227,632
J&J Snack Foods		965		115,096
JM Smucker		2,859		435,740
John B. Sanfilippo & Son		378		16,114
Kellogg		1,103		90,060
Kraft Heinz		4,978		440,453
Lancaster Colony		806		102,854
†Landec		2,083		22,413
†Lifeway Foods		699		6,759
McCormick & Co.		1,152		122,884
Mead Johnson Nutrition		1,906		172,969
Mondelez International		11,602		528,007
†Omega Protein		985		19,690

LVIP Dimensional U.S. Core Equity 2 Fund–11

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Food Products (continued)
Pilgrim’s Pride		1,413	$	36,003
Pinnacle Foods		5,287		244,735
†Post Holdings		2,062		170,507
Sanderson Farms		1,125		97,470
†Seaboard		68		195,204
†Seneca Foods Class A		364		13,180
Snyder’s-Lance		3,683		124,817
Tootsie Roll Industries		748		28,820
†TreeHouse Foods		818		83,968
Tyson Foods Class A		4,740		316,585
†WhiteWave Foods		1,301		61,069
				5,677,708
Gas Utilities–0.46%
AGL Resources		1,834		120,989
Atmos Energy		891		72,456
Chesapeake Utilities		451		29,847
National Fuel Gas		1,564		88,960
New Jersey Resources		1,583		61,025
Northwest Natural Gas		808		52,375
ONE Gas		963		64,126
Piedmont Natural Gas		3,164		190,220
Questar		5,072		128,677
South Jersey Industries		2,046		64,695
Southwest Gas		874		68,793
Spire		954		67,581
UGI		5,091		230,368
WGL Holdings		920		65,127
				1,305,239
Health Care Equipment & Supplies–2.25%
Abaxis		840		39,673
Abbott Laboratories		16,206		637,058
†ABIOMED		514		56,175
†Accuray		299		1,552
†Alere		3,613		150,590
†Align Technology		587		47,283
Analogic		368		29,234
†AngioDynamics		2,264		32,534
†Anika Therapeutics		649		34,819
Atrion		84		35,940
Baxter International		7,843		354,660
Becton Dickinson & Co.		1,612		273,379
†Boston Scientific		4,964		116,009
C.R. Bard		818		192,361
Cantel Medical		1,223		84,057
CONMED		1,227		58,565
Cooper		836		143,433
@CryoLife		1,100		12,991
†Cynosure Class A		955		46,456
DENTSPLY SIRONA		4,458		276,574
†DexCom		300		23,799

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†Edwards Lifesciences		716	$	71,407
†Exactech		800		21,392
†Globus Medical		3,433		81,808
†Haemonetics		1,966		56,994
†Halyard Health		2,147		69,820
Hill-Rom Holdings		2,901		146,355
†Hologic		8,455		292,543
†ICU Medical		554		62,463
†IDEXX Laboratories		671		62,309
†Inogen		544		27,260
†Integer Holdings		1,015		31,394
†Integra LifeSciences Holdings		1,310		104,512
†Intuitive Surgical		124		82,015
Invacare		1,522		18,462
LeMaitre Vascular		1,009		14,398
†LivaNova		1,805		90,665
†Masimo		2,320		121,835
Medtronic		11,118		964,709
Meridian Bioscience		1,980		38,610
†Merit Medical Systems		1,468		29,110
†Neogen		1,118		62,887
†NuVasive		2,412		144,045
†Nuvectra		338		2,501
†OraSure Technologies		113		668
†Orthofix International		627		26,585
†Quidel		1,563		27,915
ResMed		1,178		74,485
†RTI Surgical		2,100		7,539
†SeaSpine Holdings		660		6,917
St. Jude Medical		2,303		179,634
STERIS		1,303		89,581
Stryker		1,497		179,386
†SurModics		576		13,524
Teleflex		760		134,756
†Varian Medical Systems		886		72,856
†Vascular Solutions		1,441		60,032
West Pharmaceutical Services		1,197		90,828
†Wright Medical Group		2,103		36,529
Zimmer Biomet Holdings		1,278		153,846
				6,399,717
Health Care Providers & Services–3.68%
†Acadia Healthcare		3,082		170,743
Aceto		1,439		31,500
†Addus HomeCare		433		7,547
Aetna		5,547		677,455
†Air Methods		1,958		70,155
†Almost Family		435		18,535
†Amedisys		1,799		90,814
AmerisourceBergen		539		42,753
†AMN Healthcare Services		2,831		113,155
†Amsurg		3,005		233,008

LVIP Dimensional U.S. Core Equity 2 Fund–12

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services (continued)
Anthem		4,453	$	584,857
†BioScrip		3,413		8,703
†BioTelemetry		1,207		19,674
†Brookdale Senior Living		6,137		94,755
†Capital Senior Living		1,634		28,873
Cardinal Health		2,620		204,386
†Centene		5,531		394,747
Chemed		948		129,222
Cigna		2,079		266,091
†Civitas Solutions		297		6,186
†Community Health Systems		5,888		70,950
†CorVel		1,834		79,192
†Cross Country Healthcare		2,183		30,387
†DaVita HealthCare Partners		5,951		460,131
Ensign Group		2,295		48,218
†Envision Healthcare Holdings		5,710		144,863
†ExamWorks Group		2,232		77,785
†Express Scripts Holding		10,582		802,116
†Five Star Quality Care		2,200		5,148
†Hanger		1,874		13,924
†HCA Holdings		1,264		97,341
HealthSouth		3,457		134,201
†Healthways		1,928		22,268
†Henry Schein		612		108,202
Humana		3,461		622,565
Kindred Healthcare		3,711		41,897
†Laboratory of America Holdings		2,204		287,115
Landauer		434		17,863
†LHC Group		696		30,123
†LifePoint Health		1,928		126,033
†Magellan Health		1,133		74,517
McKesson		2,100		391,965
†MEDNAX		2,382		172,528
†Molina Healthcare		2,483		123,902
National HealthCare		926		59,949
National Research Class A		927		12,700
Owens & Minor		2,785		104,103
Patterson		3,670		175,756
†PharMerica		1,180		29,099
†Premier Class A		805		26,324
†Providence Service		766		34,378
@Quest Diagnostics		3,693		300,647
†Quorum Health		1,472		15,765
†RadNet		1,663		8,880
†Select Medical Holdings		5,818		63,242
†Surgical Care Affiliates		2,191		104,445
†Team Health Holdings		2,142		87,115
†Tenet Healthcare		4,780		132,119
†Triple-S Management Class B		1,017		24,845
U.S. Physical Therapy		459		27,636
UnitedHealth Group		9,093		1,283,932
Universal American		6,344		48,088

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services (continued)
Universal Health Services Class B		2,524	$	338,468
†VCA		2,976		201,207
†WellCare Health Plans		1,953		209,518
				10,464,609
Health Care Technology–0.22%
†Allscripts Healthcare Solutions		7,664		97,333
†athenahealth		415		57,274
†Cerner		1,363		79,872
Computer Programs & Systems		313		12,495
†HealthStream		1,113		29,517
†HMS Holdings		3,082		54,274
†IMS Health Holdings		7,162		181,628
†Omnicell		1,644		56,274
Quality Systems		2,697		32,121
†Veeva Systems Class A		886		30,230
				631,018
Hotels, Restaurants & Leisure–2.28%
Aramark		6,859		229,228
†Belmond		4,526		44,807
†Biglari Holdings		51		20,570
†BJ’s Restaurants		1,462		64,079
Bloomin’ Brands		7,460		133,310
Bob Evans Farms		1,324		50,246
†Bravo Brio Restaurant Group		1,400		11,466
Brinker International		1,499		68,249
†Buffalo Wild Wings		926		128,668
Carnival		5,073		224,227
†Carrols Restaurant Group		2,066		24,585
Cheesecake Factory		2,669		128,486
†Chipotle Mexican Grill		288		115,995
Choice Hotels International		1,145		54,525
Churchill Downs		487		61,537
†Chuy’s Holdings		608		21,043
ClubCorp Holdings		3,226		41,938
Cracker Barrel Old Country Store		866		148,493
Darden Restaurants		3,515		222,640
†Dave & Buster’s Entertainment		1,952		91,334
†Del Frisco’s Restaurant Group		884		12,659
†Denny’s		2,378		25,516
†Diamond Resorts International		4,038		120,978
DineEquity		1,438		121,914
Domino’s Pizza		603		79,222
Dunkin’ Brands Group		2,061		89,901
†Fiesta Restaurant Group		1,238		27,001
Hilton Worldwide Holdings		6,211		139,934
†Hyatt Hotels Class A		531		26,093
International Game Technology		3,945		73,929
International Speedway Class A		1,377		46,061
Interval Leisure Group		5,652		89,867
†Intrawest Resorts Holdings		422		5,478

LVIP Dimensional U.S. Core Equity 2 Fund–13

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
†Isle of Capri Casinos		725	$	13,282
Jack in the Box		768		65,987
†Krispy Kreme Doughnuts		2,791		58,499
†La Quinta Holdings		5,741		65,447
Las Vegas Sands		2,203		95,808
Marcus		1,216		25,658
Marriott International Class A		1,997		132,721
Marriott Vacations Worldwide		1,376		94,242
McDonald’s		4,575		550,555
†MGM Resorts International		12,285		278,010
†Norwegian Cruise Line Holdings		5,044		200,953
†Panera Bread Class A		464		98,340
Papa John’s International		1,135		77,180
†Papa Murphy’s Holdings		207		1,373
†Penn National Gaming		896		12,499
†Pinnacle Entertainment		1,797		19,911
†Popeyes Louisiana Kitchen		747		40,816
†Potbelly		597		7,486
†Red Robin Gourmet Burgers		617		29,264
Royal Caribbean Cruises		1,899		127,518
†Ruby Tuesday		2,748		9,920
Ruth’s Hospitality Group		1,938		30,911
SeaWorld Entertainment		4,961		71,091
Six Flags Entertainment		1,517		87,910
Sonic		1,631		44,119
Speedway Motorsports		3,631		64,450
Starbucks		7,364		420,632
Starwood Hotels & Resorts Worldwide		2,315		171,194
Texas Roadhouse		1,553		70,817
Vail Resorts		1,003		138,645
Wendy’s		13,624		131,063
Wyndham Worldwide		3,581		255,075
Wynn Resorts		844		76,500
Yum Brands		2,149		178,195
				6,490,050
Household Durables–1.18%
Bassett Furniture Industries		722		17,285
CalAtlantic Group		7,482		274,664
†Cavco Industries		296		27,735
†Century Communities		812		14,080
CSS Industries		543		14,558
DR Horton		8,041		253,131
Ethan Allen Interiors		1,232		40,705
Flexsteel Industries		419		16,601
Garmin		2,987		126,709
†GoPro		2,100		22,701
†Green Brick Partners		3,200		23,264
Harman International Industries		1,590		114,194
†Helen of Troy		1,096		112,713
Hooker Furniture		602		12,937
†Installed Building Products		1,531		55,560

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Household Durables (continued)
†iRobot		1,127	$	39,535
KB Home		4,086		62,148
La-Z-Boy		2,223		61,844
Leggett & Platt		1,256		64,194
Lennar		4,228		194,911
Lennar Class B		300		11,175
Libbey		1,451		23,056
Lifetime Brands		785		11,453
†M/I Homes		1,091		20,544
MDC Holdings		2,165		52,696
†Meritage Homes		1,757		65,958
†Mohawk Industries		1,628		308,929
NACCO Industries Class A		326		18,256
Newell Brands		3,422		166,207
†NVR		36		64,092
PulteGroup		8,265		161,085
†Skullcandy		1,057		6,490
†Taylor Morrison Home Class A		734		10,893
†Tempur Sealy International		2,133		117,998
†Toll Brothers		4,515		121,499
†TopBuild		752		27,222
†TRI Pointe Homes		7,163		84,667
Tupperware Brands		1,115		62,752
†Universal Electronics		767		55,439
†WCI Communities		1,500		25,350
Whirlpool		2,134		355,610
†William Lyon Homes Class A		1,617		26,066
†ZAGG		980		5,145
				3,352,051
Household Products–1.05%
†Central Garden & Pet Class A		1,616		35,083
Church & Dwight		1,210		124,497
Clorox		1,228		169,943
Colgate-Palmolive		4,245		310,734
Energizer Holdings		1,824		93,918
†HRG Group		9,280		127,414
Kimberly-Clark		1,206		165,801
Oil-Dri of America		282		9,737
Orchids Paper Products		536		19,066
Procter & Gamble		20,761		1,757,834
Spectrum Brands Holdings		931		111,078
WD-40		428		50,269
				2,975,374
Independent Power & Renewable Electricity Producers–0.28%
AES		4,966		61,976
†Calpine		17,884		263,789
†Dynegy		5,339		92,044
NRG Energy		11,367		170,391
NRG Yield Class A		911		13,865
NRG Yield Class C		1,315		20,501

LVIP Dimensional U.S. Core Equity 2 Fund–14

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Independent Power & Renewable Electricity Producers (continued)
Ormat Technologies		1,871	$	81,875
Pattern Energy Group		2,357		54,140
†Talen Energy		3,187		43,184
				801,765
Industrial Conglomerates–0.91%
3M		3,068		537,268
Carlisle		1,580		166,974
Danaher		4,776		482,376
General Electric		35,827		1,127,834
Raven Industries		1,213		22,974
Roper Technologies		1,542		263,004
				2,600,430
Insurance–4.15%
Aflac		5,217		376,459
†Alleghany		230		126,403
Allied World Assurance Holdings		3,620		127,207
Allstate		4,745		331,913
†Ambac Financial Group		1,994		32,821
American Equity Investment Life Holding		3,611		51,457
American Financial Group		2,318		171,370
American International Group		9,930		525,198
American National Insurance		1,417		160,334
AMERISAFE		920		56,322
AmTrust Financial Services		9,424		230,888
Aon		1,313		143,419
†Arch Capital Group		1,807		130,104
Argo Group International Holdings		1,359		70,506
Arthur J. Gallagher & Co.		2,934		139,658
Aspen Insurance Holdings		2,106		97,676
Assurant		2,038		175,900
Assured Guaranty		7,059		179,087
Axis Capital Holdings		3,038		167,090
Baldwin & Lyons		771		19,013
Brown & Brown		7,035		263,601
Chubb		3,603		470,948
Cincinnati Financial		2,574		192,767
CNA Financial		800		25,136
CNO Financial Group		6,176		107,833
Donegal Group Class A		996		16,424
EMC Insurance Group		1,480		41,026
Employers Holdings		1,421		41,237
Endurance Specialty Holdings		2,578		173,138
†Enstar Group		617		99,948
Erie Indemnity Class A		1,915		190,236
Everest Re Group		1,036		189,246
FBL Financial Group Class A		1,968		119,399
Federated National Holding		630		11,995
Fidelity & Guaranty Life		1,767		40,959
First American Financial		5,302		213,246

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Insurance (continued)
FNF Group		1,654	$	62,025
†Genworth Financial		22,919		59,131
†Global Indemnity		541		14,894
†Greenlight Capital Re Class A		1,363		27,478
†Hallmark Financial Services		1,100		12,749
Hanover Insurance Group		1,976		167,209
Hartford Financial Services Group		7,625		338,397
HCI Group		483		13,176
Heritage Insurance Holdings		721		8,630
Horace Mann Educators		2,038		68,864
@Infinity Property & Casualty		768		61,947
Kemper		2,270		70,325
Loews		5,231		214,942
Maiden Holdings		3,263		39,939
†Markel		206		196,273
Marsh & McLennan		2,988		204,558
†MBIA		8,307		56,737
Mercury General		1,843		97,974
MetLife		7,752		308,762
National General Holdings		3,519		75,377
National Interstate		1,069		32,337
National Western Life Group Class A		202		39,445
Navigators Group		714		65,667
Old Republic International		10,741		207,194
OneBeacon Insurance Group Class A		1,009		13,924
Primerica		2,409		137,891
Principal Financial Group		7,082		291,141
ProAssurance		1,765		94,516
Progressive		8,629		289,072
Prudential Financial		3,701		264,029
Reinsurance Group of America		971		94,177
RenaissanceRe Holdings		1,538		180,623
RLI		1,201		82,605
Safety Insurance Group		893		54,991
@Selective Insurance Group		2,533		96,786
State Auto Financial		3,462		75,852
Stewart Information Services		985		40,789
Torchmark		2,808		173,591
Travelers		6,113		727,692
United Fire Group		2,582		109,554
United Insurance Holdings		739		12,105
Universal Insurance Holdings		1,971		36,621
Unum Group		5,705		181,362
Validus Holdings		3,221		156,508
W.R. Berkley		3,130		187,550
White Mountains Insurance Group		255		214,710
Willis Towers Watson		1,438		178,758
XL Group		4,700		156,557
				11,805,398
Internet & Catalog Retail–0.87%
†1-800-Flowers.com Class A		2,100		18,942

LVIP Dimensional U.S. Core Equity 2 Fund–15

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet & Catalog Retail (continued)
†Amazon.com		1,994	$	1,426,946
Blue Nile		451		12,348
†FTD		1,270		31,699
†Groupon		5,752		18,694
HSN		1,162		56,857
†Liberty Interactive Corp QVC Group Class A		10,557		267,831
†Liberty TripAdvisor Holdings Class A		3,183		69,644
†Liberty Ventures Class A		501		18,572
†Netflix		475		43,453
Nutrisystem		969		24,574
†Overstock.com		826		13,307
PetMed Express		962		18,047
†Priceline Group		276		344,561
†Shutterfly		1,006		46,890
†TripAdvisor		970		62,371
				2,474,736
Internet Software & Services–1.82%
†Actua		2,754		24,869
†Akamai Technologies		4,207		235,298
†Alphabet Class A		1,568		1,103,135
†Alphabet Class C		1,621		1,121,894
†Angie’s List		1,639		10,670
†Bankrate		2,961		22,148
†Blucora		1,815		18,803
†Cimpress		694		64,181
†comScore		172		4,107
†CoStar Group		153		33,455
†DHI Group		3,155		19,656
EarthLink Holdings		3,450		22,080
†eBay		5,982		140,039
†Envestnet		932		31,045
†Everyday Health		492		3,877
†Facebook Class A		7,131		814,931
†GrubHub		2,621		81,434
†GTT Communications		2,055		37,976
InterActiveCorp		2,991		168,393
†Internap		5,106		10,518
†Intralinks Holdings		2,547		16,555
j2 Global		1,878		118,633
†Limelight Networks		3,333		4,966
†LinkedIn Class A		207		39,175
†Liquidity Services		1,758		13,783
†Monster Worldwide		4,043		9,663
NIC		2,221		48,729
†QuinStreet		4,100		14,555
†Rackspace Hosting		7,044		146,938
Reis		689		17,156
†RetailMeNot		672		5,181
†Shutterstock		570		26,106
†TechTarget		112		907

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet Software & Services (continued)
†Twitter		738	$	12,480
†United Online		821		9,031
†VeriSign		823		71,157
†Web.com Group		3,670		66,721
†WebMD Health		1,073		62,352
†XO Group		950		16,559
†Yahoo		7,136		268,028
†Yelp		544		16,516
†Zillow Group		1,765		64,687
†Zillow Group Class C		4,164		151,070
				5,169,457
IT Services–2.71%
Accenture Class A		3,128		354,371
†Acxiom		2,587		56,888
†Alliance Data Systems		677		132,638
Amdocs		2,497		144,127
Automatic Data Processing		1,915		175,931
†Blackhawk Network Holdings Class A		2,741		91,796
Booz Allen Hamilton Holding		3,854		114,233
Broadridge Financial Solutions		1,313		85,608
†CACI International Class A		1,074		97,100
†Cardtronics		3,683		146,620
Cass Information Systems		511		26,419
†Ciber		3,950		5,925
†Cognizant Technology Solutions Class A		4,680		267,883
Computer Sciences		3,261		161,909
Convergys		4,879		121,975
†CoreLogic		4,246		163,386
CSG Systems International		2,367		95,414
CSRA		5,233		122,609
†Datalink		1,298		9,735
DST Systems		1,694		197,232
†EPAM Systems		830		53,377
†Euronet Worldwide		1,470		101,709
†Everi Holdings		5,686		6,539
†ExlService Holdings		1,299		68,081
Fidelity National Information Services		3,792		279,395
†Fiserv		1,265		137,543
†FleetCor Technologies		1,671		239,170
Forrester Research		1,302		47,992
†Gartner		612		59,615
†Genpact		1,570		42,139
Global Payments		2,883		205,789
Hackett Group		1,591		22,067
International Business Machines		4,591		696,822
Jack Henry & Associates		738		64,405
Leidos Holdings		3,460		165,630
†Lionbridge Technologies		4,145		16,373
ManTech International Class A		1,079		40,808
MasterCard Class A		4,933		434,400

LVIP Dimensional U.S. Core Equity 2 Fund–16

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
IT Services (continued)
MAXIMUS		1,796	$	99,445
†MoneyGram International		2,316		15,865
Paychex		1,619		96,331
†PayPal Holdings		4,058		148,158
†Perficient		1,174		23,844
†PFSweb		867		8,237
†Planet Payment		2,351		10,556
Sabre		2,707		72,521
Science Applications International		2,057		120,026
†Sykes Enterprises		1,657		47,987
†Syntel		2,786		126,094
TeleTech Holdings		2,679		72,681
†Teradata		2,209		55,380
Total System Services		3,287		174,573
Travelport Worldwide		2,578		33,230
†Unisys		1,659		12,078
†Vantiv Class A		1,729		97,861
†Virtusa		660		19,061
Visa Class A		10,699		793,545
Western Union		5,594		107,293
†WEX		1,580		140,099
@Xerox		18,416		174,768
				7,703,286
Leisure Products–0.32%
Arctic Cat		1,161		19,737
Brunswick		3,860		174,935
Callaway Golf		2,987		30,497
Hasbro		1,273		106,919
Johnson Outdoors Class A		435		11,179
Mattel		7,514		235,113
†Nautilus		1,429		25,493
Polaris Industries		726		59,358
†Smith & Wesson Holding		3,020		82,084
Sturm Ruger & Co.		863		55,241
†Vista Outdoor		2,470		117,893
				918,449
Life Sciences Tools & Services–0.83%
Agilent Technologies		5,724		253,917
†Albany Molecular Research		1,179		15,846
†Bio-Rad Laboratories Class A		903		129,147
Bio-Techne		1,229		138,594
Bruker		3,588		81,591
†Cambrex		1,745		90,269
†Charles River Laboratories International		1,490		122,836
†Enzo Biochem		3,075		18,358
†Illumina		608		85,351
†INC Research Holdings Class A		1,409		53,725
†Luminex		1,878		37,992
†Mettler-Toledo International		303		110,571

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Life Sciences Tools & Services (continued)
†PAREXEL International		1,473	$	92,622
PerkinElmer		2,403		125,965
†Quintiles Transnational Holdings		909		59,376
Thermo Fisher Scientific		4,719		697,279
†VWR		6,090		176,001
†Waters		603		84,812
				2,374,252
Machinery–3.15%
Actuant Class A		1,957		44,248
AGCO		3,953		186,305
Alamo Group		601		39,648
Albany International		1,561		62,331
Allison Transmission Holdings		8,189		231,175
Altra Industrial Motion		1,252		33,779
American Railcar Industries		879		34,694
Astec Industries		1,018		57,161
Barnes Group		2,731		90,451
Briggs & Stratton		1,714		36,303
Caterpillar		10,206		773,717
†Chart Industries		1,938		46,764
CIRCOR International		730		41,603
CLARCOR		2,174		132,244
†Colfax		4,569		120,896
@Columbus McKinnon		891		12,608
†Commercial Vehicle Group		2,148		11,170
Crane		2,707		153,541
Cummins		3,114		350,138
Deere & Co.		2,726		220,915
Donaldson		4,271		146,752
Douglas Dynamics		1,115		28,689
Dover		3,431		237,837
EnPro Industries		730		32,405
@ESCO Technologies		1,266		50,564
Federal Signal		3,041		39,168
Flowserve		4,022		181,674
Franklin Electric		1,797		59,391
Global Brass & Copper Holdings		881		24,042
Gorman-Rupp		1,446		39,635
Graco		1,747		137,996
Greenbrier		1,266		36,879
Harsco		4,621		30,683
Hillenbrand		3,787		113,761
Hurco		300		8,349
Hyster-Yale Materials Handling		834		49,615
IDEX		962		78,980
Illinois Tool Works		2,173		226,340
Ingersoll-Rand		5,780		368,070
ITT		4,396		140,584
John Bean Technologies		968		59,261
Joy Global		4,273		90,331
@Kadant		478		24,622

LVIP Dimensional U.S. Core Equity 2 Fund–17

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
Kennametal		3,533	$	78,115
L. B. Foster Class A		762		8,298
Lincoln Electric Holdings		2,306		136,238
Lindsay		431		29,248
†Lydall		1,558		60,076
Manitowoc		5,020		27,359
†Manitowoc Foodservice		5,383		94,848
†Meritor		2,742		19,742
†Middleby		423		48,751
Miller Industries		637		13,116
Mueller Industries		2,215		70,614
Mueller Water Products Class A		10,139		115,787
†Navistar International		515		6,020
NN		1,515		21,195
Nordson		1,577		131,853
Omega Flex		460		17,498
Oshkosh		3,738		178,340
PACCAR		7,022		364,231
Parker-Hannifin		3,011		325,339
Pentair		2,294		133,717
†Proto Labs		947		54,509
†RBC Bearings		908		65,830
†Rexnord		5,450		106,984
Snap-on		1,285		202,799
SPX		1,543		22,914
†SPX FLOW		1,543		40,226
Standex International		693		57,263
Stanley Black & Decker		3,315		368,694
Sun Hydraulics		1,373		40,764
Tennant		1,073		57,803
Terex		6,371		129,395
Timken		2,756		84,499
Titan International		2,511		15,568
Toro		1,212		106,898
†TriMas		2,338		42,084
Trinity Industries		7,615		141,411
†Wabash National		3,313		42,075
†WABCO Holdings		640		58,605
Wabtec		2,556		179,508
Watts Water Technologies Class A		935		54,473
Woodward		2,449		141,160
Xylem		3,972		177,350
				8,956,516
Marine–0.08%
†Kirby		2,555		159,406
Matson		2,411		77,851
				237,257
Media–3.79%
AMC Entertainment Holdings		836		23,082
†AMC Networks Class A		1,317		79,573

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Media (continued)
Cable One		373	$	190,756
†Carmike Cinemas		952		28,674
CBS Class B		4,223		229,900
†Charter Communications Class A		2,255		515,578
Cinemark Holdings		6,048		220,510
Comcast Class A		48,655		3,171,819
†Discovery Communications Class A		4,731		119,363
†Discovery Communications Class C		7,378		175,965
†DISH Network Class A		1,245		65,238
†DreamWorks Animation SKG Class A		2,769		113,169
Entercom Communications Class A		1,617		21,943
Entravision Communications Class A		4,034		27,108
†EW Scripps Class A		2,389		37,842
Gannett		4,323		59,701
†Gray Television		2,927		31,758
Interpublic Group		3,749		86,602
John Wiley & Sons Class A		2,152		112,291
†Liberty Braves Group Class A		161		2,421
†Liberty Braves Group Class C		328		4,808
†Liberty Broadband Class A		289		17,167
†Liberty Broadband Class C		1,826		109,560
†Liberty Media Group Class A		404		7,733
†Liberty Media Group Class C		820		15,555
†Liberty SiriusXM Group		1,616		50,678
†Liberty SiriusXM Group Class C		3,281		101,284
Lions Gate Entertainment		1,646		33,299
†Live Nation Entertainment		10,275		241,463
†Madison Square Garden Class A		1,023		176,478
†Media General		5,975		102,710
Meredith		2,878		149,397
†MSG Networks		1,805		27,689
National CineMedia		1,816		28,112
New Media Investment Group		1,344		24,286
New York Times Class A		5,350		64,735
News Class A		5,632		63,923
News Class B		3,085		36,002
Nexstar Broadcasting Group Class A		1,017		48,389
Omnicom Group		1,610		131,199
†Radio One Class D		4,509		14,384
†Reading International Class A		1,404		17,536
Regal Entertainment Group Class A		2,450		53,998
Saga Communications Class A		635		25,108
Scholastic		1,447		57,316
Scripps Networks Interactive Class A		1,051		65,446
Sinclair Broadcast Group Class A		3,808		113,707
†Sirius XM Holdings		11,685		46,156
†Starz		2,034		60,857
TEGNA		11,796		273,313
Time		5,270		86,744
Time Warner		12,501		919,324
Twenty-First Century Fox Class A		10,541		285,134
Twenty-First Century Fox Class B		3,842		104,695

LVIP Dimensional U.S. Core Equity 2 Fund–18

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Media (continued)
Viacom Class A		245	$	11,373
Viacom Class B		10,326		428,219
Walt Disney		15,011		1,468,376
				10,779,446
Metals & Mining–0.99%
†AK Steel Holding		3,697		17,228
Alcoa		20,424		189,330
Allegheny Technologies		5,267		67,154
Carpenter Technology		2,176		71,656
†Century Aluminum		3,850		24,371
†Cliffs Natural Resources		3,601		20,418
†Coeur Mining		2,410		25,691
Commercial Metals		5,148		87,001
Compass Minerals International		1,855		137,622
Ferroglobe		4,379		37,703
Freeport-McMoRan		23,928		266,558
Haynes International		793		25,439
Hecla Mining		10,532		53,713
Kaiser Aluminum		589		53,251
Materion		886		21,937
Newmont Mining		13,016		509,186
Nucor		6,617		326,946
†Real Industry		1,000		7,770
Reliance Steel & Aluminum		2,776		213,474
Royal Gold		2,168		156,139
†Ryerson Holding		977		17,098
Schnitzer Steel Industries		1,849		32,542
Southern Copper		1,449		39,094
Steel Dynamics		4,360		106,820
†Stillwater Mining		6,473		76,770
SunCoke Energy		2,834		16,494
TimkenSteel		1,111		10,688
United States Steel		5,656		95,360
Worthington Industries		2,328		98,474
				2,805,927
Multiline Retail–0.63%
Big Lots		3,892		195,028
Dillard’s Class A		1,631		98,839
Dollar General		2,824		265,456
†Dollar Tree		1,535		144,658
Fred’s Class A		1,654		26,646
†J.C. Penney		11,378		101,037
Kohl’s		7,841		297,331
Macy’s		4,309		144,825
Nordstrom		2,036		77,470
Target		6,526		455,645
				1,806,935
Multi-Utilities–0.59%
Ameren		1,996		106,946
Avista		1,450		64,960

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Multi-Utilities (continued)
Black Hills		1,344	$	84,726
CenterPoint Energy		3,594		86,256
CMS Energy		2,292		105,111
Consolidated Edison		1,274		102,481
Dominion Resources		2,607		203,164
DTE Energy		1,439		142,634
MDU Resources Group		4,003		96,072
NiSource		2,352		62,375
NorthWestern		889		56,069
Public Service Enterprise Group		1,961		91,402
SCANA		1,055		79,821
Sempra Energy		914		104,214
TECO Energy		4,083		112,854
Unitil		413		17,623
Vectren		1,526		80,374
WEC Energy Group		1,223		79,862
				1,676,944
Oil, Gas & Consumable Fuels–5.67%
Alon USA Energy		3,142		20,360
Anadarko Petroleum		3,251		173,116
†Antero Resources		2,341		60,819
Apache		2,588		144,074
†Bill Barrett		1,360		8,690
†Bonanza Creek Energy		2,878		5,785
Cabot Oil & Gas		5,517		142,008
California Resources		53		643
†Callon Petroleum		3,597		40,394
†Carrizo Oil & Gas		3,361		120,492
†Cheniere Energy		1,742		65,412
Cheniere Energy Partners Holdings		654		13,034
Chevron		15,690		1,644,783
Cimarex Energy		1,047		124,928
†Clayton Williams Energy		850		23,341
†Clean Energy Fuels		3,382		11,736
†Cloud Peak Energy		4,877		10,047
†Cobalt International Energy		20,470		27,430
Columbia Pipeline Group		2,707		69,001
†Concho Resources		1,430		170,556
ConocoPhillips		10,313		449,647
CONSOL Energy		8,148		131,101
†Contango Oil & Gas		934		11,432
†Continental Resources		2,604		117,883
CVR Energy		1,979		30,675
Delek U.S. Holdings		2,755		36,394
Denbury Resources		6,137		22,032
Devon Energy		2,067		74,929
DHT Holdings		4,056		20,402
†Diamondback Energy		929		84,734
†Dorian LPG		1,500		10,575
Energen		1,954		94,202
EnLink Midstream		3,682		58,581

LVIP Dimensional U.S. Core Equity 2 Fund–19

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
EOG Resources		3,740	$	311,991
†EP Energy Class A		5,898		30,552
EQT		1,395		108,015
Exxon Mobil		50,417		4,726,090
GasLog		4,669		60,604
Green Plains		1,678		33,090
†Gulfport Energy		4,653		145,453
Hess		4,223		253,802
HollyFrontier		4,050		96,269
Kinder Morgan		15,377		287,857
†Kosmos Energy		11,880		64,746
†Laredo Petroleum		7,952		83,337
Marathon Oil		12,420		186,424
Marathon Petroleum		9,834		373,299
†Matador Resources		2,842		56,272
†Memorial Resource Development		9,471		150,399
Murphy Oil		5,597		177,705
†Newfield Exploration		2,207		97,505
Noble Energy		6,889		247,108
†Northern Oil and Gas		4,490		20,744
†Oasis Petroleum		1,304		12,179
Occidental Petroleum		5,877		444,066
ONEOK		3,218		152,694
Panhandle Oil and Gas Class A		655		10,919
†Par Pacific Holdings		1,426		21,875
†Parsley Energy Class A		4,190		113,381
PBF Energy Class A		5,183		123,252
†PDC Energy		2,178		125,475
Phillips 66		8,474		672,327
Pioneer Natural Resources		1,420		214,718
QEP Resources		8,570		151,089
Range Resources		2,500		107,850
†Renewable Energy Group		2,053		18,128
†REX American Resources		304		18,188
†Rice Energy		6,040		133,122
†Ring Energy		1,091		9,623
†RSP Permian		3,474		121,208
Scorpio Tankers		8,015		33,663
SemGroup Class A		2,030		66,097
Ship Finance International		3,968		58,488
SM Energy		3,009		81,243
†Southwestern Energy		12,856		161,728
Spectra Energy		2,602		95,311
†Synergy Resources		7,105		47,319
Targa Resources		3,639		153,347
Teekay		3,211		22,894
Teekay Tankers Class A		3,937		11,732
Tesoro		5,098		381,942
Valero Energy		9,585		488,835
Western Refining		5,186		106,987
†Whiting Petroleum		9,496		87,933
Williams		7,087		153,292

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
World Fuel Services		2,351	$	111,649
†WPX Energy		9,227		85,903
				16,128,955
Paper & Forest Products–0.21%
†Boise Cascade		1,720		39,474
†Clearwater Paper		1,000		65,370
Deltic Timber		400		26,852
Domtar		2,784		97,468
KapStone Paper and Packaging		4,265		55,488
†Louisiana-Pacific		5,393		93,569
Mercer International		3,828		30,547
Neenah Paper		984		71,212
P.H. Glatfelter		2,023		39,570
†Resolute Forest Products		4,585		24,255
Schweitzer-Mauduit International		1,350		47,628
				591,433
Personal Products–0.29%
Avon Products		14,888		56,277
Coty Class A		784		20,376
†Edgewell Personal Care		2,294		193,637
Estee Lauder Class A		1,109		100,941
†Herbalife		1,198		70,119
Inter Parfums		2,393		68,368
Medifast		651		21,659
Nu Skin Enterprises Class A		2,851		131,688
†Nutraceutical International		800		18,520
†Revlon Class A		2,272		73,113
†USANA Health Sciences		589		65,632
				820,330
Pharmaceuticals–3.18%
†Akorn		1,892		53,894
†Allergan		3,051		705,056
†Amphastar Pharmaceuticals		1,800		29,016
†Assembly Biosciences		746		4,140
Bristol-Myers Squibb		5,206		382,901
†Catalent		4,136		95,087
†Depomed		4,076		79,971
Eli Lilly & Co		4,416		347,760
†Endo International		3,154		49,171
†Horizon Pharma		5,290		87,126
†Impax Laboratories		2,344		67,554
†Jazz Pharmaceuticals		468		66,133
Johnson & Johnson		18,421		2,234,467
†Lannett		1,820		43,298
†Lipocine		800		2,432
†Mallinckrodt		2,737		166,355
†Medicines		1,266		42,576
Merck & Co		21,217		1,222,311
†Mylan		4,628		200,115
†Nektar Therapeutics		1,012		14,401

LVIP Dimensional U.S. Core Equity 2 Fund–20

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Pharmaceuticals (continued)
Perrigo		1,147	$	103,998
Pfizer		73,821		2,599,237
Phibro Animal Health Class A		601		11,215
†Prestige Brands Holdings		2,336		129,414
†Sagent Pharmaceuticals		1,088		16,298
†SciClone Pharmaceuticals		2,470		32,258
†Sucampo Pharmaceuticals Class A		1,472		16,148
†Supernus Pharmaceuticals		1,662		33,855
†Taro Pharmaceutical Industries		718		104,541
Zoetis		2,357		111,863
				9,052,591
Professional Services–0.61%
†Advisory Board		1,391		49,227
†CBIZ		2,316		24,110
CDI		963		5,874
CEB		1,233		76,051
†CRA International		465		11,727
Dun & Bradstreet		779		94,913
Equifax		1,093		140,341
Exponent		950		55,489
†Franklin Covey		769		11,789
†FTI Consulting		1,858		75,583
†GP Strategies		1,061		23,013
Heidrick & Struggles International		849		14,331
†Huron Consulting Group		889		53,713
†ICF International		1,623		66,381
†IHS Class A		1,115		128,905
Insperity		1,129		87,193
Kelly Services Class A		1,930		36,612
Kforce		1,334		22,531
Korn/Ferry International		1,988		41,152
ManpowerGroup		1,630		104,874
†Mistras Group		1,280		30,554
†Navigant Consulting		2,107		34,028
Nielsen Holdings		2,553		132,679
†On Assignment		2,338		86,389
Resources Connection		1,629		24,077
Robert Half International		1,469		56,057
†RPX		2,409		22,091
†TriNet Group		2,353		48,919
†TrueBlue		2,288		43,289
†Verisk Analytics Class A		1,563		126,728
†Volt Information Sciences		1,104		6,525
				1,735,145
Real Estate Management & Development–0.37%
Alexander & Baldwin		2,665		96,313
†Altisource Portfolio Solutions		551		15,340
†AV Homes		1,200		14,664
†CBRE Group Class A		9,949		263,450
Consolidated-Tomoka Land		242		11,488

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Real Estate Management & Development (continued)
†Forestar Group		2,419	$	28,762
†FRP Holdings		425		14,663
†Howard Hughes		1,519		173,652
Jones Lang LaSalle		997		97,158
Kennedy-Wilson Holdings		3,960		75,082
†Marcus & Millichap		1,782		45,281
RE/MAX Holdings		783		31,524
†Realogy Holdings		4,990		144,810
†St. Joe		647		11,465
†Tejon Ranch		1,057		24,987
				1,048,639
Road & Rail–1.49%
AMERCO		572		214,243
ArcBest		1,150		18,687
†Avis Budget Group		5,552		178,941
Celadon Group		1,233		10,074
†Covenant Transportation Group Class A		696		12,577
CSX		13,282		346,395
†Genesee & Wyoming		2,158		127,214
Heartland Express		4,191		72,881
†Herc Holdings		24,597		272,289
JB Hunt Transport Services		1,269		102,700
Kansas City Southern		2,375		213,964
Knight Transportation		4,095		108,845
Landstar System		1,174		80,607
Marten Transport		1,652		32,710
Norfolk Southern		6,131		521,932
†Old Dominion Freight Line		4,241		255,775
†P.A.M. Transportation Services		682		10,837
†Roadrunner Transportation Systems		1,695		12,645
Ryder System		2,958		180,852
†Saia		1,113		27,981
†Swift Transportation		5,091		78,452
Union Pacific		13,988		1,220,453
Universal Logistics Holdings		1,605		20,705
†USA Truck		643		11,259
Werner Enterprises		3,587		82,393
†YRC Worldwide		1,800		15,840
				4,231,251
Semiconductors & Semiconductor Equipment–3.77%
†Advanced Energy Industries		2,277		86,435
†Advanced Micro Devices		19,495		100,204
†Alpha & Omega Semiconductor		504		7,021
†Amkor Technology		10,511		60,438
Analog Devices		5,082		287,844
Applied Materials		16,985		407,130
†Axcelis Technologies		3,317		8,923
Broadcom		2,690		418,026
Brooks Automation		3,851		43,208

LVIP Dimensional U.S. Core Equity 2 Fund–21

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
Cabot Microelectronics		940	$	39,800
†CEVA		1,455		39,532
†Cirrus Logic		3,530		136,929
Cohu		1,543		16,742
†Cree		3,952		96,587
Cypress Semiconductor		11,087		116,968
†Diodes		2,152		40,436
†DSP Group		1,135		12,042
†Entegris		5,446		78,804
†Exar		2,144		17,259
†Fairchild Semiconductor International		7,948		157,768
†First Solar		3,707		179,715
†FormFactor		2,689		24,178
†Integrated Device Technology		4,470		89,981
Intel		95,468		3,131,350
Intersil Class A		4,401		59,590
IXYS		1,526		15,641
KLA-Tencor		2,498		182,979
†Kulicke & Soffa Industries		3,123		38,007
Lam Research		2,638		221,750
†Lattice Semiconductor		3,916		20,951
Linear Technology		2,206		102,645
†MACOM Technology Solutions
Holdings		2,103		69,357
Marvell Technology Group		10,091		96,167
Maxim Integrated Products		6,113		218,173
†MaxLinear Class A		265		4,765
Microchip Technology		4,748		241,008
†Micron Technology		22,602		311,004
†Microsemi		3,286		107,386
MKS Instruments		2,064		88,876
†Nanometrics		804		16,715
†NeoPhotonics		1,612		15,362
NVE		106		6,217
NVIDIA		8,978		422,056
†ON Semiconductor		21,153		186,569
†PDF Solutions		980		13,710
†Photronics		2,966		26,427
Power Integrations		1,030		51,572
†Qorvo		2,087		115,328
QUALCOMM		17,872		957,403
†Rambus		3,870		46,750
†Rudolph Technologies		1,382		21,462
†Semtech		2,224		53,065
†Sigma Designs		1,840		11,831
†Silicon Laboratories		1,141		55,612
Skyworks Solutions		4,855		307,224
†SunPower		4,083		63,246
†Synaptics		1,672		89,870
Teradyne		7,963		156,791
Tessera Technologies		2,825		86,558
Texas Instruments		5,615		351,780

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†Ultratech		1,171	$	26,898
†Veeco Instruments		1,813		30,023
†Xcerra		3,827		22,005
Xilinx		4,840		223,269
				10,733,362
Software–2.51%
†ACI Worldwide		5,324		103,871
Activision Blizzard		3,105		123,051
†Adobe Systems		1,655		158,532
American Software Class A		1,038		10,878
†ANSYS		1,478		134,129
†Aspen Technology		2,177		87,602
†Autodesk		832		45,044
†AVG Technologies		1,738		33,005
†Barracuda Networks		1,654		25,042
Blackbaud		866		58,801
@CA		9,902		325,083
†Cadence Design Systems		2,196		53,363
CDK Global		1,613		89,505
†Citrix Systems		1,638		131,187
Ebix		1,122		53,744
†Electronic Arts		1,721		130,383
†Ellie Mae		1,241		113,738
†EnerNOC		2,209		13,961
Epiq Systems		1,906		27,828
Fair Isaac		869		98,206
†FireEye		1,388		22,860
†Fortinet		636		20,091
†Globant		265		10,428
†Glu Mobile		4,125		9,075
†Guidewire Software		792		48,914
Intuit		1,250		139,513
†Manhattan Associates		1,618		103,762
Mentor Graphics		4,552		96,776
Microsoft		42,391		2,169,147
†MicroStrategy		368		64,407
Monotype Imaging Holdings		1,326		32,659
†NetSuite		231		16,817
†Nuance Communications		10,640		166,303
Oracle		25,592		1,047,481
†Paycom Software		1,636		70,692
Pegasystems		2,820		75,999
†Progress Software		1,691		46,435
†PTC		1,064		39,985
QAD Class A		624		12,024
†Qualys		600		17,886
†Red Hat		1,348		97,865
†Rovi		3,660		57,242
†Rubicon Project		543		7,412
†salesforce.com		772		61,305
†ServiceNow		444		29,482

LVIP Dimensional U.S. Core Equity 2 Fund–22

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Software (continued)
†Silver Spring Networks		2,022	$	24,567
†Splunk		369		19,992
SS&C Technologies Holdings		2,154		60,484
Symantec		8,683		178,349
†Synchronoss Technologies		2,028		64,612
†Synopsys		2,397		129,630
†Tableau Software Class A		208		10,175
†Take-Two Interactive Software		790		29,957
†Tangoe		146		1,127
†Telenav		2,040		10,404
†TiVo		4,333		42,897
†Tyler Technologies		267		44,512
†Ultimate Software Group		259		54,465
†VASCO Data Security International		611		10,014
†Verint Systems		1,692		56,056
†VMware Class A		307		17,567
†Workday Class A		310		23,148
†Zedge Class B		591		2,714
†Zynga Class A		33,087		82,387
				7,144,570
Specialty Retail–2.84%
Aaron’s		3,215		70,376
Abercrombie & Fitch		2,976		53,003
Advance Auto Parts		1,957		316,310
American Eagle Outfitters		11,096		176,759
†America’s Car-Mart		623		17,594
†Asbury Automotive Group		1,686		88,920
†Ascena Retail Group		6,778		47,378
†AutoNation		3,062		143,853
†AutoZone		117		92,879
Barnes & Noble		3,386		38,431
†Barnes & Noble Education		2,352		23,873
Bed Bath & Beyond		5,651		244,236
Best Buy		9,485		290,241
Big 5 Sporting Goods		952		8,825
Buckle		1,237		32,150
†Build-A-Bear Workshop		1,134		15,218
†Burlington Stores		1,682		112,206
†Cabela’s		3,342		167,301
Caleres		1,935		46,846
†CarMax		5,650		277,019
Cato Class A		1,385		52,242
Chico’s FAS		4,630		49,587
Children’s Place		1,185		95,013
Citi Trends		672		10,436
†Conn’s		1,428		10,739
CST Brands		3,810		164,135
†Destination XL Group		2,180		9,963
Dick’s Sporting Goods		4,988		224,759
DSW Class A		3,958		83,830
†Express		5,117		74,248

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail (continued)
Finish Line Class A		1,965	$	39,673
†Five Below		1,510		70,079
Foot Locker		4,099		224,871
†Francesca’s Holdings		2,149		23,746
GameStop Class A		5,237		139,199
Gap		10,368		220,009
†Genesco		979		62,959
GNC Holdings		4,575		111,127
Group 1 Automotive		1,049		51,779
Guess		4,809		72,375
Haverty Furniture		1,170		21,095
†Hibbett Sports		1,445		50,272
Home Depot		6,317		806,618
†Kirkland’s		1,522		22,343
L Brands		954		64,042
Lithia Motors Class A		1,180		83,863
Lowe’s		4,559		360,936
†MarineMax		1,717		29,137
†Michaels		1,616		45,959
Monro Muffler Brake		1,408		89,492
†Murphy USA		1,923		142,610
†Office Depot		29,000		95,990
†O’Reilly Automotive		492		133,381
Outerwall		714		29,988
Penske Automotive Group		3,989		125,494
Pier 1 Imports		4,414		22,688
Rent-A-Center		3,348		41,113
†Restoration Hardware Holdings		1,494		42,848
Ross Stores		2,018		114,400
†Sally Beauty Holdings		2,786		81,936
†Select Comfort		2,804		59,950
Shoe Carnival		2,309		57,864
Signet Jewelers		1,761		145,124
Sonic Automotive Class A		1,673		28,625
†Sportsman’s Warehouse Holdings		1,747		14,081
Stage Stores		1,354		6,608
Staples		9,501		81,899
Stein Mart		2,840		21,925
Tailored Brands		3,530		44,690
Tiffany & Co		3,739		226,733
TJX		3,336		257,639
Tractor Supply		1,488		135,676
†Ulta Salon Cosmetics & Fragrance		588		143,260
†Urban Outfitters		5,845		160,738
†Vitamin Shoppe		1,290		39,435
†West Marine		1,342		11,259
Williams-Sonoma		2,373		123,704
Winmark		403		40,167
†Zumiez		1,182		16,914
				8,074,683

LVIP Dimensional U.S. Core Equity 2 Fund–23

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Technology Hardware, Storage & Peripherals–3.11%
Apple		63,916	$	6,110,370
†Avid Technology		1,312		7,623
†Cray		1,200		35,904
Diebold		3,240		80,449
†Eastman Kodak		342		5,499
†Electronics For Imaging		2,085		89,738
EMC		40,541		1,101,499
Hewlett Packard Enterprise		31,225		570,481
HP		7,046		88,427
Lexmark International Class A		2,738		103,359
†NCR		4,463		123,938
NetApp		6,473		159,171
Seagate Technology		3,282		79,950
†Super Micro Computer		1,844		45,823
Western Digital		5,116		241,787
				8,844,018
Textiles, Apparel & Luxury Goods–0.98%
Carter’s		1,244		132,449
Coach		5,149		209,770
Columbia Sportswear		2,562		147,417
†Crocs		2,540		28,651
Culp		857		23,679
†Deckers Outdoor		1,432		82,369
†Fossil Group		2,664		76,004
†G-III Apparel Group		2,017		92,217
Hanesbrands		3,615		90,845
†Iconix Brand Group		2,143		14,487
†Kate Spade & Co.		3,202		65,993
†lululemon athletica		1,188		87,746
†Michael Kors Holdings		8,500		420,580
Movado Group		888		19,252
NIKE Class B		5,604		309,341
Oxford Industries		918		51,977
†Perry Ellis International		696		14,004
PVH		1,822		171,687
Ralph Lauren		1,302		116,685
†Skechers U.S.A. Class A		4,784		142,180
†Steven Madden		2,910		99,464
†Tumi Holdings		2,630		70,326
†Under Armour Class A		1,470		58,991
†Under Armour Class C		602		21,922
†Unifi		789		21,484
†Vera Bradley		1,584		22,445
VF		1,510		92,850
†Vince Holding		660		3,619
Wolverine World Wide		4,658		94,651
				2,783,085
Thrifts & Mortgage Finance–0.52%
Astoria Financial		7,927		121,521
Bank Mutual		3,078		23,639

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Thrifts & Mortgage Finance (continued)
BankFinancial		1,093	$	13,105
†Beneficial Bancorp		4,148		52,763
†BofI Holding		2,791		49,429
Capitol Federal Financial		7,573		105,643
Charter Financial		652		8,659
Clifton Bancorp		1,283		19,335
Dime Community Bancshares		1,652		28,101
EverBank Financial		5,533		82,220
Federal Agricultural Mortgage Class C		554		19,290
First Defiance Financial		445		17,288
†Flagstar Bancorp		2,553		62,319
†HomeStreet		978		19,482
Kearny Financial		1,435		18,052
†LendingTree		300		26,499
Meridian Bancorp		2,076		30,683
Meta Financial Group		500		25,480
†MGIC Investment		3,265		19,427
New York Community Bancorp		7,159		107,313
†NMI Holdings Class A		2,601		14,253
Northfield Bancorp		2,269		33,649
Northwest Bancshares		4,507		66,839
OceanFirst Financial		1,255		22,803
Oritani Financial		1,953		31,228
†PennyMac Financial Services Class A		471		5,883
†PHH		2,650		35,298
Provident Financial Services		2,912		57,192
Radian Group		2,073		21,601
Territorial Bancorp		299		7,915
TFS Financial		3,206		55,207
TrustCo Bank		5,644		36,178
United Community Financial		2,433		14,793
United Financial Bancorp		2,907		37,733
†Walker & Dunlop		1,799		40,981
Washington Federal		3,292		79,864
Waterstone Financial		984		15,085
WSFS Financial		1,365		43,939
				1,470,689
Tobacco–0.65%
†Alliance One International		554		8,532
Altria Group		9,768		673,601
Philip Morris International		6,303		641,141
Reynolds American		7,493		404,097
Universal		1,006		58,086
Vector Group		2,262		50,714
				1,836,171
Trading Companies & Distributors–0.61%
Air Lease		5,198		139,202
Applied Industrial Technologies		1,738		78,453
†Beacon Roofing Supply		2,365		107,537
†BMC Stock Holdings		506		9,017

LVIP Dimensional U.S. Core Equity 2 Fund–24

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Trading Companies & Distributors (continued)
†CAI International		1,223	$	9,173
†DXP Enterprises		500		7,465
Fastenal		2,673		118,654
GATX		1,878		82,576
H&E Equipment Services		1,569		29,858
†HD Supply Holdings		2,077		72,321
Kaman		1,200		51,024
†MRC Global		5,251		74,617
MSC Industrial Direct		1,779		125,526
†NOW		602		10,920
†Rush Enterprises Class A		1,341		28,899
†Rush Enterprises Class B		547		11,372
TAL International Group		3,138		42,081
Textainer Group Holdings		1,155		12,867
†United Rentals		4,629		310,606
†Veritiv		492		18,489
Watsco		837		117,758
†WESCO International		1,866		96,080
†Willis Lease Finance		616		13,694
WW Grainger		695		157,939
				1,726,128
Transportation Infrastructure–0.06%
Macquarie Infrastructure		1,263		93,525
†Wesco Aircraft Holdings		5,108		68,549
				162,074
Water Utilities–0.15%
American States Water		1,485		65,073
American Water Works		1,625		137,329
Aqua America		1,702		60,693
California Water Service Group		2,214		77,335
Connecticut Water Service		380		21,356

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
Water Utilities (continued)
Middlesex Water		539	$	23,382
SJW		602		23,707
York Water		500		16,020
				424,895
Wireless Telecommunication Services–0.22%
†Boingo Wireless		459		4,094
Shenandoah Telecommunications		2,679		104,642
Spok Holdings		803		15,390
†Sprint		18,459		83,619
Telephone & Data Systems		4,497		133,381
†T-Mobile U.S		6,009		260,009
†United States Cellular		894		35,107
				636,242
Total Common Stock (Cost $293,542,017)				283,074,709
RIGHT–0.00%
†@=Dyax		1,518		1,685
Total Right (Cost $1,685)				1,685
MONEY MARKET FUND–0.72%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		2,042,696		2,042,696
Total Money Market Fund (Cost $2,042,696)				2,042,696

TOTAL VALUE OF SECURITIES–100.19% (Cost $295,586,398)		285,119,090
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.19%)		(531,597	)
NET ASSETS APPLICABLE TO 29,378,667 SHARES OUTSTANDING–100.00%		$284,587,493
NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 2 FUND STANDARD CLASS ($278,156,305 / 28,714,090 Shares)		$9.687
NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 2 FUND SERVICE CLASS ($6,431,188 / 664,577 Shares)		$9.677
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	318,358,835
Undistributed net investment income		2,251,925
Accumulated net realized loss on investments		(25,555,959	)
Net unrealized depreciation of investments		(10,467,308	)
Total net assets		$284,587,493

† Non-income producing for the period.

« Includes $899,767 payable for securities purchased and $100,854 due to manager and affiliates as of June 30, 2016.

LVIP Dimensional U.S. Core Equity 2 Fund–25

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $1,154,557, which represents 0.41% of the Fund’s net assets. See Note 6 in “Notes to financial statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $1,685, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

IT–Information Technology

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

LVIP Dimensional U.S. Core Equity 2 Fund–26

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	2,974,421
Foreign tax withheld		(518	)
		2,973,903
EXPENSES:
Management fees		1,068,353
Accounting and administration expenses		38,030
Professional fees		18,455
Reports and statements to shareholders		6,687
Distribution fees-Service Class		6,034
Custodian fees		5,499
Trustees’ fees and expenses		4,371
Pricing fees.		3,013
Consulting fees		429
Other		1,416
		1,152,287
Less management fees waived		(430,309	)
Total operating expenses		721,978
NET INVESTMENT INCOME		2,251,925
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(21,646,535	)
Foreign currencies		31
Futures contracts		(3,791,154	)
Net realized loss		(25,437,658	)
Net change in unrealized appreciation (depreciation) of investments		16,466,971
NET REALIZED AND UNREALIZED LOSS		(8,970,687	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,718,762	)

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

LVIP Dimensional U.S. Core Equity 2 Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			5/1/15* to 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,251,925		$	3,865,447
Net realized gain (loss)		(25,437,658	)		1,153,112
Net change in unrealized appreciation (depreciation)		16,466,971			(26,934,279	)
Net decrease in net assets resulting from operations		(6,718,762	)		(21,915,720	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(3,850,926	)
Service Class		—			(25,214	)
Net realized gain:
Standard Class		—			(1,289,681	)
Service Class		—			(10,903	)
Return of capital:
Standard Class		—			(52,974	)
Service Class		—			(46	)
		—			(5,229,744	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		27,256,459			464,079,351
Service Class		3,852,904			5,729,539
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			5,193,581
Service Class		—			36,163
		31,109,363			475,038,634
Cost of shares redeemed:
Standard Class		(162,518,614	)		(21,990,024	)
Service Class		(1,328,947	)		(1,858,693	)
		(163,847,561	)		(23,848,717	)
Increase (Decrease) in net assets derived from capital share transactions		(132,738,198	)		451,189,917
NET INCREASE (DECREASE) IN NET ASSETS		(139,456,960	)		424,044,453
NET ASSETS:
Beginning of period		424,044,453			—
End of period	$	284,587,493		$	424,044,453
Undistributed net investment income	$	2,251,925		$	—

*Date of commencement of operations.

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

LVIP Dimensional U.S. Core Equity 2 Fund–27

LVIP Dimensional U.S. Core Equity 2 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional U.S. Core Equity 2 Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)		5/1/152 to 12/31/15
Net asset value, beginning of period		$    9.362		$  10.000
Income (loss) from investment operations:
Net investment income3		0.070		0.092
Net realized and unrealized gain (loss)		0.255		(0.611)
Total from investment operations		0.325		(0.519)
Less dividends and distributions from:
Net investment income		—		(0.088)
Net realized gain		—		(0.031)
Return of capital		—		—4
Total dividends and distributions		—		(0.119)
Net asset value, end of period		$    9.687		$  9.362
Total return5		3.47%		(5.21%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$278,156		$420,357
Ratio of expenses to average net assets		0.48%		0.47%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.77%		0.76%
Ratio of net investment income to average net assets		1.53%		1.41%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.24%		1.12%
Portfolio turnover		12%		103%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Return of capital distributions of $52,974 were made by the Fund’s Standard Class, which calculated to be de minimus amount of $0.000 per share.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Dimensional U.S. Core Equity 2 Fund–28

LVIP Dimensional U.S. Core Equity 2 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Dimensional U.S. Core Equity 2 Fund Service Class
	Six Months Ended 6/30/161 (unaudited)		5/1/152 to 12/31/15
Net asset value, beginning of period		$ 9.364		$10.000
Income (loss) from investment operations:
Net investment income3		0.059		0.075
Net realized and unrealized gain (loss)		0.254		(0.609)
Total from investment operations		0.313		(0.534)
Less dividends and distributions from:
Net investment income				(0.071)
Net realized gain		—		(0.031)
Return of capital		—		—4
Total dividends and distributions		—		(0.102)
Net asset value, end of period		$ 9.677		$  9.364
Total return5		3.34%		(5.36%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$ 6,431		$  3,687
Ratio of expenses to average net assets		0.73%		0.72%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.02%		1.01%
Ratio of net investment income to average net assets		1.28%		1.16%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.99%		0.87%
Portfolio turnover		12%		103%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Return of capital distributions of $46 were made by the Fund’s Service Class, which calculated to be de minimus amount of $0.000 per share.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Dimensional U.S. Core Equity 2 Fund–29

LVIP Dimensional U.S. Core Equity 2 Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Dimensional U.S. Core Equity 2 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”). 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 long-term capital appreciation.

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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Futures contracts are valued at the daily quoted settlement prices. 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”).

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 return 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 benefit or 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 six months ended June 30, 2016 and for the open tax year ended December 31, 2015. 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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

LVIP Dimensional U.S. Core Equity 2 Fund–30

LVIP Dimensional U.S. Core Equity 2 Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. 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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.72% of the average daily net assets of the Fund. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.29% of the Fund’s average daily net assets. The agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and the LIAC.

Prior to May 1, 2016, LIAC had contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceeded 0.53% of the average daily net assets for the Standard Class and 0.78% for the Service Class.

Dimensional Fund Advisors LP (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	8,396
Legal		2,321

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 $212 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	99,538
Distribution fees payable to LFD		1,298
Printing and mailing fees payable to Lincoln Life		18

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.

LVIP Dimensional U.S. Core Equity 2 Fund–31

LVIP Dimensional U.S. Core Equity 2 Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	38,168,541
Sales		172,597,922

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	295,586,398
Aggregate unrealized appreciation	$	20,936,050
Aggregate unrealized depreciation		(31,403,358	)
Net unrealized depreciation	$	(10,467,308	)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Level 3		Total
Common Stock
Aerospace & Defense	$	5,726,738	$	—	$	—	$	5,726,738
Air Freight & Logistics		1,556,452		—		—		1,556,452
Airlines		2,092,166		—		—		2,092,166
Auto Components		2,571,892		—		—		2,571,892
Automobiles		2,029,771		—		—		2,029,771
Banks		21,212,816		145,959		—		21,358,775
Beverages		2,812,594		—		—		2,812,594
Biotechnology		4,083,984		—		—		4,083,984
Building Products		1,874,205		—		—		1,874,205
Capital Markets		5,784,054		—		—		5,784,054
Chemicals		7,229,447		—		—		7,229,447
Commercial Services & Supplies		4,379,074		—		—		4,379,074
Communications Equipment		4,545,124		—		—		4,545,124
Construction & Engineering		1,685,415		—		—		1,685,415
Construction Materials		664,649		—		—		664,649
Consumer Finance		3,227,237		—		—		3,227,237
Containers & Packaging		2,678,634		—		—		2,678,634
Distributors		574,007		—		—		574,007
Diversified Consumer Services		1,166,894		—		—		1,166,894
Diversified Financial Services		2,756,631		—		—		2,756,631

LVIP Dimensional U.S. Core Equity 2 Fund–32

LVIP Dimensional U.S. Core Equity 2 Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Diversified Telecommunication Services	$	8,816,963	$	—	$	—	$	8,816,963
Electric Utilities		2,765,200		—		—		2,765,200
Electrical Equipment		2,203,848		—		—		2,203,848
Electronic Equipment, Instruments & Components		4,921,174		—		—		4,921,174
Energy Equipment & Services		3,915,282		—		—		3,915,282
Food & Staples Retailing		6,803,674		—		—		6,803,674
Food Products		5,677,708		—		—		5,677,708
Gas Utilities		1,305,239		—		—		1,305,239
Health Care Equipment & Supplies		6,386,726		12,991		—		6,399,717
Health Care Providers & Services		10,163,962		300,647		—		10,464,609
Health Care Technology		631,018		—		—		631,018
Hotels, Restaurants & Leisure		6,490,050		—		—		6,490,050
Household Durables		3,352,051		—		—		3,352,051
Household Products		2,975,374		—		—		2,975,374
Independent Power & Renewable Electricity Producers		801,765		—		—		801,765
Industrial Conglomerates		2,600,430		—		—		2,600,430
Insurance		11,646,665		158,733		—		11,805,398
Internet & Catalog Retail		2,474,736		—		—		2,474,736
Internet Software & Services		5,169,457		—		—		5,169,457
IT Services		7,528,518		174,768		—		7,703,286
Leisure Products		918,449		—		—		918,449
Life Sciences Tools & Services		2,374,252		—		—		2,374,252
Machinery		8,868,722		87,794		—		8,956,516
Marine		237,257		—		—		237,257
Media		10,779,446		—		—		10,779,446
Metals & Mining		2,805,927		—		—		2,805,927
Multiline Retail		1,806,935		—		—		1,806,935
Multi-Utilities		1,676,944		—		—		1,676,944
Oil, Gas & Consumable Fuels		16,128,955		—		—		16,128,955
Paper & Forest Products		591,433		—		—		591,433
Personal Products		820,330		—		—		820,330
Pharmaceuticals		9,052,591		—		—		9,052,591
Professional Services		1,735,145		—		—		1,735,145
Real Estate Management & Development		1,048,639		—		—		1,048,639
Road & Rail		4,231,251		—		—		4,231,251
Semiconductors & Semiconductor Equipment		10,733,362		—		—		10,733,362
Software		6,819,487		325,083		—		7,144,570
Specialty Retail		8,074,683		—		—		8,074,683
Technology Hardware, Storage & Peripherals		8,844,018		—		—		8,844,018
Textiles, Apparel & Luxury Goods		2,783,085		—		—		2,783,085
Thrifts & Mortgage Finance		1,470,689		—		—		1,470,689
Tobacco		1,836,171		—		—		1,836,171
Trading Companies & Distributors		1,726,128		—		—		1,726,128
Transportation Infrastructure		162,074		—		—		162,074
Water Utilities		424,895		—		—		424,895
Wireless Telecommunication Services		636,242		—		—		636,242
Money Market Fund		2,042,696		—		—		2,042,696
Rights		—		—		1,685		1,685
Total	$	283,911,430	$	1,205,975	$	1,685	$	285,119,090

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Dimensional U.S. Core Equity 2 Fund–33

LVIP Dimensional U.S. Core Equity 2 Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			5/1/15* to 12/31/15
Shares sold:
Standard Class		2,960,625			46,599,995
Service Class		413,042			587,670
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			547,789
Service Class		—			3,813
		3,373,667			47,739,267
Shares redeemed:
Standard Class		(19,145,089	)		(2,249,230	)
Service Class		(142,267	)		(197,681	)
		(19,287,356	)		(2,446,911	)
Net increase (decrease)		(15,913,689	)		45,292,356

* Date of commencement of operations.

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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. No futures contracts were outstanding at June 30, 2016.

The effect of derivative instruments on the Statement of Operation for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(3,791,154	)		$	—

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume			Liability Derivative Volume
Futures contracts (average notional value)		$	3,644,478		$	—

LVIP Dimensional U.S. Core Equity 2 Fund–34

LVIP Dimensional U.S. Core Equity 2 Fund

Notes to Financial Statements (continued)

6. Market Risk

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

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 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. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities are identified on the Statement of Net Assets.

7. 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.

8. 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 Dimensional U.S. Core Equity 2 Fund–35

LVIP Franklin Templeton Global Equity Managed Volatility Fund (formerly LVIP Templeton Growth Managed Volatility Fund) a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Country and Sector Allocations and Top 10 Equity Holdings	2
Statement of Net Assets	4
Statement of Operations	11
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	14
Other Fund Information	21

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Franklin Templeton Global Equity Managed Volatility Fund

Disclosure

        OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 transactional 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	964.30		0.75	%	$	3.66
Service Class Shares		1,000.00		963.10		1.00	%		4.88
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.13		0.75	%	$	3.77
Service Class Shares		1,000.00		1,019.89		1.00	%		5.02

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Franklin Templeton Global Equity Managed Volatility Fund–1

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Security Type/Country	Percentage of Net Assets
Common Stock		88.89	%
Argentina		0.05	%
Belgium		0.00	%
Canada		0.11	%
Denmark		0.08	%
Finland		0.12	%
France		3.99	%
Germany		3.37	%
Hong Kong		2.68	%
Ireland		0.55	%
Israel		0.89	%
Italy		0.88	%
Japan		2.83	%
Netherlands		2.21	%
Norway		0.91	%
Portugal		0.40	%
Republic of Korea		2.00	%
Singapore		0.57	%
South Africa		0.03	%
Spain		0.34	%
Sweden		0.22	%
Switzerland		2.76	%
Taiwan		0.26	%
Thailand		0.40	%
United Kingdom		7.39	%
United States		55.85	%
Corporate Bonds		0.11	%
Senior Secured Loan		0.02	%
Preferred Stock		0.09	%
Money Market Fund		6.84	%
Short-Term Investment		1.83	%
Total Value of Securities		97.78	%
Receivables and Other Assets Net of Liabilities		2.22	%
Total Net Assets		100.00	%

Sector designations may be different than the sector designations presented in other Fund materials.

Sector	Percentage of Net Assets
Aerospace & Defense		3.17	%
Air Freight & Logistics		0.47	%
Airlines		0.36	%
Auto Components		1.63	%
Automobiles		1.43	%
Banks		6.31	%
Beverages		1.16	%
Biotechnology		2.40	%
Building Products		0.43	%

Sector	Percentage of Net Assets
Capital Markets		0.85	%
Chemicals		4.21	%
Commercial Services & Supplies		0.52	%
Communications Equipment		0.71	%
Construction Materials		0.96	%
Consumer Finance		0.66	%
Containers & Packaging		0.19	%
Diversified Financial Services		0.69	%
Diversified Telecommunication Services		2.00	%
Electric Utilities		0.09	%
Electrical Equipment		0.62	%
Electronic Equipment, Instruments & Components		0.69	%
Energy Equipment & Services		2.53	%
Food & Staples Retailing		3.02	%
Food Products		1.32	%
Health Care Equipment & Supplies		5.19	%
Health Care Providers & Services		0.70	%
Health Care Technology		0.13	%
Hotels, Restaurants & Leisure		0.97	%
Household Durables		0.15	%
Household Products		0.92	%
Independent Power & Renewable Electricity Producers		0.04	%
Industrial Conglomerates		2.22	%
Insurance		3.73	%
Internet & Catalog Retail		0.79	%
Internet Software & Services		2.23	%
IT Services		1.43	%
Life Sciences Tools & Services		0.52	%
Machinery		2.19	%
Marine		0.08	%
Media		2.86	%
Metals & Mining		0.63	%
Multiline Retail		0.96	%
Oil, Gas & Consumable Fuels		5.99	%
Pharmaceuticals		7.14	%
Professional Services		0.04	%
Real Estate Investment Trusts		0.40	%
Semiconductors & Semiconductor Equipment		2.65	%
Software		4.65	%
Specialty Retail		1.39	%
Technology Hardware, Storage & Peripherals		2.05	%
Textiles, Apparel & Luxury Goods		0.60	%
Tobacco		0.46	%
Trading Companies & Distributors		0.27	%
Wireless Telecommunication Services		1.31	%
Total		89.11	%

LVIP Franklin Templeton Global Equity Managed Volatility Fund–2

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (continued)

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Microsoft		2.26	%
Medtronic		1.49	%
Samsung Electronics		1.21	%
Stryker		1.10	%
Albemarle		1.08	%
Roper Technologies		1.02	%
Walgreens Boots Alliance		1.01	%
Alphabet Class A		0.97	%
Becton Dickinson		0.88	%
JPMorgan Chase		0.86	%
Total		11.88	%

LVIP Franklin Templeton Global Equity Managed Volatility Fund–3

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK–88.89%
Argentina–0.05%
MercadoLibre		2,800	$	393,876
				393,876
Belgium–0.00%
Ion Beam Applications		500		23,689
				23,689
Canada–0.11%
Empire Class A		26,400		392,541
Open Text		9,464		559,890
				952,431
Denmark–0.08%
AP Moeller - Maersk Class B		488		637,404
				637,404
Finland–0.12%
Nokia		95,800		545,623
Nokia ADR		85,700		487,633
				1,033,256
France–3.99%
Accor		19,000		728,007
AXA		181,296		3,584,696
BNP Paribas		128,610		5,640,260
Cie de Saint-Gobain		95,520		3,620,743
Cie Generale des Etablissements Michelin		43,590		4,107,948
Credit Agricole		221,860		1,865,162
Sanofi		62,166		5,164,921
Societe Generale		12,400		387,945
Technip		46,680		2,526,554
TOTAL		81,550		3,910,814
Zodiac Aerospace		85,480		1,994,119
				33,531,169
Germany–3.37%
Bayer		32,540		3,268,152
Commerzbank		28,372		184,769
Deutsche Boerse		19,310		1,586,408
Deutsche Lufthansa		254,850		2,996,404
Deutsche Telekom		28,600		487,695
HeidelbergCement		37,930		2,857,345
Infineon Technologies ADR		160,316		2,327,788
LANXESS		83,610		3,668,213
Merck		39,030		3,967,127
METRO		80,010		2,460,797
†QIAGEN		88,954		1,938,510
Siemens ADR		21,096		2,164,239
thyssenkrupp		20,400		410,047
				28,317,494
nHong Kong–2.68%
AIA Group		423,000		2,543,806

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
nHong Kong (continued)
†Baidu ADR		16,800	$	2,774,520
China Life Insurance		896,000		1,931,886
China Pacific Insurance Group		144,400		489,393
China Shenhua Energy		201,200		374,212
China Telecom		10,447,800		4,698,550
CRRC		1,502,500		1,351,134
Jardine Strategic Holdings		12,700		384,426
Kunlun Energy		1,416,000		1,178,371
†Michael Kors Holdings		17,750		878,270
NetEase ADR		3,600		695,592
Sands China		73,700		249,394
Sinopharm Group		529,600		2,544,034
Tencent Holdings		69,000		1,582,837
Weichai Power		796,000		819,584
				22,496,009
Ireland–0.55%
CRH		158,269		4,612,015
				4,612,015
Israel–0.89%
†Check Point Software Technologies		11,200		892,416
†Mobileye		1,300		59,982
Teva Pharmaceutical Industries ADR		130,522		6,556,120
				7,508,518
Italy–0.88%
CNH Industrial		42,400		307,555
Enel		178,500		792,441
Eni		267,576		4,309,893
UniCredit		901,101		1,981,750
				7,391,639
Japan–2.83%
Konica Minolta		251,800		1,834,253
Nissan Motor		537,300		4,795,037
Omron		86,500		2,823,427
SoftBank Group		94,300		5,332,861
Suntory Beverage & Food		99,300		4,493,437
†Toshiba		608,000		1,656,193
Toyota Motor ADR		28,081		2,807,819
				23,743,027
Netherlands–2.21%
Akzo Nobel		58,620		3,641,522
ASML Holding New York Shares		5,500		545,655
ING Groep CVA		292,882		3,030,132
Koninklijke KPN		257,200		916,773
Koninklijke Philips		37,920		941,792
NN Group		89,490		2,463,519
†NXP Semiconductors		11,000		861,740
Royal Dutch Shell Class B		222,390		6,144,321
				18,545,454

LVIP Franklin Templeton Global Equity Managed Volatility Fund–4

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Norway–0.91%
†Subsea 7		287,940	$	2,830,304
Telenor		288,550		4,776,374
				7,606,678
Portugal–0.40%
Galp Energia		238,290		3,314,216
				3,314,216
Republic of Korea–2.00%
Hana Financial Group		98,564		2,003,894
Hyundai Mobis		15,070		3,315,451
Hyundai Motor		2,100		248,412
KB Financial Group		26,583		755,913
Samsung Electronics		8,141		10,138,405
SK Hynix		10,800		307,335
				16,769,410
Singapore–0.57%
Broadcom		7,400		1,149,960
DBS Group Holdings		134,605		1,587,117
Singapore Telecommunications		671,160		2,072,957
				4,810,034
South Africa–0.03%
Naspers Class N		1,900		290,121
				290,121
Spain–0.34%
Telefonica		303,840		2,884,601
				2,884,601
Sweden–0.22%
Getinge Class B		87,360		1,803,635
				1,803,635
Switzerland–2.76%
†ABB		219,490		4,344,168
Chubb		35,680		4,663,733
†Credit Suisse Group		283,712		3,022,219
†LafargeHolcim		15,000		627,563
Novartis		13,610		1,123,350
Novartis ADR		16,200		1,336,662
Roche Holding		20,570		5,428,008
Roche Holding ADR		32,000		1,051,530
Swiss Re		15,350		1,340,675
Syngenta		510		195,763
				23,133,671
Taiwan–0.26%
Taiwan Semiconductor Manufacturing ADR		82,870		2,173,680
				2,173,680

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Thailand–0.40%
Bangkok Bank NVDR		740,300	$	3,351,350
				3,351,350
United Kingdom–7.39%
ARM Holdings ADR		20,600		937,506
†Atlassian		5,300		137,270
Aviva		610,960		3,220,547
BAE Systems		511,820		3,583,028
Barclays		1,851,100		3,442,836
BP		107,730		630,599
BP ADR		189,219		6,719,167
British American Tobacco		18,540		1,201,930
GlaxoSmithKline		312,710		6,715,450
†Glencore		947,270		1,952,438
HSBC Holdings		828,050		5,071,243
HSBC Holdings		68,700		425,634
Imperial Brands		14,300		775,529
Kingfisher		670,588		2,880,232
†Liberty Global LiLAC		1,185		38,510
Lloyds Banking Group		2,187,420		1,584,328
Marks & Spencer Group		333,010		1,426,124
Petrofac		171,850		1,786,313
RELX		58,700		1,080,927
Royal Dutch Shell Class A		52,762		1,447,284
Royal Dutch Shell (London Shares) Class A		19,560		537,219
RSA Insurance Group		58,500		392,089
Sky		356,460		4,050,614
Standard Chartered		482,532		3,660,959
†Tesco		1,161,300		2,727,425
Vodafone Group		297,100		905,816
Vodafone Group ADR		150,792		4,657,965
				61,988,982
United States–55.85%
†2U		2,600		76,466
Abbott Laboratories		97,500		3,832,725
AbbVie		36,100		2,234,951
Accenture Class A		49,900		5,653,171
Acuity Brands		3,500		867,860
†Adobe Systems		13,800		1,321,902
Aflac		35,400		2,554,464
Air Products & Chemicals		47,000		6,675,880
Albemarle		114,500		9,080,995
†Alleghany		300		164,874
Allegheny Technologies		118,350		1,508,963
†Allergan		23,690		5,474,522
Allstate		9,494		664,105
†Ally Financial		15,200		259,464
†Alphabet Class A		11,570		8,139,842
†Alphabet Class C		1,700		1,176,570
Altria Group		10,600		730,976

LVIP Franklin Templeton Global Equity Managed Volatility Fund–5

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United States (continued)
†Amazon.com		6,300	$	4,508,406
American International Group		90,510		4,787,074
American Tower		11,000		1,249,710
Amgen		43,670		6,644,391
Amphenol Class A		10,900		624,897
Anadarko Petroleum		3,200		170,400
†ANSYS		5,400		490,050
Apache		89,030		4,956,300
Apple		36,220		3,462,632
Applied Materials		86,300		2,068,611
Archer-Daniels-Midland		107,800		4,623,542
†Aspen Technology		10,800		434,592
†athenahealth		3,400		469,234
B/E Aerospace		6,700		309,373
Baker Hughes		72,980		3,293,587
Becton Dickinson		43,600		7,394,124
Bemis		21,600		1,112,184
†Biogen		2,800		677,096
Boeing		2,800		363,636
Bristol-Myers Squibb		9,600		706,080
Bunge		65,500		3,874,325
C.R. Bard		4,100		964,156
Capital Bank Financial		12,100		348,480
Capital One Financial		82,640		5,248,466
Carlisle		46,800		4,945,824
Caterpillar		10,950		830,119
CBS Class B		15,100		822,044
†Celgene		17,900		1,765,477
†Cerner		2,700		158,220
†Charter Communications Class A		2,641		603,848
†Chesapeake Energy		186,080		796,422
Chevron		49,350		5,173,361
Cintas		24,100		2,364,933
Cisco Systems		131,450		3,771,301
CIT Group		15,600		497,796
Citigroup		163,420		6,927,374
Citizens Financial Group		33,200		663,336
Colgate-Palmolive		46,600		3,411,120
Comcast Class A		104,355		6,802,902
ConocoPhillips		44,640		1,946,304
CONSOL Energy		20,300		326,627
Core Laboratories		3,500		433,615
CVS Health		74,980		7,178,585
DENTSPLY SIRONA		17,300		1,073,292
Devon Energy		30,200		1,094,750
†DexCom		11,100		880,563
†DISH Network Class A		10,546		552,610
Donaldson		48,500		1,666,460
Dover		68,700		4,762,284
Eastman Chemical		34,820		2,364,278
Ecolab		27,400		3,249,640
†Edwards Lifesciences		16,500		1,645,545

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United States (continued)
†Electronic Arts		12,500	$	947,000
Eli Lilly		15,047		1,184,951
†Ellie Mae		5,500		504,075
EMC		32,200		874,874
EOG Resources		15,000		1,251,300
†EPAM Systems		4,200		270,102
Equifax		2,800		359,520
Equinix		5,500		2,132,515
Erie Indemnity Class A		10,700		1,062,938
Exxon Mobil		25,700		2,409,118
†Facebook Class A		30,400		3,474,112
FedEx		3,200		485,696
†Fiserv		8,300		902,459
Freeport-McMoRan		17,000		189,380
Gap		85,800		1,820,676
General Dynamics		30,300		4,218,972
General Motors		119,640		3,385,812
Gilead Sciences		78,990		6,589,346
Halliburton		133,850		6,062,067
†Henry Schein		5,600		990,080
Hewlett Packard Enterprise		19,300		352,611
Honeywell International		60,500		7,037,360
HP		19,600		245,980
†HubSpot		2,000		86,840
†IDEXX Laboratories		11,000		1,021,460
†Illumina		5,600		786,128
†Incyte		8,200		655,836
Intel		22,000		721,600
Intercontinental Exchange		4,200		1,075,032
International Paper		10,700		453,466
Intuit		8,300		926,363
†Intuitive Surgical		150		99,211
†Ionis Pharmaceuticals		18,820		438,318
Jack Henry & Associates		600		52,362
John Wiley & Sons Class A		43,700		2,280,266
Johnson & Johnson		54,400		6,598,720
Johnson Controls		140,700		6,227,382
JPMorgan Chase		116,310		7,227,503
Kinder Morgan		32,800		614,016
†Kite Pharma		2,700		135,000
†KLX		3,200		99,200
†Knowles		163,530		2,237,090
Lam Research		8,300		697,698
Leggett & Platt		24,900		1,272,639
†Liberty Broadband Class A		8,300		493,020
†Liberty Broadband Class C		3,400		204,000
†Liberty Global Class C		9,500		272,175
†Liberty Ventures Class A		15,200		563,464
Linear Technology		73,300		3,410,649
†LinkedIn Class A		1,610		304,693
†MACOM Technology Solutions Holdings		4,200		138,516

LVIP Franklin Templeton Global Equity Managed Volatility Fund–6

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United States (continued)
Macy’s		83,790	$	2,816,182
Marathon Oil		43,465		652,410
MarketAxess Holdings		1,400		203,560
MasterCard Class A		27,500		2,421,650
Matthews International Class A		36,000		2,003,040
McCormick Non-Voting Shares		23,900		2,549,413
McDonald’s		30,000		3,610,200
McKesson		5,500		1,026,575
†Medivation		600		36,180
Medtronic		144,510		12,539,133
Merck & Co.		78,680		4,532,755
MetLife		13,300		529,739
Microsoft		369,860		18,925,736
Monolithic Power Systems		600		40,992
Moody’s		8,000		749,680
Morgan Stanley		158,870		4,127,443
MSCI		2,800		215,936
†Netflix		5,700		521,436
†NetSuite		10,900		793,520
†Nevro		3,500		258,160
News Class A		207,680		2,357,168
NIKE Class B		75,500		4,167,600
NRG Energy		19,900		298,301
Nucor		25,300		1,250,073
NVIDIA		600		28,206
Occidental Petroleum		30,600		2,312,136
Oracle		153,220		6,271,295
†Palo Alto Networks		9,600		1,177,344
†PayPal Holdings		8,200		299,382
Pentair		87,600		5,106,204
PepsiCo		49,240		5,216,486
Perrigo		28,900		2,620,363
Pfizer		108,840		3,832,256
Philip Morris International		3,040		309,229
PNC Financial Services Group		8,800		716,232
Praxair		57,400		6,451,186
†Priceline Group		850		1,061,149
Procter & Gamble		50,800		4,301,236
QUALCOMM		31,400		1,682,098
Raytheon		5,500		747,725
†Regeneron Pharmaceuticals		2,800		977,844
Reynolds American		15,030		810,568
†Rite Aid		42,585		318,962
Rockwell Collins		24,520		2,087,633
Roper Technologies		50,200		8,562,112
Ross Stores		71,400		4,047,666
†salesforce.com		22,000		1,747,020
†SBA Communications Class A		8,900		960,666
Schlumberger		54,600		4,317,768
†ServiceNow		14,000		929,600
†Splunk		2,800		151,704
Stanley Black & Decker		32,150		3,575,723

	Number of  Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United States (continued)
Stryker		77,168	$	9,247,041
SunTrust Banks		13,000		534,040
Symantec		45,987		944,573
Target		55,100		3,847,082
Texas Instruments		80,000		5,012,000
Thermo Fisher Scientific		5,500		812,680
Tiffany & Co.		47,600		2,886,464
Time Warner		6,700		492,718
†T-Mobile U.S.		3,200		138,464
Twenty-First Century Fox Class A		123,030		3,327,961
Twenty-First Century Fox Class B		13,800		376,050
†Twilio Class A		2,600		94,900
†Tyler Technologies		4,100		683,511
†Ultimate Software Group		5,600		1,177,624
United Parcel Service Class B		32,000		3,447,040
United Technologies		60,400		6,194,020
UnitedHealth Group		9,300		1,313,160
†Universal Display		1,000		67,800
†VCA		500		33,805
†Veeva Systems Class A		13,600		464,032
Visa Class A		27,500		2,039,675
Voya Financial		79,640		1,971,886
†VWR		13,500		390,150
Walgreens Boots Alliance		101,750		8,472,723
Wal-Mart Stores		52,500		3,833,550
†Waters		2,800		393,820
Wells Fargo		22,000		1,041,260
West Pharmaceutical Services		36,600		2,777,208
†Workday Class A		6,200		462,954
WW Grainger		9,800		2,227,050
@Xerox		42,508		403,401
Xilinx		2,100		96,873
XL Group		28,600		952,666
Yum Brands		42,500		3,524,100
†Zendesk		6,000		158,280
				468,838,533
Total Common Stock (Cost $690,343,721)				746,150,892
	Principal Amount
CORPORATE BONDS–0.11%
Pharmaceuticals–0.04%
Valeant Pharmaceuticals International
#144A 6.375% 10/15/20		336,000		290,640
#144A 6.75% 8/15/21		55,000		47,163
#144A 7.25% 7/15/22		27,000		23,293
				361,096

LVIP Franklin Templeton Global Equity Managed Volatility Fund–7

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets (continued)

	Principal Amount		Value (U.S. $)
CORPORATE BONDS (continued)
Software–0.03%
#Veritas US 144A 10.50% 2/1/24		280,000	$	238,350
				238,350
Technology Hardware, Storage & Peripherals–0.04%
#Western Digital 144A 10.50% 4/1/24		263,000		282,067
				282,067
Total Corporate Bonds (Cost $860,593)				881,513
SENIOR SECURED LOAN–0.02%
Veritas US Tranche B1, 1st Lien 6.625% 1/27/23		220,448		195,096
Total Senior Secured Loan (Cost $187,361)				195,096
		Number of Shares
PREFERRED STOCK–0.09%
Volkswagen 0.15%		6,300		763,058
Total Preferred Stock (Cost $691,703)				763,058

	Number of  Shares		Value (U.S. $)
MONEY MARKET FUND–6.84%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		57,412,401	$	57,412,401
Total Money Market Fund (Cost $57,412,401)				57,412,401
	Principal Amount
SHORT-TERM INVESTMENT–1.83%
≠Discount Note–1.83%
Federal Home Loan Bank Discount Notes 0.10% 7/1/16		15,365,000		15,365,000
Total Short-Term Investment (Cost $15,365,000)				15,365,000

TOTAL VALUE OF SECURITIES–97.78% (Cost $764,860,779)		820,767,960
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–2.22%		18,630,918
NET ASSETS APPLICABLE TO 29,268,472 SHARES OUTSTANDING–100.00%	$	839,398,878
NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON GLOBAL EQUITY MANAGED VOLATILITY FUND STANDARD CLASS ($81,113,080 / 2,826,034 Shares)	$	28.702
NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON GLOBAL EQUITY MANAGED VOLATILITY FUND SERVICE CLASS ($758,285,798 / 26,442,438 Shares)	$	28.677
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	883,838,171
Undistributed net investment income		7,297,980
Accumulated net realized loss on investments		(100,016,229	)
Net unrealized appreciation of investments and derivatives.		48,278,956
TOTAL NET ASSETS	$	839,398,878

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $881,513, which represents 0.11% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin.

n Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

† Non-income producing for the period.

« Includes $32,429,993 cash collateral held at broker for futures contracts, $8,565,118 foreign currencies due to broker, $596,243 payable for securities purchased, $219,573 payable for fund shares redeemed and $616,759 due to manager and affiliates as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $403,401, which represents 0.05% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

LVIP Franklin Templeton Global Equity Managed Volatility Fund–8

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets (continued)

≠ The rate shown is the effective yield at the time of purchase.

The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BAML	EUR	(9,536	)	USD	10,597			7/1/16	$	15
BAML	EUR	(3,672,687	)	USD	4,067,254			7/21/16		(11,695	)
BAML	GBP	39,044		USD	(58,362	)		11/23/16		(6,298	)
BAML	KRW	(32,459,963	)	USD	27,558			8/12/16		(576	)
BAML	KRW	(22,769,561	)	USD	19,657			11/14/16		(78	)
BNYM	EUR	(46,401	)	USD	51,206			7/1/16		(289	)
CSFB	EUR	224,861		USD	(249,263	)		7/21/16		471
CSFB	GBP	(9,752	)	USD	13,188			11/23/16		184
CSFB	KRW	(10,262,134	)	USD	8,822			8/12/16		(73	)
CSFB	KRW	(20,664,351	)	USD	17,897			11/14/16		(14	)
DB	EUR	(14,305	)	USD	15,908			7/1/16		33
HSBC	CAD	(10,158	)	USD	7,722			7/19/16		(140	)
HSBC	EUR	(2,083,480	)	USD	2,311,330			7/21/16		(2,618	)
HSBC	GBP	(4,280,904	)	USD	6,254,687			11/23/16		546,254
HSBC	KRW	(1,746,050,153	)	USD	1,421,490			8/12/16		(91,950	)
HSBC	KRW	(51,461,638	)	USD	44,507			11/14/16		(97	)
SHB	EUR	(28,667	)	USD	31,859			7/1/16		45
SSB	CAD	(496,986	)	USD	388,474			7/19/16		3,764
SSB	EUR	(4,770	)	USD	5,316			7/1/16		23
SSB	EUR	(3,742,894	)	USD	4,139,596			7/21/16		(17,328	)
SSB	GBP	(52,971	)	USD	72,446			11/23/16		1,815
									$	421,448

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation (Depreciation)
(465)	British Pound Currency		$  (39,173,180)		$  (38,502,000)		9/20/16	$	671,180
(1,595)	E-mini S&P 500 Index		(162,232,994)		(166,693,450)		9/19/16		(4,460,456	)
(250)	E-mini S&P MidCap 400 Index		(36,128,226)		(37,325,000)		9/19/16		(1,196,774	)
(464)	Euro Currency		(64,483,782)		(64,423,500)		9/20/16		60,282
(2,064)	Euro STOXX 50 Index		(63,859,146)		(65,394,461)		9/19/16		(1,535,315	)
(462)	FTSE 100 Index		(37,806,485)		(39,500,783)		9/19/16		(1,694,298	)
(381)	Japanese Yen Currency		(46,533,129)		(46,229,587)		9/20/16		303,542
(236)	Nikkei 225 Index (OSE)		(35,454,495)		(35,583,402)		9/9/16		(128,907	)
								$	(7,980,746	)

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amount disclosed in the financial statements. The foreign currency exchange contracts and futures contracts presented above represents 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 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

BAML–Bank of America Merrill Lynch

BNYM–Bank of New York Mellon

CAD–Canadian Dollar

CSFB–Credit Suisse First Boston

CVA–Dutch Certificate

DB–Deutsche Bank

EUR–Euro

GBP–British Pound Sterling

LVIP Franklin Templeton Global Equity Managed Volatility Fund–9

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets (continued)

Summary of Abbreviations: (continued)

HSBC–Hong Kong Shanghai Bank

KRW–South Korean Won

NVDR–Non-Voting Depository Receipt

OSE–Osaka Securities Exchange

SHB–Svenska Handelsbanken

SSB–State Street Bank

USD–United States Dollar

See accompanying notes, which are an integral part of the Financial Statements.

LVIP Franklin Templeton Global Equity Managed Volatility Fund–10

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	11,530,852
Interest		35,211
Foreign tax withheld		(665,011	)
		10,901,052
EXPENSES:
Management fees		2,691,572
Distribution fees-Service Class		926,340
Accounting and administration expenses		200,936
Reports and statements to shareholders		104,668
Professional fees		36,518
Custodian fees		21,756
Pricing fees		11,372
Trustees’ fees and expenses		10,876
Consulting fees		2,103
Other		4,070
Total operating expenses		4,010,211
NET INVESTMENT INCOME		6,890,841
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(36,808,798	)
Foreign currencies		(15,889,330	)
Foreign currency exchange contracts		15,154,363
Futures contracts		(11,235,814	)
Net realized loss		(48,779,579	)
Net change in unrealized appreciation (depreciation) of:
Investments		19,331,281
Foreign currencies		4,198
Foreign currency exchange contracts		426,923
Futures contracts		(7,856,841	)
Net change in unrealized appreciation (depreciation)		11,905,561
NET REALIZED AND UNREALIZED LOSS		(36,874,018	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(29,983,177	)

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

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	6,890,841		$	9,890,332
Net realized loss		(48,779,579	)		(26,474,926	)
Net change in unrealized appreciation (depreciation)		11,905,561			(55,637,767	)
Net decrease in net assets resulting from operations		(29,983,177	)		(72,222,361	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,285,476	)
Service Class		—			(9,129,336	)
		—			(10,414,812	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		5,079,205			6,340,701
Service Class		82,238,413			237,668,382
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,285,476
Service Class		—			9,129,336
		87,317,618			254,423,895
Cost of shares redeemed:
Standard Class		(7,033,061	)		(12,403,555	)
Service Class		(45,665,367	)		(76,179,697	)
		(52,698,428	)		(88,583,252	)
Increase in net assets derived from capital share transactions		34,619,190			165,840,643
NET INCREASE IN NET ASSETS		4,636,013			83,203,470
NET ASSETS:
Beginning of period		834,762,865			751,559,395
End of period	$	839,398,878		$	834,762,865
Undistributed net investment income	$	7,297,980		$	407,139

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

LVIP Franklin Templeton Global Equity Managed Volatility Fund–11

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Franklin Templeton Global Equity Managed Volatility Fund Standard Class
	Six Months Ended 6/30161, 2 (unaudited)			12/31/15			12/31/14			Year ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period		$29.762			$32.846			$34.021			$  28.735			$24.161			$25.503
Income (loss) from investment operations:
Net investment income3		0.271			0.466			0.650			0.449			0.526			0.553
Net realized and unrealized gain (loss)		(1.331	)		(3.100	)		(1.322	)		5.270			4.582			(1.339	)
Total from investment operations		(1.060	)		(2.634	)		(0.672	)		5.719			5.108			(0.786	)
Less dividends and distributions from:
Net investment income		—			(0.450	)		(0.503	)		(0.433	)		(0.534	)		(0.556	)
Total dividends and distributions		—			(0.450	)		(0.503	)		(0.433	)		(0.534	)		(0.556	)
Net asset value, end of period		$28.702			$29.762			$32.846			$  34.021			$28.735			$24.161
Total return4		(3.57%	)		(8.02%	)		(1.99%	)		19.93%			21.21%			(3.09%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$81,113			$86,144			$99,743			$107,183			$94,499			$90,320
Ratio of expenses to average net assets		0.75%			0.74%			0.75%			0.79%			0.83%			0.83%
Ratio of net investment income to average net assets		1.90%			1.43%			1.89%			1.43%			1.99%			2.12%
Portfolio turnover		92%			11%			11%			14%			15%			29%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective February 8, 2016, Franklin Advisers, Inc., Franklin Advisory Services, LLC, and Franklin Mutual Advisers, LLC are responsible for the day-to-day management of the Fund’s investment portfolio. Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s managed volatility strategy.

³  The average shares outstanding method has been applied for per share information.

⁴  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.

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

LVIP Franklin Templeton Global Equity Managed Volatility Fund–12

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Franklin Templeton Global Equity Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	29.773		$	32.853		$	34.024		$	28.742		$	24.171		$	25.512
Income (loss) from investment operations:
Net investment income3		0.235			0.383			0.563			0.374			0.461			0.483
Net realized and unrealized gain (loss)		(1.331	)		(3.093	)		(1.319	)		5.261			4.578			(1.333	)
Total from investment operations		(1.096	)		(2.710	)		(0.756	)		5.635			5.039			(0.850	)
Less dividends and distributions from:
Net investment income		—			(0.370	)		(0.415	)		(0.353	)		(0.468	)		(0.491	)
Total dividends and distributions		—			(0.370	)		(0.415	)		(0.353	)		(0.468	)		(0.491	)
Net asset value, end of period	$	28.677		$	29.773		$	32.853		$	34.024		$	28.742		$	24.171
Total return4		(3.69%	)		(8.25%	)		(2.23%	)		19.63%			20.91%			(3.34%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	758,286		$	748,619		$	651,816		$	421,681		$	179,169		$	140,358
Ratio of expenses to average net assets		1.00%			0.99%			1.00%			1.04%			1.08%			1.08%
Ratio of net investment income to average net assets		1.65%			1.18%			1.64%			1.18%			1.74%			1.87%
Portfolio turnover		92%			11%			11%			14%			15%			29%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective February 8, 2016, Franklin Advisers, Inc., Franklin Advisory Services, LLC, and Franklin Mutual Advisers, LLC are responsible for the day-to-day management of the Fund’s investment portfolio. Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s managed volatility strategy.

³  The average shares outstanding method has been applied for per share information.

⁴  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.

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

LVIP Franklin Templeton Global Equity Managed Volatility Fund–13

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust, The Trust consists of 93 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 Franklin Templeton Global Equity Managed Volatility Fund (formerly LVIP Templeton Growth Managed Volatility 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”). 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 provide long-term capital growth, which it seeks to achieve through a flexible policy of investing primarily in stocks of companies organized in the United States or in any foreign nation. A portion of the Fund may also be invested in debt obligations of companies and governments of any nation.

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 generally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement price. 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”).

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 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” of being sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the 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.

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

LVIP Franklin Templeton Global Equity Managed Volatility Fund–14

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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-advisers, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.75% of the first $200 million of the average daily net assets of the Fund; 0.65% of the next $300 million; and 0.60% of average daily net assets in excess of $500 million.

Templeton Investment Counsel, LLC and, effective February 8, 2016, Franklin Advisers, Inc., Franklin Advisory Services, LLC, and Franklin Mutual Advisers, LLC (the “Sub-Advisers”) are each responsible for the day-to-day management of a portion of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays the Sub-Advisers a fee based on their respective managed portion of the Fund’s average daily net assets. Effective May 1, 2016 SSGA Funds Management, Inc., (“SSGA”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for managing the Fund’s volatility management overlay. For these services, LIAC, not the Fund, pays SSGA 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 administrative expenses” on the Statement of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	21,640
Legal		5,953

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administrative expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $16,720 for the six months ended June 30, 2016.

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 $67,574 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class Shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP Franklin Templeton Global Equity Managed Volatility Fund–15

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	454,578
Distribution fees payable to LFD		157,145
Printing and mailing fees payable to Lincoln Life		5,036

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	360,860,443
Sales		669,384,675

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	764,860,779
Aggregate unrealized appreciation	$	115,341,470
Aggregate unrealized depreciation		(59,434,289	)
Net unrealized appreciation	$	55,907,181

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; however there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized, due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

As of December 31, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Pre-Enactment Short-Term Capital Losses Expiring In	Post-Enactment Losses (No Expiration)*
2017	Short-Term	Long-Term	Total
$13,508,734	$29,865,795	$6,448,248	$49,822,777

*Capital loss carryovers with no expiration must be utilized first.

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 Franklin Templeton Global Equity Managed Volatility Fund–16

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 2		Total
Common Stock
Argentina	$	393,876		$	—	$	393,876
Belgium		—			23,689		23,689
Canada		952,431			—		952,431
Denmark		—			637,404		637,404
Finland		487,633			545,623		1,033,256
France		—			33,531,169		33,531,169
Germany		4,492,027			23,825,467		28,317,494
Hong Kong		4,348,382			18,147,627		22,496,009
Ireland		—			4,612,015		4,612,015
Israel		7,508,518			—		7,508,518
Italy		—			7,391,639		7,391,639
Japan		2,807,819			20,935,208		23,743,027
Netherlands		1,407,395			17,138,059		18,545,454
Norway		—			7,606,678		7,606,678
Portugal		—			3,314,216		3,314,216
Republic of Korea		—			16,769,410		16,769,410
Singapore		1,149,960			3,660,074		4,810,034
South Africa		—			290,121		290,121
Spain		—			2,884,601		2,884,601
Sweden		—			1,803,635		1,803,635
Switzerland		7,051,925			16,081,746		23,133,671
Taiwan		2,173,680			—		2,173,680
Thailand		—			3,351,350		3,351,350
United Kingdom		12,490,418			49,498,564		61,988,982
United States		468,435,132			403,401		468,838,533
Corporate Bonds		—			881,513		881,513
Senior Secured Loan		—			195,096		195,096
Preferred Stock		—			763,058		763,058
Money Market Fund		57,412,401			—		57,412,401
Short-Term Investments		—			15,365,000		15,365,000
Total	$	571,111,597		$	249,656,363	$	820,767,960
Foreign Currency Exchange Contracts	$	—		$	421,448	$	421,448
Futures Contracts	$	(7,980,746	)	$	—	$	(7,980,746	)

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

As a result of utilizing international fair value pricing at June 30, 2016, a portion of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Franklin Templeton Global Equity Managed Volatility Fund–17

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		176,398			195,251
Service Class		2,888,185			7,337,267
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			42,833
Service Class		—			304,096
		3,064,583			7,879,447
Shares redeemed:
Standard Class		(244,783	)		(380,395	)
Service Class		(1,590,079	)		(2,337,361	)
		(1,834,862	)		(2,717,756	)
Net increase		1,229,721			5,161,691

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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 minimal 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.

LVIP Franklin Templeton Global Equity Managed Volatility Fund–18

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Receivables and other assets net of liabilities	$	552,604	Receivables and other assets net of liabilities	$	(131,156	)
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities		—	Receivables and other assets net of liabilities		(9,015,750	)
Currency contracts (Futures contracts)	Receivables and other assets net of liabilities		1,035,004	Receivables and other assets net of liabilities		—
Total		$	1,587,608		$	(9,146,906	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	15,154,363			$	426,923
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(6,982,247	)			(8,508,747	)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(4,253,567	)			651,906
Total			$	3,918,549			$	(7,429,918	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Foreign currency exchange contracts (average cost)	$   593,875	$  15,878,461
Futures contracts (average notional value)	$6,993,273	$245,273,663

6. Market Risk

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.

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 (the Act), 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. Rule 144A and illiquid securities have been identified on the Statement of Net Assets.

LVIP Franklin Templeton Global Equity Managed Volatility Fund–19

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

7. 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.

8. 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 Franklin Templeton Global Equity Managed Volatility Fund–20

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Franklin Templeton Global Equity Managed Volatility Fund–21

LVIP Franklin Templeton Multi-Asset Opportunities Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Franklin Templeton Multi-Asset

Opportunities Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations	2
Statement of Net Assets	4
Statement of Operations	9
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	12

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Franklin Templeton Multi-Asset Opportunities Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	986.30		0.57	%		$2.82
Service Class Shares		1,000.00		985.00		0.82	%		4.05
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.03		0.57	%		$2.87
Service Class Shares		1,000.00		1,020.79		0.82	%		4.12

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Franklin Templeton Multi-Asset Opportunities Fund–1

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations (unaudited)

As of June 30, 2016

Sector and geographical designations may be different than those presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		26.17	%
U.S. Markets		13.09	%
Aerospace & Defense		0.13	%
Automobiles		0.14	%
Banks		0.86	%
Biotechnology		0.66	%
Capital Markets		0.18	%
Chemicals		0.10	%
Communications Equipment		0.12	%
Consumer Finance		0.24	%
Diversified Financial Services		0.11	%
Electronic Equipment, Instruments & Components		0.13	%
Energy Equipment & Services		0.47	%
Food & Staples Retailing		0.31	%
Health Care Equipment & Supplies		0.23	%
Insurance		0.20	%
Internet Software & Services		0.30	%
Machinery		0.22	%
Media		0.73	%
Metals & Mining		0.10	%
Multiline Retail		0.15	%
Oil, Gas & Consumable Fuels		0.54	%
Pharmaceuticals		0.53	%
Real Estate Investment Trusts		5.61	%
Semiconductors & Semiconductor Equipment		0.11	%
Software		0.82	%
Technology Hardware, Storage & Peripherals		0.10	%
Developed Markets		11.27	%
Aerospace & Defense		0.28	%
Airlines		0.16	%
Auto Components		0.18	%
Automobiles		0.45	%
Banks		1.47	%
Beverages		0.30	%
Building Products		0.20	%
Capital Markets		0.16	%
Chemicals		0.42	%
Construction Materials		0.43	%
Diversified Financial Services		0.10	%
Diversified Telecommunication Services		0.60	%
Electrical Equipment		0.21	%
Electronic Equipment, Instruments & Components		0.14	%
Energy Equipment & Services		0.40	%
Food & Staples Retailing		0.29	%
Health Care Equipment & Supplies		0.14	%
Industrial Conglomerates		0.20	%
Insurance		0.68	%
Life Sciences Tools & Services		0.12	%
Media		0.20	%

Security Type/Sector	Percentage of Net Assets
Metals & Mining		0.12	%
Multiline Retail		0.08	%
Oil, Gas & Consumable Fuels		1.45	%
Pharmaceuticals		1.56	%
Semiconductors & Semiconductor Equipment		0.15	%
Specialty Retail		0.13	%
Technology Hardware, Storage & Peripherals		0.10	%
Textiles, Apparel & Luxury Goods		0.04	%
Wireless Telecommunication Services		0.51	%
Emerging Markets		1.81	%
Auto Components		0.14	%
Banks		0.30	%
Diversified Telecommunication Services		0.21	%
Health Care Providers & Services		0.18	%
Insurance		0.11	%
Internet Software & Services		0.09	%
Machinery		0.17	%
Semiconductors & Semiconductor Equipment		0.09	%
Technology Hardware, Storage & Peripherals		0.52	%
Exchange-Traded Funds		4.61	%
Investment Companies		50.54	%
Money Market Fund		18.99	%
Total Value of Securities		100.31	%
Liabilities Net of Receivables and Other Assets		(0.31	%)
Total Net Assets		100.00	%

LVIP Franklin Templeton Multi-Asset Opportunities Fund–2

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations (continued)

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Franklin Growth Fund		13.68	%
Franklin U.S. Government Securities Fund		11.93	%
Franklin Total Return Fund		10.68	%
Franklin Rising Dividends Fund		5.27	%
Templeton Global Bond Fund		4.18	%
ishares Core S&P 500 ETF		2.83	%
Franklin Mutual European Fund		2.63	%
Franklin Utilities Fund		2.16	%
iShares iBoxx $ High Yield Corporate Bond ETF		1.78	%
Simon Property Group		0.53	%
Total		55.67	%

Geography	Percentage of Net Assets
China		0.76	%
France		1.65	%
Germany		1.52	%
Hong Kong		0.20	%
Ireland		0.27	%
Israel		0.31	%
Italy		0.34	%
Japan		1.32	%
Netherlands		0.86	%
Norway		0.38	%
Portugal		0.19	%
Republic of Korea		0.80	%
Singapore		0.29	%
Spain		0.18	%
Sweden		0.14	%
Switzerland		0.84	%
Taiwan		0.10	%
Thailand		0.16	%
United Kingdom		2.77	%
United States		68.24	%
Total		81.32	%

LVIP Franklin Templeton Multi-Asset Opportunities Fund–3

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of  Shares		Value (U.S. $)
COMMON STOCK–26.17%
U.S. MARKETS–13.09%
Aerospace & Defense–0.13%
Rockwell Collins		180	$	15,325
				15,325
Automobiles–0.14%
General Motors		580		16,414
				16,414
Banks–0.86%
Citigroup		930		39,423
JPMorgan Chase		770		47,848
SunTrust Banks		380		15,610
				102,881
Biotechnology–0.66%
Amgen		240		36,516
Gilead Sciences		450		37,539
†Ionis Pharmaceuticals		180		4,192
				78,247
Capital Markets–0.18%
Morgan Stanley		810		21,044
				21,044
Chemicals–0.10%
Eastman Chemical		170		11,543
				11,543
Communications Equipment–0.12%
Cisco Systems		480		13,771
				13,771
Consumer Finance–0.24%
Capital One Financial		460		29,215
				29,215
Diversified Financial Services–0.11%
Voya Financial		520		12,875
				12,875
Electronic Equipment, Instruments & Components–0.13%
†Knowles		1,110		15,185
				15,185
Energy Equipment & Services–0.47%
Baker Hughes		390		17,601
Halliburton		860		38,949
				56,550
Food & Staples Retailing–0.31%
CVS Health		200		19,148
Walgreens Boots Alliance		210		17,487
				36,635

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Health Care Equipment & Supplies–0.23%
Medtronic		310	$	26,899
				26,899
Insurance–0.20%
American International Group		460		24,329
				24,329
Internet Software & Services–0.30%
†Alphabet Class A		50		35,177
				35,177
Machinery–0.22%
Stanley Black & Decker		240		26,693
				26,693
Media–0.73%
Comcast Class A		740		48,241
News Class A		1,520		17,252
Twenty-First Century Fox Class A		800		21,640
				87,133
Metals & Mining–0.10%
Allegheny Technologies		890		11,348
				11,348
Multiline Retail–0.15%
Macy’s		540		18,149
				18,149
Oil, Gas & Consumable Fuels–0.54%
Apache		460		25,608
†Chesapeake Energy		1,010		4,323
Chevron		150		15,725
ConocoPhillips		280		12,208
Devon Energy		190		6,888
				64,752
Pharmaceuticals–0.53%
†Allergan		158		36,512
Merck & Co.		220		12,674
Pfizer		400		14,084
				63,270
Real Estate Investment Trusts–5.61%
Alexandria Real Estate Equities		300		31,056
Apartment Investment & Management		940		41,510
Boston Properties		200		26,380
Coresite Realty		500		44,345
Duke Realty		1,200		31,992
Education Realty Trust		510		23,531
Equity LifeStyle Properties		400		32,020
Extra Space Storage		600		55,524
First Industrial Realty Trust		1,300		36,166
General Growth Properties		1,060		31,609

LVIP Franklin Templeton Multi-Asset Opportunities Fund–4

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts (continued)
Kilroy Realty		400	$	26,516
Kimco Realty		700		21,966
Physicians Realty Trust		930		19,539
Realty Income		600		41,616
Regency Centers		440		36,841
Simon Property Group		290		62,901
Summit Hotel Properties		2,200		29,128
UDR		1,020		37,658
Ventas		530		38,595
				668,893
Semiconductors & Semiconductor Equipment–0.11%
Applied Materials		550		13,184
				13,184
Software–0.82%
Microsoft		1,160		59,357
Oracle		930		38,065
				97,422
Technology Hardware, Storage & Peripherals–0.10%
Apple		130		12,428
				12,428
Total U.S. Markets (Cost $1,446,428)				1,559,362
§DEVELOPED MARKETS–11.27%
Aerospace & Defense–0.28%
BAE Systems		2,880		20,162
Zodiac Aerospace		550		12,831
				32,993
Airlines–0.16%
Deutsche Lufthansa		1,610		18,930
				18,930
Auto Components–0.18%
Cie Generale des Etablissements Michelin		230		21,675
				21,675
Automobiles–0.45%
Nissan Motor		3,900		34,805
Toyota Motor ADR		183		18,298
				53,103
Banks–1.47%
Barclays		10,400		19,343
BNP Paribas		710		31,137
Credit Agricole		2,010		16,898
DBS Group Holdings		1,000		11,791
HSBC Holdings		5,200		31,846

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Banks (continued)
ING Groep CVA		2,040	$	21,106
Lloyds Banking Group		16,370		11,857
Standard Chartered		2,549		19,339
UniCredit		5,353		11,773
				175,090
Beverages–0.30%
Suntory Beverage & Food		800		36,201
				36,201
Building Products–0.20%
Cie de Saint-Gobain		630		23,881
				23,881
Capital Markets–0.16%
†Credit Suisse Group		1,776		18,919
				18,919
Chemicals–0.42%
Akzo Nobel		420		26,091
LANXESS		540		23,691
				49,782
Construction Materials–0.43%
CRH		1,120		32,637
HeidelbergCement		250		18,833
				51,470
Diversified Financial Services–0.10%
Deutsche Boerse		140		11,502
				11,502
Diversified Telecommunication Services–0.60%
Singapore Telecommunications		7,400		22,856
Telefonica		2,317		21,997
Telenor		1,610		26,650
				71,503
Electrical Equipment–0.21%
†ABB		1,250		24,740
				24,740
Electronic Equipment, Instruments & Components–0.14%
Omron		500		16,320
				16,320
Energy Equipment & Services–0.40%
Petrofac		1,340		13,929
†Subsea 7		1,900		18,676
Technip		270		14,614
				47,219
Food & Staples Retailing–0.29%
METRO		540		16,608

LVIP Franklin Templeton Multi-Asset Opportunities Fund–5

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Food & Staples Retailing (continued)
†Tesco		7,480	$	17,568
				34,176
Health Care Equipment & Supplies–0.14%
Getinge Class B		830		17,136
				17,136
Industrial Conglomerates–0.20%
Siemens ADR		129		13,234
†Toshiba		4,000		10,896
				24,130
Insurance–0.68%
AIA Group		2,200		13,230
Aviva		3,750		19,767
AXA		1,160		22,936
NN Group		400		11,011
Swiss Re		160		13,974
				80,918
Life Sciences Tools & Services–0.12%
†QIAGEN		660		14,383
				14,383
Media–0.20%
Sky		2,130		24,204
				24,204
Metals & Mining–0.12%
†Glencore		6,850		14,119
				14,119
Multiline Retail–0.08%
Marks & Spencer Group		2,150		9,207
				9,207
Oil, Gas & Consumable Fuels–1.45%
BP ADR		1,218		43,251
Eni		1,747		28,139
Galp Energia		1,650		22,949
Kunlun Energy		12,000		9,986
Royal Dutch Shell Class B		1,590		43,929
TOTAL		520		24,937
				173,191
Pharmaceuticals–1.56%
Bayer		220		22,096
GlaxoSmithKline		1,470		31,568
Merck		240		24,394
Novartis		130		10,730
Roche Holding		120		31,666
Sanofi		340		28,248

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Pharmaceuticals (continued)
Teva Pharmaceutical Industries ADR		747	$	37,522
				186,224
Semiconductors & Semiconductor Equipment–0.15%
Infineon Technologies ADR		1,200		17,424
				17,424
Specialty Retail–0.13%
Kingfisher		3,760		16,150
				16,150
Technology Hardware, Storage & Peripherals–0.10%
Konica Minolta		1,700		12,384
				12,384
Textiles, Apparel & Luxury Goods–0.04%
†Michael Kors Holdings		100		4,948
				4,948
Wireless Telecommunication Services–0.51%
SoftBank Group		500		28,276
Vodafone Group ADR		1,057		32,651
				60,927
Total Developed Markets (Cost $1,727,691)				1,342,849
×EMERGING MARKETS–1.81%
Auto Components–0.14%
Hyundai Mobis		77		16,940
				16,940
Banks–0.30%
Bangkok Bank NVDR		4,300		19,466
Hana Financial Group		553		11,243
KB Financial Group ADR		168		4,781
				35,490
Diversified Telecommunication Services–0.21%
China Telecom		56,000		25,184
				25,184
Health Care Providers & Services–0.18%
Sinopharm Group		4,400		21,136
				21,136
Insurance–0.11%
China Life Insurance		6,000		12,937
				12,937
Internet Software & Services–0.09%
†Baidu ADR		70		11,561
				11,561

LVIP Franklin Templeton Multi-Asset Opportunities Fund–6

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Statement of Net Assets (continued)

	Number of  Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Machinery–0.17%
CRRC		15,300	$	13,759
Weichai Power		6,000		6,178
				19,937
Semiconductors & Semiconductor Equipment–0.09%
Taiwan Semiconductor Manufacturing ADR		432		11,331
				11,331
Technology Hardware, Storage & Peripherals–0.52%
Samsung Electronics GDR		100		61,857
				61,857
Total Emerging Markets (Cost $236,012)				216,373
Total Common Stock (Cost $3,410,131)				3,118,584
EXCHANGE-TRADED FUNDS–4.61%
iShares Core S&P 500 ETF		1,600		337,120
iShares iBoxx $ High Yield Corporate Bond ETF		2,500		211,725
Total Exchange-Traded Funds (Cost $511,208)				548,845

	Number of  Shares		Value (U.S. $)
INVESTMENT COMPANIES–50.54%
²Franklin Growth Fund		21,887	$	1,630,135
²Franklin Mutual European Fund		17,489		313,046
²Franklin Rising Dividends Fund		12,102		627,383
² Franklin Total Return Fund		127,978		1,273,378
²Franklin U.S. Government Securities Fund		222,534		1,421,995
²Franklin Utilities Fund		13,624		257,766
²Templeton Global Bond Fund		44,046		498,604
Total Investment Companies (Cost $6,031,932)				6,022,307
MONEY MARKET FUND–18.99%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		2,262,728		2,262,728
Total Money Market Fund (Cost $2,262,728)				2,262,728

TOTAL VALUE OF SECURITIES–100.31% (Cost $12,215,999)		11,952,464
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.31%)		(37,303	)
NET ASSETS APPLICABLE TO 1,275,637 SHARES OUTSTANDING–100.00%	$	11,915,161

NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-ASSET OPPORTUNITIES FUND STANDARD CLASS ($1,005,645 / 107,549 Shares)	$9.351
NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-ASSET OPPORTUNITIES FUND SERVICE CLASS ($10,909,516 / 1,168,088 Shares)	$9.340

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	12,734,717
Undistributed net investment income		88,187
Accumulated net realized loss on investments		(624,105	)
Net unrealized depreciation of investments and derivatives		(283,638	)
TOTAL NET ASSETS	$	11,915,161

^²  Class R-6 shares.

† Non-income producing for the period.

« Includes $71 payable for fund shares redeemed, $96,307 payable for securities purchased, $9,194 expense reimbursement receivable from Lincoln Investment Advisors Corporation, $6,834 due to manager and affiliates and $7 prepaid printing and mailing fees to Lincoln Life at June 30, 2016.

× Emerging Markets – developing countries with relatively low per capita income, often with above-average economic growth potential but with more risk.

§ Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.

LVIP Franklin Templeton Multi-Asset Opportunities Fund–7

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Statement of Net Assets (continued)

The following foreign currency exchange contract and swap contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contract

Counterparty	Contracts to Receive (Deliver)	In Exchange For	Settlement Date	Unrealized Appreciation (Depreciation)
BNYM	EUR          (357)	USD           393	7/1/16	$(2)

Index Swap Contracts

Notional Value	Expiration Date	Description	Unrealized Appreciation (Depreciation)
$725,000	5/24/17	Agreement with Barclays to receive the notional amount multiplied by the change in value of an index2 of a custom basket of securities and to pay the notional amount multiplied by the fixed rate of 0.70%	$	(3,884)
$449,000	4/19/17	Agreement with Societe Generale to receive the notional amount multiplied by the change in value of an index3 of a custom basket of securities and to pay the notional amount multiplied by the floating rate of 0.97%		(23,085)
			$	(26,969)

The use of swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

²The Barclays TrendSTAR + Alt Roll Index is a proprietary index of Barclays, which is calculated and published by Barclays Risk Analytics and Index Solutions Limited, a wholly owned subsidiary of Barclays.

³The SGI Vol Invest Smart Beta Index is a proprietary index of Societe Generale, which is maintained and calculated by Standard & Poor’s by contract with Societe Generale.

Summary of Abbreviations:

ADR–American Depositary Receipt

BNYM–Bank of New York Mellon

CVA–Dutch Certificate

ETF–Exchange-Traded Fund

EUR–European Monetary Unit

GDR–Global Depositary Receipt

NVDR–Non-Voting Depositary Receipt

USD–United States Dollar

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

LVIP Franklin Templeton Multi-Asset Opportunities Fund–8

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	120,533
Foreign tax withheld		(4,164	)
		116,369
EXPENSES:
Management fees		43,328
Professional fees		16,570
Pricing fees		15,847
Distribution fees-Service Class		13,217
Reports and statements to shareholders		3,957
Custodian fees		1,676
Accounting and administration expenses		1,366
Consulting fees		861
Trustees’ fees and expenses		145
Other		62
		97,029
Less management fees waived		(16,176	)
Less expenses reimbursed		(34,706	)
Total operating expenses		46,147
NET INVESTMENT INCOME		70,222
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(651,231	)
Foreign currencies		174
Foreign currency exchange contracts		90
Swap contracts		7,963
Net realized loss		(643,004	)
Net change in unrealized appreciation (depreciation) of:
Investments		385,001
Foreign currencies		(37	)
Foreign currency exchange contracts		(2	)
Swap contracts		(1,984	)
Net change in unrealized appreciation (depreciation)		382,978
NET REALIZED AND UNREALIZED LOSS		(260,026	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(189,804	)

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

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	70,222		$	156,931
Net realized gain (loss)		(643,004	)		52,695
Net change in unrealized appreciation (depreciation)		382,978			(578,939	)
Net decrease in net assets resulting from operations		(189,804	)		(369,313	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(12,795	)
Service Class		—			(107,656	)
Net realized gain on investments:
Standard Class		—			(6,668	)
Service Class		—			(68,807	)
		—			(195,926	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		9,118			7,131
Service Class		395,210			1,672,575
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			19,463
Service Class		—			176,463
		404,328			1,875,632
Cost of shares redeemed:
Standard Class		(4,197	)		(17,325	)
Service Class		(223,594	)		(94,922	)
		(227,791	)		(112,247	)
Increase in net assets derived from capital share transactions		176,537			1,763,385
NET INCREASE (DECREASE) IN NET ASSETS		(13,267	)		1,198,146
NET ASSETS:
Beginning of period		11,928,428			10,730,282
End of period	$	11,915,161		$	11,928,428
Undistributed net investment income	$	88,187		$	17,965

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

LVIP Franklin Templeton Multi-Asset Opportunities Fund–9

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Financial Highlights

Select data for each share of the Fund outstanding through each period were as follows:

	LVIP Franklin Templeton Multi-Asset Opportunities Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)				12/31/15				5/1/142 to 12/31/14
Net asset value, beginning of period		$	9.487			$	9.938			$	10.000
Income (loss) from investment operations:
Net investment income3			0.066				0.161				0.165
Net realized and unrealized loss			(0.202	)			(0.429	)			(0.053	)
Total from investment operations			(0.136	)			(0.268	)			0.112
Less dividends and distributions from:
Net investment income			—				(0.120	)			(0.174	)
Net realized gain			—				(0.063	)			—
Total dividends and distributions			—				(0.183	)			(0.174	)
Net asset value, end of period		$	9.351			$	9.487			$	9.938
Total return4			(1.37%	)			(2.76%	)			1.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,006			$	1,015			$	1,054
Ratio of expenses to average net assets5			0.57%				0.57%				0.57%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed5			1.45%				1.46%				1.33%
Ratio of net investment income to average net assets			1.44%				1.61%				2.43%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.56%				0.72%				1.68%
Portfolio turnover			48%				55%				25%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³ The average shares outstanding method has been applied for per share information.

⁴ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Franklin Templeton Multi-Asset Opportunities Fund–10

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Financial Highlights (continued)

Select data for each share of the Fund outstanding through each period were as follows:

	LVIP Franklin Templeton Multi-Asset Opportunities Fund Service Class
	Six Months Ended 6/30/161 (unaudited)				12/31/15				5/1/142 to 12/31/14
Net asset value, beginning of period		$	9.488			$	9.938			$	10.000
Income (loss) from investment operations:
Net investment income3			0.055				0.136				0.148
Net realized and unrealized loss			(0.203	)			(0.428	)			(0.053	)
Total from investment operations			(0.148	)			(0.292	)			0.095
Less dividends and distributions from:
Net investment income			—				(0.095	)			(0.157	)
Net realized gain			—				(0.063	)			—
Total dividends and distributions			—				(0.158	)			(0.157	)
Net asset value, end of period		$	9.340			$	9.488			$	9.938
Total return4			(1.50%	)			(3.00%	)			0.94%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	10,909			$	10,913			$	9,676
Ratio of expenses to average net assets5			0.82%				0.82%				0.82%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			1.70%				1.71%				1.58%
Ratio of net investment income to average net assets			1.19%				1.36%				2.18%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.31%				0.47%				1.43%
Portfolio turnover			48%				55%				25%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Franklin Templeton Multi-Asset Opportunities Fund–11

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Franklin Templeton Multi-Asset Opportunities 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”). 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 long-term growth of capital.

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 and exchange-traded funds (“ETFs”), 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 and ETFs 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 or ETF 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Index swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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”).

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 return 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014–December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the 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 Franklin Templeton Multi-Asset Opportunities Fund–12

LVIP Franklin Templeton Multi-Asset Opportunities 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 and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes 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. Income and capital gains distributions from investment companies are recorded on the ex-dividend date. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. 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 commission to the Fund in cash. Such commission rebates are included in “Net realized gain from investments” on the Statement of Operations and totaled $2 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.75% of the average daily net assets of the Fund. LIAC has contractually agreed to waive 0.28% of the average daily net assets of the Fund’s advisory fee. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.57% of the average daily net assets for the Standard Class and 0.82% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Franklin Advisers, Inc. (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s investment portfolio. For its 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 six months ended June 30, 2016, fees for these administrative and legal services were as follows:

Administrative	$	238
Legal		66

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 $785 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the

LVIP Franklin Templeton Multi-Asset Opportunities Fund–13

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had receivables due from, liabilities payable and prepaid expenses to affiliates as follows:

Expense reimbursement receivable from LIAC	$	9,194
Management fees payable to LIAC		4,596
Distribution fees payable to LFD		2,238
Prepaid printing and mailing fees to Lincoln Life		7

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.

At June 30, 2016, Lincoln Life owned 96.43% of the Standard Class and 79.56% of the Service Class shares of the Fund.

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	4,727,879
Sales		5,326,040

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	12,215,999
Aggregate unrealized appreciation	$	357,627
Aggregate unrealized depreciation		(621,162	)
Net unrealized depreciation	$	(263,535	)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Total
Common Stock
U.S. Markets
Aerospace & Defense	$	15,325		$—	$	15,325
Automobiles		16,414		—		16,414
Banks		102,881		—		102,881
Biotechnology		78,247		—		78,247
Capital Markets		21,044		—		21,044
Chemicals		11,543		—		11,543

LVIP Franklin Templeton Multi-Asset Opportunities Fund–14

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Total
Communications Equipment	$	13,771	$	—	$	13,771
Consumer Finance		29,215		—		29,215
Diversified Financial Services		12,875		—		12,875
Electronic Equipment, Instruments & Components		15,185		—		15,185
Energy Equipment & Services		56,550		—		56,550
Food & Staples Retailing		36,635		—		36,635
Health Care Equipment & Supplies		26,899		—		26,899
Insurance		24,329		—		24,329
Internet Software & Services		35,177		—		35,177
Machinery		26,693		—		26,693
Media		87,133		—		87,133
Metals & Mining		11,348		—		11,348
Multiline Retail		18,149		—		18,149
Oil, Gas & Consumable Fuels		64,752		—		64,752
Pharmaceuticals		63,270		—		63,270
Real Estate Investment Trusts		668,893		—		668,893
Semiconductors & Semiconductor Equipment		13,184		—		13,184
Software		97,422		—		97,422
Technology Hardware, Storage & Peripherals		12,428		—		12,428
Developed Markets
Aerospace & Defense		—		32,993		32,993
Airlines		—		18,930		18,930
Auto Components		—		21,675		21,675
Automobiles		18,298		34,805		53,103
Banks		—		175,090		175,090
Beverages		—		36,201		36,201
Building Products		—		23,881		23,881
Capital Markets		—		18,919		18,919
Chemicals		—		49,782		49,782
Construction Materials		—		51,470		51,470
Diversified Financial Services		—		11,502		11,502
Diversified Telecommunication Services		—		71,503		71,503
Electrical Equipment		—		24,740		24,740
Electronic Equipment, Instruments & Components		—		16,320		16,320
Energy Equipment & Services		—		47,219		47,219
Food & Staples Retailing		—		34,176		34,176
Health Care Equipment & Supplies		—		17,136		17,136
Industrial Conglomerates		13,234		10,896		24,130
Insurance		—		80,918		80,918
Life Sciences Tools & Services		—		14,383		14,383
Media		—		24,204		24,204
Metals & Mining		—		14,119		14,119
Multiline Retail		—		9,207		9,207
Oil, Gas & Consumable Fuels		43,251		129,940		173,191
Pharmaceuticals		37,522		148,702		186,224
Semiconductors & Semiconductor Equipment		17,424		—		17,424
Specialty Retail		—		16,150		16,150
Technology Hardware, Storage & Peripherals		—		12,384		12,384
Textiles, Apparel & Luxury Goods		4,948		—		4,948
Wireless Telecommunication Services		32,651		28,276		60,927
Emerging Markets
Auto Components		—		16,940		16,940
Banks		4,781		30,709		35,490
Diversified Telecommunication Services		—		25,184		25,184

LVIP Franklin Templeton Multi-Asset Opportunities Fund–15

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2			Total
Health Care Providers & Services	$	—	$	21,136		$	21,136
Insurance		—		12,937			12,937
Internet Software & Services		11,561		—			11,561
Machinery		—		19,937			19,937
Semiconductors & Semiconductor Equipment		11,331		—			11,331
Technology Hardware, Storage & Peripherals		—		61,857			61,857
Exchange-Traded Funds		548,845		—			548,845
Investment Companies		6,022,307		—			6,022,307
Money Market Fund		2,262,728		—			2,262,728
Total	$	10,588,243	$	1,364,221		$	11,952,464
Foreign Currency Exchange Contracts	$	—	$	(2	)	$	(2	)
Swap Contracts	$	—	$	(26,969	)	$	(26,969	)

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

As a result of utilizing international fair value pricing at June 30, 2016, a portion of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		975			734
Service Class		42,632			167,455
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,044
Service Class		—			18,541
		43,607			188,774
Shares redeemed:
Standard Class		(461	)		(1,794	)
Service Class		(24,751	)		(9,499	)
		(25,212	)		(11,293	)
Net increase		18,395			177,481

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

LVIP Franklin Templeton Multi-Asset Opportunities Fund–16

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risks that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Swap Contracts–The Fund enters into index swap contracts in the normal course of pursuing its investment objective and strategies. Index Swaps may be used to gain exposure to markets that the Fund invests in, such as the corporate bond market. The Fund may also use index swaps as a substitute for futures if such contracts are not directly available to the Fund on favorable terms.

Index Swaps. Index swaps involve commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent the total return of the security, instrument or basket of instruments underlying the transaction exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent the total return of the security, instrument or basket of instruments underlying the transaction falls short of the offsetting interest obligation, the Fund will make a payment to the counterparty. The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the index swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Forward currency exchange contracts (Foreign currency exchange contracts)	Liabilities net of receivables and other assets	$—	Liabilities net of receivables and other assets	$	(2)
Equity contracts (Index Swap contracts)	Liabilities net of receivables and other assets	—	Liabilities net of receivables and other assets		(26,969)
Total		$—		$	(26,971)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	90		$	(2	)
Equity contracts (Index Swap contracts)	Net realized gain from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			7,963			(1,984	)
Total			$	8,053		$	(1,986	)

LVIP Franklin Templeton Multi-Asset Opportunities Fund–17

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Foreign currency exchange contracts (average cost)		$      386		$179
Interest rate swap contracts (average notional value)		183,192		—
Index Swap contracts (average notional value)		927,472		—

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 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) 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 June 30, 2016, the Fund has the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Barclays Bank		$—		$  (3,884	)		$  (3,884	)
Societe Generale		—		(23,085	)		23,085
Total		$—		$(26,969	)		$(26,969	)

Counterparty	Net Position			Fair Value of Non Cash Collateral Received		Cash Collateral Received		Fair Value of Non Cash Collateral Pledged		Cash Collateral Pledged		Net Amount(a)
Barclays Bank		$  (3,884	)		$—		$—		$—		$—		$  (3,884	)
Societe Generale		(23,085	)		—		—		—		—		(23,085	)
Total		$(26,969	)		$—		$—		$—		$—		$(26,969	)

^(a)Net amount represents the receivable/(payable) that would be due from/(to) the counterparty in an event of default.

6. Credit and Market Risk

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.

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 invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized.

LVIP Franklin Templeton Multi-Asset Opportunities Fund–18

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

There Fund had no direct real estate holdings during the period ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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. As of June 30, 2016, there were no Rule 144A securities and no securities have been determined to be illiquid.

7. 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.

8. 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 Franklin Templeton Multi-Asset Opportunities Fund–19

LVIP Franklin Templeton Value Managed Volatility Fund (formerly LVIP Franklin Mutual Shares VIP Managed Volatility Fund) a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Franklin Templeton Value

Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Franklin Templeton Value Managed Volatility Fund

Disclosure

        OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,028.70		0.05	%		$0.25
Service Class Shares		1,000.00		1,026.90		0.40	%		2.02
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,024.61		0.05	%		$0.25
Service Class Shares		1,000.00		1,022.87		0.40	%		2.01

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP Franklin Templeton Value Managed Volatility Fund–1

LVIP Franklin Templeton Value Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company		9.37%
Equity Fund		9.37%
Unaffiliated Investment Companies		90.23%
Equity Funds		84.43%
Money Market Fund		5.80%
Total Value of Securities		99.60%
Receivables and Other Assets Net of Liabilities		0.40%
Total Net Assets		100.00%

LVIP Franklin Templeton Value Managed Volatility Fund–2

LVIP Franklin Templeton Value Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of  Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–9.37%
Equity Fund–9.37%
Franklin Templeton Variable Insurance Products Trust– Franklin Growth & Income VIP Fund		1,425,074	$	21,205,101
Total Affiliated Investment Company (Cost $21,039,250)				21,205,101
UNAFFILIATED INVESTMENT COMPANIES–90.23%
Equity Funds–84.43%
Franklin Templeton Variable Insurance Products Trust– Franklin Income VIP Fund		4,343,897		63,855,291
Franklin Rising Dividends VIP Fund		875,844		21,142,878
Mutual Shares VIP Fund		5,207,383		106,022,313
				191,020,482

	Number of  Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
Money Market Fund–5.80%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		13,131,136	$	13,131,136
				13,131,136
Total Unaffiliated Investment Companies (Cost $199,866,883)				204,151,618

TOTAL VALUE OF SECURITIES–99.60% (Cost $220,906,133)	225,356,719
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.40%	898,914
NET ASSETS APPLICABLE TO 23,787,587 SHARES OUTSTANDING–100.00%	$226,255,633

Class 1 shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(28) British Pound Currency		$    (2,336,895	)		$    (2,318,400	)		9/20/16		$      18,495
(304) E-mini S&P 500 Index		(30,854,514	)		(31,771,040	)		9/19/16		(916,526	)
(21) E-mini S&P MidCap 400 Index		(3,027,279	)		(3,135,300	)		9/19/16		(108,021	)
(28) Euro Currency		(3,885,548	)		(3,887,625	)		9/20/16		(2,077	)
(124) Euro STOXX 50 Index		(3,820,663	)		(3,928,737	)		9/19/16		(108,074	)
(27) FTSE 100 Index		(2,212,809	)		(2,308,487	)		9/19/16		(95,678	)
(23) Japanese Yen Currency		(2,809,563	)		(2,790,762	)		9/20/16		18,801
(10) Nikkei 225 Index (OSE)		(1,489,798	)		(1,507,771	)		9/9/16		(17,973	)
										$(1,211,053	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP Franklin Templeton Value Managed Volatility Fund–3

LVIP Franklin Templeton Value Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in unaffiliated investment companies, at value	$	204,151,618
Investments in affiliated investment companies, at value		21,205,101
Total investments, at value		225,356,719
Cash collateral held at broker for futures contracts		2,927,950
Receivables for fund shares sold		423,203
Receivables for investment companies sold		108,347
Expense reimbursement from Lincoln Investment Advisors Corporation		11,239
Dividends receivable from investment companies		2,543
TOTAL ASSETS		228,830,001
LIABILITIES:
Net unrealized depreciation on futures contracts		1,211,053
Foreign currencies collateral due to broker for futures contracts		759,757
Payables for fund shares redeemed		407,603
Cash overdraft		110,002
Due to manager and affiliates		69,970
Other accrued expenses payable		15,983
TOTAL LIABILITIES		2,574,368
TOTAL NET ASSETS	$	226,255,633
Investments in unaffiliated investment companies, at cost	$	199,866,883
Investments in affiliated investment companies, at cost		21,039,250
Total investments, at cost	$	220,906,133
Standard Class :
Net Assets	$	32,235
Shares Outstanding		3,384
Net Asset Value	$	9.526
Service Class :
Net Assets	$	226,223,398
Shares Outstanding		23,784,203
Net Asset Value	$	9.511
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	239,062,947
Undistributed net investment income		3,694,870
Accumulated net realized loss on investments		(19,741,717	)
Net unrealized appreciation of investments and derivatives		3,239,533
TOTAL NET ASSETS	$	226,255,633

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

LVIP Franklin Templeton Value Managed Volatility Fund–4

LVIP Franklin Templeton Value Managed

Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

LVIP Franklin Templeton Value Managed

Volatility Fund

Statements of Changes in Net Assets

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	4,064,101
Dividends from affiliated investment companies		11,263
		4,075,364
EXPENSES:
Management fees		641,545
Distribution fees-Service Class		345,393
Accounting and administration expenses		45,472
Reports and statements to shareholders		21,448
Professional fees		15,243
Trustees’ fees and expenses		2,472
Consulting fees		1,897
Custodian fees		1,730
Pricing fees		124
Other		754
		1,076,078
Less management fees waived		(630,680	)
Less expenses reimbursed		(50,655	)
Total operating expenses		394,743
NET INVESTMENT INCOME		3,680,621
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from affiliated investment companies		3,925,650
Sale of investments in affiliated investment companies		(25,459,445	)
Foreign currencies		(9,393	)
Futures contracts		(944,992	)
Net realized loss		(22,488,180	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		165,851
Investments in unaffiliated investment companies		25,916,822
Futures contracts		(877,502	)
Net change in unrealized appreciation (depreciation)		25,205,171
NET REALIZED AND UNREALIZED GAIN		2,716,991
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,397,612

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

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,680,621		$	4,290,429
Net realized gain (loss)		(22,488,180	)		4,227,063
Net change in unrealized appreciation (depreciation)		25,205,171			(22,288,603	)
Net increase (decrease) in net assets resulting from operations		6,397,612			(13,771,111	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(865	)
Service Class		—			(4,291,857	)
		—			(4,292,722	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		67			14,265
Service Class		50,098,496			126,102,053
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			865
Service Class		—			4,291,857
		50,098,563			130,409,040
Cost of shares redeemed:
Standard Class		(156	)		(9,988	)
Service Class		(10,415,760	)		(25,868,973	)
		(10,415,916	)		(25,878,961	)
Increase in net assets derived from capital share transactions		39,682,647			104,530,079
NET INCREASE IN NET ASSETS		46,080,259			86,466,246
NET ASSETS:
Beginning of period		180,175,374			93,709,128
End of period	$	226,255,633		$	180,175,374
Undistributed net investment income	$	3,694,870		$	14,249

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

LVIP Franklin Templeton Value Managed Volatility Fund–5

LVIP Franklin Templeton Value Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP Franklin Templeton Value Managed Volatility Fund Standard Class

	Six Months Ended 6/30/161, 2 (unaudited)			Year Ended 12/31/15				1/2/143 to 12/31/14
Net asset value, beginning of period		$	9.258		$	10.315			$	10.000
Income (loss) from investment operations:
Net investment income4			0.186			0.356				0.292
Net realized and unrealized gain (loss)			0.082			(1.151	)			0.179
Total from investment operations			0.268			(0.795	)			0.471
Less dividends and distributions from:
Net investment income			—			(0.262	)			(0.156	)
Total dividends and distributions			—			(0.262	)			(0.156	)
Net asset value, end of period		$	9.526		$	9.258			$	10.315
Total return5			2.87%			(7.72%	)			4.70%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	32		$	31			$	30
Ratio of expenses to average net assets6			0.05%			0.05%				0.05%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed and expense paid indirectly6			0.74%			0.74%				0.81%
Ratio of net investment income to average net assets			4.07%			3.49%				2.84%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed and expense paid indirectly			3.38%			2.79%				2.08%
Portfolio turnover			46%			11%				15%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

⁴ The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Franklin Templeton Value Managed Volatility Fund–6

LVIP Franklin Templeton Value Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Franklin Templeton Value Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)			Year Ended 12/31/15				1/2/143 to 12/31/14
Net asset value, beginning of period		$	9.262		$	10.316			$	10.000
Income (loss) from investment operations:
Net investment income4			0.170			0.318				0.261
Net realized and unrealized gain (loss)			0.079			(1.146	)			0.173
Total from investment operations			0.249			(0.828	)			0.434
Less dividends and distributions from:
Net investment income			—			(0.226	)			(0.118	)
Total dividends and distributions			—			(0.226	)			(0.118	)
Net asset value, end of period		$	9.511		$	9.262			$	10.316
Total return5			2.69%			(8.03%	)			4.34%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	226,224		$	180,144			$	93,679
Ratio of expenses to average net assets6			0.40%			0.40%				0.40%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed and expense paid indirectly6			1.09%			1.09%				1.16%
Ratio of net investment income to average net assets			3.72%			3.14%				2.49%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed and expense paid indirectly			3.03%			2.44%				1.73%
Portfolio turnover			46%			11%				15%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Franklin Templeton Value Managed Volatility Fund–7

LVIP Franklin Templeton Value Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Franklin Templeton Value Managed Volatility Fund (formerly LVIP Franklin Mutual Shares VIP Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the Mutual Shares VIP Fund, a series of Franklin Templeton Variable Insurance Products Trust (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The Mutual Shares VIP Fund, which is advised by an unaffiliated adviser, invests primarily in U.S. and foreign stocks and bonds. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 benefit or 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 six months ended June 30, 2016 and for all open tax year (years ended December 31, 2014-December 31, 2015) 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 six months ended June 30, 2016, 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.

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.

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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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

LVIP Franklin Templeton Value Managed Volatility Fund–8

LVIP Franklin Templeton Value Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

are those of the specific securities sold. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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(s), and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.65% of the Fund’s average daily net assets. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds. LIAC has contractually agreed to waive a portion of its advisory fee. Effective May 1, 2016, the waiver amount is 0.62% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the Board) and LIAC. Prior to May 1, 2016, LIAC had contractually agreed to waive its entire advisory fee. The waiver amount was 0.65% of the Fund’s average daily net assets.

LIAC has contractually agreed to reimburse the Fund to the extent that the annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.05% of average daily net assets for the Standard Class and 0.40% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays the Sub-Adviser(s) 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	5,384
Legal		1,387

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $4,873 for the six months ended June 30, 2016.

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 $18,418 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) 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, whereby the 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	11,239
Management fees payable to LIAC		5,457
Distribution fees payable to LFD		63,651
Printing and mailing fees payable to Lincoln Life		862

LVIP Franklin Templeton Value Managed Volatility Fund–9

LVIP Franklin Templeton Value Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

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.

At June 30, 2016, Lincoln Life directly owned 30.84% of the Fund’s Standard Class shares.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby a Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Funds and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15	Purchases		Sales		Net Realized Gain (Loss)		Value 6/30/16		Dividends		Capital Gain Distributions
Franklin Templeton Variable Insurance Products Trust - Franklin Growth and Income VIP Fund	$—		$21,898,513		$869,411		$10,148		$21,205,101		$579,289		$1,551,582

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	129,550,011
Sales		85,724,459

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	220,906,133
Aggregate unrealized appreciation	$	4,450,586
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	4,450,586

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	225,356,719
Futures Contracts	$	(1,211,053	)

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

LVIP Franklin Templeton Value Managed Volatility Fund–10

LVIP Franklin Templeton Value Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		7			1,342
Service Class		5,463,403			12,419,744
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			93
Service Class		—			461,484
		5,463,410			12,882,663
Shares redeemed:
Standard Class		(17	)		(973	)
Service Class		(1,129,568	)		(2,511,743	)
		(1,129,585	)		(2,512,716	)
Net increase		4,333,825			10,369,947

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		$       —	Net unrealized depreciation on futures contracts		$(1,246,272)
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts		37,296	Net unrealized depreciation on futures contracts		(2,077)
Total			$37,296			$(1,248,349)

LVIP Franklin Templeton Value Managed Volatility Fund–11

LVIP Franklin Templeton Value Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income	Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$ (793,378)	$ (795,710)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	(151,614)	(81,792)
Total		$(944,992)	$(877,502)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)		$5,596,748		$23,172,199

6. 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.

7. Market Risk

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.

8. Subsequent Events

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

LVIP Franklin Templeton Value Managed Volatility Fund–12

LVIP Franklin Templeton Value Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Franklin Templeton Value Managed Volatility Fund–13

LVIP Global Allocation Managed Risk Funds

LVIP Global Conservative Allocation Managed Risk Fund

LVIP Global Moderate Allocation Managed Risk Fund

LVIP Global Growth Allocation Managed Risk Fund

each a series of Lincoln Variable

Insurance Products Trust

Semiannual Report

June 30, 2016

LVIP Global Allocation Managed Risk Funds

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations	3
Schedules of Investments	4
Statements of Assets and Liabilities	10
Statements of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	19
Other Fund Information	30

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. You may also request a copy by calling 1-800-4LINCOLN (454-6265).

For a free copy of the Funds’ proxy voting procedures and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, please call 1-800-4LINCOLN (454-6265) or visit the Securities and Exchange Commission’s website at http://www.sec.gov.

LVIP Global Allocation Managed Risk Funds

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of a Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis tables. The Expense Analysis tables do not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur transaction costs, including sales charges (loads) on purchase payments, reinvested dividends or other distributions, redemption fees, and exchange fees. These Expense Analyses are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Analyses are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 to June 30, 2016.

Actual Expenses

The first section of the tables, “Actual”, provides information about actual account values and actual expenses. You may use the information in this section of the tables, 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 tables, “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses can not 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. The Funds do not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

LVIP Global Conservative Allocation Managed Risk Fund

Expense Analysis of an Investment of $1,000

							Expenses
	Beginning		Ending				Paid During
	Account		Account		Annualized		Period
	Value		Value		Expense		1/1/16 to
	1/1/16		6/30/16		Ratio		6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,027.00		0.28%		$1.41
Service Class Shares		1,000.00		1,025.70		0.53%		2.67
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.47		0.28%		$1.41
Service Class Shares		1,000.00		1,022.23		0.53%		2.66

LVIP Global Moderate Allocation Managed

Risk Fund

Expense Analysis of an Investment of

$1,000

							Expenses
	Beginning		Ending				Paid During
	Account		Account		Annualized		Period
	Value		Value		Expense		1/1/16 to
	1/1/16		6/30/16		Ratio		6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,008.60		0.27%		$1.35
Service Class Shares		1,000.00		1,007.30		0.52%		2.60
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.52		0.27%		$1.36
Service Class Shares		1,000.00		1,022.28		0.52%		2.61

LVIP Global Growth Allocation Managed

Risk Fund

Expense Analysis of an Investment of

$1,000

							Expenses
	Beginning		Ending				Paid During
	Account		Account		Annualized		Period
	Value		Value		Expense		1/1/16 to
	1/1/16		6/30/16		Ratio		6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,007.60		0.27%		$1.35
Service Class Shares		1,000.00		1,006.40		0.52%		2.59
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.52		0.27%		$1.36
Service Class Shares		1,000.00		1,022.28		0.52%		2.61

* “Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Each Fund operates under a fund of funds structure. Each Fund invests a significant portion of its assets in other investment companies, including exchange-traded funds (collectively, the “Underlying Funds”). In addition to the Funds’ expenses reflected above, the Funds also indirectly bear their portion of the fees and expenses of the applicable Underlying

LVIP Global Allocation Managed Risk Funds–1

LVIP Global Allocation Managed Risk Funds

Disclosure

OF FUND EXPENSES (continued)

Funds. The Expense Analysis of an investment in each table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP Global Allocation Managed Risk Funds–2

LVIP Global Allocation Managed Risk Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2016

LVIP Global Conservative Allocation Managed Risk Fund

	Percentage
Security Type/Sector	of Net Assets
Affiliated Investment Companies	93.94%
Equity Funds	23.07%
Fixed Income Funds	58.48%
International Equity Funds	10.43%
International Fixed Income Fund	1.96%
Unaffiliated Investment Companies	5.75%
Commodity Fund	0.97%
Equity Fund	0.94%
Fixed Income Fund	1.43%
Money Market Fund	2.41%
Short-Term Investment	0.35%
Total Value of Securities	100.04%
Liabilities Net of Receivables and Other Assets	(0.04%)
Total Net Assets	100.00%

LVIP Global Moderate Allocation Managed

Risk Fund

	Percentage
Security Type/Sector	of Net Assets
Affiliated Investment Companies	91.62%
Equity Funds	33.62%
Fixed Income Funds	39.01%
International Equity Funds	17.03%
International Fixed Income Fund	1.96%
Unaffiliated Investment Companies	7.77%
Commodity Fund	0.97%
Equity Fund	0.94%
Fixed Income Fund	0.26%
International Equity Funds	2.94%
Money Market Fund	2.66%
Short-Term Investment	0.30%
Total Value of Securities	99.69%
Receivables and Other Assets Net of Liabilities	0.31%
Total Net Assets	100.00%

LVIP Global Growth Allocation Managed

Risk Fund

	Percentage
Security Type/Sector	of Net Assets
Affiliated Investment Companies	91.86%
Equity Funds	37.68%
Fixed Income Funds	28.37%
International Equity Funds	23.84%
International Fixed Income Fund	1.97%
Unaffiliated Investment Companies	7.16%
Commodity Fund	0.97%
Equity Fund	0.94%
Fixed Income Fund	0.19%
International Equity Funds	2.95%
Money Market Fund	2.11%
Short-Term Investment	0.45%
Total Value of Securities	99.47%
Receivables and Other Assets Net of Liabilities	0.53%
Total Net Assets	100.00%

LVIP Global Allocation Managed Risk Funds–3

LVIP Global Conservative Allocation Managed Risk Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of		Value
	Shares		(U.S. $)
AFFILIATED INVESTMENT COMPANIES–93.94%
Equity Funds–23.07%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		4,226,389	$	56,735,051
LVIP SSGA Mid-Cap Index Fund		4,067,683		42,434,072
LVIP SSGA S&P 500 Index Fund		12,488,573		186,441,911
LVIP SSGA Small-Cap Index Fund		1,121,891		28,180,787
†LVIP T. Rowe Price Growth Stock Fund		895,542		27,982,095
				341,773,916
Fixed Income Funds–58.48%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		4,248,341		43,520,004
LVIP Delaware Bond Fund		41,477,671		590,890,906
LVIP Delaware Diversified Floating Rate Fund		2,918,893		28,882,444
LVIP JPMorgan High Yield Fund		5,364,628		57,648,288
LVIP PIMCO Low Duration Bond Fund		7,158,353		72,335,157
LVIP SSGA Bond Index Fund		6,210,428		72,929,058
				866,205,857
International Equity Funds–10.43%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		3,051,790		42,453,447
LVIP Mondrian International Value Fund		1,774,271		28,342,211
LVIP SSGA Developed International 150 Fund		1,857,966		13,849,280
LVIP SSGA International Index Fund		8,681,624		69,817,620
				154,462,558
International Fixed Income Fund–1.96%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		2,592,930		29,022,662
				29,022,662
Total Affiliated Investment Companies (Cost $1,271,788,874)				1,391,464,993

	Number of		Value
	Shares		(U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–5.75%
Commodity Fund–0.97%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn   Strategy Portfolio		1,971,184		$    14,330,506
				14,330,506
Equity Fund–0.94%
XFidelity® Variable Life Insurance Products–
Fidelity VIP Mid Cap Portfolio		452,191		13,918,436
				13,918,436
Fixed Income Fund–1.43%
²American Funds®–
American Funds Mortgage Fund		2,061,802		21,257,175
				21,257,175
Money Market Fund–2.41%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		35,706,879		35,706,879
				35,706,879
Total Unaffiliated Investment Companies      (Cost  $83,193,201)				85,212,996
	Principal
	Amount°
SHORT-TERM INVESTMENT–0.35%
U.S. Treasury Obligation–0.35%
≠U.S. Treasury Bill 0.25% 7/21/16		5,128,000		5,127,502
Total Short-Term Investment   (Cost $5,127,313)				5,127,502

TOTAL VALUE OF SECURITIES–100.04% (Cost $1,360,109,388)		1,481,805,491
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)		(652,172	)
NET ASSETS APPLICABLE TO 109,515,242 SHARES OUTSTANDING–100.00%	$	1,481,153,319

² Class R-6 shares.

† Non-income producing for the period.

* Standard Class shares.

** Institutional Class shares.

X Initial Class.

≠ The rate shown is the effective yield at the time of purchase.

LVIP Global Allocation Managed Risk Funds–4

LVIP Global Conservative Allocation Managed Risk Fund

Schedule of Investments (continued)

°  Principal amount shown is stated in U.S. dollars.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)	Notional Value	Expiration Date	Unrealized Appreciation (Depreciation)
(7)  E-mini MSCI Emerging Markets Index	$(286,399)	$(292,145)	9/19/16	$(5,746)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

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

LVIP Global Allocation Managed Risk Funds–5

LVIP Global Moderate Allocation Managed Risk Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of		Value
	Shares		(U.S. $)
AFFILIATED INVESTMENT COMPANIES–91.62%
Equity Funds–33.62%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		20,772,866	$	278,854,949
LVIP SSGA Mid-Cap Index Fund		26,688,943		278,419,048
LVIP SSGA S&P 500 Index Fund		84,989,636		1,268,810,270
LVIP SSGA Small-Cap Index Fund		11,028,037		277,013,266
†LVIP T. Rowe Price Growth Stock Fund		6,602,038		206,287,267
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		6,491,383		139,272,614
				2,448,657,414
Fixed Income Funds–39.01%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		20,882,376		213,919,059
LVIP Delaware Bond Fund		114,362,185		1,629,203,692
LVIP JPMorgan High Yield Fund		19,776,496		212,518,225
LVIP PIMCO Low Duration Bond Fund		35,186,524		355,559,827
LVIP SSGA Bond Index Fund		36,632,793		430,178,888
				2,841,379,691
International Equity Funds–17.03%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		29,995,594		417,268,704
LVIP Mondrian International Value Fund		13,079,173		208,926,711
LVIP SSGA Developed International 150 Fund		27,392,196		204,181,431
LVIP SSGA International Index Fund		50,950,738		409,745,836
				1,240,122,682
International Fixed Income Fund–1.96%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		12,745,032		142,655,138
				142,655,138
Total Affiliated Investment Companies (Cost $6,053,295,250)				6,672,814,925

	Number of		Value
	Shares		(U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–7.77%
Commodity Fund–0.97%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		9,686,085	$	70,417,840
				70,417,840
Equity Fund–0.94%
XFidelity® Variable Life Insurance Products–
Fidelity VIP Mid Cap Portfolio		2,222,363		68,404,343
				68,404,343
Fixed Income Fund–0.26%
²American Funds®–
American Funds Mortgage Fund		1,813,952		18,701,845
				18,701,845
International Equity Funds–2.94%
iShares MSCI Emerging Markets ETF		6,228,324		214,005,213
				214,005,213
Money Market Fund–2.66%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		193,963,264		193,963,264
				193,963,264
Total Unaffiliated Investment Companies   (Cost $619,144,023)				565,492,505
	Principal
	Amount°
SHORT-TERM INVESTMENT–0.30%
U.S. Treasury Obligation–0.30%
≠U.S. Treasury Bill 0.25% 7/21/16		21,738,000		21,735,891
Total Short-Term Investment   (Cost $21,735,087)				21,735,891

TOTAL VALUE OF SECURITIES–99.69% (Cost $6,694,174,360)		7,260,043,321
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.31%		22,872,043
NET ASSETS APPLICABLE TO 541,982,944 SHARES OUTSTANDING–100.00%	$	7,282,915,364

² Class R-6 shares.

† Non-income producing for the period.

* Standard Class shares.

** Institutional Class shares.

X Initial Class.

LVIP Global Allocation Managed Risk Funds–6

LVIP Global Moderate Allocation Managed Risk Fund

Schedule of Investments (continued)

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in U.S. dollars.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

									Unrealized
		Notional		Notional			Expiration		Appreciation
Contracts to Buy (Sell)		Cost (Proceeds)		Value			Date		(Depreciation)
(1,765)	British Pound Currency	$	(147,668,276)	$	(146,142,000	)		9/20/16	$	1,526,276
(1,400)	E-mini MSCI Emerging Markets Index		(55,624,470)		(58,429,000	)		9/19/16		(2,804,530	)
(657)	E-mini Russell 2000 Index		(72,369,104)		(75,384,180	)		9/19/16		(3,015,076	)
(4,316)	E-mini S&P 500 Index		(434,099,388)		(451,065,160	)		9/19/16		(16,965,772	)
(742)	E-mini S&P MidCap 400 Index		(106,221,603)		(110,780,600	)		9/19/16		(4,558,997	)
(786)	Euro Currency		(109,214,252)		(109,131,187	)		9/20/16		83,065
(3,517)	Euro STOXX 50 Index		(108,543,192)		(111,430,385	)		9/19/16		(2,887,193	)
(1,762)	FTSE 100 Index		(144,019,822)		(150,650,174	)		9/19/16		(6,630,352	)
(388)	Japanese Yen Currency		(47,577,183)		(47,078,950	)		9/20/16		498,233
(311)	Nikkei 225 Index (OSE)		(46,220,167)		(46,891,686	)		9/9/16		(671,519	)
									$	(35,425,865	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ETF–Exchange-Traded Fund

OSE–Osaka Securities Exchange

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

LVIP Global Allocation Managed Risk Funds–7

LVIP Global Growth Allocation Managed Risk Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of		Value
	Shares		(U.S. $)
AFFILIATED INVESTMENT COMPANIES–91.86%
Equity Funds–37.68%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		19,301,286	$	259,100,465
LVIP SSGA Mid-Cap Index Fund		49,606,854		517,498,696
LVIP SSGA S&P 500 Index Fund		134,378,445		2,006,135,804
LVIP SSGA Small-Cap Index Fund		13,647,048		342,800,188
†LVIP T. Rowe Price Growth Stock Fund		5,446,417		170,178,744
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		4,016,575		86,175,617
				3,381,889,514
Fixed Income Funds–28.37%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		17,224,720		176,450,036
LVIP Delaware Bond Fund		104,564,417		1,489,624,689
LVIP JPMorgan High Yield Fund		24,469,617		262,950,509
LVIP PIMCO Low Duration Bond Fund		34,828,104		351,937,988
LVIP SSGA Bond Index Fund		22,661,894		266,118,622
				2,547,081,844
International Equity Funds–23.84%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		17,926,377		178,331,603
LVIP MFS International Growth Fund		30,937,104		430,366,055
LVIP Mondrian International Value Fund		16,188,020		258,587,434
LVIP SSGA Developed International 150 Fund		33,907,249		252,744,632
LVIP SSGA Emerging Markets 100 Fund		11,352,419		88,287,760
LVIP SSGA International Index Fund		115,871,787		931,840,911
				2,140,158,395
International Fixed Income Fund–1.97%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		15,769,567		176,508,759
				176,508,759
Total Affiliated Investment Companies (Cost $7,513,963,887)				8,245,638,512

	Number of		Value
	Shares		(U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–7.16%
Commodity Fund–0.97%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		11,985,823	$	87,136,933
				87,136,933
Equity Fund–0.94%
XFidelity® Variable Life Insurance Products–
Fidelity VIP Mid Cap Portfolio		2,750,153		84,649,707
				84,649,707
Fixed Income Fund–0.19%
²American Funds®–
American Funds Mortgage Fund		1,684,461		17,366,796
				17,366,796
International Equity Funds–2.95%
iShares MSCI Emerging Markets ETF		7,707,387		264,825,817
				264,825,817
Money Market Fund–2.11%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		188,817,926		188,817,926
				188,817,926
Total Unaffiliated Investment Companies   (Cost $701,457,829)				642,797,179
	Principal
	Amount°
SHORT-TERM INVESTMENT–0.45%
U.S. Treasury Obligation–0.45%
≠U.S. Treasury Bill 0.25% 7/21/16		39,931,000		39,927,127
Total Short-Term Investment   (Cost $39,925,649)				39,927,127

TOTAL VALUE OF SECURITIES–99.47% (Cost $8,255,347,365)		8,928,362,818
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.53%		47,754,039
NET ASSETS APPLICABLE TO 701,495,063 SHARES OUTSTANDING–100.00%	$	8,976,116,857

² Class R-6 shares.

† Non-income producing for the period.

LVIP Global Allocation Managed Risk Funds–8

LVIP Global Growth Allocation Managed Risk Fund

Schedule of Investments (continued)

* Standard Class shares.

** Institutional Class shares.

X Initial Class.

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in U.S. dollars.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(3,417)	British Pound Currency	$	(288,304,623)	$	(282,927,600	)		9/20/16	$	5,377,023
(2,845)	E-mini MSCI Emerging Markets Index		(113,268,159)		(118,736,075	)		9/19/16		(5,467,916	)
(1,014)	E-mini Russell 2000 Index		(112,241,379)		(116,346,360	)		9/19/16		(4,104,981	)
(7,583)	E-mini S&P 500 Index		(765,486,938)		(792,499,330	)		9/19/16		(27,012,392	)
(1,464)	E-mini S&P MidCap 400 Index		(210,442,842)		(218,575,200	)		9/19/16		(8,132,358	)
(1,541)	Euro Currency		(214,549,586)		(213,958,219	)		9/20/16		591,367
(6,830)	Euro STOXX 50 Index		(211,376,857)		(216,397,366	)		9/19/16		(5,020,509	)
(3,408)	FTSE 100 Index		(277,733,843)		(291,382,402	)		9/19/16		(13,648,559	)
(860)	Japanese Yen Currency		(105,262,762)		(104,350,250	)		9/20/16		912,512
(688)	Nikkei 225 Index (OSE)		(102,365,220)		(103,734,663	)		9/9/16		(1,369,443	)
									$	(57,875,256	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ETF–Exchange-Traded Fund

OSE–Osaka Securities Exchange

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

LVIP Global Allocation Managed Risk Funds–9

LVIP Global Allocation Managed Risk Funds

Statements of Assets and Liabilities

June 30, 2016 (unaudited)

	LVIP				LVIP				LVIP
	Global Conservative				Global Moderate				Global Growth
	Allocation Managed				Allocation Managed				Allocation Managed
	Risk Fund				Risk Fund				Risk Fund
ASSETS:
Investments in affiliated investment companies, at value		$	1,391,464,993			$	6,672,814,925			$	8,245,638,512
Investments in unaffiliated investment companies, at value			85,212,996				565,492,505				642,797,179
Short-term investements, at value			5,127,502				21,735,891				39,927,127
Total investments, at value			1,481,805,491				7,260,043,321				8,928,362,818
Receivables for fund shares sold			1,456,309				963,567				196,237
Dividends receivable from investment companies			50,700				76,982				87,299
Cash collateral held at broker for futures contracts			1,941				63,018,400				105,078,144
Cash			20				—				—
Foreign currencies collateral held at broker for futures contracts, at value			6				—				5,624,255
Receivables for investment companies sold			—				2,394,228				4,878,050
TOTAL ASSETS			1,483,314,467				7,326,496,498				9,044,226,803
LIABILITIES:
Payables for fund shares redeemed			1,349,730				4,327,497				3,668,541
Due to manager and affiliates			595,242				2,954,907				3,663,419
Payables for investment companies purchased			188,117				39,040				36,253
Other accrued expenses payable			22,313				48,065				55,756
Net unrealized depreciation on futures contracts			5,746				35,425,865				57,875,256
Foreign currency collateral due to broker			—				25,347				—
Cash due to custodian			—				760,413				2,810,721
TOTAL LIABILITIES			2,161,148				43,581,134				68,109,946
TOTAL NET ASSETS		$	1,481,153,319			$	7,282,915,364			$	8,976,116,857
Investments in affiliated investment companies, at cost		$	1,271,788,874			$	6,053,295,250			$	7,513,963,887
Investments in unaffiliated investment companies, at cost			83,193,201				619,144,023				701,457,829
Short-term investments, at cost			5,127,313				21,735,087				39,925,649
Total investments, at cost		$	1,360,109,388			$	6,694,174,360			$	8,255,347,365
Foreign currencies collateral held at broker for futures contracts, at cost		$	6			$	—			$	5,624,255
Standard Class:
Net Assets		$	73,745,515			$	217,640,146			$	195,562,285
Shares Outstanding			5,444,912				16,175,404				15,267,228
Net Asset Value Per Share		$	13.544			$	13.455			$	12.809
Service Class:
Net Assets		$	1,407,407,804			$	7,065,275,218			$	8,780,554,572
Shares Outstanding			104,070,330				525,807,540				686,227,835
Net Asset Value Per Share		$	13.524			$	13.437			$	12.795
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)		$	1,375,871,818			$	7,034,771,573			$	8,917,161,145
Accumulated net investments loss			(3,057,288	)			(16,069,434	)			(18,819,912	)
Accumulated net realized loss on investments			(13,351,568	)			(266,229,871	)			(537,364,573	)
Net unrealized appreciation of investments and derivatives			121,690,357				530,443,096				615,140,197
TOTAL NET ASSETS		$	1,481,153,319			$	7,282,915,364			$	8,976,116,857

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

LVIP Global Allocation Managed Risk Funds–10

LVIP Global Allocation Managed Risk Funds

Statements of Operations

Six Months Ended June 30, 2016 (unaudited)

	LVIP Global Conservative Allocation Managed Risk Fund				LVIP Global Moderate Allocation Managed Risk Fund				LVIP Global Growth Allocation Managed Risk Fund
INVESTMENT INCOME:
Dividends from unaffiliated investment companies		$	268,469			$	2,193,090			$	2,709,585
Interest			4,629				53,601				90,539
			273,098				2,246,691				2,800,124
EXPENSES:
Management fees			1,793,981				8,965,132				11,099,977
Distribution fees-Service Class			1,704,631				8,697,648				10,857,752
Accounting and administration expenses			74,860				315,793				387,662
Reports and statements to shareholders			45,541				178,941				171,571
Professional fees			28,767				100,345				121,402
Trustees’ fees and expenses			18,818				94,892				117,716
Custodian fees			9,843				38,551				47,849
Consulting fees			2,213				4,103				4,730
Pricing fees			240				594				704
Other			5,838				26,704				32,734
Total operating expenses			3,684,732				18,422,703				22,842,097
NET INVESTMENT LOSS			(3,411,634	)			(16,176,012	)			(20,041,973	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investment companies			831,903				4,192,613				5,185,549
Sale of investments in affiliated investment companies			(5,040,186	)			(44,776,338	)			(66,333,762	)
Sale of investments in unaffiliated investment companies			(2,618,247	)			(14,359,108	)			(14,057,001	)
Foreign currencies			9,646				(330,343	)			(594,756	)
Futures contracts			(9,972,462	)			(111,841,718	)			(118,652,635	)
Net realized gain (loss)			(16,789,346	)			(167,114,894	)			(194,452,605	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies.			53,045,661				239,108,059				292,261,209
Investments in unaffiliated investment companies			4,819,651				32,605,538				36,198,016
Futures contracts			(19,606	)			(35,779,558	)			(57,744,817	)
Net change in unrealized appreciation (depreciation)			57,845,706				235,934,039				270,714,408
NET REALIZED AND UNREALIZED GAIN			41,056,360				68,819,145				76,261,803
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	37,644,726			$	52,643,133			$	56,219,830

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

LVIP Global Allocation Managed Risk Funds–11

LVIP Global Allocation Managed Risk Funds

Statements of Changes in Net Assets

	LVIP						LVIP						LVIP
	Global Conservative Allocation						Global Moderate Allocation						Global Growth Allocation
	Managed Risk Fund						Managed Risk Fund						Managed Risk Fund
	Six Months						Six Months						Six Months
	Ended						Ended						Ended
	6/30/16			Year Ended			6/30/16			Year Ended			6/30/16			Year Ended
	(unaudited)			12/31/15			(unaudited)			12/31/15			(unaudited)			12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(3,411,634	)	$	24,497,369		$	(16,176,012	)	$	115,500,513		$	(20,041,973	)	$	146,160,719
Net realized gain (loss)		(16,789,346	)		30,235,452			(167,114,894	)		59,582,883			(194,452,605	)		(68,922,766	)
Net change in unrealized appreciation (depreciation)		57,845,706			(87,480,649	)		235,934,039			(456,749,626	)		270,714,408			(459,911,032	)
Net increase (decrease) in net assets resulting from operations		37,644,726			(32,747,828	)		52,643,133			(281,666,230	)		56,219,830			(382,673,079	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,623,343	)		—			(4,544,499	)		—			(4,045,578	)
Service Class		—			(26,175,958	)		—			(129,592,687	)		—			(159,533,467	)
Net realized gain:
Standard Class		—			(1,024,011	)		—			(150,407	)		—			—
Service Class		—			(18,366,863	)		—			(4,897,014	)		—			—
		—			(47,190,175	)		—			(139,184,607	)		—			(163,579,045	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		7,144,642			10,658,455			20,599,861			49,124,671			15,338,450			38,344,334
Service Class		121,780,281			246,242,753			242,034,875			941,578,322			228,421,580			1,140,443,463
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,647,354			—			4,694,906			—			4,045,578
Service Class		—			44,542,821			—			134,489,701			—			159,533,467
		128,924,923			304,091,383			262,634,736			1,129,887,600			243,760,030			1,342,366,842
Cost of shares redeemed:
Standard Class		(9,225,704	)		(16,078,840	)		(23,191,971	)		(40,754,171	)		(18,526,049	)		(28,882,074	)
Service Class		(107,911,765	)		(201,762,120	)		(312,189,437	)		(555,968,197	)		(379,544,073	)		(593,030,815	)
		(117,137,469	)		(217,840,960	)		(335,381,408	)		(596,722,368	)		(398,070,122	)		(621,912,889	)
Increase (Decrease) in net assets derived from capital share transactions		11,787,454			86,250,423			(72,746,672	)		533,165,232			(154,310,092	)		720,453,953
NET INCREASE (DECREASE) IN NET ASSETS		49,432,180			6,312,420			(20,103,539	)		112,314,395			(98,090,262	)		174,201,829
NET ASSETS:
Beginning of period		1,431,721,139			1,425,408,719			7,303,018,903			7,190,704,508			9,074,207,119			8,900,005,290
End of period	$	1,481,153,319		$	1,431,721,139		$	7,282,915,364		$	7,303,018,903		$	8,976,116,857		$	9,074,207,119
Undistributed net investment income	$	(3,057,288	)	$	354,346		$	(16,069,434	)	$	106,578		$	(18,819,912	)	$	1,222,061

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

LVIP Global Allocation Managed Risk Funds–12

LVIP Global Conservative Allocation Managed Risk Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Global Conservative Allocation Managed Risk Fund Standard Class
	Six Months Ended 6/30/161,2 (unaudited)						Year Ended 12/31/13
			12/31/15		12/31/14				12/31/12		12/31/113
Net asset value, beginning of period		$13.188		$13.944		$ 13.623		$ 12.850		$ 12.226		$ 12.033
Income (loss) from investment operations:
Net investment income (loss)4		(0.016)		0.267		0.234		0.200		0.243		0.343
Net realized and unrealized gain (loss)		0.372		(0.545)		0.542		1.049		0.946		0.097
Total from investment operations		0.356		(0.278)		0.776		1.249		1.189		0.440
Less dividends and distributions from:
Net investment income		—		(0.294)		(0.282)		(0.266)		(0.503)		(0.247)
Net realized gain		—		(0.184)		(0.173)		(0.210)		(0.062)		—
Total dividends and distributions		—		(0.478)		(0.455)		(0.476)		(0.565)		(0.247)
Net asset value, end of period		$13.544		$13.188		$ 13.944		$ 13.623		$ 12.850		$ 12.226
Total return5		2.70%		(2.00%)		5.70%		9.75%		9.78%		3.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$73,745		$73,945		$80,856		$67,666		$58,577		$53,689
Ratio of expenses to average net assets6		0.28%		0.27%		0.27%		0.28%		0.29%		0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.28%		0.27%		0.27%		0.28%		0.29%		0.30%
Ratio of net investment income (loss) to average net assets		(0.24%)		1.91%		1.67%		1.49%		1.90%		2.79%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.24%)		1.91%		1.67%		1.49%		1.90%		2.69%
Portfolio turnover		10%		23%		18%		24%		14%		71%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Effective after the close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Global Allocation Managed Risk Funds–13

LVIP Global Conservative Allocation Managed Risk Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Global Conservative Allocation Managed Risk Fund Service Class
	Six Months
	Ended
	6/30/161, 2									Year Ended
	(unaudited)			12/31/15			12/31/14			12/31/13			12/31/12			12/31/113
Net asset value, beginning of period	$	13.185		$	13.939		$	13.620		$	12.849		$	12.225		$	12.031
Income (loss) from investment operations:
Net investment income (loss)4		(0.032	)		0.232			0.199			0.166			0.211			0.312
Net realized and unrealized gain (loss)		0.371			(0.543	)		0.540			1.047			0.945			0.098
Total from investment operations		0.339			(0.311	)		0.739			1.213			1.156			0.410
Less dividends and distributions from:
Net investment income		—			(0.259	)		(0.247	)		(0.232	)		(0.470	)		(0.216	)
Net realized gain		—			(0.184	)		(0.173	)		(0.210	)		(0.062	)		—
Total dividends and distributions		—			(0.443	)		(0.420	)		(0.442	)		(0.532	)		(0.216	)
Net asset value, end of period	$	13.524		$	13.185		$	13.939		$	13.620		$	12.849		$	12.225
Total return5		2.57%			(2.23%	)		5.43%			9.47%			9.51%			3.45%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,407,408		$	1,357,776		$	1,344,553		$	1,189,830		$	867,245		$	451,904
Ratio of expenses to average net assets6		0.53%			0.52%			0.52%			0.53%			0.54%			0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.53%			0.52%			0.52%			0.53%			0.54%			0.55%
Ratio of net investment income (loss) to average net assets		(0.49%	)		1.66%			1.42%			1.24%			1.65%			2.54%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.49%	)		1.66%			1.42%			1.24%			1.65%			2.44%
Portfolio turnover		10%			23%			18%			24%			14%			71%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Effective after the close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Global Allocation Managed Risk Funds–14

LVIP Global Moderate Allocation Managed Risk Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Global Moderate Allocation Managed Risk Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13		12/31/12			12/31/113
Net asset value, beginning of period		$  13.341		$  14.109			$  13.815			$  12.562		$  11.844			$  11.925
Income (loss) from investment operations:
Net investment income (loss)4		(0.014)		0.254			0.243			0.209		0.229			0.286
Net realized and unrealized gain (loss)		0.128		(0.729	)		0.331			1.279		0.900			(0.151	)
Total from investment operations		0.114		(0.475	)		0.574			1.488		1.129			0.135
Less dividends and distributions from:
Net investment income		—		(0.284	)		(0.280	)		(0.235)		(0.411	)		(0.216	)
Net realized gain		—		(0.009	)		—			—		—			—
Total dividends and distributions		—		(0.293	)		(0.280	)		(0.235)		(0.411	)		(0.216	)
Net asset value, end of period		$  13.455		$  13.341			$  14.109			$  13.815		$  12.562			$  11.844
Total return5		0.86%		(3.37%	)		4.15%			11.86%		9.59%			1.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$217,640		$218,424			$217,898			$194,034		$161,420			$143,782
Ratio of expenses to average net assets6		0.27%		0.27%			0.27%			0.27%		0.27%			0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.27%		0.27%			0.27%			0.27%		0.27%			0.28%
Ratio of net investment income (loss) to average net assets		(0.21%)		1.79%			1.71%			1.58%		1.85%			2.36%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.21%)		1.79%			1.71%			1.58%		1.85%			2.28%
Portfolio turnover		7%		20%			19%			15%		18%			74%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Effective after the close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Global Allocation Managed Risk Funds–15

LVIP Global Moderate Allocation Managed Risk Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Global Moderate Allocation Managed Risk Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/113
Net asset value, beginning of period	$	13.340		$	14.107		$	13.814		$	12.562		$	11.843		$	11.924
Income (loss) from investment operations:
Net investment income (loss)4		(0.030	)		0.218			0.207			0.176			0.198			0.255
Net realized and unrealized gain (loss)		0.127			(0.728	)		0.331			1.278			0.900			(0.150	)
Total from investment operations		0.097			(0.510	)		0.538			1.454			1.098			0.105
Less dividends and distributions from:
Net investment income		—			(0.248	)		(0.245	)		(0.202	)		(0.379	)		(0.186	)
Net realized gain		—			(0.009	)		—			—			—			—
Total dividends and distributions		—			(0.257	)		(0.245	)		(0.202	)		(0.379	)		(0.186	)
Net asset value, end of period	$	13.437		$	13.340		$	14.107		$	13.814		$	12.562		$	11.843
Total return5		0.73%			(3.62%	)		3.88%			11.58%			9.32%			0.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7,065,275		$	7,084,595		$	6,972,807		$	5,519,293		$	2,854,360		$	1,263,463
Ratio of expenses to average net assets6		0.52%			0.52%			0.52%			0.52%			0.52%			0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.52%			0.52%			0.52%			0.52%			0.52%			0.53%
Ratio of net investment income (loss) to average net assets		(0.46%	)		1.54%			1.46%			1.33%			1.60%			2.11%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.46%	)		1.54%			1.46%			1.33%			1.60%			2.03%
Portfolio turnover		7%			20%			19%			15%			18%			74%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Effective after the close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Global Allocation Managed Risk Funds–16

LVIP Global Growth Allocation Managed Risk Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Global Growth Allocation Managed Risk Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)						Year Ended 12/31/13
			12/31/15		12/31/14				12/31/12		12/31/113
Net asset value, beginning of period		$ 12.711		$ 13.474		$ 13.290		$ 11.902		$ 11.190		$ 11.420
Income (loss) from investment operations:
Net investment income (loss)4		(0.013)		0.246		0.243		0.226		0.234		0.267
Net realized and unrealized gain (loss)		0.111		(0.743)		0.220		1.384		0.784		(0.270)
Total from investment operations		0.098		(0.497)		0.463		1.610		1.018		(0.003)
Less dividends and distributions from:
Net investment income		—		(0.266)		(0.279)		(0.222)		(0.306)		(0.227)
Return of capital		—		—		—		—5		—		—
Total dividends and distributions		—		(0.266)		(0.279)		(0.222)		(0.306)		(0.227)
Net asset value, end of period		$ 12.809		$ 12.711		$ 13.474		$ 13.290		$ 11.902		$ 11.190
Total return6		0.76%		(3.69%)		3.47%		13.55%		9.15%		0.02%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$195,562		$197,206		$195,440		$175,175		$139,866		$128,066
Ratio of expenses to average net assets7		0.27%		0.27%		0.26%		0.27%		0.27%		0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed7		0.27%		0.27%		0.26%		0.27%		0.27%		0.28%
Ratio of net investment income (loss) to average net assets		(0.21%)		1.82%		1.79%		1.78%		2.00%		2.31%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.21%)		1.82%		1.79%		1.78%		2.00%		2.23%
Portfolio turnover		7%		22%		15%		15%		21%		80%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Effective after the close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Amount rounds to less than $0.001 per share.

⁶  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁷  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Global Allocation Managed Risk Funds–17

LVIP Global Growth Allocation Managed Risk Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

				LVIP Global Growth Allocation Managed Risk Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/113
Net asset value, beginning of period		$     12.713			$     13.475			$     13.292			$     11.905			$     11.191			$  11.421
Income (loss) from investment operations:
Net investment income (loss)4		(0.029	)		0.212			0.209			0.195			0.205			0.238
Net realized and unrealized gain (loss)		0.111			(0.742	)		0.219			1.383			0.784			(0.270	)
Total from investment operations		0.082			(0.530	)		0.428			1.578			0.989			(0.032	)
Less dividends and distributions from:
Net investment income		—			(0.232	)		(0.245	)		(0.191	)		(0.275	)		(0.198	)
Return of capital		—			—			—			—	5		—			—
Total dividends and distributions		—			(0.232	)		(0.245	)		(0.191	)		(0.275	)		(0.198	)
Net asset value, end of period		$     12.795			$     12.713			$     13.475			$     13.292			$     11.905			$  11.191
Total return6		0.64%			(3.93%	)		3.21%			13.26%			8.88%			(0.24%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$8,780,555			$8,877,001			$8,704,565			$6,467,673			$2,518,033			$790,994
Ratio of expenses to average net assets7		0.52%			0.52%			0.51%			0.52%			0.52%			0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed7		0.52%			0.52%			0.51%			0.52%			0.52%			0.53%
Ratio of net investment income (loss) to average net assets		(0.46%	)		1.57%			1.54%			1.53%			1.75%			2.06%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.46%	)		1.57%			1.54%			1.53%			1.75%			1.98%
Portfolio turnover		7%			22%			15%			15%			21%			80%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Effective after the close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Amount rounds to less than $0.001 per share.

⁶  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁷  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Global Allocation Managed Risk Funds–18

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Global Conservative Allocation Managed Risk Fund, LVIP Global Moderate Allocation Managed Risk Fund and LVIP Global Growth Allocation Managed Risk Fund (each, a “Fund”, and collectively, the “Funds”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are a non-diversified management investment company registered under the 1940 Act. Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests a significant portion of its assets in open-end investment companies, including in exchange-traded funds (“ETFs”) that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments, and employ an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of LVIP Global Conservative Allocation Managed Risk Fund is to seek a high level of current income with some consideration given to growth of capital.

The investment objective of LVIP Global Moderate Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

The investment objective of LVIP Global Growth Allocation Managed Risk Fund is to seek a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital.

1. Significant Accounting Policies

Each 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 Funds.

Security Valuation–ETFs, 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 (“NYSE”) on the valuation date. ETFs 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 ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Funds value Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each 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 benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on each Fund’s federal income tax returns through the six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the six months ended June 30, 2016, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate that portion of realized gains and losses on investments resulting from changes in the foreign exchange rates from that

LVIP Global Allocation Managed Risk Funds–19

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

which is due to changes in market prices. Both types of changes in gain (loss) are included with the net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 each Fund’s investment portfolios, including monitoring of the Funds’ investment sub-adviser, and providing certain administrative services to each Fund. For its services, LIAC receives a management fee at an annual rate of 0.25% of the average daily net assets of each Fund. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC).

Effective May 1, 2016, Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Funds’ managed risk strategy. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety of the Funds’ investment portfolios. For these services, LIAC, not the Funds, pays the Sub-Adviser a fee based on each 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 Funds. For these services, each Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in “Accounting and administration expenses” on the Statements of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

	LVIP		LVIP		LVIP
	Global Conservative Allocation		Global Moderate Allocation		Global Growth Allocation
	Managed Risk Fund		Managed Risk Fund		Managed Risk Fund
Administrative		$40,254		$202,265		$250,556
Legal		10,359		52,049		64,474

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP		LVIP		LVIP
	Global Conservative Allocation		Global Moderate Allocation		Global Growth Allocation
	Managed Risk Fund		Managed Risk Fund		Managed Risk Fund
Trading operation		$8,527		$42,829		$53,092

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP		LVIP		LVIP
	Global Conservative Allocation		Global Moderate Allocation		Global Growth Allocation
	Managed Risk Fund		Managed Risk Fund		Managed Risk Fund
Printing and mailing		$37,357		$141,992		$126,770

The Funds offer Standard Class and Service Class shares. Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual distribution and/or service fee (“12b-1 Fee”) at a rate not to

LVIP Global Allocation Managed Risk Funds–20

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Trust’s Board of Trustees (the “Board”). No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, each Fund had liabilities payable to affiliates as follows:

	LVIP		LVIP		LVIP
	Global Conservative Allocation		Global Moderate Allocation		Global Growth Allocation
	Managed Risk Fund		Managed Risk Fund		Managed Risk Fund
Management fees payable to LIAC		$302,270		$1,496,923		$1,849,776
Distribution fees payable to LFD		287,450		1,452,231		1,809,590
Printing and mailing fees payable to Lincoln Life		5,522		5,753		4,053

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Funds engaged in securities purchases and securities sales as follows:

	LVIP		LVIP		LVIP
	Global Conservative Allocation		Global Moderate Allocation		Global Growth Allocation
	Managed Risk Fund		Managed Risk Fund		Managed Risk Fund
Purchases		$182,684		$125,864		$107,901
Sales		23,463		161,959		231,028

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

LVIP Global Allocation Managed Risk Funds–21

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the LVIP Global Conservative Allocation Managed Risk Fund held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds or ETFs). Investments in companies considered to be affiliates of the LVIP Global Conservative Allocation Managed Risk Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

							Net Realized Gain							Capital Gain
	Value 12/31/15		Purchases		Sales		(Loss)			Value 6/30/16		Dividends		Distributions
LVIP BlackRock Inflation Protected Bond Fund		$     41,715,579		$     45,328,096		$     44,810,382		$     (86,230	)		$     43,520,004		$—		$—
LVIP Delaware Bond Fund		566,996,042		596,990,873		600,104,177		(1,313,481	)		590,890,906		—		—
LVIP Delaware Diversified Floating Rate Fund		27,962,995		30,661,325		29,943,173		(30,244	)		28,882,444		—		—
LVIP Global Income Fund		27,791,785		29,861,077		29,490,892		(66,203	)		29,022,662		—		—
LVIP JPMorgan High Yield Fund		54,782,991		63,035,283		64,160,416		(403,397	)		57,648,288		—		—
LVIP MFS International Growth Fund		41,357,699		46,456,515		46,069,121		(159,764	)		42,453,447		—		—
LVIP Mondrian International Value Fund		27,436,368		29,251,821		28,709,901		(108,709	)		28,342,211		—		—
LVIP PIMCO Low Duration Bond Fund		69,998,794		75,552,337		74,318,432		(28,885	)		72,335,157		—		—
LVIP SSGA Bond Index Fund		70,013,364		73,482,983		74,152,555		(23,806	)		72,929,058		—		—
LVIP SSGA Developed International 150 Fund		13,655,688		15,341,559		14,781,929		(136,535	)		13,849,280		—		—
LVIP SSGA International Index Fund		68,733,347		76,656,982		73,303,013		(615,501	)		69,817,620		—		—
LVIP SSGA Large Cap 100 Fund		27,830,121		69,626,459		42,442,560		(257,599	)		56,735,051		—		—
LVIP SSGA Mid-Cap Index Fund		54,749,101		60,795,113		77,488,828		650,002			42,434,072		—		—
LVIP SSGA S&P 500 Index Fund		181,474,171		128,395,187		130,406,281		(279,424	)		186,441,911		—		—
LVIP SSGA Small-Cap Index Fund		40,800,411		24,066,429		36,771,601		(2,093,875	)		28,180,787		—		—
LVIP T. Rowe Price Growth Stock Fund		28,154,208		32,501,432		31,043,357		(86,535	)		27,982,095		—		—
Total		$1,343,452,664		$1,398,003,471		$1,397,996,618		$(5,040,186	)		$1,391,464,993		$—		$—

LVIP Global Allocation Managed Risk Funds–22

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the LVIP Global Moderate Allocation Managed Risk Fund held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds or ETFs). Investments in companies considered to be affiliates of the LVIP Global Moderate Allocation Managed Risk Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

										Net Realized Gain									Capital Gain
	Value 12/31/15			Purchases			Sales			(Loss)			Value 6/30/16			Dividends			Distributions
LVIP BlackRock Inflation Protected Bond Fund		$	211,914,836		$	219,933,463		$	224,333,774		$    (949,526	)		$	213,919,059		$	—		$	—
LVIP Delaware Bond Fund			1,616,394,661			1,620,993,535			1,683,808,864		(3,672,712	)			1,629,203,692			—			—
LVIP Global Income Fund			141,184,390			145,734,257			148,532,302		(344,642	)			142,655,138			—			—
LVIP JPMorgan High Yield Fund			208,722,046			230,663,899			241,668,208		(1,857,889	)			212,518,225			—			—
LVIP MFS International Growth Fund			420,189,954			425,426,795			434,863,432		(1,573,159	)			417,268,704			—			—
LVIP Mondrian International Value Fund			209,058,071			220,932,843			223,549,855		(1,983,576	)			208,926,711			—			—
LVIP PIMCO Low Duration Bond Fund			355,597,038			362,383,277			367,874,135		(147,898	)			355,559,827			—			—
LVIP SSGA Bond Index Fund			426,804,867			426,566,120			444,673,273		(545,158	)			430,178,888			—			—
LVIP SSGA Developed International 150 Fund			208,111,076			239,888,880			238,069,021		(3,102,770	)			204,181,431			—			—
LVIP SSGA Emerging Markets 100 Fund			68,873,626			486,387			70,351,186		(16,345,865	)			—			—			—
LVIP SSGA International Index Fund			488,828,543			542,236,448			605,153,346		(15,830,972	)			409,745,836			—			—
LVIP SSGA Large Cap 100 Fund			142,550,012			315,989,780			188,108,880		(120,955	)			278,854,949			—			—
LVIP SSGA Mid-Cap Index Fund			347,642,483			367,959,123			463,960,942		1,109,296				278,419,048			—			—
LVIP SSGA S&P 500 Index Fund			1,278,460,661			899,945,479			956,080,190		5,019,239				1,268,810,270			—			—
LVIP SSGA Small-Cap Index Fund			276,349,314			281,506,796			287,266,987		(2,897,156	)			277,013,266			—			—
LVIP T. Rowe Price Growth Stock Fund			213,124,165			212,770,348			207,138,655		(814,546	)			206,287,267			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			141,011,249			147,471,299			151,789,467		(718,049	)			139,272,614			—			—
Total		$	6,754,816,992		$	6,660,888,729		$	6,937,222,517		$(44,776,338	)		$	6,672,814,925		$	—		$	—

LVIP Global Allocation Managed Risk Funds–23

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the LVIP Global Growth Allocation Managed Risk Fund held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds or ETFs). Investments in companies considered to be affiliates of the LVIP Global Growth Allocation Managed Risk Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

										Net Realized Gain								Capital Gain
	Value 12/31/15			Purchases			Sales			(Loss)			Value 6/30/16			Dividends		Distributions
LVIP BlackRock Inflation Protected Bond Fund		$	174,752,709		$	181,097,301		$	184,647,746		$    (786,062	)		$	176,450,036		$—		$—
LVIP Clarion Global Real Estate Fund			179,074,878			148,200,397			160,505,298		(439,977	)			178,331,603		—		—
LVIP Delaware Bond Fund			1,477,778,207			1,481,579,221			1,538,476,138		(3,212,460	)			1,489,624,689		—		—
LVIP Global Income Fund			174,575,861			181,294,139			184,618,578		(501,633	)			176,508,759		—		—
LVIP JPMorgan High Yield Fund			258,362,019			279,726,159			293,259,553		(2,296,071	)			262,950,509		—		—
LVIP MFS International Growth Fund			433,107,295			445,317,042			454,606,963		(1,772,262	)			430,366,055		—		—
LVIP Mondrian International Value Fund			258,590,910			273,961,652			276,969,940		(2,231,934	)			258,587,434		—		—
LVIP PIMCO Low Duration Bond Fund			351,902,262			357,604,068			362,903,456		(193,915	)			351,937,988		—		—
LVIP SSGA Bond Index Fund			263,974,481			263,912,244			274,990,455		(164,554	)			266,118,622		—		—
LVIP SSGA Developed International 150 Fund			171,605,297			360,467,749			273,908,897		(2,040,726	)			252,744,632		—		—
LVIP SSGA Emerging Markets 100 Fund			170,374,165			101,520,082			189,969,483		(27,356,878	)			88,287,760		—		—
LVIP SSGA International Index Fund			1,036,511,804			1,139,447,772			1,209,183,399		(23,418,688	)			931,840,911		—		—
LVIP SSGA Large Cap 100 Fund			174,792,069			236,039,947			158,214,415		(488,339	)			259,100,465		—		—
LVIP SSGA Mid-Cap Index Fund			601,934,112			629,145,682			759,257,669		(3,345,349	)			517,498,696		—		—
LVIP SSGA S&P 500 Index Fund			2,020,184,914			1,488,677,116			1,574,895,002		5,840,277				2,006,135,804		—		—
LVIP SSGA Small-Cap Index Fund			341,764,097			352,423,333			358,880,986		(3,145,139	)			342,800,188		—		—
LVIP T. Rowe Price Growth Stock Fund			176,832,301			191,854,487			188,043,582		(534,210	)			170,178,744		—		—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			87,185,616			83,687,279			86,216,043		(245,842	)			86,175,617		—		—
Total		$	8,353,302,997		$	8,195,955,670		$	8,529,547,603		$(66,333,762	)		$	8,245,638,512		$—		$—

LVIP Global Allocation Managed Risk Funds–24

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	LVIP Global Conservative Allocation Managed Risk Fund				LVIP Global Moderate Allocation Managed Risk Fund				LVIP Global Growth Allocation Managed Risk Fund
Purchases			$138,844,895				$456,277,058				$566,476,037
Sales			139,223,669				671,247,069				823,666,919
At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:
	LVIP				LVIP				LVIP
	Global Conservative Allocation				Global Moderate Allocation				Global Growth Allocation
	Managed Risk Fund				Managed Risk Fund				Managed Risk Fund
Cost of investments		$	1,360,109,388			$	6,694,174,360			$	8,255,347,365
Aggregate unrealized appreciation		$	123,892,308			$	645,719,699			$	796,019,520
Aggregate unrealized depreciation			(2,196,205	)			(79,850,738	)			(123,004,067	)
Net unrealized appreciation		$	121,696,103			$	565,868,961			$	673,015,453

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; however, there may be a greater likelihood that all or a portion of each Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized, due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

As of December 31, 2015, the LVIP Global Growth Allocation Managed Risk Fund had the following capital loss carryforwards for federal income tax purposes:

	Pre-Enactment Short-Term				Post-Enactment Losses
	Capital Losses Expiring				(No Expiration)*
Fund	2017		2018		Short-Term		Long-Term	Total
LVIP Global Growth Allocation Managed Risk Fund	$	75,754,365	$	20,846,885	$	16,633,594	$—	$	113,234,844

*Capital Loss Carryforwards with no expiration must be utilized first.

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)
Level 2–	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
Level 3–	inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

LVIP Global Allocation Managed Risk Funds–25

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2016:

LVIP Global Conservative Allocation Managed Risk Fund
	Level 1				Level 2			Total
Investment Companies		$	1,476,677,989			$	—		$	1,476,677,989
Short-Term Investment			—				5,127,502			5,127,502
Total		$	1,476,677,989			$	5,127,502		$	1,481,805,491
Futures Contracts		$	(5,746	)		$	—		$	(5,746	)
LVIP Global Moderate Allocation Managed Risk Fund
	Level 1				Level 2			Total
Investment Companies		$	7,238,307,430			$	—		$	7,238,307,430
Short-Term Investment			—				21,735,891			21,735,891
Total		$	7,238,307,430			$	21,735,891		$	7,260,043,321
Futures Contracts		$	(35,425,865	)		$	—		$	(35,425,865	)
LVIP Global Growth Allocation Managed Risk Fund
	Level 1				Level 2			Total
Investment Companies		$	8,888,435,691			$	—		$	8,888,435,691
Short-Term Investment			—				39,927,127			39,927,127
Total		$	8,888,435,691			$	39,927,127		$	8,928,362,818
Futures Contracts		$	(57,875,256	)		$	—		$	(57,875,256	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Funds’ policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	LVIP Global Conservative Allocation Managed Risk Fund						LVIP Global Moderate Allocation Managed Risk Fund						LVIP Global Growth Allocation Managed Risk Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		539,935			764,590			1,562,880			3,449,572			1,218,367			2,829,593
Service Class		9,272,226			17,614,447			18,340,567			66,182,497			18,158,418			83,956,820
Shares issued upon reinvestment of dividends
and distributions:
Standard Class		—			198,787			—			350,230			—			316,708
Service Class		—			3,346,513			—			10,034,111			—			12,487,095
		9,812,161			21,924,337			19,903,447			80,016,410			19,376,785			99,590,216
Shares redeemed:
Standard Class		(701,912	)		(1,155,271	)		(1,759,795	)		(2,871,201	)		(1,465,393	)		(2,136,738	)
Service Class		(8,181,623	)		(14,439,133	)		(23,624,052	)		(39,418,932	)		(30,174,381	)		(44,161,290	)
		(8,883,535	)		(15,594,404	)		(25,383,847	)		(42,290,133	)		(31,639,774	)		(46,298,028	)
Net increase (decrease)		928,626			6,329,933			(5,480,400	)		37,726,277			(12,262,989	)		53,292,188

5. 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.

LVIP Global Allocation Managed Risk Funds–26

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

Futures Contracts–Each Fund may use futures in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

LVIP Global Conservative Allocation Managed Risk Fund

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value	Statements of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts	$—	Net unrealized depreciation on futures contracts	$(5,746)

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(295,695	)		$	(8,346	)
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(9,676,767	)			(11,260	)
Total			$	(9,972,462	)		$	(19,606	)

LVIP Global Moderate Allocation Managed Risk Fund

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts	$	2,107,574	Net unrealized depreciation on futures contracts	$	—
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		—	Net unrealized depreciation on futures contracts		(37,533,439	)
Total		$	2,107,574		$	(37,533,439	)

LVIP Global Allocation Managed Risk Funds–27

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

LVIP Global Moderate Allocation Managed Risk Fund (continued)

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2016 was as follows:

						Change in
						Unrealized
						Appreciation
		Realized Gain				(Depreciation) on
		(Loss) on Derivatives				Derivatives
	Location of Gain (Loss) on Derivatives	Recognized in				Recognized in
	Recognized in Income	Income				Income
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(6,243,798	)		$	(504,827	)
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(105,597,920	)			(35,274,731	)
Total			$	(111,841,718	)		$	(35,779,558	)

LVIP Global Growth Allocation Managed Risk Fund

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts	$	6,880,902	Net unrealized depreciation on futures contracts	$	—
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		—	Net unrealized depreciation on futures contracts		(64,756,158	)
Total		$	6,880,902		$	(64,756,158	)

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2016 was as follows:

						Change in
						Unrealized
						Appreciation
		Realized Gain				(Depreciation) on
		(Loss) on Derivatives				Derivatives
	Location of Gain (Loss) on Derivatives	Recognized in				Recognized in
	Recognized in Income	Income				Income
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(7,153,893	)		$	1,179,994
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(111,498,742	)			(58,924,811	)
Total			$	(118,652,635	)		$	(57,744,817	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by each Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume			Liability Derivative Volume
	Futures Contracts			Futures Contracts
	(Average Notional Value)			(Average Notional Value)
LVIP Global Conservative Allocation Managed Risk Fund		$	62,940,492		$     38,119,236
LVIP Global Moderate Allocation Managed Risk Fund			32,270,169		1,075,367,306
LVIP Global Growth Allocation Managed Risk Fund			38,346,938		1,693,091,718

LVIP Global Allocation Managed Risk Funds–28

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements  (continued)

6. Market Risk

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.

7. Contractual Obligations

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

8. Subsequent Events

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

LVIP Global Allocation Managed Risk Funds–29

LVIP Global Allocation Managed Risk Funds

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with Milliman Financial Risk Management LLC (“Milliman”) (the “Sub-Advisory Agreement”) for various series of the Trust (each a “Fund” and 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and Milliman 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and Milliman provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of Milliman, information about proposed sub-advisory fees and compliance and regulatory matters. After reviewing the information received, the Independent Trustees requested supplemental information and LIAC and Milliman provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC, and Milliman to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of each Fund that the Sub-Advisory Agreement be approved for each Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the sub-advisory agreement between LIAC and Milliman with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by Milliman under the Sub-Advisory Agreement. The Board noted that Milliman has served as a consultant to LIAC with respect to the managed risk strategy for each Fund and that LIAC proposed to delegate the responsibility of managing each Fund’s managed risk strategy to Milliman as sub-adviser. The Board considered the criteria provided by LIAC in recommending Milliman be appointed a sub-adviser for the managed risk strategy of the Funds, including historical modeling and noted that the Board was familiar with the futures based managed risk overlay services provided by Milliman as a consultant to LIAC with respect to the Funds. The Board reviewed the services to be provided by Milliman, the backgrounds of the investment professionals proposed to service the Funds, Milliman’s consulting work for LIAC with respect to the managed risk strategy for the Funds, and the reputation, resources and investment approach of Milliman. They also reviewed information provided regarding the structure of portfolio manager compensation, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by Milliman were expected to be satisfactory.

Performance. With respect to performance, the Board considered that Milliman has served as a risk management consultant to LIAC with respect to the Funds’ futures based managed risk strategy and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by Milliman were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted Milliman’s view that the sub-advisory fees proposed by Milliman were competitive compared to other registered fund and institutional clients that employ the same futures based managed risk strategy as used for the Funds. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party and that LIAC would compensate Milliman from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party, and that LIAC would compensate Milliman from its fees. The Board reviewed materials provided by Milliman as to any additional benefits it would receive and noted Milliman’s statement that the Sub-Advisory Agreement may strengthen Milliman’s name recognition as well as create non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Funds.

LVIP Global Allocation Managed Risk Funds–30

LVIP Global Income Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Global Income Fund

Index

Disclosure of Fund Expenses	1
Security Type/Country Allocations	2
Statement of Net Assets	3
Statement of Operations	21
Statements of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	24

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Global Income Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY each hold the Fund’s shares in separate accounts (variable accounts) that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

							Expenses
	Beginning		Ending				Paid During
	Account		Account		Annualized		Period
	Value		Value		Expense		1/1/16 to
	1/1/16		6/30/16		Ratio		6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,030.90		0.65%		$3.28
Service Class Shares		1,000.00		1,029.60		0.90%		4.54
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.63		0.65%		$3.27
Service Class Shares		1,000.00		1,020.39		0.90%		4.52

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Global Income Fund–1

LVIP Global Income Fund

Security Type/Country Allocations (unaudited)

As of June 30, 2016

	Percentage
Security Type	of Net Assets
Agency Collateralized Mortgage Obligations		0.58%
Agency Mortgage-Backed Securities		0.41%
Non-Agency Commercial Mortgage-Backed Securities		0.83%
Corporate Bonds		7.68%
Municipal Bonds		0.02%
Non-Agency Asset-Backed Securities		1.73%
Non-Agency Collateralized Mortgage Obligations		0.78%
Senior Secured Loans		0.87%
Sovereign Bonds		53.98%
Supranational Banks		2.10%
U.S. Treasury Obligations		23.28%
Short-Term Investment		1.63%
Money Market Fund		5.44%
Total Value of Securities		99.33%
Receivables and Other Assets Net of Liabilities		0.67%
Total Net Assets		100.00%

	Percentage
Country	of Net Assets
Australia		0.40%
Bermuda		0.03%
Brazil		1.49%
British Virgin Islands		0.10%
Canada		0.18%
Cayman Islands		0.71%
China		0.22%
France		1.22%
Germany		0.12%
Hong Kong		0.05%
Indonesia		1.45%
Ireland		0.18%
Italy		0.32%
Japan		5.32%
Luxembourg		0.09%
Malaysia		5.04%
Marshall Island		0.00%
Mexico		9.44%
Monaco		0.01%
Netherlands		0.95%
New Zealand		4.25%
Peru		0.01%
Philippines		1.44%
Poland		4.04%
Portugal		1.26%
Republic of Korea		4.87%
Republic of Lithuania		0.10%
Serbia		0.30%
Singapore		2.22%
Slovenia		0.10%
South Africa		0.00%
Spain		3.90%
Supranational		2.10%
Switzerland		0.06%
Ukraine		1.43%
United Kingdom		6.22%
United States		32.64%
Total		92.26%

LVIP Global Income Fund–2

LVIP Global Income Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Principal		Value
	Amount°		(U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.58%
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-HQ3 M2 3.103% 10/25/24		800,000		$          810,021
•Series 2015-DN1 M2 2.853% 1/25/25		1,005,000		1,013,142
•Series 2015-DN1 M3 4.603% 1/25/25		600,000		623,412
•Series 2015-DNA1 M2 2.303% 10/25/27		830,000		829,211
•Series 2015-DNA2 M2 3.053% 12/25/27		750,000		764,367
•Series 2015-HQ1 M1 1.503% 3/25/25		154,804		154,931
•Series 2015-HQ1 M2 2.653% 3/25/25		575,000		577,362
•Series 2015-HQA1 M2 3.103% 3/25/28		650,000		665,082
•Series 2015-HQA2 M2 3.253% 5/25/28		500,000		511,976
Total Agency Collateralized Mortgage   Obligations   (Cost $5,941,686)				5,949,504
AGENCY MORTGAGE-BACKED SECURITIES–0.41%
Fannie Mae ARM
•2.071% 4/1/38		46,011		49,172
•2.25% 9/1/34		123,639		131,146
•2.276% 11/1/37		55,986		58,796
•2.318% 9/1/33		203,071		213,819
•2.318% 10/1/35		301,464		313,154
•2.379% 10/1/32		64,627		68,471
•2.411% 11/1/34		38,734		40,279
•2.452% 10/1/37		33,324		34,736
•2.455% 9/1/33		123,597		131,517
•2.488% 6/1/35		686,236		724,969
•2.52% 7/1/34		45,821		47,812
•2.535% 2/1/35		23,065		24,232
•2.57% 4/1/38		210,230		219,147
•2.623% 8/1/36		44,886		48,064
•2.639% 6/1/36		43,137		46,017
•2.683% 1/1/37		10,398		10,984
•2.75% 1/1/37		129,160		136,683
•2.793% 4/1/34		183,745		194,584
•2.845% 3/1/35		80,108		83,699
•2.975% 5/1/36		12,418		13,118
•3.049% 5/1/38		108,907		116,347
Freddie Mac ARM
•2.292% 1/1/36		34,474		36,001
•2.539% 1/1/35		156,675		165,960
•2.602% 10/1/34		32,090		33,490
•2.633% 1/1/35		175,118		185,290
•2.70% 7/1/36		85,639		89,450

	Principal		Value
	Amount°		(U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES       (continued)
Freddie Mac ARM (continued)
•2.738% 8/1/31		31,609		$          33,451
•2.776% 11/1/33		17,227		18,261
•2.855% 3/1/34		19,717		20,900
•2.858% 4/1/30		60,328		63,281
•2.876% 4/1/38		401,404		427,358
•2.917% 11/1/36		24,330		26,143
•2.962% 5/1/38		81,237		86,040
•3.049% 5/1/38		316,296		335,785
Total Agency Mortgage-Backed  Securities     (Cost $4,167,390)				4,228,156
NON-AGENCY COMMERCIAL       MORTGAGE-BACKED       SECURITIES–0.83%
Bank of America Commercial Mortgage  Trust
•Series 2006-1 D   5.775% 9/10/45		170,000		169,508
•Series 2006-4 AJ   5.695% 7/10/46		350,000		341,404
Bear Stearns Commercial Mortgage  Securities Trust
•Series 2006-PW11 AJ   5.562% 3/11/39		550,000		527,724
•Series 2006-PW13 AJ   5.611% 9/11/41		350,000		350,208
•Series 2007-PW16 AM   5.91% 6/11/40		500,000		516,775
CD Commercial Mortgage Trust
•Series 2005-CD1 E   5.454% 7/15/44		370,000		369,650
Series 2006-CD3 AJ   5.688% 10/15/48		500,000		301,660
Commercial Mortgage Trust
•Series 2005-GG5 AJ   5.644% 4/10/37		19,553		19,540
•Series 2006-GG7 AJ   6.06% 7/10/38		450,000		414,002
•Series 2006-GG7 AM   6.06% 7/10/38		140,364		140,228
Series 2007-GG9 AM   5.475% 3/10/39		325,000		330,439
#•Hilton USA Trust Series   2013-HLF BFL 144A   1.963% 11/5/30		145,074		144,981
JPMorgan Chase Commercial Mortgage    Securities Trust
Series 2004-LN2 A2   5.115% 7/15/41		19,591		19,614
•Series 2005-LDP5 E   5.718% 12/15/44		650,000		647,355
•Series 2005-LDP5 F   5.718% 12/15/44		700,000		694,622

LVIP Global Income Fund—3

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
NON-AGENCY COMMERCIAL
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued)
•LB-UBS Commercial Mortgage Trust Series 2006-C4 AJ 5.991% 6/15/38		137,869		$          137,796
•Merrill Lynch Mortgage Trust Series 2005-CKI1 D 5.524% 11/12/37		145,752		142,425
Morgan Stanley Capital I Trust
•Series 2007-HQ11 A1A 5.422% 2/12/44		658,941		668,704
Series 2007-IQ13 5.312% 3/15/44		209,136		212,307
•Series 2007-IQ16 AM 6.256% 12/12/49		500,000		524,023
•Series 2007-IQ16 AMA 6.252% 12/12/49		700,000		730,950
Resource Capital
#•Series 2014-CRE2 A 144A 1.496% 4/15/32		200,678		197,645
#•Series 2015-CRE4 144A 1.842% 8/15/32		100,000		98,534
•Wachovia Bank Commercial Mortgage Trust Series 2006-C28 AM 5.603% 10/15/48		800,000		805,074
Total Non-Agency Commercial      Mortgage-Backed Securities      (Cost $9,114,708)				8,505,168
DCORPORATE BONDS–7.68%
Australia–0.36%
#BlueScope Steel Finance 144A 6.50% 5/15/21		200,000		207,580
CNOOC Finance 2015 Australia 2.625% 5/5/20		800,000		808,841
National Australia Bank 1.875% 7/23/18		600,000		607,673
Westpac Banking
#144A 2.10% 2/25/21		1,500,000		1,532,309
#144A 2.25% 11/9/20		500,000		513,547
				3,669,950
Bermuda–0.03%
Weatherford International 7.75% 6/15/21		300,000		293,250
				293,250
British Virgin Islands–0.10%
#Sinopec Group Overseas Development 2015 144A 2.50% 4/28/20		700,000		708,191

		Principal		Value
		Amount°		(U.S. $)
DCORPORATE BONDS (continued)
British Virgin Islands (continued)
#State Grid Overseas Investment 2014 144A 2.75% 5/7/19			300,000	$	309,261
					1,017,452
Canada–0.15%
Canadian Natural Resources 1.75% 1/15/18			500,000		495,809
CNOOC Nexen Finance 2014 1.625% 4/30/17			300,000		300,685
Royal Bank of Canada 2.10% 10/14/20			500,000		509,529
#Valeant Pharmaceuticals International 144A 5.375% 3/15/20			250,000		214,844
					1,520,867
Cayman Islands–0.02%
#•Seven & Seven 144A 1.898% 9/11/19			210,000		209,224
					209,224
China–0.22%
Alibaba Group Holding 2.50% 11/28/19			600,000		607,974
#Export-Import Bank of China 144A 2.50% 7/31/19			1,000,000		1,025,263
Industrial & Commercial Bank of China 3.231% 11/13/19			600,000		623,903
					2,257,140
France–0.15%
Arkema 1.50% 1/20/25	EUR		200,000		232,157
#Electricite de France 144A 2.15% 1/22/19			1,000,000		1,020,916
Pernod Ricard 2.125% 9/27/24	EUR		100,000		122,452
Veolia Environnement 4.625% 3/30/27	EUR		100,000		151,988
					1,527,513
Germany–0.12%
•Deutsche Bank 1.946% 8/20/20			600,000		586,065
#Norddeutsche Landesbank Girozentrale 144A 2.00% 2/5/19			600,000		611,770
					1,197,835
Hong Kong–0.05%
#Hutchison Whampoa International 14 144A 1.625% 10/31/17			500,000		502,605
					502,605

LVIP Global Income Fund—4

LVIP Global Income Fund

Statement of Net Assets (continued)

		Principal		Value
		Amount°		(U.S. $)
DCORPORATE BONDS (continued)
Ireland–0.13%
#Ardagh Packaging Finance 144A 6.00% 6/30/21			200,000	$	199,500
Depfa ACS Bank 1.65% 12/20/16	JPY		120,000,000		1,170,014
					1,369,514
Italy–0.32%
Banca Monte dei Paschi di Siena 2.875% 4/16/21	EUR		600,000		736,069
Intesa Sanpaolo
•0.08% 5/18/17	EUR		200,000		221,677
2.375% 1/13/17			200,000		200,774
3.875% 1/16/18			700,000		718,465
3.875% 1/15/19			500,000		514,209
•UniCredit 0.703% 4/10/17	EUR		300,000		334,230
Unione di Banche Italiane  2.875% 2/18/19	EUR		500,000		589,071
					3,314,495
Luxembourg–0.06%
Actavis Funding 2.35% 3/12/18			600,000		608,428
					608,428
Mexico–0.07%
Coca-Cola Femsa 2.375% 11/26/18			700,000		714,293
					714,293
Netherlands–0.16%
#•ING Bank 144A 1.336% 10/1/19			1,000,000		986,330
•Petrobras Global Finance 3.536% 3/17/20			700,000		621,040
					1,607,370
Portugal–0.02%
Banco Comercial Portugues 4.75% 6/22/17	EUR		200,000		231,503
					231,503
Republic of Korea–0.18%
• Export-Import Bank of Korea 1.38% 1/14/17			1,500,000		1,502,187
#Woori Bank 144A 4.75% 4/30/24			350,000		369,170
					1,871,357
South Africa–0.00%
#‡Edcon 144A 9.50% 3/1/18	EUR		150,000		50,771
					50,771
Spain–0.07%
Bankinter 1.75% 6/10/19	EUR		600,000		692,656
					692,656

		Principal		Value
		Amount°		(U.S. $)
DCORPORATE BONDS (continued)
Switzerland–0.06%
•Credit Suisse New York 1.155% 5/26/17			600,000	$	599,716
					599,716
United Kingdom–0.40%
•Barclays Bank 1.208% 2/17/17			1,300,000		1,298,283
Delphi Automotive 3.15% 11/19/20			800,000		823,705
Ensco 4.70% 3/15/21			350,000		291,259
HSBC Holdings 3.40% 3/8/21			200,000		206,218
#Imperial Tobacco Finance 144A 2.95% 7/21/20			600,000		618,457
#Petrofac 144A 3.40% 10/10/18			600,000		600,323
Royal Bank of Scotland 6.934% 4/9/18	EUR		200,000		240,373
					4,078,618
United States–5.01%
AbbVie 1.80% 5/14/18			800,000		805,982
American Tower
3.30% 2/15/21			500,000		522,149
3.40% 2/15/19			300,000		312,594
•Amgen 1.254% 5/22/19			1,000,000		1,000,717
Anheuser-Busch InBev Finance 2.65% 2/1/21			600,000		622,867
•Apple 1.474% 2/22/19			400,000		405,883
AT&T
2.40% 3/15/17			1,000,000		1,008,629
2.45% 6/30/20			700,000		715,334
Bank of America
•1.668% 1/15/19			1,000,000		1,004,433
2.65% 4/1/19			700,000		717,604
•Bank of New York Mellon
1.498% 8/17/20			500,000		502,371
Beazer Homes USA
5.75% 6/15/19			3,000,000		2,745,000
Becton Dickinson
2.675% 12/15/19			600,000		617,626
#California Resources 144A
8.00% 12/15/22			73,000		51,921
Capital One Bank USA
2.30% 6/5/19			800,000		810,486
CenturyLink 6.00% 4/1/17			1,000,000		1,028,750
#Chesapeake Energy 144A
8.00% 12/15/22			175,000		148,531
CIT Group
3.875% 2/19/19			300,000		302,250
5.00% 8/15/22			200,000		204,000
Citigroup
•1.427% 4/8/19			200,000		199,325
2.40% 2/18/20			200,000		202,222

LVIP Global Income Fund—5

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
DCORPORATE BONDS (continued)
United States (continued)
Constellation Brands 3.875% 11/15/19		200,000		$        211,250
#Diamond 1 Finance 144A 3.48% 6/1/19		400,000		410,046
Dollar General 1.875% 4/15/18		500,000		505,551
Dominion Resources 2.50% 12/1/19		500,000		511,246
DPL 6.50% 10/15/16		154,000		154,096
E*TRADE Financial 5.375% 11/15/22		200,000		212,000
Enable Midstream Partners 2.40% 5/15/19		400,000		375,851
Energy Transfer Partners 4.15% 10/1/20		100,000		101,589
#‡Energy XXI Gulf Coast 144A 11.00% 3/15/20		200,000		81,000
EnLink Midstream Partners 2.70% 4/1/19		100,000		97,256
Express Scripts Holding 3.30% 2/25/21		300,000		314,917
Fiserv 2.70% 6/1/20		600,000		621,732
Ford Motor Credit 3.157% 8/4/20		1,200,000		1,245,367
Freeport-McMoRan 2.30% 11/14/17		600,000		592,500
•Goldman Sachs Group 1.853% 9/15/20		1,300,000		1,298,237
#Halcon Resources 144A 13.00% 2/15/22		65,000		34,775
HCA
4.25% 10/15/19		300,000		313,500
5.875% 5/1/23		100,000		106,750
#•Hewlett Packard Enterprise 144A 2.583% 10/5/18		600,000		608,470
HSBC USA 2.00% 8/7/18		600,000		602,138
#Jackson National Life Global Funding 144A 2.25% 4/29/21		500,000		506,787
JPMorgan Chase
•1.538% 1/25/18		1,200,000		1,206,108
2.20% 10/22/19		1,000,000		1,016,942
2.40% 6/7/21		200,000		202,934
Juniper Networks 3.125% 2/26/19		500,000		514,577
KB Home 4.75% 5/15/19		300,000		302,250
Kinder Morgan 3.05% 12/1/19		700,000		707,867
Kinder Morgan Energy Partners 6.85% 2/15/20		800,000		896,024
#Kinder Morgan Finance 144A 6.00% 1/15/18		300,000		315,775
Kraft Heinz Foods #144A 2.00% 7/2/18		500,000		506,531
2.25% 6/5/17		300,000		302,820

	Principal		Value
	Amount°		(U.S. $)
DCORPORATE BONDS (continued)
United States (continued)
Kroger 2.60% 2/1/21		500,000	$	519,784
#‡Linn Energy 144A 12.00% 12/15/20		125,000		43,437
Lockheed Martin 1.85% 11/23/18		300,000		304,247
Marriott International 2.875% 3/1/21		800,000		827,880
Maxim Integrated Products 2.50% 11/15/18		1,000,000		1,017,953
Metropolitan Life Global     Funding I
#144A 1.30% 4/10/17		1,000,000		1,003,236
#144A 3.875% 4/11/22		300,000		326,584
Morgan Stanley
•1.488% 1/24/19		1,000,000		998,724
•1.774% 1/27/20		800,000		803,502
Navient 5.50% 1/15/19		400,000		402,260
#•NBCUniversal Enterprise 144A 1.313% 4/15/18		1,000,000		1,004,528
#New York Life Global Funding 144A 2.10% 1/2/19		1,000,000		1,022,451
Owens Illinois 7.80% 5/15/18		150,000		164,625
Pactiv 8.125% 6/15/17		1,000,000		1,032,500
#‡Peabody Energy 144A 10.00% 3/15/22		300,000		40,500
#Pricoa Global Funding I 144A 2.55% 11/24/20		400,000		413,786
#Protective Life Global Funding 144A 1.722% 4/15/19		300,000		301,889
•Prudential Financial 1.406% 8/15/18		600,000		598,892
PSEG Power 3.00% 6/15/21		500,000		507,481
Regions Financial 2.00% 5/15/18		1,000,000		1,002,183
Reynolds American 2.30% 6/12/18		500,000		508,261
Sanchez Energy 7.75% 6/15/21		150,000		127,875
Sempra Energy 2.85% 11/15/20		700,000		726,356
Southern Co 2.35% 7/1/21		400,000		408,413
#Sprint Communications 144A 9.00% 11/15/18		300,000		320,625
Tenet Healthcare
5.00% 3/1/19		100,000		97,250
5.50% 3/1/19		400,000		396,000
#TIAA Asset Management Finance 144A 2.95% 11/1/19		600,000		615,160
Time Warner 2.10% 6/1/19		500,000		507,079
Toys R Us 7.375% 10/15/18		500,000		427,500
TransDigm 6.00% 7/15/22		300,000		303,054
United Technologies 4.50% 4/15/20		500,000		557,491
Verizon Communications 2.625% 2/21/20		1,000,000		1,035,760

LVIP Global Income Fund—6

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
DCORPORATE BONDS (continued)
United States (continued)
Viacom 2.75% 12/15/19		600,000	$	609,195
Walgreens Boots Alliance 1.75% 11/17/17		600,000		604,483
Wells Fargo   •1.515% 7/22/20		1,900,000		1,906,289
2.50% 3/4/21		200,000		205,223
Zimmer Biomet Holdings 2.70% 4/1/20		700,000		709,112
			51,207,128
Total Corporate Bonds (Cost $79,012,212)				78,541,685
MUNICIPAL BONDS–0.02%
City of Chicago, Illinois (Neighborhoods Alive)
§Series B 5.00% 1/1/17		60,000		61,288
Series B-Unrefunded 5.00% 1/1/17		75,000		75,929
•University of California
Series Y-2 0.967% 7/1/41		40,000		40,006
Total Municipal Bonds (Cost $176,004)				177,223
NON-AGENCY ASSET-BACKED SECURITIES–1.73%
•American Express Credit
Account Master Trust Series 2008-2 A 1.702% 9/15/20		300,000		304,631
#•American Homes 4 Rent Series
2014-SFR1 A 144A
1.446% 6/17/31		318,218		314,416
#•ARES IIIR/IVR CLO Series 2007-3RA B 144A
1.003% 4/16/21		1,000,000		943,309
#•ARES XI CLO Series 2007-11A A1C 144A 0.899% 10/11/21		276,459		271,598
#•Babson CLO Series 2007-1A A1 144A 0.858% 1/18/21		235,234		232,651
#•Bridgeport CLO Series 2006-1A B 144A 1.285% 7/21/20		1,000,000		973,031
#•Catamaran CLO Series 2014-2A B 144A 3.633% 10/18/26		606,600		595,435
#•Cent CDO 15 Series 2007-15A A2B 144A 0.996% 3/11/21		1,000,000		942,496
#•Centerline REIT Series 2004-RR3 A2 144A 4.76% 9/21/45		396,630		397,265
Chase Issuance Trust
•Series 2007-B1 B1  0.692% 4/15/19		1,000,000		997,391
•Series 2007-C1 C1  0.902% 4/15/19		400,000		398,977

	Principal		Value
	Amount°		(U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Chase Issuance Trust (continued)
•Series 2014-A5 A5
0.812% 4/15/21		750,000	$	748,977
Colony American Homes
#•Series 2014-1A A 144A
1.596% 5/17/31		274,813		272,537
#•Series 2014-1A C 144A
2.296% 5/17/31		100,000		98,323
•Conseco Financial
Series 1997-3 A7
7.64% 3/15/28		162,917		169,674
#•Cornerstone CLO Series
2007-1A A1J 144A
1.028% 7/15/21		1,200,000		1,185,128
#•CountryPlace Manufactured
Housing Contract Trust Series
2005-1 A3 144A
4.80% 12/15/35		16,566		16,612
#•CT CDO IV Series 2006-4A A1
144A 0.758% 10/20/43		8,601		8,592
Discover Card Execution Note Trust
•Series 2012-A4 A4
0.812% 11/15/19		1,000,000		1,001,431
•Series 2013-A6 A6
0.892% 4/15/21		580,000		581,079
•Series 2014-A1 A1
0.872% 7/15/21		800,000		801,838
Eaton Vance CLO
#•Series 2014-1A B 144A
2.678% 7/15/26		200,800		197,648
#•Series 2014-1A C 144A
3.628% 7/15/26		171,300		165,810
Invitation Homes Trust
#•Series 2014-SFR1 B 144A
1.946% 6/17/31		130,000		128,011
#•Series 2014-SFR2 A 144A
1.546% 9/17/31		401,278		397,474
#•Series 2014-SFR2 B 144A
2.046% 9/17/31		740,000		734,205
#•Series 2015-SFR1 A 144A
1.896% 3/17/32		211,783		211,937
#•Series 2015-SFR2 A 144A
1.797% 6/17/32		323,018		322,020
LNR CDO
#•Series 2002-1A DFL 144A
1.852% 7/24/37		147,905		146,130
#•Series 2003-1A EFL 144A
3.451% 7/23/36		38,418		38,268
•Madison Avenue Manufactured
Housing Contract Trust Series
2002-A B1 3.703% 3/25/32		203,439		206,078

LVIP Global Income Fund—7

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Newcastle CDO V Series 2004-5A 1 144A 0.98% 12/24/39		586	$	574
•¿Park Place Securities Asset-Backed Pass Through Certificates Series 2004-WHQ2 M2 1.398% 2/25/35		31,897		31,784
Progress Residential Trust
#•Series 2014-SFR1 A 144A 1.546% 10/17/31		203,607		201,433
#•Series 2014-SFR1 B 144A 2.346% 10/17/31		200,000		199,679
•RAAC Trust Series 2004-SP1 AII 1.153% 3/25/34		334,562		316,066
Silver Bay Realty Trust
#•Series 2014-1 A 144A 1.446% 9/17/31		122,972		120,725
#•Series 2014-1 B 144A 1.896% 9/17/31		100,000		98,032
#•SWAY Residential Trust Series 2014-1 A 144A 1.746% 1/17/32		604,347		600,782
#•Trade MAPS 1 Series 2013-1A A 144A 1.145% 12/10/18		500,000		497,996
#•Tricon American Homes Trust Series 2015-SFR1 A 144A 1.693% 5/17/32		727,367		716,410
West CLO
#•Series 2014-1A A2 144A 2.733% 7/18/26		310,000		302,241
#•Series 2014-1A B 144A 3.483% 7/18/26		830,000		783,209
Total Non-Agency Asset-Backed Securities (Cost $17,808,566)				17,671,903
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.78%
•Bear Stearns Alternative A Trust Series 2004-10 1A3 1.453% 9/25/34		240,436		237,653
CHL Mortgage Pass Through Trust
•¿Series 2004-6 1A1 3.078% 5/25/34		347,490		344,396
•¿Series 2004-11 2A1 2.666% 7/25/34		118,944		117,132
•Credit Suisse First Boston Mortgage Securities Series 2003-AR9 3M1 1.953% 3/25/33		81,380		79,533

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
•Fannie Mae Connecticut Avenue Securities Series 2014-C02 2M1 1.403% 5/25/24		77,937	$	77,579
•First Horizon Alternative Mortgage Securities Trust Series 2004-AA5 2A1 2.512% 12/25/34		322,926		311,378
•HarborView Mortgage Loan Trust Series 2004-1 3A 2.446% 4/19/34		312,966		311,948
•Impac Secured Assets CMN Owner Trust Series 2004-4 M1 1.218% 2/25/35		100,000		94,573
•IndyMac INDX Mortgage Loan Trust Series 2005-AR1 1A1 2.971% 3/25/35		443,377		423,894
•JPMorgan Mortgage Trust Series 2004-A1 5A1 2.797% 2/25/34		451,730		444,658
•Merrill Lynch Mortgage Investors Trust Series 2003-A 1A 1.193% 3/25/28		61,186		57,722
Morgan Stanley Mortgage Loan Trust
•Series 2004-8AR 4A2 2.681% 10/25/34		377,782		371,191
•Series 2004-10AR 2A2 2.836% 11/25/34		327,217		330,905
•New York Mortgage Trust Series 2005-3 M1 0.903% 2/25/36		36,710		32,330
•Sequoia Mortgage Trust Series 2004-10 A2 1.088% 11/20/34		465,593		427,658
•Structured ARM Loan Trust Series 2004-12 3A1 2.855% 9/25/34		398,248		392,032
Structured Asset Mortgage Investments Trust
•Series 2003-AR1 A1 1.188% 10/19/33		456,707		423,393
•Series 2003-AR2 A1 1.188% 12/19/33		111,256		106,292
Structured Asset Mortgage Investments II Trust
•Series 2003-AR4 A1 1.148% 1/19/34		344,255		330,730
•Series 2004-AR6 A1A 1.148% 2/19/35		394,970		366,450
•Thornburg Mortgage Securities Trust Series 2003-4 A1 1.093% 9/25/43		326,131		313,072
#•Towd Point Mortgage Trust Series 2016-1 A1 144A 3.50% 2/25/55		835,351		863,989

LVIP Global Income Fund—8

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
WaMu Mortgage Pass Through Certificates Trust
• ¿Series 2005-AR8 2AB2
0.873% 7/25/45		161,663	$	142,543
• ¿Series 2005-AR19 A1A1
0.723% 12/25/45		427,726		392,502
Wells Fargo Mortgage-Backed Securities Trust
•Series 2003-L 1A2
2.637% 11/25/33		317,416		317,186
•Series 2003-O 1A2
2.686% 1/25/34		105,140		107,552
•Series 2004-X 1A1
2.757% 11/25/34		174,577		174,240
•Series 2005-AR9 2A2
2.785% 10/25/33		433,481		425,948
Total Non-Agency Collateralized Mortgage     Obligations
(Cost $8,109,615)				8,018,479
« SENIOR SECURED LOANS–0.87%
Abacus Innovations Tranche B 1st Lien
2.75% 6/9/23		22,749		22,758
Affinity Gaming 1st Lien
5.00% 7/1/23		79,758		79,741
Alfred Fueling Systems 1st Lien
4.75% 6/20/21		224,991		225,272
Appvion Tranche B 1st Lien
6.25% 6/28/19		149,211		144,735
Arnhold & S Bleichroeder Holdings Tranche B   1st Lien
4.75% 12/31/22		60,013		58,962
Ascena Retail Group
5.25% 8/21/22		367,080		350,928
Avago Technologies Cayman Finance Tranche B  1st Lien
4.25% 2/1/23		162,817		163,212
@Bowie Resource Holdings Tranche B 1st Lien
8.75% 8/12/20		175,008		147,006
Calpine Tranche B 1st Lien
4.00% 1/15/23		42,141		41,845
Caraustar Industries Tranche B 1st Lien
8.00% 5/1/19		30,421		30,410
Charter Communications Operating Tranche A   1st Lien
2.00% 5/18/21		138,250		136,825
Chemours Tranche B 1st Lien
3.75% 5/12/22		70,336		68,209
Ciena Tranche B
3.75% 7/15/19		30,787		30,652
Community Health Systems Tranche F 1st Lien
3.924% 12/31/18		182,316		181,062
Dell International Tranche B2 1st Lien
4.00% 4/29/20		81,951		81,810

	Principal Amount°		Value (U.S. $)
« SENIOR SECURED LOANS (continued)
EFS Cogen Holdings I Tranche B 1st Lien
5.25% 6/28/23		16,978	$	17,042
Endo Luxembourg Finance I Tranche B 1st Lien
3.75% 9/25/22		270,926		267,133
Evergreen Acqco 1 Tranche C
5.00% 10/3/19		186,457		163,849
FGI Operating Tranche B 1st Lien
5.50% 4/19/19		918,738		767,146
Fieldwood Energy 1st Lien
3.875% 9/28/18		344,108		300,234
@Fitness & Sports Clubs Tranche B 1st Lien
5.50% 7/1/20		220,922		219,196
FMG Resources August 2006 Pty 1st Lien
4.25% 6/30/19		239,503		229,923
Fram Group Holdings 1st Lien
7.00% 7/29/17		194,960		181,974
Guggenheim Partners Investment Management      Holdings Tranche B 1st Lien
4.25% 7/22/20		54,970		54,961
Hertz Tranche B 1st Lien
3.50% 6/30/23		48,307		48,337
Huntsman International Tranche B-Ext 1st Lien
3.557% 4/19/19		122,912		122,720
KAR Auction Services Tranche B3 1st Lien
4.25% 3/9/23		61,312		61,593
KFC Holding Tranche B 1st Lien
3.192% 6/16/23		40,000		40,100
M/A-COM Technology Solutions Holdings      Tranche B 1st Lien
4.50% 5/8/21		75,653		75,653
Match Group Tranche B 1st Lien
5.50% 11/16/22		28,900		29,104
McDermott Finance
8.25% 4/16/19		12,736		12,788
MKS Instruments Tranche B 1st Lien
4.25% 4/29/23		51,846		51,954
Navios Maritime Midstream Partners Tranche B       1st Lien
5.50% 6/18/20		134,332		129,295
Navios Maritime Partners
5.25% 6/27/18		4,696		4,215
Navistar 1st Lien
6.50% 8/7/20		135,219		128,233
Neptune Finco 1st Lien
5.00% 10/9/22		126,537		126,979
Novelis Tranche B 1st Lien
4.00% 6/2/22		78,398		77,770
NRG Energy Tranche B 1st Lien
3.50% 6/30/23		120,000		119,265
OCI Beaumont Tranche B3 1st Lien
6.50% 8/20/19		666,725		666,725
On Semiconductor Tranche B 1st Lien
5.25% 3/31/23		227,971		229,277

LVIP Global Income Fund—9

LVIP Global Income Fund

Statement of Net Assets (continued)

		Principal		Value
		Amount°		(U.S. $)
«SENIOR SECURED LOANS (continued)
Onsite Rental Group Operations PTY Tranche B 1st Lien 5.50% 7/31/21			249,836	$	182,381
OSG Bulk Ships Tranche B - Exit 1st Lien 5.25% 8/5/19			116,507		112,866
Peabody Energy Tranche B 1st Lien 4.25% 9/24/20			162,761		70,191
PetSmart Tranche B 1st Lien 4.25% 3/10/22			49,874		49,731
Prime Security Services Borrower Tranche 1st Lien
4.75% 5/2/22			60,000		60,212
4.75% 5/2/22			34,651		34,774
Radio One Tranche 1st Lien 5.14% 12/31/18			547,518		546,149
ROC Finance 1st Lien 5.00% 6/20/19			229,083		219,862
Sensus USA 1st Lien 6.50% 3/16/23			230,000		228,850
SunGard Availability Services Capital Tranche B 1st Lien 6.00% 3/31/19			356,523		313,073
Team Health Tranche B 1st Lien 0.065% 11/23/22			14,733		14,733
TI Group Automotive Systems Tranche B 1st Lien 4.50% 6/30/22			111,549		109,597
Travelport Finance Tranche B 1st Lien 5.00% 9/2/21			70,000		69,716
UTEX Industries Tranche B 1st Lien 5.00% 5/22/21			362,800		252,146
Valeant Pharmaceuticals 4.75% 12/11/19			73,867		71,928
Valeant Pharmaceuticals International Tranche BD2 1st Lien 4.50% 2/13/19			126,074		122,883
Valeant Pharmaceuticals International Tranche B-F1 1st Lien 5.00% 4/1/22			291,552		284,384
Western Digital Tranche B 1st Lien 6.25% 3/30/23			114,371		114,996
Windstream Services Tranche B5 1st Lien 3.50% 8/8/19			51,266		51,117
Zebra Technologies Tranche B 1st Lien 4.00% 10/27/21			48,762		48,823
Total Senior Secured Loans     (Cost $9,378,651)					8,847,305
DSOVEREIGN BONDS–53.98%
Brazil–1.49%
Brazil Letras do Tesouro Nacional
≠12.61% 1/1/18	BRL		8,530,000		2,215,439
≠13.813% 1/1/17	BRL		440,000		128,274
Brazil Notas do Tesouro Nacional 10.00% 1/1/23	BRL		8,320,000		2,364,740

		Principal	Value
		Amount°	(U.S. $)
DSOVEREIGN BONDS (continued)
Brazil (continued)
Brazil Notas do Tesouro Nacional Series B
6.00% 8/15/18	BRL	100,000	$	91,499
6.00% 5/15/19	BRL	12,000		108,122
6.00% 8/15/20	BRL	1,000		9,109
6.00% 8/15/22	BRL	432,000		3,912,992
6.00% 5/15/23	BRL	335,500		3,001,803
6.00% 8/15/24	BRL	3,000		27,382
6.00% 5/15/45	BRL	50,000		450,249
Brazil Notas do Tesouro Nacional Series F
10.00% 1/1/17	BRL	1,405,000		429,623
10.00% 1/1/21	BRL	4,300,000		1,250,691
10.00% 1/1/25	BRL	910,000		255,083
10.00% 1/1/27	BRL	3,760,000		1,037,952
			15,282,958
France–1.08%
France Government Bond O.A.T.
3.00% 4/25/22	EUR	3,800,000		5,031,135
3.75% 4/25/17	EUR	5,200,000		5,972,848
				11,003,983
Indonesia–1.45%
Indonesia Treasury Bonds
5.625% 5/15/23	IDR	24,833,000,000		1,672,375
7.00% 5/15/22	IDR	23,406,000,000		1,717,317
8.25% 7/15/21	IDR	4,351,000,000		343,689
8.375% 3/15/24	IDR	61,713,000,000		4,942,878
8.375% 9/15/26	IDR	3,671,000,000		294,741
8.375% 3/15/34	IDR	29,440,000,000		2,373,019
10.00% 9/15/24	IDR	25,030,000,000		2,148,261
10.00% 2/15/28	IDR	7,040,000,000		623,101
10.25% 7/15/22	IDR	7,849,000,000		670,146
12.90% 6/15/22	IDR	142,000,000		13,512
				14,799,039
Japan–5.32%
Japan Government 10 Yr Bonds
1.30% 3/20/19	JPY	250,000,000		2,526,679
1.70% 12/20/16	JPY	450,000,000		4,397,655
1.70% 3/20/17	JPY	700,000,000		6,875,388
Japan Government 20 Yr Bonds
1.50% 3/20/34	JPY	650,000,000		7,976,863
1.60% 6/20/30	JPY	350,000,000		4,217,296
1.90% 3/22/21	JPY	809,000,000		8,658,231
1.90% 6/20/25	JPY	653,000,000		7,581,301
Japan Government 30 Yr Bond
1.70% 9/20/44	JPY	875,000,000		12,143,922
				54,377,335
Malaysia–5.04%
Malaysia Government Bonds 3.172% 7/15/16	MYR	3,000,000		744,214

LVIP Global Income Fund—10

LVIP Global Income Fund

Statement of Net Assets (continued)

		Principal		Value
		Amount°		(U.S. $)
DSOVEREIGN BONDS (continued)
Malaysia (continued)
Malaysia Government Bonds (continued)
3.314% 10/31/17	MYR		80,960,000	$	20,236,486
3.394% 3/15/17	MYR		35,960,000		8,968,771
3.654% 10/31/19	MYR		4,000,000		1,003,961
3.814% 2/15/17	MYR		16,680,000		4,165,552
4.012% 9/15/17	MYR		30,522,000		7,673,843
4.181% 7/15/24	MYR		13,023,000		3,335,749
4.24% 2/7/18	MYR		5,091,000		1,293,113
4.262% 9/15/16	MYR		2,875,000		715,524
¹Malaysia Treasury Bills 2.694% 1/20/17	MYR		7,410,000		1,811,185
Malaysian Government Bonds 3.26% 3/1/18	MYR		6,425,000		1,607,565
					51,555,963
Mexico–9.37%
Mexican Bonos
4.75% 6/14/18	MXN		148,240,000		8,096,675
5.00% 6/15/17	MXN		289,830,000		15,947,368
6.50% 6/10/21	MXN		225,000,000		12,874,321
7.25% 12/15/16	MXN		261,212,000		14,473,456
7.50% 6/3/27	MXN		154,500,000		9,468,676
7.75% 12/14/17	MXN		27,000,000		1,547,508
7.75% 11/23/34	MXN		75,000,000		4,707,444
8.50% 12/13/18	MXN		133,500,000		7,894,197
Mexican Cetes
¹0.00% 7/21/16	MXN		64,742,000		353,329
¹3.52% 7/7/16	MXN		527,078,000		2,880,852
¹4.349% 9/15/16	MXN		16,524,000		89,590
¹4.356% 10/27/16	MXN		33,049,000		178,346
¹4.359% 8/25/16	MXN		696,000		3,784
¹4.367% 9/29/16	MXN		143,066,000		774,444
¹4.372% 11/10/16	MXN		16,524,000		89,012
¹4.41% 9/1/16	MXN		10,110,000		54,929
¹4.43% 8/4/16	MXN		12,400,000		67,571
¹4.47% 10/13/16	MXN		108,245,000		584,968
¹4.475% 11/24/16	MXN		49,573,000		266,504
¹4.506% 12/8/16	MXN		2,158,792,000		11,585,712
¹4.549% 8/18/16	MXN		179,296,000		975,585
¹4.55% 2/2/17	MXN		230,469,000		1,228,677
¹4.565% 3/2/17	MXN		33,576,000		178,444
¹4.573% 3/30/17	MXN		261,000		1,382
¹4.772% 5/25/17	MXN		103,935,000		546,606
Mexican Udibonos
2.50% 12/10/20	MXN		4,056,052		224,786
3.50% 12/14/17	MXN		7,424,363		418,056
4.00% 6/13/19	MXN		5,149,941		298,614
					95,810,836

		Principal		Value
		Amount°		(U.S. $)
DSOVEREIGN BONDS (continued)
Netherlands–0.79%
Netherlands Government Bond 5.50% 1/15/28	EUR		4,500,000	$	8,111,301
					8,111,301
New Zealand–4.25%
New Zealand Government Bonds
4.50% 4/15/27	NZD		4,550,000		3,910,408
5.50% 4/15/23	NZD		13,000,000		11,292,917
6.00% 12/15/17	NZD		18,500,000		13,954,397
6.00% 5/15/21	NZD		17,000,000		14,358,744
					43,516,466
Peru–0.01%
Peru Government Bond 7.84% 8/12/20	PEN		427,000		142,383
					142,383
Philippines–1.44%
Philippine Government Bonds
2.125% 5/23/18	PHP		42,214,000		892,917
2.875% 5/22/17	PHP		12,490,000		267,186
3.875% 11/22/19	PHP		82,940,000		1,827,594
5.00% 8/18/18	PHP		6,960,000		155,794
5.875% 1/31/18	PHP		3,740,000		83,635
9.125% 9/4/16	PHP		6,310,000		135,888
Philippine Treasury Bills
¹0.00% 7/6/16	PHP		410,000		8,714
¹1.192% 8/24/16	PHP		14,370,000		304,744
¹1.198% 9/14/16	PHP		5,130,000		108,684
¹1.276% 10/5/16	PHP		348,000,000		7,365,240
¹1.276% 8/3/16	PHP		15,330,000		325,423
¹1.297% 7/20/16	PHP		43,670,000		927,566
¹1.313% 11/2/16	PHP		8,520,000		180,123
¹1.316% 3/15/17	PHP		10,270,000		215,605
¹1.323% 2/22/17	PHP		19,310,000		406,008
¹1.355% 9/7/16	PHP		6,180,000		130,975
¹1.366% 1/18/17	PHP		47,320,000		997,125
¹1.475% 5/3/17	PHP		9,210,000		192,659
¹1.506% 6/7/17	PHP		1,250,000		26,198
¹1.535% 12/7/16	PHP		7,050,000		148,848
					14,700,926
Poland–4.04%
Poland Government Bonds
•1.75% 1/25/17	PLN		11,108,000		2,822,684
•1.75% 1/25/21	PLN		11,269,000		2,817,893
4.75% 10/25/16	PLN		24,040,000		6,154,754
5.25% 10/25/17	PLN		27,030,000		7,170,613
5.25% 10/25/20	PLN		20,500,000		5,887,430
5.50% 10/25/19	PLN		21,750,000		6,160,965
5.75% 10/25/21	PLN		15,050,000		4,487,419
5.75% 4/25/29	PLN		18,000,000		5,836,050
					41,337,808

LVIP Global Income Fund—11

LVIP Global Income Fund

Statement of Net Assets (continued)

		Principal	Value
		Amount°	(U.S. $)
DSOVEREIGN BONDS (continued)
Portugal–1.24%
#Portugal Government International Bond 144A 5.125% 10/15/24		3,840,000	$	3,877,286
Portugal Obrigacoes do Tesouro OT
#144A 3.875% 2/15/30	EUR	7,500,000		8,655,401
#144A 4.95% 10/25/23	EUR	38,200		48,901
#144A 5.65% 2/15/24	EUR	94,800		125,207
				12,706,795
Republic of Korea–4.68%
Korea Monetary Stabilization Bonds
1.56% 8/9/16	KRW	111,300,000		96,659
1.57% 7/9/16	KRW	1,173,600,000		1,018,960
1.96% 2/2/17	KRW	733,200,000		639,289
2.07% 12/2/16	KRW	3,825,600,000		3,332,960
2.46% 8/2/16	KRW	5,677,160,000		4,934,016
Korea Treasury Bonds
1.47% 9/10/21	KRW	114,000,000		99,334
1.50% 6/10/19	KRW	6,780,000,000		5,931,371
2.00% 9/10/20	KRW	19,000,000,000		16,973,762
2.00% 3/10/21	KRW	10,873,500,000		9,749,797
3.00% 12/10/16	KRW	5,861,420,000		5,127,924
				47,904,072
Republic of Lithuania–0.10%
#Lithuania Government International Bond 144A 7.375% 2/11/20		880,000		1,039,456
				1,039,456
Serbia–0.30%
Republic of Serbia
#144A 4.875% 2/25/20		1,040,000		1,074,403
#144A 5.25% 11/21/17		880,000		910,990
#144A 7.25% 9/28/21		990,000		1,135,530
				3,120,923
Singapore–2.20%
Singapore Government Bond
2.00% 7/1/20	SGD	14,000,000		10,678,328
2.375% 4/1/17	SGD	3,500,000		2,630,726
2.875% 9/1/30	SGD	10,093,000		8,115,234
Singapore Government Bonds 3.75% 9/1/16	SGD	1,460,000		1,090,109
				22,514,397
Slovenia–0.10%
#Slovenia Government International Bond 144A 5.50% 10/26/22		860,000		978,290
				978,290

		Principal	Value
		Amount°	(U.S. $)
DSOVEREIGN BONDS (continued)
Spain–3.83%
Spain Government Bond 1.40% 1/31/20	EUR	16,576,000	$	19,312,585
#144A 1.60% 4/30/25	EUR	12,770,000		14,819,599
#144A 4.20% 1/31/37	EUR	3,298,000		5,024,899
				39,157,083
Ukraine–1.43%
Ukraine Government International Bond
#144A 7.75% 9/1/23		2,680,000		2,592,900
#144A 7.75% 9/1/24		2,680,000		2,575,815
#144A 7.75% 9/1/25		2,680,000		2,566,100
#144A 7.75% 9/1/26		2,680,000		2,552,700
#144A 7.75% 9/1/27		2,680,000		2,546,000
#•Ukraine Government International Bond GDP Linked 144A 0.00% 5/31/40		5,516,000		1,799,595
				14,633,110
United Kingdom–5.82%
United Kingdom Gilt
4.25% 12/7/27	GBP	7,645,000		13,655,331
4.25% 9/7/39	GBP	5,250,000		10,424,152
4.50% 9/7/34	GBP	9,250,000		18,070,148
4.75% 3/7/20	GBP	5,750,000		8,923,299
5.00% 3/7/25	GBP	4,700,000		8,476,251
				59,549,181
Total Sovereign Bonds     (Cost $558,075,241)				552,242,305
SUPRANATIONAL BANKS–2.10%
Asian Development Bank 2.35% 6/21/27	JPY	1,000,000,000		12,574,871
European Investment Bank 1.40% 6/20/17	JPY	910,000,000		8,949,689
Total Supranational Banks (Cost $17,779,031)				21,524,560
U.S. TREASURY OBLIGATIONS–23.28%
U.S. Treasury Bonds
3.125% 8/15/44		9,500,000		11,185,689
3.625% 8/15/43		9,143,000		11,799,288
4.50% 5/15/38		4,000,000		5,804,608
5.375% 2/15/31		5,500,000		8,160,839
U.S. Treasury Inflation Index Notes
0.125% 1/15/22		2,431,353		2,480,581
0.125% 1/15/23		3,316,992		3,364,607
1.375% 1/15/20		1,565,598		1,672,551
1.875% 7/15/19		1,540,770		1,668,015
U.S. Treasury Notes
0.625% 8/15/16		2,000,000		2,000,988
0.625% 5/31/17		15,500,000		15,516,043
0.625% 4/30/18		24,000,000		24,019,680

LVIP Global Income Fund—12

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
0.875% 12/31/16		23,000,000		$    23,054,786
1.00% 8/15/18		7,500,000		7,561,230
1.00% 8/31/19		16,000,000		16,126,256
1.125% 4/30/20		15,000,000		15,150,000
1.375% 2/28/19		4,500,000		4,582,530
1.50% 12/31/18		3,300,000		3,368,706
1.50% 2/28/19		6,000,000		6,129,492
1.625% 6/30/19		19,264,900		19,783,030
1.625% 8/15/22		17,750,000		18,205,199
1.75% 5/15/22		23,000,000		23,771,305
2.50% 5/15/24		11,750,000		12,764,812
Total U.S. Treasury Obligations (Cost $226,177,181)				238,170,235

	Principal		Value
	Amount°		(U.S. $)
SHORT-TERM INVESTMENT–1.63%
≠Discount Note–1.63%
Federal Home Loan Bank 0.00% 7/1/16		16,647,000		$    16,647,000
Total Short-Term Investment (Cost $16,647,000)				16,647,000
	Number of
	Shares
MONEY MARKET FUND–5.44%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		55,668,163		55,668,163
Total Money Market Fund (Cost $55,668,163)				55,668,163

TOTAL VALUE OF SECURITIES–99.33% (Cost $1,008,055,448)	1,016,191,686
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.67%	6,843,877
NET ASSETS APPLICABLE TO 91,543,529 SHARES OUTSTANDING–100.00%	$1,023,035,563
NET ASSET VALUE PER SHARE–LVIP GLOBAL INCOME FUND STANDARD CLASS ($383,989,778 / 34,305,140 Shares)	$11.193
NET ASSET VALUE PER SHARE–LVIP GLOBAL INCOME FUND SERVICE CLASS ($639,045,785 / 57,238,389 Shares)	$11.165
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$1,051,733,607
Accumulated net investment loss	(3,742,757	)
Accumulated net realized loss on investments	(16,087,947	)
Net unrealized depreciation of investments, foreign currencies and derivatives	(8,867,340	)
Total net assets	$1,023,035,563

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $83,178,291, which represents 8.13% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin. Classification by type of business has been presented on page 2.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

« Includes $14,581,760 cash collateral held at broker for certain open derivatives, $2,444,800 payable for securities purchased, $371,025 payable for fund shares redeemed, and $614,622 due to manager and affiliates as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $366,202, which represents 0.04% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

¿ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

≠ The rate shown is the effective yield at the time of purchase.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at June 30, 2016.

§ Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

LVIP Global Income Fund—13

LVIP Global Income Fund

Statement of Net Assets (continued)

‡ Non-income producing security. Security is currently in default.

The following foreign currency exchange contracts, foreign cross currency exchange contracts, futures contracts and swap contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contracts and Foreign Cross Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation  (Depreciation)
BAML	EUR	(390,401	)	USD	443,874			7/22/16	$	10,271
BAML	EUR	(251,004	)	USD	281,274			8/26/16		2,135
BAML	EUR	(12,137,044	)	USD	13,076,815			11/25/16		(469,238)
BAML	EUR	(251,705	)	USD	280,671			2/28/17		(1,321)
BAML	JPY	(34,125,000	)	USD	312,394			11/28/16		(20,003)
BAML	JPY	(122,220,000	)	USD	1,136,472			4/18/17		(61,084)
BCLY	CLP	173,000,000		USD	(253,758	)		7/22/16		7,075
BCLY	EUR	(1,052,741	)	USD	1,200,659			7/11/16		31,924
BCLY	EUR	(233,016	)	USD	262,043			7/18/16		3,282
BCLY	EUR	(878,515	)	USD	981,283			7/20/16		5,627
BCLY	EUR	(268,000	)	USD	293,839			7/21/16		(3,807)
BCLY	EUR	(558,732	)	USD	634,724			7/22/16		14,163
BCLY	EUR	(145,209	)	USD	163,167			7/25/16		1,870
BCLY	EUR	(767,000	)	USD	847,143			7/28/16		(4,934)
BCLY	EUR	(10,387,367	)	USD	11,471,979			7/29/16		(68,036)
BCLY	EUR	(97,592	)	USD	107,729			8/5/16		(719)
BCLY	EUR	(174,440	)	USD	193,745			8/5/16		(101)
BCLY	EUR	(705,000	)	USD	789,229			8/18/16		5,432
BCLY	EUR	(725,415	)	USD	803,404			8/31/16		(3,473)
BCLY	EUR	(617,237	)	USD	687,154			10/27/16		(947)
BCLY	JPY	(275,090,000	)	USD	2,575,905			7/11/16		(88,901)
BCLY	JPY	(49,760,000	)	USD	407,376			7/29/16		(74,929)
BCLY	JPY	(13,360,000	)	USD	108,314			8/12/16		(21,239)
BCLY	JPY	(11,394,000	)	USD	92,951			8/24/16		(17,581)
BCLY	JPY	(190,420,000	)	USD	1,698,813			8/31/16		(148,913)
BCLY	JPY	(288,085,900	)	USD	2,552,165			9/9/16		(244,372)
BCLY	JPY	(24,430,094	)	USD	204,890			9/20/16		(32,376)
BCLY	JPY	(192,553,560	)	USD	1,717,656			9/26/16		(152,931)
BCLY	JPY	(288,100,000	)	USD	2,424,982			10/13/16		(375,825)
BCLY	JPY	(108,530,000	)	USD	913,879			10/24/16		(141,702)
BCLY	JPY	(81,840,000	)	USD	740,164			2/27/17		(60,043)
BCLY	JPY	(79,441,000	)	USD	787,745			6/30/17		6,875
BNYM	CAD	6,632,500		USD	(5,238,734	)		7/29/16		(104,407)
BNYM	GBP	(27,237,000	)	USD	39,499,984			7/29/16		3,231,305
BNYM	JPY	(574,257,000	)	USD	5,235,033			7/29/16		(331,028)
BNYM	NZD	(61,277,000	)	USD	41,942,569			7/29/16		(1,741,720)
BNYM	PLN	(69,605,500	)	USD	17,860,246			7/29/16		230,909
BNYM	SEK	127,692,000		USD	(15,767,948	)		7/29/16		(656,211)
BNYM	SGD	(28,641,000	)	USD	20,900,479			7/29/16		(355,437)
CITI	AUD	(1,703,000	)	USD	1,232,801			11/21/16		(30,723)
CITI	CLP	10,158,000		USD	(14,608	)		8/31/16		651
CITI	EUR	(805,788	)	USD	907,564			7/28/16		12,397
CITI	EUR	(126,500	)	USD	138,349			7/29/16		(2,188)
CITI	EUR	(1,774,000	)	USD	1,962,310			8/5/16		(9,047)
CITI	EUR	(146,969	)	USD	161,423			8/10/16		(1,925)
CITI	EUR	(1,630,646	)	USD	1,832,172			8/25/16		18,813
CITI	EUR	(162,300	)	USD	183,228			9/15/16		2,596
CITI	EUR	(4,177,000	)	USD	4,588,121			11/9/16		(70,837)
CITI	EUR	(625,871	)	USD	676,472			11/14/16		(21,752)

LVIP Global Income Fund—14

LVIP Global Income Fund

Statement of Net Assets (continued)

Foreign Currency Exchange Contracts and Foreign Cross Currency Exchange Contracts (continued)

Counterparty	Contracts to Receive (Deliver)			In Exchange For		Settlement Date		Unrealized Appreciation  (Depreciation)
CITI	INR	47,593,000		USD	(705,029)		9/14/16	$	(9,279)
CITI	JPY	(296,974,000	)	USD	2,414,462		7/25/16		(463,628)
CITI	JPY	(336,389,300	)	USD	2,735,650		8/8/16		(525,922)
CITI	JPY	(36,124,000	)	USD	292,423		8/10/16		(57,851)
CITI	JPY	(24,520,467	)	USD	217,056		9/16/16		(21,045)
CITI	JPY	(294,831,000	)	USD	2,658,530		9/23/16		(205,263)
CITI	JPY	(105,000,000	)	USD	884,657		10/24/16		(136,590)
CITI	JPY	(18,273,000	)	USD	150,611		11/16/16		(27,287)
CITI	JPY	(430,080,000	)	USD	4,051,491		12/12/16		(140,217)
CITI	JPY	(15,350,000	)	USD	131,820		1/17/17		(18,011)
CITI	JPY	(25,100,000	)	USD	235,902		4/13/17		(9,984)
CITI	JPY	(230,500,000	)	USD	2,183,509		6/8/17		(79,976)
CITI	JPY	(11,693,000	)	USD	112,153		6/16/17		(2,710)
DB	AUD	(220,000	)	USD	163,442		8/18/16		(330)
DB	AUD	(730,000	)	USD	523,010		10/20/16		(19,211)
DB	AUD	(239,687	)	USD	175,906		12/15/16		(1,778)
DB	CAD	(100,000	)	USD	78,877		10/20/16		1,462
DB	CLP	20,225,000		USD	(29,850)		7/18/16		655
DB	CLP	396,480,000		USD	(582,587)		7/25/16		15,018
DB	CLP	37,303,500		USD	(55,250)		7/28/16		960
DB	CLP	22,957,000		USD	(34,521)		8/8/16		36
DB	CLP	16,303,000		USD	(24,063)		8/9/16		476
DB	CLP	51,753,000		USD	(75,778)		8/17/16		2,064
DB	CLP	20,931,000		USD	(29,948)		8/31/16		1,495
DB	CLP	59,788,500		USD	(85,993)		9/2/16		3,806
DB	CLP	38,881,750		USD	(57,250)		9/12/16		1,097
DB	CLP	21,670,000		USD	(31,481)		9/30/16		985
DB	EUR	(878,675	)	USD	948,766		7/7/16		(26,571)
DB	EUR	(865,000	)	USD	964,475		7/18/16		3,903
DB	EUR	(268,384	)	USD	295,958		7/25/16		(2,161)
DB	EUR	(1,203,900	)	USD	1,319,761		7/27/16		(17,626)
DB	EUR	(87,606	)	USD	97,371		7/29/16		45
DB	EUR	(780,573	)	USD	894,497		8/15/16		26,774
DB	EUR	(5,097,818	)	USD	5,667,423		8/18/16		(178)
DB	EUR	(22,847	)	USD	25,920		8/19/16		519
DB	EUR	(388,000	)	USD	436,073		8/23/16		4,629
DB	EUR	(7,714,486	)	USD	8,627,379		8/29/16		47,251
DB	EUR	(99,312	)	USD	112,321		8/31/16		1,857
DB	EUR	(51,000	)	USD	55,773		9/2/16		(958)
DB	EUR	(876,300	)	USD	967,805		9/6/16		(7,133)
DB	EUR	(683,600	)	USD	777,013		9/13/16		16,256
DB	EUR	(873,178	)	USD	990,183		10/11/16		17,374
DB	EUR	(662,624	)	USD	758,506		10/20/16		20,011
DB	EUR	(1,320,000	)	USD	1,506,120		10/21/16		34,921
DB	EUR	(24,586	)	USD	27,383		11/4/16		(34)
DB	EUR	(187,000	)	USD	206,831		11/7/16		(1,729)
DB	EUR	(143,000	)	USD	155,701		11/14/16		(3,830)
DB	EUR	(81,717	)	USD	88,803		11/17/16		(2,371)
DB	EUR	(564,000	)	USD	609,153		11/28/16		(20,397)
DB	EUR	(619,529	)	USD	689,921		12/15/16		(2,079)
DB	EUR	(8,528,000	)	USD	9,518,527		2/28/17		(35,630)
DB	INR	105,743,400		USD	(1,569,708)		7/27/16		(11,270)
DB	INR	125,496,350		USD	(1,858,902)		7/29/16		(10,034)
DB	INR	13,590,000		USD	(198,249)		8/18/16		1,276
DB	INR	6,000,000		USD	(87,604)		10/20/16		(399)

LVIP Global Income Fund—15

LVIP Global Income Fund

Statement of Net Assets (continued)

Foreign Currency Exchange Contracts and Foreign Cross Currency Exchange Contracts (continued)

Counterparty	Contracts to Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation  (Depreciation)
DB	JPY	(207,431,900	)		USD	1,842,707			8/18/16	$	(169,182)
DB	JPY	(11,260,000	)		USD	100,267			8/24/16		(8,966)
DB	JPY	(23,347,000	)		USD	196,275			8/29/16		(30,250)
DB	JPY	(284,100,000	)		USD	2,392,018			10/13/16		(369,903)
DB	JPY	(97,000,000	)		USD	916,841			12/13/16		(28,594)
DB	JPY	(54,738,000	)		USD	491,925			3/1/17		(43,331)
DB	MYR	(361,000	)		USD	81,683			8/18/16		(8,734)
DB	PHP	4,600,000			USD	(97,189	)		10/20/16		(49)
GSC	EUR	(456,438	)		USD	512,105			7/18/16		5,236
GSC	EUR	(388,556	)		USD	444,515			8/9/16		12,671
GSC	EUR	(210,000	)		USD	239,860			8/12/16		6,440
GSC	EUR	(305,000	)		USD	343,594			8/24/16		4,432
GSC	EUR	(2,319,000	)		USD	2,593,847			8/29/16		14,633
GSC	EUR	(275,000	)		USD	311,608			10/11/16		5,230
GSC	EUR	(311,000	)		USD	333,438			12/2/16		(13,762)
GSC	EUR	(970,000	)		USD	1,064,468			1/27/17		(20,860)
GSC	JPY	(24,447,000	)		USD	225,521			11/14/16		(12,465)
GSC	JPY	(170,648,500	)		USD	1,403,994			12/2/16		(258,501)
GSC	JPY	(43,530,000	)		USD	371,598			1/27/17		(53,476)
GSC	KRW	(7,965,000,000	)		USD	6,659,142			9/7/16		(243,775)
HSBC	EUR	(3,710,250	)		USD	4,145,239			7/6/16		26,963
HSBC	EUR	(799,545	)		USD	903,785			7/18/16		15,901
HSBC	EUR	(520,000	)		USD	576,940			7/29/16		(763)
HSBC	EUR	(1,775,000	)		USD	1,959,422			8/5/16		(13,046)
HSBC	EUR	(94,000	)		USD	107,074			9/9/16		2,482
HSBC	EUR	(461,000	)		USD	522,824			10/13/16		9,182
HSBC	INR	484,108,000			USD	(7,175,084	)		7/11/16		(19,063)
HSBC	INR	38,132,000			USD	(564,784	)		7/29/16		(3,007)
HSBC	INR	25,151,000			USD	(374,104	)		8/5/16		(4,020)
HSBC	JPY	(50,970,000	)		USD	433,990			7/19/16		(59,885)
HSBC	JPY	(51,004,000	)		USD	413,926			8/22/16		(80,829)
HSBC	JPY	(39,672,000	)		USD	352,326			9/1/16		(32,645)
HSBC	JPY	(569,000,000	)		USD	4,788,151			10/11/16		(743,000)
HSBC	JPY	(19,870,000	)		USD	163,156			11/14/16		(30,274)
HSBC	JPY	(7,824,000	)		USD	71,938			11/25/16		(4,262)
HSBC	JPY	(345,200,000	)		USD	3,229,186			12/9/16		(134,825)
HSBC	JPY	(292,980,000	)		USD	2,766,572			12/13/16		(89,033)
HSBC	JPY	(53,562,442	)		USD	457,407			1/31/17		(65,722)
HSBC	JPY	(59,187,000	)		USD	534,458			2/27/17		(44,254)
HSBC	JPY	(53,500,000	)		USD	476,402			3/6/17		(46,857)
HSBC	KRW	(6,780,000,000	)		USD	5,571,076			9/19/16		(305,464)
HSBC	KRW	(13,246,000,000	)		USD	11,499,230			11/2/16		17,993
HSBC	KRW	(19,500,000,000	)		USD	16,972,756			11/4/16		70,787
HSBC	KRW	(7,310,000,000	)		USD	6,168,775			12/2/16		(167,039)
JPMC	AUD	(3,750,863	)		IDR	37,970,000,000			1/19/17		9,482
JPMC	AUD	(7,096,648	)		USD	5,432,484			10/28/16		162,785
JPMC	AUD	(12,840,000	)		USD	9,391,175			11/16/16		(136,998)
JPMC	CLP	66,100,000			USD	(93,619	)		8/23/16		5,749
JPMC	CLP	600,075,000			USD	(857,005	)		9/6/16		43,965
JPMC	CLP	103,600,000			USD	(151,304	)		9/13/16		4,147
JPMC	CLP	3,644,767,200			USD	(5,372,989	)		9/26/16		89,693
JPMC	EUR	(180,000	)		USD	205,672			7/13/16		5,825
JPMC	EUR	(566,000	)		USD	645,067			7/14/16		16,630
JPMC	EUR	(4,288,000	)		USD	4,682,024			7/15/16		(79,189)
JPMC	EUR	(108,077	)		USD	122,813			7/21/16		2,781

LVIP Global Income Fund—16

LVIP Global Income Fund

Statement of Net Assets (continued)

Foreign Currency Exchange Contracts and Foreign Cross Currency Exchange Contracts (continued)

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
JPMC	EUR	(4,310,000	)		USD	4,692,469		7/25/16	$	(95,046)
JPMC	EUR	(1,774,000	)		USD	1,978,524		7/29/16		7,670
JPMC	EUR	(865,085	)		USD	965,019		8/22/16		3,106
JPMC	EUR	(292,994	)		USD	328,098		8/26/16		2,263
JPMC	EUR	(343,382	)		USD	383,720		8/29/16		1,807
JPMC	EUR	(3,750,000	)		USD	4,248,881		9/6/16		76,775
JPMC	EUR	(51,000	)		USD	57,469		9/16/16		706
JPMC	EUR	(170,000	)		USD	192,081		10/7/16		2,714
JPMC	EUR	(90,000	)		USD	102,970		10/13/16		2,694
JPMC	EUR	(110,916	)		USD	119,868		11/14/16		(3,870)
JPMC	EUR	(395,000	)		USD	439,607		12/15/16		(1,599)
JPMC	EUR	(4,269,000	)		USD	4,727,938		1/19/17		(47,096)
JPMC	INR	471,150,000			USD	(6,993,987)		7/18/16		(38,584)
JPMC	INR	998,000			USD	(14,639)		8/23/16		0
JPMC	JPY	(286,000,000	)		USD	2,393,285		7/7/16		(376,851)
JPMC	JPY	(59,316,000	)		USD	503,484		8/26/16		(71,976)
JPMC	JPY	(11,285,000	)		USD	94,433		8/31/16		(15,069)
JPMC	JPY	(124,260,500	)		USD	1,218,240		9/2/16		12,380
JPMC	JPY	(286,000,000	)		USD	2,580,435		10/6/16		(199,135)
JPMC	JPY	(286,000,000	)		USD	2,400,416		10/7/16		(379,271)
JPMC	JPY	(176,475,000	)		USD	1,502,695		10/19/16		(213,368)
JPMC	JPY	(274,457,000	)		USD	2,251,844		11/14/16		(419,942)
JPMC	JPY	(271,440,000	)		USD	2,562,120		12/13/16		(83,540)
JPMC	JPY	(28,500,000	)		USD	280,411		12/15/16		2,605
JPMC	JPY	(176,475,000	)		USD	1,524,312		1/19/17		(198,412)
JPMC	JPY	(113,300,000	)		USD	1,016,380		3/3/17		(91,618)
JPMC	JPY	(24,468,902	)		USD	222,290		3/24/17		(17,208)
JPMC	JPY	(5,819,000	)		USD	51,957		3/31/17		(5,015)
JPMC	JPY	(333,310,000	)		USD	3,113,111		4/20/17		(153,063)
JPMC	JPY	(160,970,000	)		USD	1,492,653		4/21/17		(84,793)
JPMC	JPY	(26,934,000	)		USD	250,058		5/22/17		(14,237)
JPMC	JPY	(114,500,000	)		USD	1,097,757		6/16/17		(27,007)
MSC	CLP	509,600,000			USD	(739,611)		7/18/16		29,012
MSC	CLP	138,292,800			USD	(204,369)		7/29/16		3,996
MSC	CLP	136,464,000			USD	(195,185)		8/3/16		10,331
MSC	CLP	137,073,600			USD	(206,051)		8/4/16		365
MSC	CLP	253,545,000			USD	(364,624)		8/18/16		16,703
MSC	CLP	42,500,000			USD	(60,814)		8/22/16		3,082
MSC	CLP	136,464,000			USD	(194,628)		9/6/16		10,262
MSC	EUR	(788,000	)		USD	869,952		7/18/16		(5,113)
MSC	EUR	(1,139,000	)		USD	1,245,097		7/22/16		(19,946)
MSC	EUR	(196,000	)		USD	221,296		8/15/16		3,413
MSC	EUR	(196,000	)		USD	219,753		8/17/16		1,854
MSC	EUR	(267,000	)		USD	304,346		9/9/16		7,257
MSC	JPY	(12,000,000	)		USD	96,909		8/8/16		(19,441)
MSC	JPY	(48,880,000	)		USD	440,944		9/23/16		(33,844)
MSC	JPY	(328,879,680	)		USD	2,784,708		10/17/16		(413,085)
MSC	JPY	(9,000,000	)		USD	74,144		11/16/16		(13,476)
MSC	JPY	(256,633,500	)		USD	2,460,532		6/16/17		(60,450)
SCB	EUR	(3,415,000	)		USD	3,902,047		8/12/16		106,173
SCB	EUR	(230,000	)		USD	263,085		8/15/16		7,406
SCB	EUR	(107,800	)		USD	122,790		9/9/16		2,842
SCB	JPY	(63,360,000	)		USD	543,662		7/19/16		(70,266)
SCB	JPY	(18,274,000	)		USD	168,582		11/14/16		(9,311)
SCB	JPY	(5,370,800	)		USD	49,609		11/16/16		(2,679)

LVIP Global Income Fund—17

LVIP Global Income Fund

Statement of Net Assets (continued)

Foreign Currency Exchange Contracts and Foreign Cross Currency Exchange Contracts (continued)

Counterparty	Contracts to       Receive (Deliver)		In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
SCB	JPY	(31,894,000)		USD	292,612		11/28/16	$     (18,054)
SCB	JPY	(46,050,000)		USD	394,267		1/17/17	(55,229)
SCB	MYR	(12,674,574)		USD	3,120,279		7/1/16	(28,404)
UBS	EUR	(63,718)		USD	72,687		7/21/16	1,921
								$(9,148,714)

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
29	U.S. Treasury 2 yr Notes		$    6,314,822		$    6,360,515			10/3/16	$    45,693
(105)	U.S. Treasury 5 yr Notes		(12,718,450)		(12,827,226	)		10/3/16	(108,776)
(12)	U.S. Treasury 10 yr Notes		(1,551,812)		(1,595,813	)		9/22/16	(44,001)
(2)	U.S. Treasury Long Bonds		(325,432)		(344,687	)		9/22/16	(19,255)
									$(126,339)

Swap Contracts

CDS Contracts

Counterparty	Swap Referenced Obligation	Notional Value2		Annual Protection Payments     (Receipts)		Termination   Date		Upfront Payments Paid   (Received)		Unrealized Appreciation (Depreciation)
	Protection
	Purchased/Moody’s
	Rating:
BCLY	CenturyLink 6.00% 4/1/17/Ba3		1,000,000		5.00%		6/20/17		$  (38,825)		$  (5,319)
BCLY	Pactiv 8.125% 6/15/17/Caa2		1,000,000		5.00%		6/20/17		(29,350)		(11,169)
BCLY	Tenet Healthcare 6.875% 11/15/31/B3		400,000		5.00%		3/20/19		(24,598)		4,539
CITI	Beazer Homes USA 9.125% 5/15/19/Caa1		3,000,000		5.00%		6/20/19		(93,625)		125,613
CITI	Kinder Morgan 3.95% 9/1/22/Baa3		800,000		5.00%		3/20/20		(129,286)		26,512
CITI	Lennar 4.75% 12/15/17/Ba2		200,000		5.00%		9/20/19		(14,529)		(8,533)
CITI	Lennar 4.75% 12/15/17/Ba2		300,000		5.00%		12/20/19		(26,300)		(9,704)
CITI	Owens-Illinois 7.80% 5/15/18/B2		150,000		5.00%		6/20/18		(12,353)		(1,852)
JPMC	DPL 7.25% 10/15/21/Ba3		350,000		5.00%		12/20/16		(5,772)		(1,693)
JPMC	Tenet Healthcare 6.875% 11/15/31/B3		400,000		5.00%		12/20/16		(7,507)		(595)
JPMC	Toys R Us 7.375% 10/15/18/Caa2		500,000		5.00%		12/20/18		83,891		(45,026)
											$  72,773

LVIP Global Income Fund—18

LVIP Global Income Fund

Statement of Net Assets (continued)

Swap Contracts

CDS Contracts (continued)

Counterparty	Swap Referenced Obligation	Notional Value2		Annual Protection Payments     (Receipts)		Termination     Date		Upfront     Payments     Paid (Received)		Unrealized Appreciation  (Depreciation)
	Protection
	Sold/Moody’s Rating:
	Engie SA
BCLY	5.125% 2/19/18/A1	EUR	400,000		1.00%		9/20/20	$	10,621	$	(557	)
	iHeartMedia Capital l
BCLY	6.875% 6/15/18/Ca		250,000		5.00%		6/20/18		(34,895)		(89,885	)
	Beazer Homes USA
CITI	9.125% 5/15/19/Caa1		200,000		5.00%		9/20/19		2,623		(7,467	)
	Beazer Homes USA
CITI	9.125% 5/15/19/Caa1		300,000		5.00%		12/20/19		5,934		(17,040	)
CITI	MCDX.NA.26 1.00%3		400,000		1.00%		6/20/21		1,073		(24	)
	Orange SA
CITI	5.625% 5/22/18/Baa1	EUR	400,000		1.00%		9/20/20		6,961		1,468
	United Mexican States
CITI	5.95% 3/19/19/A3		200,000		1.00%		6/20/20		(1,900)		9
	General Electric
JPMC	5.625% 9/15/17/A1		1,500,000		1.00%		3/20/19		12,253		15,585
	Tenet Healthcare
JPMC	6.875% 11/15/31/B3		400,000		5.00%		12/20/18		20,881		799
										$	(97,112	)
Total										$	(24,339	)

Interest Rate Swap Contracts

Counterparty & Swap Referenced Obligation	Notional Value2		Fixed Interest Rate Paid		Floating Interest Rate Received		Termination Date		Upfront Payments Paid (Received)			Unrealized Appreciation (Depreciation)
LCH-DB IRS 3-Month USD-BBA-LIBOR		24,860,000		0.925%		0.632%		10/17/17	$	—		$	(76,406	)
LCH-DB IRS 3-Month USD-BBA-LIBOR		4,530,000		2.730%		0.626%		7/7/24		—			(526,428	)
LCH-DB IRS 3-Month USD-BBA-LIBOR		1,450,000		1.977%		0.623%		3/27/25		—			(84,528	)
LCH-DB IRS 3-Month USD-BBA-LIBOR		1,450,000		1.985%		0.623%		3/27/25		—			(85,422	)
LCH-JPMC IRS 3-Month USD-BBA-LIBOR		14,880,000		3.018%		0.653%		8/22/23		—			(1,913,658	)
LCH-JPMC IRS 3-Month USD-BBA-LIBOR		3,140,000		2.250%		0.654%		9/21/23		(175,080	)		(50,623	)
LCH-JPMC IRS 3-Month USD-BBA-LIBOR		5,640,000		1.973%		0.633%		1/27/25		—			(325,449	)
LCH-JPMC IRS 3-Month USD-BBA-LIBOR		1,410,000		1.936%		0.638%		1/29/25		—			(77,183	)
LCH-JPMC IRS 3-Month USD-BBA-LIBOR		1,190,000		1.941%		0.638%		1/30/25		—			(65,556	)
LCH-JPMC IRS 3-Month USD-BBA-LIBOR		1,880,000		1.816%		0.636%		2/3/25		—			(83,964	)
LCH-JPMC IRS 3-Month USD-BBA-LIBOR		8,500,000		3.848%		0.653%		8/22/43		—			(3,915,016	)
Total												$	(7,204,233	)

The use of foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 6 in “Notes to Financial Statements.”

²Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

³Markit’s MCDX is an index comprised of 50 CDS contracts referencing municipal issuers as the Reference Entity. Launched in May 2008, it represents the next evolution in Markit’s synthetic credit indices, joining corporate, sovereign, asset backed, commercial mortgage backed, and loan CDS indices.

LVIP Global Income Fund—19

LVIP Global Income Fund

Statement of Net Assets (continued)

Summary of Abbreviations:

ARM–Adjustable Rate Mortgage

AUD–Australian Dollar

BAML–Bank of America Merrill Lynch

BBA-LIBOR–British Bankers Association London

   Interbank Offered Rate

BCLY–Barclays Bank

BNYM–Bank of New York Mellon

BRL–Brazilian Real

CAD–Canadian Dollar

CITI–Citigroup Global Markets

CDO–Collateralized Debt Obligation

CDS–Credit Default Swap

CLO–Collateralized Loan Obligation

CLP–Chilean Peso

DB–Deutsche Bank

EUR–Euro

GBP–British Pound Sterling

GDP–Gross Domestic Product

GSC–Goldman Sachs Capital

HSBC–Hong Kong Shanghai Bank

IDR–Indonesia Rupiah

INR–Indian Rupee

IRS–Interest Rate Swap

JPMC–JPMorgan Chase Bank

JPY–Japanese Yen

KRW–South Korean Won

LCH–London Clearing House

LOC–Letter of Credit

MSC–Morgan Stanley Capital

MXN–Mexican Peso

MYR–Malaysian Ringgit

NZD–New Zealand Dollar

O.A.T.–Obligations Assimilables du Tresor

PEN–Peruvian Nuevo Sol

PHP–Philippine Peso

PLN–Polish Zloty

REIT–Real Estate Investment Trust

SCB–Standard Chartered Bank

SEK–Swedish Krona

SGD–Singapore Dollar

UBS–Union Bank of Switzerland

USD–United States Dollar

Yr–Year

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

LVIP Global Income Fund—20

LVIP Global Income Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Interest	$	12,843,378
Dividends		38,661
Foreign tax withheld		(80,745	)
		12,801,294
EXPENSES:
Management fees		3,240,031
Distribution fees-Service Class		777,634
Accounting and administration expenses		125,368
Custodian fees		77,746
Reports and statements to shareholders		58,681
Pricing fees		41,608
Professional fees		36,073
Trustees’ fees and expenses		13,244
Consulting fees		823
Other		7,069
		4,378,277
Less management fees waived		(348,926	)
Total operating expenses		4,029,351
NET INVESTMENT INCOME		8,771,943
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments*		3,993,833
Foreign currencies		(17,673,468	)
Foreign currency exchange contracts		(3,344,999	)
Futures contracts		(159,426	)
Swap contracts		(1,504,513	)
Net realized loss		(18,688,573	)
Net change in unrealized appreciation (depreciation) of:
Investments**		56,452,804
Foreign currencies		242,928
Foreign currency exchange contracts		(12,798,516	)
Futures contracts		(136,235	)
Swap contracts		(4,214,059	)
Net change in unrealized appreciation (depreciation)		39,546,922
NET REALIZED AND UNREALIZED GAIN		20,858,349
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	29,630,292

*Includes $37,043 capital gain taxes paid.

**Includes $120,258 capital gain taxes accrued.

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

LVIP Global Income Fund

Statements of Changes in Net Assets

	Six Months
	Ended
	6/30/16			Year Ended
	(unaudited)			12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,771,943		$	19,861,926
Net realized loss		(18,688,573	)		(807,373	)
Net change in unrealized appreciation (depreciation)		39,546,922			(48,055,768	)
Net increase (decrease) in net assets resulting from operations		29,630,292			(29,001,215	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(15,003,478	)
Service Class		—			(19,117,097	)
Net realized gain:
Standard Class		—			(4,245,424	)
Service Class		—			(5,879,830	)
		—			(44,245,829	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		18,183,436			64,021,194
Service Class		36,674,918			113,065,914
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			19,248,902
Service Class		—			24,996,926
		54,858,354			221,332,936
Cost of shares redeemed:
Standard Class		(25,102,856	)		(489,878,322	)
Service Class		(49,276,419	)		(84,436,651	)
		(74,379,275	)		(574,314,973	)
Decrease in net assets derived from capital share transactions		(19,520,921	)		(352,982,037	)
NET INCREASE (DECREASE) IN NET ASSETS		10,109,371			(426,229,081	)
NET ASSETS:
Beginning of period		1,012,926,192			1,439,155,273
End of period	$	1,023,035,563		$	1,012,926,192
Accumulated (distribution in excess) of net investment income (loss)	$	(3,742,757	)	$	(12,514,700	)

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

LVIP Global Income Fund–21

LVIP Global Income Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

			LVIP Global Income Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period		$  10.858		$  11.556			$  11.427			$  11.804			$  11.193			$  11.574
Income (loss) from investment operations:
Net investment income2		0.105		0.193			0.195			0.187			0.216			0.284
Net realized and unrealized gain (loss)		0.230		(0.427	)		0.021			(0.513	)		0.646			(0.151	)
Total from investment operations		0.335		(0.234	)		0.216			(0.326	)		0.862			0.133
Less dividends and distributions from:
Net investment income		—		(0.362	)		(0.070	)		(0.030	)		(0.229	)		(0.498	)
Net realized gain		—		(0.102	)		(0.017	)		(0.021	)		(0.022	)		(0.016	)
Total dividends and distributions		—		(0.464	)		(0.087	)		(0.051	)		(0.251	)		(0.514	)
Net asset value, end of period		$  11.193		$  10.858			$  11.556			$  11.427			$  11.804			$  11.193
Total return3		3.09%		(2.02%	)		1.88%			(2.76%	)		7.69%			1.09%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$383,990		$379,407			$819,163			$781,803			$412,853			$135,791
Ratio of expenses to average net assets		0.65%		0.65%			0.64%			0.69%			0.71%			0.73%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.72%		0.72%			0.71%			0.74%			0.76%			0.78%
Ratio of net investment income to average net assets		1.92%		1.69%			1.68%			1.63%			1.84%			2.41%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.85%		1.62%			1.61%			1.58%			1.79%			2.36%
Portfolio turnover		21%		54%			81%			51%			31%			42%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Global Income Fund–22

LVIP Global Income Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

			LVIP Global Income Fund Service Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period		$  10.843		$  11.540			$  11.412			$  11.818			$  11.207			$  11.589
Income (loss) from investment operations:
Net investment income2		0.091		0.163			0.166			0.158			0.186			0.256
Net realized and unrealized gain (loss)		0.231		(0.425	)		0.020			(0.513	)		0.647			(0.152	)
Total from investment operations		0.322		(0.262	)		0.186			(0.355	)		0.833			0.104
Less dividends and distributions from:
Net investment income		—		(0.333	)		(0.041	)		(0.030	)		(0.200	)		(0.470	)
Net realized gain		—		(0.102	)		(0.017	)		(0.021	)		(0.022	)		(0.016	)
Total dividends and distributions		—		(0.435	)		(0.058	)		(0.051	)		(0.222	)		(0.486	)
Net asset value, end of period		$  11.165		$  10.843			$  11.540			$  11.412			$  11.818			$  11.207
Total return3		2.96%		(2.27%	)		1.62%			(3.01%	)		7.43%			0.83%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$639,046		$633,519			$619,992			$531,413			$504,516			$411,157
Ratio of expenses to average net assets		0.90%		0.90%			0.89%			0.94%			0.96%			0.98%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.97%		0.97%			0.96%			0.99%			1.01%			1.03%
Ratio of net investment income to average net assets		1.67%		1.44%			1.43%			1.38%			1.59%			2.16%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.60%		1.37%			1.36%			1.33%			1.54%			2.11%
Portfolio turnover		21%		54%			81%			51%			31%			42%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Global Income Fund–23

LVIP Global Income Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Global Income 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”). 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 current income consistent with the preservation of capital.

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. U.S. government and agency securities are valued at their mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (“CDS”) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Open-end investment companies are valued at their published net asset value. Futures contracts are valued at the daily quoted settlement prices. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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.

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under “Net realized gain (loss) on foreign currencies.” 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 Global Income Fund–24

LVIP Global Income 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 and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Withholding taxes on foreign interest 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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-advisers, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.65% of the Fund’s average daily net assets. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.07% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Mondrian Investment Partners Ltd. (“Mondrian”) is responsible for the day-to-day management of a portion of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays Mondrian a fee based on Mondrian’s managed portion of the Fund’s average daily net assets.

Franklin Advisers, Inc. (“Franklin”) is also responsible for the day-to-day management of a portion of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays Franklin a fee based on Franklin’s managed portion of 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$26,357
Legal	7,255

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 $48,442 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$481,480
Distribution fees payable to LFD	129,995
Printing and mailing fees payable to Lincoln Life	3,147

LVIP Global Income Fund–25

LVIP Global Income Fund

Notes to Financial Statements (continued)

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	154,225,952
Purchases of U.S. government securities		35,250,212
Sales other than U.S. government securities		160,176,634
Sales of U.S. government securities		23,508,881

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$1,008,055,448
Aggregate unrealized appreciation	$     55,545,701
Aggregate unrealized depreciation	(47,409,463	)
Net unrealized appreciation	$       8,136,238

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 Global Income Fund–26

LVIP Global Income Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 2			Total
Agency Collateralized Mortgage Obligation	$	—		$	5,949,504		$	5,949,504
Agency Mortgage-Backed Securities		—			4,228,156			4,228,156
Non-Agency Commercial Mortgage-Backed Securities		—			8,505,168			8,505,168
Corporate Bonds		—			78,541,685			78,541,685
Municipal Bonds		—			177,223			177,223
Non-Agency Asset-Backed Securities		—			17,671,903			17,671,903
Non-Agency Collateralized Mortgage Obligations		—			8,018,479			8,018,479
Senior Secured Loans		—			8,847,305			8,847,305
Sovereign Bonds		—			552,242,305			552,242,305
Supranational Banks		—			21,524,560			21,524,560
U.S. Treasury Obligations		—			238,170,235			238,170,235
Money Market Fund		55,668,163			—			55,668,163
Short-Term Investment		—			16,647,000			16,647,000
Total	$	55,668,163		$	960,523,523		$	1,016,191,686
Foreign Currency Exchange Contracts and Foreign Cross Currency Exchange Contracts	$	—		$	(9,148,714	)	$	(9,148,714	)
Futures Contracts	$	(126,339	)	$	—		$	(126,339	)
Swap Contracts	$	—		$	(7,228,572	)	$	(7,228,572	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months
	Ended			Year Ended
	6/30/16			12/31/15
Shares sold:
Standard Class		1,646,623			5,587,335
Service Class		3,332,639			9,928,763
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,771,969
Service Class		—			2,302,590
		4,979,262			19,590,657
Shares redeemed:
Standard Class		(2,285,685	)		(43,302,286	)
Service Class		(4,520,140	)		(7,531,372	)
		(6,805,825	)		(50,833,658	)
Net decrease		(1,826,563	)		(31,243,001	)

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund

LVIP Global Income Fund–27

LVIP Global Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

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 against fluctuations in the value of its portfolio securities. 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 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.

Swap Contracts–The Fund enters into CDS contracts and interest rate swap contracts in the normal course of pursuing its investment objective and strategies. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Fund may use interest rate swaps to adjust the Fund’s sensitivity to interest rates or hedge against changes in interest rates.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities, (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterparty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended June 30, 2016, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on CDS contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of a CDS contract. Initial margin and variation margin is posted to a central counterparty for centrally cleared CDS basket trades, as determined by an applicable central counterparty.

As disclosed in the footnotes to the Statement of Net Assets, at June 30, 2016, the notional value of the protection sold was EUR 800,000 and USD 3,250,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At June 30, 2016, net unrealized depreciation of the protection sold was $97,112.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting

LVIP Global Income Fund–28

LVIP Global Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such a swap contract. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from (paid) to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statement of Net Assets.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Receivables and other assets net of liabilities	$	4,638,539	Receivables and other assets net of liabilities	$	(13,787,253	)
Interest rate contracts (Futures contracts)	Receivables and other assets net of liabilities		45,693	Receivables and other assets net of liabilities		(172,032	)
Credit contracts (Swap contracts)	Receivables and other assets net of liabilities		174,525	Receivables and other assets net of liabilities		(198,864	)
Interest rate contracts (Swap contracts)	Receivables and other assets net of liabilities		—	Receivables and other assets net of liabilities		(7,204,233	)
Total		$	4,858,757		$	(21,362,382	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income	Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized loss from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(3,344,999)	$(12,798,516)
Interest rate contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	(159,426)	(136,235)
Credit contracts (Swap contracts)	Net realized loss from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts	(201,082)	(167,127)
Interest rate contracts (Swap contracts)	Net realized loss from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts	(1,303,431)	(4,046,932)
Total		$(5,008,938)	$(17,148,810)

LVIP Global Income Fund–29

LVIP Global Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Foreign currency exchange contracts (average cost)	USD	76,743,653		USD	375,300,618
Futures contracts (average notional value)	USD	6,519,016		USD	8,565,838
CDS contracts (average notional value)*	EUR	—		EUR	800,000
CDS contracts (average notional value)*	USD	11,444,800		USD	3,210,800
Interest rate swap contracts (average notional value)	USD	74,601,600		USD	—

*Asset represents buying protection and liability represents selling protection.

At June 30, 2016, the Fund received $259,000 securities collateral (comprised of U.S. treasury securities) for certain open derivatives.

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 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 June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Assets	Gross Value of Derivative Liability			Net Position
Barclays Bank	$  80,787		$  (1,547,759	)		$  (1,466,972	)
Citigroup Global Market	34,457		(1,834,235	)		(1,799,778	)
JPMorgan Chase Bank	515,854		(8,800,907	)		(8,285,053	)
Standard Chartered Bank	116,421		(183,943	)		(67,522	)
Total	$747,519		$(12,366,844	)		$(11,619,325	)

Counterparty	Net Position			Fair Value of Non Cash Collateral Received	Cash Collateral Received	Fair Value of Non Cash Collateral Pledged	Cash Collateral Pledged		Net Exposure(a)
Barclays Bank		$  (1,466,972	)	$—	$—	$—		$  1,466,972		$        —
Citigroup Global Market		(1,799,778	)	—	—	—		1,799,778		—
JPMorgan Chase Bank		(8,285,053	)	—	—	—		8,285,053		—
Standard Chartered Bank		(67,522	)	—	—	—		—		(67,522	)
Total		$(11,619,325	)	$—	$—	$—		$11,551,803		$(67,522	)

^(a)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

6. Credit and Market Risk

Some countries in which the Fund invests 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 Global Income Fund–30

LVIP Global Income Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (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 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 invests a portion of its assets in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s Financial Services LLC or Ba or lower by Moody’s Investors Service Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies or defaults, and may be adversely affected by changes in interest rates and shifts in the market’s perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (“CMOs”). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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 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 investment in illiquid securities. Rule 144A and illiquid securities are identified on the Statement of Net Assets.

7. 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.

8. 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 Global Income Fund–31

LVIP Goldman Sachs Income Builder Fund        a series of Lincoln Variable        Insurance Products Trust    Semiannual Report    June 30, 2016

LVIP Goldman Sachs Income Builder Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations	2
Statement of Net Assets	4
Statement of Operations	11
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	14

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Goldman Sachs Income Builder Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee reimbursements in effect.

Expense Analysis of an Investment of $1,000

				Expenses
	Beginning	Ending		Paid During
	Account	Account	Annualized	Period
	Value	Value	Expense	1/1/16 to
	1/1/16	6/30/16	Ratio	6/30/16*
Actual
Standard Class Shares	$1,000.00	$1,040.00	0.75%	$3.80
Service Class Shares	1,000.00	1,038.70	1.00%	5.07
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,021.13	0.75%	$3.77
Service Class Shares	1,000.00	1,019.89	1.00%	5.02

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Goldman Sachs Income Builder Fund–1

LVIP Goldman Sachs Income Builder Fund

Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations (unaudited)

As of June 30, 2016

Sector and geographical designations may be different than those presented in other Fund materials.

Security Type/Sector	Percentage   of Net Assets
Common Stock		43.49%
U.S. Markets		37.45%
Aerospace & Defense		0.70%
Air Freight & Logistics		0.46%
Banks		3.31%
Beverages		0.23%
Capital Markets		0.75%
Chemicals		0.40%
Communications Equipment		0.63%
Consumer Finance		0.73%
Diversified Telecommunication Services		1.93%
Electric Utilities		2.64%
Energy Equipment & Services		0.55%
Food & Staples Retailing		1.48%
Health Care Equipment & Supplies		2.04%
Health Care Providers & Services		0.44%
Hotels, Restaurants & Leisure		0.55%
Household Products		1.43%
Industrial Conglomerates		1.44%
Insurance		0.90%
Machinery		0.51%
Media		1.22%
Multi-Utilities		0.27%
Oil, Gas & Consumable Fuels		3.36%
Pharmaceuticals		4.36%
Real Estate Investment Trusts		1.92%
Road & Rail		0.74%
Semiconductors & Semiconductor Equipment		1.14%
Software		2.18%
Technology Hardware, Storage & Peripherals		0.43%
Textiles, Apparel & Luxury Goods		0.25%
Tobacco		0.46%
Developed Markets		6.04%
Banks		0.20%
Electric Utilities		1.75%
Oil, Gas & Consumable Fuels		1.16%
Personal Products		0.46%
Pharmaceuticals		0.90%
Specialty Retail		0.25%
Tobacco		0.46%
Transportation Infrastructure		0.21%
Wireless Telecommunication Services		0.65%
Convertible Preferred Stock		3.00%
Preferred Stock		1.09%
Corporate Bonds		35.13%
Airlines		0.23%
Banks		2.26%
Beverages		1.18%

Security Type/Sector	Percentage   of Net Assets
Chemicals		0.44%
Commercial Services & Supplies		0.47%
Consumer Finance		0.22%
Containers & Packaging		1.75%
Diversified Financial Services		0.24%
Diversified Telecommunication Services		0.45%
Food & Staples Retailing		0.74%
Health Care Providers & Services		2.80%
Hotels, Restaurants & Leisure		1.14%
Household Durables		0.44%
Household Products		0.92%
Independent Power & Renewable Electricity   Producers		0.84%
Internet & Catalog Retail		0.53%
Internet Software & Services		0.22%
IT Services		0.87%
Media		7.36%
Metals & Mining		0.19%
Oil, Gas & Consumable Fuels		2.03%
Pharmaceuticals		0.46%
Real Estate Investment Trusts		1.56%
Semiconductors & Semiconductor Equipment		0.91%
Software		1.62%
Specialty Retail		0.23%
Technology Hardware, Storage & Peripherals		0.90%
Thrifts & Mortgage Finance		0.37%
Tobacco		0.83%
Trading Companies & Distributors		0.30%
Wireless Telecommunication Services		2.63%
Senior Secured Loans		7.48%
U.S. Treasury Obligation		3.53%
Money Market Fund		5.13%
Total Value of Securities		98.85%
Receivables and Other Assets Net of Liabilities		1.15%
Total Net Assets		100.00%

LVIP Goldman Sachs Income Builder Fund–2

LVIP Goldman Sachs Income Builder Fund

Security Type/Sector Allocations, Top 10 Equity Holdings and Geography Allocations (continued)

Holdings are for informational purpose only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage   of Net Assets
Exxon Mobil		2.30%
Johnson & Johnson		2.03%
Verizon Communications		1.93%
Wal-Mart Stores		1.48%
General Electric		1.44%
Microsoft		1.35%
Wells Fargo		1.30%
Pfizer		1.19%
M&T Bank		1.12%
Chevron		1.05%
Total		15.19%

Geography	Percentage   of Net Assets
Canada		1.30%
Cayman Islands		0.43%
France		2.83%
Ireland		1.75%
Italy		1.07%
Japan		0.46%
Luxembourg		1.30%
Netherlands		0.12%
Spain		1.08%
Sweden		0.25%
Switzerland		0.35%
United Kingdom		1.70%
United States		81.08%
Total		93.72%

LVIP Goldman Sachs Income Builder Fund–3

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–43.49%
U.S. MARKETS–37.45%
Aerospace & Defense–0.70%
United Technologies		789	$	80,912
				80,912
Air Freight & Logistics–0.46%
United Parcel Service Class B		493		53,106
				53,106
Banks–3.31%
JPMorgan Chase		1,648		102,407
M&T Bank		1,090		128,871
Wells Fargo		3,167		149,894
				381,172
Beverages–0.23%
PepsiCo		248		26,273
				26,273
Capital Markets–0.75%
Invesco		1,574		40,200
Morgan Stanley		1,777		46,166
				86,366
Chemicals–0.40%
EI du Pont de Nemours		703		45,554
				45,554
Communications Equipment–0.63%
Cisco Systems		2,552		73,217
				73,217
Consumer Finance–0.73%
American Express		1,386		84,213
				84,213
Diversified Telecommunication Services–1.93%
Verizon Communications		3,981		222,299
				222,299
Electric Utilities–2.64%
Duke Energy		1,066		91,452
FirstEnergy		1,909		66,643
NextEra Energy		452		58,941
Pinnacle West Capital		1,080		87,545
				304,581
Energy Equipment & Services–0.55%
Schlumberger		803		63,501
				63,501
Food & Staples Retailing–1.48%
Wal-Mart Stores		2,332		170,283
				170,283
Health Care Equipment & Supplies–2.04%
Abbott Laboratories		2,923		114,903

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Health Care Equipment & Supplies (continued)
Medtronic		1,388	$	120,437
				235,340
Health Care Providers & Services–0.44%
UnitedHealth Group		358		50,550
				50,550
Hotels, Restaurants & Leisure–0.55%
McDonald’s		208		25,031
Yum Brands		460		38,143
				63,174
Household Products–1.43%
Kimberly-Clark		499		68,602
Procter & Gamble		1,140		96,524
				165,126
Industrial Conglomerates–1.44%
General Electric		5,269		165,868
				165,868
Insurance–0.90%
Arthur J. Gallagher & Co.		562		26,751
XL Group		2,319		77,246
				103,997
Machinery–0.51%
Stanley Black & Decker		530		58,947
				58,947
Media–1.22%
Comcast Class A		1,409		91,853
Viacom Class B		1,188		49,266
				141,119
Multi-Utilities–0.27%
PG&E		490		31,321
				31,321
Oil, Gas & Consumable Fuels–3.36%
Chevron		1,158		121,393
Exxon Mobil		2,836		265,847
				387,240
Pharmaceuticals–4.36%
†Allergan		219		50,609
Eli Lilly & Co.		368		28,980
Johnson & Johnson		1,927		233,745
Merck & Co.		905		52,137
Pfizer.		3,885		136,791
				502,262
Real Estate Investment Trusts–1.92%
AvalonBay Communities		288		51,952

LVIP Goldman Sachs Income Builder Fund–4

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Real Estate Investment Trusts (continued)
Boston Properties		393	$	51,837
Brixmor Property Group		1,070		28,312
DDR		2,810		50,973
Mid-America Apartment Communities		364		38,730
				221,804
Road & Rail–0.74%
Union Pacific		980		85,505
				85,505
Semiconductors & Semiconductor Equipment–1.14%
Intel		1,503		49,298
QUALCOMM		1,529		81,908
				131,206
Software–2.18%
Microsoft		3,056		156,375
Oracle		1,332		54,519
Symantec		1,988		40,833
				251,727
Technology Hardware, Storage & Peripherals–0.43%
Apple		521		49,808
				49,808
Textiles, Apparel & Luxury Goods–0.25%
VF		464		28,531
				28,531
Tobacco–0.46%
Reynolds American		993		53,552
				53,552
Total U.S. Markets   (Cost $4,018,503)				4,318,554
§DEVELOPED MARKETS–6.04%
Banks–0.20%
Banco Bilbao Vizcaya Argentaria ADR		3,994		22,926
				22,926
Electric Utilities–1.75%
Enel ADR		22,659		99,473
Iberdrola ADR		3,758		101,842
				201,315
Oil, Gas & Consumable Fuels–1.16%
BP ADR		1,943		68,996
TOTAL ADR		1,352		65,031
				134,027

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Personal Products–0.46%
Unilever New York Shares		1,131	$	53,089
				53,089
Pharmaceuticals–0.90%
Novartis ADR		482		39,770
Sanofi ADR		1,525		63,821
				103,591
Specialty Retail–0.25%
Hennes & Mauritz ADR		5,065		29,301
				29,301
Tobacco–0.46%
Japan Tobacco ADR		2,675		53,447
				53,447
Transportation Infrastructure–0.21%
Atlantia ADR		1,924		23,896
				23,896
Wireless Telecommunication Services–0.65%
Vodafone Group ADR		2,407		74,352
				74,352
Total Developed Markets   (Cost $757,215)				695,944
Total Common Stock   (Cost $4,775,718)				5,014,498
CONVERTIBLE PREFERRED STOCK–3.00%
Exelon 6.50%, exercise price $43.75, expiration date 6/1/17		446		22,006
•Morgan Stanley 6.375%, exercise price $25.00, expiration date 12/31/49		837		22,641
Public Storage 5.75%, exercise price $25.00, expiration date 12/31/49		1,571		41,522
•SCE Trust III 5.75%, exercise price $25.00, expiration date 12/31/49		4,000		116,000
Taubman Centers 6.50%, exercise price $25.00, expiration date		1,552		40,368
Verizon Communications 5.90%, exercise price $25.00, expiration date 2/15/54		2,339		64,323

LVIP Goldman Sachs Income Builder Fund–5

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
CONVERTIBLE PREFERRED STOCK (continued)
Vornado Realty Trust 6.625%, exercise price $25.00, expiration date 12/31/49		1,497	$	39,206
Total Convertible Preferred Stock   (Cost $320,927)				346,066
PREFERRED STOCK–1.09%
•Bank of America 6.10%		75,000		76,219
•Morgan Stanley 5.55%		50,000		49,593
Total Preferred Stock   (Cost $122,583)				125,812
	Principal
	Amount°
CORPORATE BONDS–35.13%
Airlines–0.23%
#@Air Canada 144A 6.75% 10/1/19		25,000		25,974
				25,974
Banks–2.26%
•Bank of America 6.30% 12/29/49		25,000		26,625
CIT Group 5.25% 3/15/18		50,000		51,639
•CoBank 6.25% 12/29/49		50,000		52,841
JPMorgan Chase
•6.10% 10/29/49		25,000		25,813
•6.125% 12/29/49		50,000		51,875
•Wells Fargo 5.90% 12/29/49		50,000		51,500
				260,293
Beverages–1.18%
Anheuser-Busch InBev Finance 4.90% 2/1/46		50,000		58,834
Constellation Brands 4.75% 12/1/25		25,000		26,469
Cott Beverages 5.375% 7/1/22		50,000		50,187
				135,490
Chemicals–0.44%
Ashland 6.875% 5/15/43		50,000		50,250
				50,250
Commercial Services & Supplies–0.47%
Advanced Disposal Services 8.25% 10/1/20		25,000		25,375
#@Speedy Cash Intermediate Holdings 144A 10.75% 5/15/18		50,000		29,000
				54,375
Consumer Finance–0.22%
•American Express 6.80% 9/1/66		25,000		25,031
				25,031

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Containers & Packaging–1.75%
#•@Ardagh Packaging Finance 144A 3.876% 5/15/21		200,000		$	201,250
					201,250
Diversified Financial Services–0.24%
#International Lease Finance 144A 7.125% 9/1/18		25,000			27,511
					27,511
Diversified Telecommunication Services–0.45%
AT&T 4.75% 5/15/46		50,000			51,448
					51,448
Food & Staples Retailing–0.74%
CVS Health 5.125% 7/20/45		25,000			31,142
Rite Aid 6.75% 6/15/21		25,000			26,317
Sysco 4.85% 10/1/45		25,000			28,072
					85,531
Health Care Providers & Services–2.80%
Community Health Systems 6.875% 2/1/22		50,000			44,000
DaVita HealthCare Partners 5.00% 5/1/25		75,000			74,531
HCA
4.75% 5/1/23		100,000			102,750
5.00% 3/15/24		25,000			25,937
5.875% 2/15/26		25,000			26,000
•Tenet Healthcare 4.153% 6/15/20		50,000			49,625
					322,843
Hotels, Restaurants & Leisure–1.14%
#KFC Holding 144A 5.25% 6/1/26		25,000			25,687
MGM Resorts International 6.75% 10/1/20		50,000			54,875
#New Red Finance 144A 4.625% 1/15/22		25,000			25,250
#Seminole Hard Rock Entertainment 144A 5.875% 5/15/21		25,000			25,187
					130,999
Household Durables–0.44%
TRI Pointe Holdings 4.375% 6/15/19		50,000			50,500
					50,500
Household Products–0.92%
HRG Group 7.875% 7/15/19		50,000			52,563
Spectrum Brands 6.625% 11/15/22		50,000			53,313
					105,876

LVIP Goldman Sachs Income Builder Fund–6

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Independent Power & Renewable Electricity Producers–0.84%
#@Calpine 144A 7.875% 1/15/23		42,000	$	44,520
Dynegy 6.75% 11/1/19		20,000		20,125
NRG Energy 7.875% 5/15/21		31,000		32,240
				96,885
Internet & Catalog Retail–0.53%
Amazon.com 4.95% 12/5/44		50,000		61,109
				61,109
Internet Software & Services–0.22%
VeriSign 5.25% 4/1/25		25,000		25,750
				25,750
IT Services–0.87%
CoreLogic 7.25% 6/1/21		25,000		25,933
#First Data 144A 5.75% 1/15/24		50,000		49,813
#@WEX 144A 4.75% 2/1/23		25,000		24,375
				100,121
Media–7.36%
21st Century Fox America 6.15% 2/15/41		25,000		31,328
CCO Holdings 5.125% 5/1/23		25,000		25,203
#144A 5.75% 2/15/26		50,000		51,625
Charter Communications Operating
#144A 4.908% 7/23/25		25,000		27,382
#144A 6.484% 10/23/45		50,000		59,914
Clear Channel Worldwide Holdings 6.50% 11/15/22		25,000		24,187
Comcast 4.60% 8/15/45		25,000		28,857
#DISH DBS 144A 7.75% 7/1/26		50,000		51,625
#Nielsen Finance 144A 5.00% 4/15/22		50,000		51,187
#Numericable-SFR 144A 7.375% 5/1/26		200,000		198,000
#@Sirius XM Radio 144A 4.625% 5/15/23		100,000		97,383
Univision Communications 5.125% 2/15/25		75,000		74,437
#@Videotron 144A 5.375% 6/15/24		75,000		76,313
WMG Acquisition 5.625% 4/15/22		50,000		51,313
				848,754
Metals & Mining–0.19%
#Glencore Funding 144A 4.00% 4/16/25		25,000		22,165
				22,165
Oil, Gas & Consumable Fuels–2.03%
Antero Resources 5.125% 12/1/22		25,000		24,125

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Apache 4.75% 4/15/43		25,000	$	25,799
Kinder Morgan 5.05% 2/15/46		25,000		23,852
Laredo Petroleum 5.625% 1/15/22		25,000		23,500
Sabine Pass Liquefaction 5.75% 5/15/24		100,000		99,750
Weatherford International 6.80% 6/15/37		50,000		37,141
				234,167
Pharmaceuticals–0.46%
Actavis Funding SCS 4.75% 3/15/45		50,000		52,711
				52,711
Real Estate Investment Trusts–1.56%
#Communications Sales & Leasing 144A 6.00% 4/15/23		25,000		25,500
DuPont Fabros Technology 5.625% 6/15/23		50,000		51,500
Equinix 5.375% 4/1/23		75,000		77,813
Starwood Property Trust 3.75% 10/15/17		25,000		25,328
				180,141
Semiconductors & Semiconductor Equipment–0.91%
#Micron Technology 144A 7.50% 9/15/23		50,000		53,250
#Qorvo 144A 6.75% 12/1/23		50,000		52,125
				105,375
Software–1.62%
#@BMC Software Finance 144A 8.125% 7/15/21		50,000		37,750
Infor US 6.50% 5/15/22		50,000		47,469
Microsoft 3.75% 2/12/45		50,000		50,942
#@Nuance Communications 144A 5.375% 8/15/20		50,000		51,125
				187,286
Specialty Retail–0.23%
L Brands 5.625% 2/15/22		25,000		26,931
				26,931
Technology Hardware, Storage & Peripherals–0.90%
NCR 5.875% 12/15/21		50,000		50,937
#Western Digital 144A 7.375% 4/1/23		50,000		53,375
				104,312
Thrifts & Mortgage Finance–0.37%
Nationstar Mortgage 6.50% 7/1/21		50,000		43,000
				43,000

LVIP Goldman Sachs Income Builder Fund–7

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Tobacco–0.83%
Reynolds American 5.85% 8/15/45		75,000	$	96,202
				96,202
Trading Companies & Distributors–0.30%
#@Ahern Rentals 144A 7.375% 5/15/23		50,000		34,750
				34,750
Wireless Telecommunication Services–2.63%
SBA Communications 4.875% 7/15/22		75,000		75,094
Sprint 7.875% 9/15/23		100,000		82,250
Sprint Communications 6.00% 12/1/16		50,000		50,437
T-Mobile USA
6.50% 1/15/26		40,000		42,350
6.625% 4/1/23		50,000		53,157
				303,288
Total Corporate Bonds (Cost $4,002,201)				4,050,318
«SENIOR SECURED LOANS–7.48%
AdvancePierre Foods 4.75% 5/18/23		25,000		24,969
Avago Technologies Cayman Finance Tranche B 1st Lien 4.25% 2/1/23		49,875		49,996
Axalta Coating Systems US Holdings 1st Lien 3.75% 2/1/20		23,635		23,644
BMC Software Finance 1st Lien 5.00% 9/10/20		24,737		22,016
Communications Sales & Leasing Tranche B 1st Lien 5.00% 10/24/22		24,812		24,579
Endo Luxembourg Finance I Tranche B 1st Lien 3.75% 9/25/22		24,875		24,527
@EnergySolutions Tranche B 1st     Lien     6.75% 5/29/20		25,000		24,375
@Equinix Tranche B 1st Lien     4.00% 1/8/23		25,000		25,000
First Data 1st Lien 4.202% 7/10/22		25,000		24,828
First Data Tranche B 1st Lien 4.452% 3/24/21		25,000		24,958
Gates Global 1st Lien 4.25% 7/6/21		24,872		23,659
Getty Images Tranche B 1st Lien 4.75% 10/18/19		24,744		18,481
Global Payments Tranche B 1st Lien 0.04% 3/24/23		25,000		25,200
@Intelsat Jackson Holdings     Tranche B2     3.75% 6/30/19		50,000		45,675

	Principal		Value
	Amount°		(U.S. $)
«SENIOR SECURED LOANS (continued)
MEG Energy Tranche B 1st Lien 3.75% 3/31/20		24,870	$	21,970
Men’s Wearhouse 1st Lien 5.00% 6/18/21		25,000		23,313
Micron Technology 6.64% 4/26/22		25,000		25,186
Neiman Marcus Group 1st Lien 4.25% 10/25/20		24,747		22,292
NEP/NCP Tranche B 1st Lien 4.25% 1/22/20		24,937		24,531
Neptune Finco 1st Lien 5.00% 10/9/22		25,000		25,087
NXP Tranche B1 1st Lien 3.75% 12/7/20		13,330		13,375
Ortho-Clinical Diagnostics 1st Lien 4.75% 6/30/21		24,811		23,549
PetSmart Tranche B 1st Lien 4.25% 3/10/22		24,874		24,803
Sabre GLBL Tranche B 1st Lien 4.00% 2/19/19		14,808		14,827
Scientific Games International 6.00% 10/1/21		24,937		24,628
Shearer’s Foods 4.938% 6/30/21		25,000		24,375
Shearer’s Foods 1st Lien 5.25% 7/30/21		24,938		24,522
SIG Combibloc PurchaseCo 4.25% 3/13/22		24,937		24,801
SS&C Technologies (European Holdings) Tranche B2 1st Lien 4.00% 7/8/22		2,461		2,465
SS&C Technologies Tranche B1 1st Lien 4.00% 7/8/22		18,587		18,613
TransDigm Tranche C 1st Lien 3.75% 2/28/20		24,744		24,574
U.S. Foods 4.00% 6/27/23		25,000		25,000
U.S. Renal Care 1st Lien 5.25% 12/31/22		24,875		24,875
Univar USA 1st Lien 4.25% 7/1/22		24,813		24,502
Valeant Pharmaceuticals International Tranche B-F1 1st Lien 5.00% 4/1/22		44,905		43,801
Total Senior Secured Loans (Cost $867,388)				862,996
U.S. TREASURY OBLIGATION–3.53%
U.S. Treasury Notes 1.375% 9/30/20		400,000		407,320
Total U.S. Treasury Obligation (Cost $402,111)				407,320

LVIP Goldman Sachs Income Builder Fund–8

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
MONEY MARKET FUND–5.13%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		591,710	$	591,710
Total Money Market Fund (Cost $591,710)				591,710

TOTAL VALUE OF SECURITIES–98.85% (Cost $11,082,638)	$11,398,720
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.15%	132,193
NET ASSETS APPLICABLE TO 1,216,339 SHARES OUTSTANDING–100.00%	$11,530,913
NET ASSET VALUE PER SHARE–LVIP GOLDMAN SACHS INCOME BUILDER FUND STANDARD CLASS ($854,757 / 90,070 Shares)	$9.490
NET ASSET VALUE PER SHARE–LVIP GOLDMAN SACHS INCOME BUILDER FUND SERVICE CLASS ($10,676,156 / 1,126,269 Shares)	$9.479
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$11,983,605
Undistributed net investment income	203,273
Accumulated net realized loss on investments	(930,699	)
Net unrealized appreciation of investments and derivatives	274,734
Total net assets	$11,530,913

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $1,422,036, which represents 12.33% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

† Non-income producing for the period.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

« Includes $57,690 cash collateral held at broker for futures contracts, $64,456 payable for securities purchased, $112 payable for fund shares redeemed, $7,995 due to manager and affiliates and $9,878 expense reimbursement receivable from Lincoln Investment Advisors Corporation as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $717,490, which represents 6.22% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at June 30, 2016.

§ Developed Markets – countries that are thought to be most developed and therefore less risky than emerging markets.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

LVIP Goldman Sachs Income Builder Fund–9

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value			Expiration Date	Unrealized Appreciation (Depreciation)
(3)	U.S. Treasury 2 yr Notes		$(654,299)		$(657,985	)	10/3/16		$  (3,686)
6	U.S. Treasury 5 yr Notes		734,702		732,985		10/3/16		(1,717)
(3)	U.S. Treasury 10 yr Notes		(394,890)		(398,952	)	9/22/16		(4,062)
(2)	U.S. Treasury Long Bonds		(324,888)		(344,688	)	9/22/16		(19,800)
(1)	U.S. Treasury Ultra Bond		(174,240)		(186,375	)	9/22/16		(12,135)
									$(41,400)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

IT–Information Technology

yr–Year

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

LVIP Goldman Sachs Income Builder Fund–10

LVIP Goldman Sachs Income Builder Fund Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Interest	$	138,983
Dividends		103,085
Foreign tax withheld		(3,333	)
		238,735
EXPENSES:
Management fees		33,422
Professional fees		25,232
Distribution fees-Service Class		11,867
Pricing fees		5,917
Reports and statements to shareholders		4,376
Accounting and administration expenses		1,206
Custodian fees.		1,098
Consulting fees		853
Trustees’ fees and expenses		103
Other		387
		84,461
Less expenses reimbursed		(34,030	)
Total operating expenses		50,431
NET INVESTMENT INCOME		188,304
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss from:
Investments		(667,951	)
Foreign currencies		(14	)
Futures contracts		(23,398	)
Net realized loss		(691,363	)
Net change in unrealized appreciation (depreciation) of:
Investments		971,909
Foreign currencies		59
Futures contracts		(41,009	)
Net change in unrealized appreciation (depreciation)		930,959
NET REALIZED AND UNREALIZED GAIN		239,596
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	427,900

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

LVIP Goldman Sachs Income Builder Fund Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	188,304		$	337,088
Net realized loss		(691,363	)		(112,069	)
Net change in unrealized appreciation (depreciation)		930,959			(668,079	)
Net increase (decrease) in net assets resulting from operations		427,900			(443,060	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(27,082	)
Service Class		—			(296,891	)
		—			(323,973	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		28,622			407
Service Class		1,827,946			2,495,991
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			27,082
Service Class		—			296,891
		1,856,568			2,820,371
Cost of shares redeemed:
Standard Class		(180	)		(482	)
Service Class		(963,949	)		(503,298	)
		(964,129	)		(503,780	)
Increase in net assets derived from capital share transactions		892,439			2,316,591
NET INCREASE IN NET ASSETS		1,320,339			1,549,558
NET ASSETS:
Beginning of period		10,210,574			8,661,016
End of period	$	11,530,913		$	10,210,574
Undistributed net investment income	$	203,273		$	14,969

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

LVIP Goldman Sachs Income Builder Fund–11

LVIP Goldman Sachs Income Builder Fund

Financial Highlights

Select data for each share of the Fund outstanding through each period were as follows:

	LVIP Goldman Sachs Income Builder Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)	Year Ended 12/31/15	5/1/142 to 12/31/14
Net asset value, beginning of period	$  9.125	$   9.824	$10.000
Income (loss) from investment operations:
Net investment income3	0.176	0.371	0.237
Net realized and unrealized loss	0.189	(0.748)	(0.156)
Total from investment operations	0.365	(0.377)	0.081
Less dividends and distributions from:
Net investment income	—	(0.322)	(0.251)
Return of capital	—	—	(0.006)
Total dividends and distributions	—	(0.322)	(0.257)
Net asset value, end of period	$  9.490	$   9.125	$  9.824
Total return4	4.00%	(3.85%)	0.80%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$     855	$      795	$     826
Ratio of expenses to average net assets	0.75%	0.75%	0.75%
Ratio of expenses to average net assets prior to expenses waived/reimbursed	1.41%	1.29%	1.52%
Ratio of net investment income to average net assets	3.89%	3.77%	3.48%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed	3.23%	3.23%	2.71%
Portfolio turnover	48%	61%	21%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Goldman Sachs Income Builder Fund–12

LVIP Goldman Sachs Income Builder Fund

Financial Highlights (continued)

Select data for each share of the Fund outstanding through each period were as follows:

	LVIP Goldman Sachs Income Builder Fund Service Class
	Six Months Ended 6/30/161 (unaudited)	Year Ended 12/31/15	5/1/142 to 12/31/14
Net asset value, beginning of period.	$  9.126	$  9.824	$10.000
Income (loss) from investment operations:
Net investment income3	0.165	0.346	0.220
Net realized and unrealized loss	0.188	(0.747)	(0.156)
Total from investment operations	0.353	(0.401)	0.064
Less dividends and distributions from:
Net investment income	—	(0.297)	(0.234)
Return of capital	—	—	(0.006)
Total dividends and distributions	—	(0.297)	(0.240)
Net asset value, end of period	$  9.479	$  9.126	$  9.824
Total return4	3.87%	(4.09%)	0.63%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$10,676	$  9,416	$  7,835
Ratio of expenses to average net assets	1.00%	1.00%	1.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed	1.66%	1.54%	1.77%
Ratio of net investment income to average net assets	3.64%	3.52%	3.23%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed	2.98%	2.98%	2.46%
Portfolio turnover	48%	61%	21%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Goldman Sachs Income Builder Fund–13

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Goldman Sachs Income Builder 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”). 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 a balance of current income and capital appreciation.

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 (“NYSE”) 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 sale price on the valuation date. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at published net asset value. Futures contracts are valued at the daily quoted settlement prices. 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 the policies adopted by 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”).

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 return 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014 - December 31, 2015), 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 six months ended June 30, 2016, the Fund did not incur any interest or 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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, 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 Goldman Sachs Income Builder Fund–14

LVIP Goldman Sachs Income Builder 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 and interest income is recorded on the accrual basis. 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 are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addtion, 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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. 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.

The Fund invests in master limited partnerships (“MLPs”) which make distributions that are primarily attributable to return of capital. The Fund records investment income and return of capital in the Statement of Operations using management’s estimate of the percentage of income included in the distributions received from each MLP based on historical information from the MLPs and other industry sources. These estimates may be adjusted based on information received from the MLPs after the tax and fiscal year ends.

The return of capital portion of the MLP distributions is a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed its cost basis, the distributions are treated as realized gains. The actual amounts of income and return of capital are only determined by each MLP after its fiscal year-end and may differ from the estimated amounts. For the six months ended June 30, 2016, the Fund estimated that 100% of the MLP distributions received would be treated as a return of capital.

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 commission to the Fund in cash. Commission rebates are included in “Net realized gain (loss) on investments” on the Statement of Operations and totaled $229 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.65% of the average daily net assets of the Fund.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.75% of the average daily net assets for the Standard Class and 1.00% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Goldman Sachs Asset Management, L.P. (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s investment portfolio. For its 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

LVIP Goldman Sachs Income Builder Fund–15

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

Administrative	$	204
Legal		57

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 $858 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and /or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement from LIAC	$	9,878
Management fees payable to LIAC		5,869
Distribution fees payable to LFD		2,088
Printing and mailing fees payable to Lincoln Life		38

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.

At June 30, 2016, Lincoln Life directly owned 94.34% of the Standard Class shares and 67.61% of the Service Class shares of the Fund.

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	5,323,082
Purchases of U.S. government securities		402,234
Sales		4,757,373

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$11,082,638
Aggregate unrealized appreciation	$     547,674
Aggregate unrealized depreciation	(231,592	)
Net unrealized appreciation	$     316,082

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses
(No Expiration)
Short-Term	Long-Term	Total
$91,942	$92,976	$184,918

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

LVIP Goldman Sachs Income Builder Fund–16

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

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 June 30, 2016:

	Level 1			Level 2		Total
Common Stock	$	5,014,498		$	—	$	5,014,498
Convertible Preferred Stock		346,066			—		346,066
Preferred Stock		—			125,812		125,812
Corporate Bonds		—			4,050,318		4,050,318
Senior Secured Loans		—			862,996		862,996
U.S. Treasury Obligation		—			407,320		407,320
Money Market Fund		591,710			—		591,710
Total	$	5,952,274		$	5,446,446	$	11,398,720
Futures Contracts	$	(41,400	)	$	—	$	(41,400	)

There were no Level 3 investments at the end of the period.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Goldman Sachs Income Builder Fund–17

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		3,020			42
Service Class		197,475			253,104
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,958
Service Class		—			32,419
		200,495			288,523
Shares redeemed:
Standard Class		(20	)		(50	)
Service Class		(103,027	)		(51,199	)
		(103,047	)		(51,249	)
Net increase		97,448			237,274

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Interest rate contracts (Futures contracts)	Receivables and other assets net of liabilities	$—	Receivables and other assets net of liabilities	$(41,400)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Interest rate contracts (Futures contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$(23,398)	$(41,009)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

LVIP Goldman Sachs Income Builder Fund–18

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (Average notional value)		$487,974		$1,873,189

6. Credit and Market Risk

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.

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 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 invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s Financial Services, LLC or Ba or lower by Moody’s Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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. Rule 144A and illiquid securities are identified on the Statement of Net Assets.

7. 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.

8. 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 Goldman Sachs Income Builder Fund–19

                            LVIP Government Money Market Fund (formerly LVIP Money Market Fund)   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Government Money Market Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Government Money Market Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,000.10		0.34	%		$1.69
Service Class Shares		1,000.00		1,000.10		0.34	%		1.69
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.17		0.34	%		$1.71
Service Class Shares		1,000.00		1,023.17		0.34	%		1.71

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Government Money Market Fund–1

LVIP Government Money Market Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Agency Obligations		66.25%
U.S. Treasury Obligations		3.76%
Repurchase Agreements		30.19%
Money Market Fund		0.03%
Total Value of Securities		100.23%
Liabilities Net of Receivables and Other Assets		(0.23%)
Total Net Assets		100.00%

LVIP Government Money Market Fund–2

LVIP Government Money Market Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY OBLIGATIONS–66.25%
Fannie Mae
•0.452% 8/16/17		4,180,000	$	4,179,037
•0.462% 8/15/16		22,021,000		22,023,051
0.625% 8/26/16		7,675,000		7,678,167
Fannie Mae Discount Notes
≠0.28% 7/6/16		90,000,000		89,996,500
≠0.63% 6/1/17		1,785,000		1,774,535
Federal Farm Credit Banks
•0.477% 7/14/17		3,750,000		3,748,461
•0.503% 4/20/17		15,000,000		15,001,819
•0.505% 1/2/18		3,750,000		3,747,731
•0.508% 9/5/17		3,555,000		3,554,568
0.52% 9/6/16		10,000,000		10,001,272
•0.558% 9/21/17		5,000,000		5,000,000
Federal Farm Credit Discount Notes
≠0.59% 3/30/17		2,330,000		2,319,613
≠0.60% 1/3/17		2,235,000		2,228,072
Federal Home Loan Bank Discount Notes
≠0.34% 7/11/16		13,850,000		13,848,692
≠0.34% 7/14/16		19,000,000		18,997,667
≠0.34% 7/22/16		34,000,000		33,993,257
≠0.35% 7/15/16		7,000,000		6,999,047
≠0.40% 9/16/16		12,120,000		12,109,631
≠0.40% 10/7/16		35,440,000		35,401,410
≠0.40% 10/11/16		3,580,000		3,575,943
≠0.405% 9/14/16		5,000,000		4,995,781
≠0.415% 9/23/16		9,500,000		9,490,801
≠0.44% 12/23/16		4,575,000		4,565,215
≠0.45% 10/26/16		4,500,000		4,493,419
≠0.453% 9/2/16		7,550,000		7,544,019
≠0.456% 8/24/16		9,020,000		9,013,830
≠0.466% 8/31/16		18,620,000		18,605,297
≠0.60% 2/21/17		4,805,000		4,786,180
Federal Home Loan Banks
•0.438% 11/21/16		20,180,000		20,180,696
0.45% 10/11/16		5,000,000		4,999,470
•0.462% 3/15/17		5,000,000		5,000,000
•0.50% 3/14/17		6,000,000		5,999,176
•0.518% 6/15/17		8,425,000		8,425,000
•0.554% 10/27/17		7,160,000		7,160,000
0.625% 5/30/17		6,445,000		6,439,622
•0.661% 3/8/18		2,825,000		2,825,481
Federal Home Loan Mortgage
0.65% 9/29/16		6,000,000		6,002,666
0.875% 10/14/16		13,000,000		13,014,352
Freddie Mac Discount Notes
≠0.395% 10/6/16		5,000,000		4,994,678
≠0.43% 10/3/16		28,334,000		28,302,187
≠0.51% 2/17/17		4,815,000		4,799,243
Total Agency Obligations   (Cost $477,815,586)				477,815,586

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS–3.76%
≠U.S. Treasury Bill 0.40% 4/27/17		7,200,000	$	7,163,700
•U.S. Treasury Floating Rate   Note 0.46% 4/30/18		20,000,000		19,997,967
Total U.S. Treasury Obligations   (Cost $27,161,667)				27,161,667
REPURCHASE AGREEMENTS–30.19%
Bank of Montreal
0.38%, dated 6/30/16, to be repurchased on 7/1/16, repurchase price $19,500,206 (collateralized by U.S. government obligations 1.50%–2.875% 12/31/18–5/15/43; market value $19,890,058)		19,500,000		19,500,000
The Bank of Nova Scotia
0.40%, dated 6/30/16, to be repurchased on 7/1/16, repurchase price $30,000,333 (collateralized by U.S. government obligations 0.125%–2.625% 4/15/18–11/15/20; market value $30,600,075)		30,000,000		30,000,000
BNP Paribas
0.40%, dated 6/30/16, to be repurchased on 7/1/16, repurchase price $29,200,324 (collateralized by U.S. government obligations 0.875%–4.25% 10/15/18–8/15/43; market value $29,784,086)		29,200,000		29,200,000
Citigroup Global Markets
0.42%, dated 6/30/16, to be repurchased on 7/1/16, repurchase price $20,000,233 (collateralized by U.S. government obligations 1.00% 12/15/17; market value $20,400,096)		20,000,000		20,000,000
Credit Agricole
0.42%, dated 6/30/16, to be repurchased on 7/1/16, repurchase price $34,000,397 (collateralized by U.S. government obligations 0.00%–2.625% 7/21/16–11/15/20; market value $34,680,020)		34,000,000		34,000,000

LVIP Government Money Market Fund–3

LVIP Government Money Market Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
REPURCHASE AGREEMENTS (continued)
Mizuho Securities
0.53%, dated 6/30/16, to be repurchased on 7/1/16, repurchase price $33,000,486 (collateralized by U.S. government obligations 2.25%–2.375% 12/31/20–4/30/21; market value $33,660,040)		33,000,000	$	33,000,000
Societe Generale
0.40%, dated 6/30/16, to be repurchased on 7/1/16, repurchase price $34,000,378 (collateralized by U.S. government obligations 0.00%–2.625% 12/31/16–5/15/44; market value $34,680,024)		34,000,000		34,000,000

	Principal Amount°		Value (U.S. $)
REPURCHASE AGREEMENTS (continued)
TD Securities
0.44%, dated 6/30/16, to be repurchased on 7/1/16, repurchase price $18,000,220 (collateralized by U.S. government obligations 2.125%–2.25% 11/30/17–11/15/24; market value $18,360,017)		18,000,000	$	18,000,000
Total Repurchase Agreements   (Cost $217,700,000)				217,700,000
	Number of Shares
MONEY MARKET FUND–0.03%
Dreyfus Government Cash
Management Fund - Institutional Shares (seven-day effective yield 0.01%)		199,871		199,871
Total Money Market Fund   (Cost $199,871)				199,871

TOTAL VALUE OF SECURITIES–100.23% (Cost $722,877,124)D	722,877,124
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.23%)	(1,692,090	)
NET ASSETS APPLICABLE TO 72,116,550 SHARES OUTSTANDING–100.00%	$721,185,034

NET ASSET VALUE PER SHARE–LVIP GOVERNMENT MONEY MARKET FUND STANDARD CLASS         ($426,131,928 / 42,612,043 Shares)	$10.000
NET ASSET VALUE PER SHARE–LVIP GOVERNMENT MONEY MARKET FUND SERVICE CLASS         ($295,053,106 / 29,504,507 Shares)	$10.000

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$721,163,539
Accumulated realized gain on investments	21,495
Total net assets	$721,185,034

D Also the cost for federal income tax purposes.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

« Includes $3,630,320 payable for fund shares redeemed and $180,324 due to manager and affiliates at June 30, 2016.

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in U.S. dollars.

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

LVIP Government Money Market Fund–4

LVIP Government Money Market Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Interest	$	1,314,872
Dividends		1,148
		1,316,020
EXPENSES:
Management fees		1,348,143
Distribution fees-Service Class		362,889
Accounting and administration expenses		89,548
Professional fees		45,168
Reports and statements to shareholders		21,092
Trustees’ fees and expenses		9,269
Custodian fees		4,552
Consulting fees		1,001
Pricing fees		880
Other		4,313
		1,886,855
Less management fees waived		(309,231	)
Less distribution fees waived-Service Class		(362,889	)
Total operating expenses		1,214,735
NET INVESTMENT INCOME		101,285
NET REALIZED GAIN FROM INVESTMENTS		23,105
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	124,390

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

LVIP Government Money Market Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	101,285		$	156,360
Net realized gain		23,105			56
Net increase in net assets resulting from operations		124,390			156,416
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		(60,320	)		(95,505	)
Service Class		(40,965	)		(60,855	)
		(101,285	)		(156,360	)
CAPITAL SHARE
TRANSACTIONS:
Proceeds from shares sold:
Standard Class		249,051,502			620,319,573
Service Class		177,013,379			289,419,581
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		60,320			95,462
Service Class		40,965			60,848
		426,166,166			909,895,464
Cost of shares redeemed:
Standard Class		(257,786,726	)		(668,303,455	)
Service Class		(147,047,743	)		(308,123,014	)
		(404,834,469	)		(976,426,469	)
Increase (decrease) in net assets derived from capital share transactions		21,331,697			(66,531,005	)
NET INCREASE (DECREASE) IN NET ASSETS		21,354,802			(66,530,949	)
NET ASSETS:
Beginning of period		699,830,232			766,361,181
End of period	$	721,185,034		$	699,830,232
Undistributed net investment income	$	—		$	—

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

LVIP Government Money Market Fund–5

LVIP Government Money Market Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

					LVIP Government Money Market Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	10.000			$	10.000			$	10.000			$	10.000			$	10.000			$	10.000
Income from investment operations:
Net investment income			0.001				0.002				0.003				0.002				0.003				0.003
Total from investment operations			0.001				0.002				0.003				0.002				0.003				0.003
Less dividends and distributions from:
Net investment income			(0.001	)			(0.002	)			(0.003	)			(0.002	)			(0.003	)			(0.003	)
Net realized gain			—				—				—				—				—	3			—	3
Total dividends and distributions			(0.001	)			(0.002	)			(0.003	)			(0.002	)			(0.003	)			(0.003	)
Net asset value, end of period		$	10.000			$	10.000			$	10.000			$	10.000			$	10.000			$	10.000
Total return4			0.01%				0.02%				0.03%				0.02%				0.03%				0.03%
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$426,132				$434,793				$482,693				$447,167				$429,048				$489,141
Ratio of expenses to average net assets			0.34%				0.17%				0.12%				0.17%				0.20%				0.19%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.43%				0.43%				0.41%				0.44%				0.43%				0.43%
Ratio of net investment income to average net assets			0.03%				0.02%				0.03%				0.02%				0.03%				0.03%
Ratio of net investment loss to average net assets prior to expenses waived/reimbursed			(0.06%	)			(0.24%	)			(0.26%	)			(0.25%	)			(0.20%	)			(0.21%	)

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Commencing April 1, 2016, BlackRock Advisors, LLC replaced Delaware Investments Fund Advisers, a series of Delaware Management Business Trust, as the Fund’s Sub-adviser.

³  For the years ended December 31, 2012 and 2011, net realized gain distributions of $1,804 and $563, respectively, were made by the Fund’s Standard class, which calculated to de minimus amounts of $0.000 and $0.000 per share, respectively.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Government Money Market Fund–6

LVIP Government Money Market Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Government Money Market Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	10.000			$	10.000			$	10.000			$	10.000			$	10.000			$	10.000
Income from investment operations:
Net investment income			0.001				0.002				0.003				0.002				0.003				0.003
Total from investment operations			0.001				0.002				0.003				0.002				0.003				0.003
Less dividends and distributions from:
Net investment income			(0.001	)			(0.002	)			(0.003	)			(0.002	)			(0.003	)			(0.003	)
Net realized gain			—				—				—				—				—	3			—	3
Total dividends and distributions			(0.001	)			(0.002	)			(0.003	)			(0.002	)			(0.003	)			(0.003	)
Net asset value, end of period		$	10.000			$	10.000			$	10.000			$	10.000			$	10.000			$	10.000
Total return4			0.01%				0.02%				0.05%				0.02%				0.03%				0.03%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	295,053			$	265,037			$	283,668			$	302,807			$	351,557			$	380,737
Ratio of expenses to average net assets			0.34%				0.17%				0.12%				0.17%				0.20%				0.19%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.68%				0.68%				0.66%				0.69%				0.68%				0.68%
Ratio of net investment income to average net assets			0.03%				0.02%				0.03%				0.02%				0.03%				0.03%
Ratio of net investment loss to average net assets prior to expenses waived/reimbursed			(0.31%)				(0.49%)				(0.51%)				(0.50%)				(0.45%)				(0.46%)

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Commencing April 1, 2016, BlackRock Advisors, LLC replaced Delaware Investments Fund Advisers, a series of Delaware Management Business Trust, as the Fund’s Sub-adviser.

³  For the years ended December 31, 2012 and 2011, net realized gain distributions of $1,528 and $554, respectively, were made by the Fund’s Service class, which calculated to de minimus amounts of $0.000 and $0.000 per share, respectively.

⁴  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 by the manager and distributor. Performance would have been lower had the waivers not been in effect.

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

LVIP Government Money Market Fund–7

LVIP Government Money Market Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Government Money Market Fund (formerly, LVIP Money Market 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”). 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 maximize current income while (i) maintaining a stable value of your shares (providing stability of net asset value) and (ii) preserving the value of your initial investment (preservation of capital). The Fund pursues its objective by investing at least 99.5% of its total assets in cash, government securities (which include U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government or its agencies or instrumentalities), and/or repurchase agreements secured by such obligations or cash. The yield of the Fund is not directly tied to the federal funds rate. The Fund invests in a portfolio of securities maturing in 397 days or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable or floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.

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 U.S. GAAP and are consistently followed by the Fund.

Security Valuation–Securities are valued at amortized cost, which approximates market value and is permitted under Rule 2a-7 under the 1940 Act. This method involves valuing a portfolio security initially at its cost and thereafter adjusting for amortization of premium or accretion of discount to maturity. Significant inputs to the amortization cost method include purchase cost security, premium or discount at the purchase date and time to maturity. U.S. government and agency securities are valued at their mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at published net asset value.

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income and common expenses are allocated to the classes of the Fund on the basis of “settled shares” of each class in relation to the net assets of the Fund. 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.

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.

Repurchase Agreements–The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on June 30, 2016, and matured on the next business day.

LVIP Government Money Market Fund–8

LVIP Government Money Market Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i. e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums are amortized to interest income over the lives of the respective securities using the effective interest method. The Fund declares dividends daily from net investment income and pays such dividends daily. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.48% of the first $200 million of the Fund’s average daily net assets; 0.40% of the next $200 million; and 0.30% of the Fund’s average daily net assets in excess of $400 million.

Effective April 1, 2016, BlackRock Advisors, LLC (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s investment portfolio. Prior to April 1, 2016, Delaware Investments Fund Advisers (the “Sub-Adviser”), a series of Delaware Management Business Trust, was 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	18,749
Legal		5,161

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 $15,284 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Fund’s Board of Trustees (the “Board”). No distribution expenses are paid by Standard Class shares.

LFD and LIAC have voluntarily agreed to waive fees and/or reimburse expenses to the extent necessary to prevent a negative yield for each class of shares of the Fund. These voluntary waivers and reimbursements may be modified or terminated at any time, without notice, and are subject to future recapture by LFD and LIAC. Amounts waived and/or reimbursed under this agreement can be recaptured for a period of up to three years from the year in which LFD and LIAC waived fees and/or reimbursed expenses for the Fund. The following table summarizes the amount of waived fees and/or reimbursed expenses that may be recaptured and the fiscal years they expire:

	Expiration Date
	2016		2017		2018		2019		Total
LFD	$	857,491	$	750,697	$	672,703	$	362,889	$	2,643,780
LIAC		2,040,172		2,182,794		1,842,491		309,231		6,374,688
Total	$	2,897,663	$	2,933,491	$	2,515,194	$	672,120	$	9,018,468

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	178,480
Printing and mailing fees payable to Lincoln Life		1,844

LVIP Government Money Market Fund –9

LVIP Government Money Market Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

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

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No  Expiration)
Short-Term	Long-Term	Total
$1,610	$—	$1,610

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Total
Agency Obligations	$	—	$	477,815,586	$	477,815,586
U.S. Treasury Obligations		—		27,161,667		27,161,667
Repurchase Agreements		217,700,000		—		217,700,000
Money Market Fund		199,871		—		199,871
Total	$	217,899,871	$	504,977,253	$	722,877,124

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Government Money Market Fund –10

LVIP Government Money Market Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		24,905,152			62,031,958
Service Class		17,701,338			28,941,958
Shares issued upon reinvestment of dividends and distributions:
Standard Class		6,032			9,546
Service Class		4,096			6,085
		42,616,618			90,989,547
Shares redeemed:
Standard Class		(25,778,673	)		(66,830,345	)
Service Class		(14,704,774	)		(30,812,302	)
		(40,483,447	)		(97,642,647	)
Net increase (decrease)		2,133,171			(6,653,100	)

5. Credit and Market Risk

Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but may not be backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Credit risk refers to the possibility that the issuer of a security will not be able to make payments of principal and interest when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.

When interest rates rise, fixed income securities (i.e., debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $10.00 per share, it is possible to lose money investing in the Fund.

6. 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.

7. Money Market Reform

On July 23, 2014, the U.S. Securities and Exchange Commission adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. These amendments are not effective until October 14, 2016, but when implemented will affect the Fund’s operations and may affect the Fund’s total return potential.

8. 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 Government Money Market Fund –11

LVIP Invesco Diversified Equity-Income Managed Volatility Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Invesco Diversified Equity-Income Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,036.40		0.07%		$0.35
Service Class Shares		1,000.00		1,034.70		0.42%		2.12
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,024.52		0.07%		$0.35
Service Class Shares		1,000.00		1,022.77		0.42%		2.11

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests a significant portion of its assets in other investment companies (“Underlying Funds”). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–1

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		65.61%
Equity Funds		65.61%
Unaffiliated Investment Companies		33.82%
Equity Fund		27.87%
Money Market Fund		5.95%
Total Value of Securities		99.43%
Receivables and Other Assets Net of Liabilities		0.57%
Total Net Assets		100.00%

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–2

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–65.61%
Equity Funds–65.61%
*Invesco V.I. Diversified Dividend Fund		2,084,552	$	52,885,077
**Invesco V.I. Equity and Income Fund		4,206,103		69,568,940
Total Affiliated Investment Companies (Cost $122,175,626)				122,454,017
UNAFFILIATED INVESTMENT COMPANIES–33.82%
Equity Fund–27.87%
*Invesco V.I. Core Equity Fund		1,471,456		52,015,957
				52,015,957

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
Money Market Fund–5.95%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		11,112,100	$	11,112,100
				11,112,100
Total Unaffiliated Investment Companies (Cost $65,771,336)				63,128,057

TOTAL VALUE OF SECURITIES–99.43% (Cost $187,946,962)		185,582,074
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.57%		1,055,756
NET ASSETS APPLICABLE TO 18,665,190 SHARES OUTSTANDING–100.00%	$	186,637,830

* Series I Shares.

** Series II Shares.

The following futures contracts were outstanding at June 30, 2016: ¹

Futures Contracts

		Contracts to Buy (Sell)	Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(13	)	British Pound Currency	$	(1,090,293	)	$	(1,076,400	)		9/20/16	$	13,893
(250	)	E-mini S&P 500 Index		(25,316,577	)		(26,127,500	)		9/19/16		(810,923	)
(28	)	E-mini S&P MidCap 400 Index		(4,027,269	)		(4,180,400	)		9/19/16		(153,131	)
(13	)	Euro Currency		(1,804,198	)		(1,804,969	)		9/20/16		(771	)
(62	)	Euro STOXX 50 Index		(1,905,776	)		(1,964,368	)		9/19/16		(58,592	)
(14	)	FTSE 100 Index		(1,147,527	)		(1,196,994	)		9/19/16		(49,467	)
(11	)	Japanese Yen Currency		(1,343,865	)		(1,334,713	)		9/20/16		9,152
(9	)	Nikkei 225 Index (OSE)		(1,357,135	)		(1,356,994	)		9/9/16		141
											$	(1,049,698	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–3

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	122,454,017
Investments in unaffiliated investment companies, at value		63,128,057
Total investments, at value		185,582,074
Cash collateral held at broker for futures contracts		1,218,966
Foreign currencies collateral held at broker for futures contracts, at value		1,136,247
Receivable for fund shares sold		582,988
Expense reimbursement receivable from LIAC		10,584
Dividends receivable from investment companies		2,143
Prepaid printing and mailing fees to Lincoln Life		389
TOTAL ASSETS		188,533,391
LIABILITIES:
Net unrealized depreciation on futures contracts		1,049,698
Payable for investment companies purchased		763,364
Due to manager and affiliates		58,497
Other accrued expenses payable		16,820
Payable for fund shares redeemed		7,182
TOTAL LIABILITIES		1,895,561
TOTAL NET ASSETS	$	186,637,830
Investments in affiliated investment companies, at cost	$	122,175,626
Investments in unaffiliated investment companies, at cost		65,771,336
Total investments, at cost	$	187,946,962
Foreign currencies collateral held at broker for futures contracts, at cost		1,136,247
Standard Class:
Net Assets	$	1,598,056
Shares Outstanding		159,590
Net Asset Value Per Share	$	10.014
Service Class:
Net Assets	$	185,039,774
Shares Outstanding		18,505,600
Net Asset Value Per Share	$	9.999
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	187,951,620
Accumulated net investment loss		(295,211	)
Accumulated net realized gain on investments		2,396,007
Net unrealized depreciation of investments and derivatives		(3,414,586	)
TOTAL NET ASSETS	$	186,637,830

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

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–4

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	9,087
EXPENSES:
Management fees		443,271
Distribution fees-Service Class		256,313
Accounting and administration expenses		36,839
Professional fees		14,638
Reports and statements to shareholders		12,263
Consulting fees		1,884
Trustees’ fees and expenses		1,765
Custodian fees		1,522
Pricing fees		126
Other		430
		769,051
Less management fees waived		(419,814	)
Less expenses reimbursed		(41,210	)
Total operating expenses		308,027
NET INVESTMENT LOSS		(298,940	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of investments in affiliated investment companies		(41,401	)
Sale of investments in unaffiliated investment companies		(76,072	)
Foreign currencies		5,782
Futures contracts		(548,748	)
Net realized loss		(660,439	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		5,531,714
Investments in unaffiliated investment companies		2,151,079
Futures contracts		(984,204	)
Net change in unrealized appreciation (depreciation)		6,698,589
NET REALIZED AND UNREALIZED GAIN		6,038,150
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,739,210

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

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(298,940	)	$	1,419,254
Net realized gain (loss)		(660,439	)		3,568,862
Net change in unrealized appreciation (depreciation)		6,698,589			(10,326,952	)
Net increase (decrease) in net assets resulting from operations		5,739,210			(5,338,836	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(17,989	)
Service Class		—			(1,777,250	)
Net realized gain:		—
		—			(1,795,239	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		961,119			572,248
Service Class		63,684,010			102,443,813
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			17,989
Service Class		—			1,777,250
		64,645,129			104,811,300
Cost of shares redeemed:
Standard Class		(394,798	)		(110,771	)
Service Class		(5,010,816	)		(8,541,158	)
		(5,405,614	)		(8,651,929	)
Increase in net assets derived from capital share transactions		59,239,515			96,159,371
NET INCREASE IN NET ASSETS		64,978,725			89,025,296
NET ASSETS:
Beginning of period		121,659,105			32,633,809
End of period	$	186,637,830		$	121,659,105
Undistributed (Accumulated) net investment income (loss)	$	(295,211	)	$	3,729

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

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–5

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP Invesco Diversified Equity-Income Managed Volatility Fund Standard  Class

	Six months Ended 6/30/161, 2             (unaudited)			Year Ended             12/31/15			5/1/143 to                 12/31/14
Net asset value, beginning of period		$  9.661			$10.341			$10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.003	)		0.226			0.154
Net realized and unrealized gain (loss)		0.356			(0.725	)		0.306
Total from investment operations		0.353			(0.499	)		0.460
Less dividends and distributions from:
Net investment income		—			(0.181	)		(0.079	)
Net realized gain		—			—			(0.040	)
Total dividends and distributions		—			(0.181	)		(0.119	)
Net asset value, end of period		$10.014			$  9.661			$10.341
Total return5		3.64%			(4.84%	)		4.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$  1,598			$     983			$     566
Ratio of expenses to average net assets6		0.07%			0.07%			0.07%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.69%			0.72%			1.11%
Ratio of net investment income (loss) to average net assets		(0.06%	)		2.21%			2.22%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.68%	)		1.56%			1.18%
Portfolio turnover		1%			4%			7%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–6

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP Invesco Diversified Equity-Income Managed Volatility Fund Service  Class

	Six months Ended 6/30/161, 2             (unaudited)			Year Ended             12/31/15			5/1/143 to             12/31/14
Net asset value, beginning of period		$    9.664			$  10.343			$10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.020	)		0.189			0.130
Net realized and unrealized gain (loss)		0.355			(0.723	)		0.306
Total from investment operations		0.335			(0.534	)		0.436
Less dividends and distributions from:
Net investment income		—			(0.145	)		(0.053	)
Net realized gain		—			—			(0.040	)
Total dividends and distributions		—			(0.145	)		(0.093	)
Net asset value, end of period		$    9.999			$    9.664			$10.343
Total return5		3.47%			(5.17%	)		4.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$185,040			$120,676			$32,068
Ratio of expenses to average net assets6		0.42%			0.42%			0.42%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		1.04%			1.07%			1.46%
Ratio of net investment income (loss) to average net assets		(0.41%	)		1.86%			1.87%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(1.03%	)		1.21%			0.83%
Portfolio turnover		1%			4%			7%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–7

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Invesco Diversified Equity-Income Managed Volatility 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”). 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 operates under a fund of funds structure and invests a significant portion of its assets in other open-end investment companies, primarily the Invesco Funds (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The Invesco Funds, which are advised by an unaffiliated adviser, invest in stocks and bonds. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation and current income.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014–December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in the foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–8

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 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 0.60% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds. LIAC has contractually agreed to waive a portion of its advisory fee. Effective May 1, 2016, the waiver amount is 0.55% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, the waiver amount was 0.58% of the Fund’s average daily net assets.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.07% of the average daily net assets for the Standard Class and 0.42% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for the day-to-day management of the entirety 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	3,881
Legal		1,000

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,422 for the six months ended June 30, 2016.

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 $9,500 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	10,584
Management fees payable to LIAC		7,370
Distribution fees payable to LFD		51,127
Printing and mailing fees payable to Lincoln Life		389

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–9

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

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.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
Invesco V.I. Diversified Dividend Fund*		$	—		$	16,192,338		$	1,404,463		$	(30,675	)		$	52,885,077		$	—		$	—
Invesco V.I. Equity and Income Fund			45,281,923			22,756,502			47,456			(10,726	)			69,568,940			—			—
Total		$	45,281,923		$	38,948,840		$	1,451,919		$	(41,401	)		$	122,454,017		$	—		$	—

*Investment company considered to be unaffiliated of the Fund at December 31, 2015.

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	55,141,179
Sales.		1,819,770

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	187,946,962
Aggregate unrealized appreciation	$	3,943,017
Aggregate unrealized depreciation		(6,307,905	)
Net unrealized depreciation	$	(2,364,888	)

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 Invesco Diversified Equity-Income Managed Volatility Fund–10

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	185,582,074
Futures Contracts	$	(1,049,698	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		97,505			56,005
Service Class		6,530,815			10,040,387
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,850
Service Class		—			182,732
		6,628,320			10,280,974
Shares redeemed:
Standard Class		(39,654	)		(10,813	)
Service Class		(511,979	)		(836,960	)
		(551,633	)		(847,773	)
Net increase		6,076,687			9,433,201

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–11

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives					Liability Derivatives
	Statement of Assets and Liabilities		Fair Value			Statement of Assets and Liabilities Location		Fair Value
Currency contracts (Futures contracts)		Net unrealized depreciation on futures contracts		$	23,045		Net unrealized depreciation on futures contracts		$	(771	)
Equity contracts (Futures contracts)		Net unrealized depreciation on futures contracts			141		Net unrealized depreciation on futures contracts			(1,072,113	)
Total				$	23,186				$	(1,072,884	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in             Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in             Income
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(522,674	)		$	(1,004,583	)
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(26,074	)			20,379
Total			$	(548,748	)		$	(984,204	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume			Liability Derivative Volume
Futures contracts (average notional value)		$	4,274,344		$	12,075,269

6. 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.

7. Market Risk

Foreign currency fluctuations or economic 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.

8. 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 Invesco Diversified Equity-Income Managed Volatility Fund–12

LVIP Invesco Diversified Equity-Income Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Invesco Diversified Equity-Income Managed Volatility Fund–13

LVIP Invesco Select Equity Managed Volatility Fund (formerly LVIP Invesco V.I. Comstock Managed Volatility Fund) a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Invesco Select Equity Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Invesco Select Equity Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $ 1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	979.40		0.05%		$0.25
Service Class Shares		1,000.00		977.60		0.40%		1.97
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,024.61		0.05%		$0.25
Service Class Shares		1,000.00		1,022.87		0.40%		2.01

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all its assets in other investment companies (“Underlying Funds”). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the underlying funds can be found at www.sec.gov

LVIP Invesco Select Equity Managed Volatility Fund–1

LVIP Invesco Select Equity Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company		64.45%
Equity Fund		64.45%
Unaffiliated Investment Companies		34.67%
Equity Fund		29.71%
Money Market Fund		4.96%
Total Value of Securities		99.12%
Receivables and Other Assets Net of Liabilities		0.88%
Total Net Assets		100.00%

LVIP Invesco Select Equity Managed Volatility Fund–2

LVIP Invesco Select Equity Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–64.45%
Equity Fund–64.45%
*Invesco V.I. Equally-Weighted S&P 500 Fund		4,852,874	$	80,897,411
				80,897,411
Total Affiliated Investment Company (Cost $79,684,193)				80,897,411

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–34.67%
Equity Fund–29.71%
*Invesco V.I. Comstock Fund		2,124,424	$	37,283,635
				37,283,635
Money Market Fund–4.96%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		6,223,191		6,223,192
				6,223,192
Total Unaffiliated Investment Companies (Cost $42,539,420)				43,506,827

TOTAL VALUE OF SECURITIES–99.12% (Cost $122,223,613)		124,404,238
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.88%		1,110,142
NET ASSETS APPLICABLE TO 13,789,736 SHARES OUTSTANDING–100.00%	$	125,514,380

* Series I Shares.

The following futures contracts were outstanding at June 30, 2016:¹ 

Futures Contracts

	Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(4)	British Pound Currency		$    (333,315)		$    (331,200	)		9/20/16		$            2,115
(261)	E-mini S&P 500 Index		(26,281,083)		(27,277,110	)		9/19/16		(996,027	)
(77)	E-mini S&P MidCap 400 Index		(11,174,263)		(11,496,100	)		9/19/16		(321,837	)
(4)	Euro Currency		(553,797)		(555,375	)		9/20/16		(1,578	)
(14)	Euro STOXX 50 Index		(428,169)		(443,567	)		9/19/16		(15,398	)
(4)	FTSE 100 Index		(324,307)		(341,998	)		9/19/16		(17,691	)
(3)	Japanese Yen Currency		(367,494)		(364,012	)		9/20/16		3,482
(3)	Nikkei 225 Index (OSE)		(446,503)		(452,331	)		9/9/16		(5,828	)
										$    (1,352,762	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

OSE–Osaka Securities Exchange

¹See Note 5 in “Notes to Financial Statements.”

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

LVIP Invesco Select Equity Managed Volatility Fund–3

LVIP Invesco Select Equity Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	80,897,411
Investments in unaffiliated investment companies, at value		43,506,827
Total investments, at value		124,404,238
Cash collateral held at broker for futures contracts		2,616,252
Receivable for fund shares sold		25,167
Expenses reimbursement from Lincoln Investment Advisors Corporation		12,274
Receivable for investment companies sold		12,123
Dividends receivable from investment companies		1,336
TOTAL ASSETS		127,071,390
LIABILITIES:
Net unrealized depreciation on futures contracts		1,352,762
Foreign currencies collateral due to broker for futures contracts		55,739
Payables for fund shares redeemed		55,532
Due to manager and affiliates		51,507
Cash overdraft		25,965
Other accrued expenses payable		15,505
TOTAL LIABILITIES		1,557,010
TOTAL NET ASSETS	$	125,514,380
Investments in affiliated investment companies, at cost	$	79,684,193
Investments in unaffiliated investment companies, at cost		42,539,420
Total investments, at cost	$	122,223,613
Standard Class:
Net Assets	$	86,258
Shares Outstanding		9,463
Net Asset Value Per Share	$	9.115
Service Class:
Net Assets	$	125,428,122
Shares Outstanding		13,780,273
Net Asset Value Per Share	$	9.102
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	139,475,010
Accumulated net investment loss.		(223,246	)
Accumulated net realized loss on investments		(14,565,247	)
Net unrealized appreciation of investments and derivatives		827,863
TOTAL NET ASSETS	$	125,514,380

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

LVIP Invesco Select Equity Managed Volatility Fund–4

LVIP Invesco Select Equity Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	6,402
EXPENSES:
Management fees		395,333
Distribution fees-Service Class		212,724
Accounting and administration expenses		34,388
Professional fees		14,212
Reports and statements to shareholders		11,407
Consulting fees		1,857
Trustees’ fees and expenses		1,597
Custodian fees		1,128
Pricing fees		118
Other		1,022
		673,786
Less management fees waived		(365,731	)
Less expenses reimbursed		(65,729	)
Total operating expenses		242,326
NET INVESTMENT LOSS		(235,924	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of investments in affiliated investment companies		127
Sale of investments in unaffiliated investment companies		(7,478,089	)
Foreign currencies		(738	)
Futures contracts		(1,524,259	)
Net realized loss		(9,002,959	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		7,184,283
Investments in unaffiliated investment companies		967,407
Futures contracts		(1,289,455	)
Net change in unrealized appreciation (depreciation)		6,862,235
NET REALIZED AND UNREALIZED LOSS		(2,140,724	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,376,648	)

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

LVIP Invesco Select Equity Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(235,924	)	$	1,818,352
Net realized loss		(9,002,959	)		(3,712,863	)
Net change in unrealized appreciation (depreciation)		6,862,235			(8,381,263	)
Net decrease in net assets resulting from operations		(2,376,648	)		(10,275,774	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,636	)
Service Class		—			(1,805,466	)
		—			(1,807,102	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,582			9,915
Service Class		15,480,941			70,868,910
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,636
Service Class		—			1,805,466
		15,483,523			72,685,927
Cost of shares redeemed:
Standard Class		(1,483	)		(4,934	)
Service Class		(6,986,803	)		(16,542,595	)
		(6,988,286	)		(16,547,529	)
Increase in net assets derived from capital share transactions		8,495,237			56,138,398
NET INCREASE IN NET ASSETS		6,118,589			44,055,522
NET ASSETS:
Beginning of period		119,395,791			75,340,269
End of period	$	125,514,380		$	119,395,791
Undistributed (Accumulated) net investment income (loss)	$	(223,246	)	$	12,678

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

LVIP Invesco Select Equity Managed Volatility Fund–5

LVIP Invesco Select Equity Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP Invesco Select Equity Managed Volatility Fund Standard Class

	Six Months Ended 6/30/161, 2         (unaudited)			Year Ended         12/31/15			1/2/143 to         12/31/14
Net asset value, beginning of period		$  9.307			$ 10.376			$10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.002	)		0.213			0.187
Net realized and unrealized gain (loss)		(0.190	)		(1.104	)		0.298
Total from investment operations		(0.192	)		(0.891	)		0.485
Less dividends and distributions from:
Net investment income		—			(0.178	)		(0.109	)
Total dividends and distributions		—			(0.178	)		(0.109	)
Net asset value, end of period		$  9.115			$   9.307			$10.376
Total return5		(2.06%	)		(8.59%	)		4.85%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$       86			$        87			$       90
Ratio of expenses to average net assets6		0.05%			0.00%			0.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.76%			0.76%			0.84%
Ratio of net investment income (loss) to average net assets		(0.04%	)		2.12%			1.84%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.75%	)		1.36%			1.00%
Portfolio turnover.		74%			10%			10%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Invesco Select Equity Managed Volatility Fund–6

LVIP Invesco Select Equity Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP Invesco Select Equity Managed Volatility Fund Service Class

	Six Months Ended 6/30/161, 2         (unaudited)				Year Ended         12/31/15				1/2/143 to         12/31/14
Net asset value, beginning of period		$	9.310			$	10.377			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.017	)			0.177				0.155
Net realized and unrealized gain (loss)			(0.191	)			(1.101	)			0.294
Total from investment operations			(0.208	)			(0.924	)			0.449
Less dividends and distributions from:
Net investment income			—				(0.143	)			(0.072	)
Total dividends and distributions			—				(0.143	)			(0.072	)
Net asset value, end of period.		$	9.102			$	9.310			$	10.377
Total return5			(2.24%	)			(8.91%	)			4.49%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	125,428			$	119,309			$	75,250
Ratio of expenses to average net assets6			0.40%				0.35%				0.35%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.11%				1.11%				1.19%
Ratio of net investment income (loss) to average net assets			(0.39%	)			1.77%				1.49%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(1.10%	)			1.01%				0.65%
Portfolio turnover			74%				10%				10%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Invesco Select Equity Managed Volatility Fund–7

LVIP Invesco Select Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Invesco Select Equity Managed Volatility Fund (formerly, LVIP Invesco V.I. Comstock Managed Volatility Fund) (the “Fund”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust’s is an open-end investment company. The Fund is a non-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”). 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 operates under a fund of funds structure and invests substantially all its assets in other open-end investment companies, primarily the Invesco V.I. Comstock Fund and the Invesco V.I. Equally-Weighted S&P 500 Fund (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”) and the Underlying Funds are advised by an unaffiliated adviser. The Invesco V.I. Comstock Fund, invests at least 80% of its assets in common stocks and in derivatives and other instruments that have economic characteristics of such securities. The Invesco V.I. Comstock Fund generally holds up to 10% of its net assets in high-quality short-term debt securities and in investment grade corporate debt securities to provide liquidity. The Invesco V.I. Equally-Weighted S&P 500 Fund invests in a diversified portfolio of common stocks represented in the Standard & Poor’s 500 Composite Stock Price Index. The Invesco V.I. Equally-Weighted S&P 500 Fund invests in each common stock included in the S&P 500 Index in approximately equal proportions. In addition to investment company investments, the Fund may invest in individual securities, such as money market investments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 return 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014–December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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, and disclosure of contingent assets and liabilities at the

LVIP Invesco Select Equity Managed Volatility Fund–8

LVIP Invesco Select Equity Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.65% of average daily net assets of the Fund. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds. Effective May 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.51% of average daily net assets of the Fund. This agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Fund’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, LIAC had contractually agreed to waive its entire advisory fee. The waiver amount was 0.65% of the average daily net assets of the Fund.

Effective May 1, 2016, LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.14% of average daily net assets for the Standard Class (and 0.49% for the Service Class). This agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to May 1, 2016, LIAC had contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.00% of average daily net assets for the Standard Class (and 0.35% for the Service Class).

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	3,407
Legal		877

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,144 for the six months ended June 30, 2016.

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 $7,860 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.35% of average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP Invesco Select Equity Managed Volatility Fund–9

LVIP Invesco Select Equity Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

At June 30, 2016, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	12,274
Management fees payable to LIAC		14,541
Distribution fees payable to LFD		36,328
Printing and mailing fees payable to Lincoln Life		638

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.

At June 30, 2016, Lincoln Life directly owned 10.88% of the Standard Class shares of the Fund.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15			Purchases			Sales			Realized Gain (Loss)			Value 6/30/16			Dividends			Capital Gain Distributions
Invesco V.I. Comstock Fund*		$	110,729,782		$	—		$	—		$	—		$	—		$	—		$	—
Invesco V.I. Equally-Weighted S&P 500 Fund			—			79,692,552			8,486			127			80,897,411			—			—
Total		$	110,729,782		$	79,692,552		$	8,486		$	127		$	80,897,411		$	—		$	—

* As of June 30, 2016, this investment is no longer considered an affiliated investment company of the Fund.

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	91,933,356
Sales		85,155,820

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated because final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	122,223,613
Aggregate unrealized appreciation	$	2,180,625
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	2,180,625

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)

LVIP Invesco Select Equity Managed Volatility Fund–10

LVIP Invesco Select Equity Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	124,404,238
Futures Contracts	$	(1,352,762	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post Enactment Losses (No Expiration)
Short-Term	Long-Term		Total
$2,183,709	$	2,775,768	$	4,959,477

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		282			1,008
Service Class		1,734,668			7,016,054
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			175
Service Class		—			193,284
		1,734,950			7,210,521
Shares redeemed:
Standard Class		(164	)		(485	)
Service Class		(769,930	)		(1,645,543	)
		(770,094	)		(1,646,028	)
Net increase		964,856			5,564,493

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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

LVIP Invesco Select Equity Managed Volatility Fund–11

LVIP Invesco Select Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location		Fair Value		Statement of Assets and Liabilities Location		Fair Value
Currency contracts (Futures contracts)		Net unrealized depreciation on future contracts		$5,596		Net unrealized depreciation on future contracts		$      (16,976)
Equity contracts (Futures contracts)		Net unrealized depreciation on future contracts		—		Net unrealized depreciation on future contracts		(1,341,382)
Total				$5,596				$(1,358,358)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in             Income		Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$   (183,443)		$    (19,722)
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(1,340,816)		(1,269,733)
Total			$(1,524,259)		$(1,289,455)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)		$68,058		$35,557,493

6. Market Risk

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.

7. 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.

8. 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 Invesco Select Equity Managed Volatility Fund–12

LVIP Invesco Select Equity Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Invesco Select Equity Managed Volatility Fund–13

              LVIP JPMorgan High Yield Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP JPMorgan High Yield Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	20
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements	23

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 JPMorgan High Yield Fund

Disclosure

OF FUND EXPENSES

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,071.80		0.65%		$3.35
Service Class Shares		1,000.00		1,070.50		0.90%		4.63
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.63		0.65%		$3.27
Service Class Shares		1,000.00		1,020.39		0.90%		4.52

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP JPMorgan High Yield Fund–1

LVIP JPMorgan High Yield Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Convertible Bond		0.04%
Corporate Bonds		89.71%
Aerospace & Defense		0.66%
Airlines		0.61%
Auto Components		1.20%
Automobiles		0.71%
Banks		3.16%
Beverages		0.67%
Biotechnology		0.28%
Building Products		1.12%
Capital Markets		0.35%
Chemicals		2.24%
Commercial Services & Supplies		1.66%
Communications Equipment		0.92%
Construction & Engineering		0.89%
Construction Materials		1.08%
Consumer Finance		1.39%
Containers & Packaging		1.63%
Diversified Consumer Services		0.17%
Diversified Financial Services		2.74%
Diversified Telecommunication Services		4.21%
Electric Utilities		0.16%
Electrical Equipment		0.29%
Electronic Equipment, Instruments & Components		0.38%
Energy Equipment & Services		1.20%
Food & Staples Retailing		1.23%
Food Products		3.29%
Gas Utilities		0.38%
Health Care Equipment & Supplies		1.25%
Health Care Providers & Services		6.15%
Health Care Technology		0.03%
Hotels, Restaurants & Leisure		3.53%
Household Durables		1.47%
Household Products		0.35%
Independent Power & Renewable Electricity Producers		2.40%
Insurance		0.62%
Internet & Catalog Retail		0.26%
Internet Software & Services		0.29%
IT Services		1.10%
Life Sciences Tools & Services		0.13%
Machinery		0.53%
Marine		0.39%
Media		10.01%
Metals & Mining		4.15%
Multiline Retail		0.15%
Oil, Gas & Consumable Fuels		10.37%

Security Type/Sector	Percentage of Net Assets
Paper & Forest Products		0.20%
Pharmaceuticals		1.91%
Professional Services		0.09%
Real Estate Investment Trusts		0.93%
Real Estate Management & Development		0.04%
Semiconductors & Semiconductor Equipment		1.44%
Software		1.08%
Specialty Retail		1.45%
Technology Hardware, Storage & Peripherals		0.43%
Textiles, Apparel & Luxury Goods		0.16%
Thrift & Mortgage Finance		0.24%
Trading Companies & Distributors		1.77%
Wireless Telecommunication Services		4.17%
Senior Secured Loans		4.97%
Common Stock		0.04%
Preferred Stock		0.75%
Warrant		0.00%
Money Market Fund		2.97%
Total Value of Securities		98.48%
Receivables and Other Assets Net of Liabilities		1.52%
Total Net Assets		100.00%

IT–Information Technology

LVIP JPMorgan High Yield Fund–2

LVIP JPMorgan High Yield Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Principal		Value
	Amount°		(U.S. $)
CONVERTIBLE BOND–0.04%
#NRG Yield 144A 3.25% exercise price $27.50, maturity date 6/1/20		400,000	$	370,000
Total Convertible Bond (Cost $360,997)				370,000
CORPORATE BONDS–89.71%
Aerospace & Defense–0.66%
Aerojet Rocketdyne Holdings 7.125% 3/15/21		153,000		161,453
Bombardier
#144A 4.75% 4/15/19		410,000		393,600
#144A 5.50% 9/15/18		250,000		248,750
#144A 6.125% 1/15/23		257,000		220,377
#144A 7.75% 3/15/20		112,000		110,600
Orbital ATK
5.25% 10/1/21		400,000		419,512
5.50% 10/1/23		505,000		528,987
TransDigm
5.50% 10/15/20		500,000		511,250
6.00% 7/15/22		1,956,000		1,975,912
#144A 6.375% 6/15/26		632,000		631,210
6.50% 7/15/24		175,000		178,392
				5,380,043
Airlines–0.61%
Continental Airlines Pass Through Trust
¿Series 2003-ERJ1 7.875% 7/2/18		462,830		479,885
¿Series 2004-ERJ1 9.558% 9/1/19		286,693		307,894
¿Series 2005-ERJ1 9.798% 4/1/21		220,738		243,639
Series 2012-3 Class C 6.125% 4/29/18		577,000		608,014
Delta Air Lines Pass Through Trust
¿Series 2012-1 Class A 4.75% 5/7/20		117,154		124,330
#¿Series 2012-1 Class B 144A 6.875% 5/7/19		416,188		450,003
¿Northwest Airlines Pass Through Trust 7.027% 11/1/19		693,749		783,069
¿UAL Pass Through Trust Series 2007-1 Class A 6.636% 7/2/22		296,204		314,347
¿US Airways Series 2013-1 Class B Pass Through Trust 5.375% 11/15/21		1,609,319		1,653,575
				4,964,756
Auto Components–1.20%
American Axle & Manufacturing
6.25% 3/15/21		660,000		687,225
6.625% 10/15/22		660,000		709,500

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Auto Components (continued)
Dana Holding 5.50% 12/15/24		422,000	$	403,010
Goodyear Tire & Rubber
5.00% 5/31/26		960,000		980,400
5.125% 11/15/23		885,000		918,187
7.00% 5/15/22		388,000		414,675
#JB Poindexter 144A 9.00% 4/1/22		609,000		636,405
MPG Holdco I 7.375% 10/15/22		1,787,000		1,764,663
Tenneco 5.375% 12/15/24		496,000		517,080
ZF North America Capital
#144A 4.00% 4/29/20		338,000		346,450
#144A 4.50% 4/29/22		1,369,000		1,392,958
#144A 4.75% 4/29/25		976,000		992,465
				9,763,018
Automobiles–0.71%
Fiat Chrysler Automobiles
4.50% 4/15/20		1,386,000		1,405,057
5.25% 4/15/23		1,619,000		1,614,953
General Motors Financial 4.25% 5/15/23		94,000		96,789
@‡General Motors Liquidation Escrow 8.80% 3/1/21		425,000		0
Jaguar Land Rover Automotive
#144A 4.125% 12/15/18		1,846,000		1,873,690
#144A 4.25% 11/15/19		589,000		602,989
#144A 5.625% 2/1/23		150,000		156,375
				5,749,853
Banks–3.16%
•Barclays 8.25% 12/29/49		1,085,000		1,065,361
Barclays Bank 7.625% 11/21/22		710,000		765,469
CIT Group
5.00% 8/15/22		1,960,000		1,999,200
5.375% 5/15/20		4,833,000		5,050,485
#144A 6.625% 4/1/18		1,306,000		1,381,095
Citigroup
•5.95% 12/31/49		495,000		484,481
•6.125% 12/29/49		495,000		503,044
•6.25% 12/29/49		660,000		678,975
Credit Agricole
#•144A 6.625% 9/29/49		722,000		658,825
#•144A 8.125% 12/29/49		1,274,000		1,271,825
#Provident Funding Associates 144A 6.75% 6/15/21		400,000		381,000
Royal Bank of Scotland Group
5.125% 5/28/24		680,000		664,132
6.00% 12/19/23		1,393,000		1,419,698
6.10% 6/10/23		3,304,000		3,383,871
6.125% 12/15/22		2,370,000		2,492,057
•7.50% 12/29/49		908,000		833,090
•8.00% 12/29/49		452,000		422,620

LVIP JPMorgan High Yield Fund–3

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
#•Societe Generale 144A 8.00% 9/29/49		2,295,000	$	2,196,085
				25,651,313
Beverages–0.67%
Constellation Brands
4.75% 11/15/24		671,000		709,583
4.75% 12/1/25		637,000		674,424
6.00% 5/1/22		5,000		5,613
Cott Beverages
5.375% 7/1/22		1,850,000		1,856,937
6.75% 1/1/20		696,000		728,190
#DS Services of America 144A 10.00% 9/1/21		1,287,000		1,451,093
				5,425,840
Biotechnology–0.28%
#Concordia Healthcare 144A 7.00% 4/15/23		2,633,000		2,257,797
				2,257,797
Building Products–1.12%
#Hardwoods Acquisition 144A 7.50% 8/1/21		970,000		742,050
Headwaters 7.25% 1/15/19		731,000		749,275
#Masonite International 144A 5.625% 3/15/23		750,000		781,875
#NCI Building Systems 144A 8.25% 1/15/23		730,000		788,247
#NWH Escrow 144A 7.50% 8/1/21		585,000		435,825
Standard Industries
#144A 5.375% 11/15/24		732,000		748,470
#144A 5.50% 2/15/23		552,000		567,180
#144A 6.00% 10/15/25		1,843,000		1,935,150
Summit Materials 6.125% 7/15/23		2,380,000		2,357,676
				9,105,748
Capital Markets–0.35%
E*TRADE Financial
4.625% 9/15/23		1,009,000		1,026,657
5.375% 11/15/22		375,000		397,500
Goldman Sachs Group
•5.375% 5/10/20		802,000		794,116
•5.70% 12/29/49		594,000		593,569
				2,811,842
Chemicals–2.24%
#A. Schulman 144A 6.875% 6/1/23		1,185,000		1,189,147
Axiall 4.875% 5/15/23		970,000		1,000,313
#Basell Finance 144A 8.10% 3/15/27		435,000		579,157

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Chemicals (continued)
Blue Cube Spinco
#144A 9.75% 10/15/23		2,542,000	$	2,955,075
#144A 10.00% 10/15/25		2,467,000		2,861,720
#GCP Applied Technologies 144A 9.50% 2/1/23		969,000		1,085,280
Hexion 6.625% 4/15/20		4,115,000		3,461,949
Momentive Performance Materials 3.88% 10/24/21		950,000		758,813
@=‡8.875% 10/15/20		600,000		0
NOVA Chemicals
#144A 5.00% 5/1/25		331,000		328,517
#144A 5.25% 8/1/23		880,000		887,700
#Nufarm Australia 144A 6.375% 10/15/19		574,000		581,893
PolyOne 5.25% 3/15/23		1,329,000		1,345,613
Rain CII Carbon
#144A 8.00% 12/1/18		365,000		317,550
#144A 8.25% 1/15/21		425,000		346,375
#Scotts Miracle-Gro 144A 6.00% 10/15/23		450,000		475,875
				18,174,977
Commercial Services & Supplies–1.66%
#ACE Cash Express 144A 11.00% 2/1/19		1,477,000		657,265
ADT 4.125% 6/15/23		3,132,000		2,947,995
Casella Waste Systems 7.75% 2/15/19		1,859,000		1,898,504
#Cenveo 144A 8.50% 9/15/22		570,000		401,850
Covanta Holding
5.875% 3/1/24		350,000		341,250
6.375% 10/1/22		144,000		148,680
#Garda World Security 144A 7.25% 11/15/21		1,590,000		1,291,875
#Harland Clarke Holdings 144A 6.875% 3/1/20		700,000		647,500
#Mustang Merger 144A 8.50% 8/15/21		308,000		323,400
#Prime Security Services
Borrower 144A 9.25% 5/15/23		3,817,000		4,055,563
Quad Graphics 7.00% 5/1/22		490,000		434,875
RR Donnelley & Sons 6.50% 11/15/23		114,000		106,590
#@Speedy Cash Intermediate Holdings 144A 10.75% 5/15/18		295,000		171,100
				13,426,447
Communications Equipment–0.92%
Alcatel-Lucent USA 6.45% 3/15/29		889,000		931,227
Avaya #144A 7.00% 4/1/19		2,137,000		1,538,640

LVIP JPMorgan High Yield Fund–4

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Communications Equipment (continued)
Avaya (continued)
#144A 10.50% 3/1/21		1,016,000	$	228,600
CommScope
#144A 4.375% 6/15/20		170,000		175,525
#144A 5.00% 6/15/21		928,000		951,432
#144A 5.50% 6/15/24		810,000		825,187
#CommScope Technologies
Finance 144A 6.00% 6/15/25		547,000		563,410
@Goodman Networks 12.125% 7/1/18		1,243,000		627,715
Nokia 5.375% 5/15/19		418,000		448,827
6.625% 5/15/39		658,000		699,125
#Plantronics 144A 5.50% 5/31/23		453,000		448,470
			7,438,158
Construction & Engineering–0.89%
AECOM 5.75% 10/15/22		1,130,000		1,158,250
5.875% 10/15/24		2,624,000		2,702,720
MasTec 4.875% 3/15/23		1,949,000		1,817,443
Tutor Perini 7.625% 11/1/18		1,491,000		1,511,501
			7,189,914
Construction Materials–1.08%
Cemex
#144A 5.70% 1/11/25		2,005,000		1,904,750
#144A 6.125% 5/5/25		1,700,000		1,657,500
#144A 7.25% 1/15/21		382,000		404,041
#144A 7.75% 4/16/26		310,000		325,996
#Cemex Finance 144A 9.375% 10/12/22		3,470,000		3,834,350
#US Concrete 144A 6.375% 6/1/24		660,000		661,650
			8,788,287
Consumer Finance–1.39%
Ally Financial 3.60% 5/21/18		611,000		614,055
4.625% 5/19/22		6,399,000		6,462,990
4.75% 9/10/18		15,000		15,337
5.75% 11/20/25		1,165,000		1,172,281
6.25% 12/1/17		780,000		819,000
8.00% 12/31/18		450,000		492,750
8.00% 11/1/31		1,430,000		1,662,375
			11,238,788
Containers & Packaging–1.63%
Ardagh Packaging Finance
#144A 6.25% 1/31/19		565,000		577,006
#144A 7.00% 11/15/20		88,235		86,912
#144A 7.25% 5/15/24		525,000		538,453

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Containers & Packaging (continued)
Ball 4.375% 12/15/20		700,000	$	737,625
5.00% 3/15/22		135,000		143,977
5.25% 7/1/25		316,000		330,615
Berry Plastics 5.125% 7/15/23		635,000		636,587
5.50% 5/15/22		500,000		513,125
Cascades
#144A 5.50% 7/15/22		465,000		453,956
#144A 5.75% 7/15/23		510,000		493,425
Crown Americas 4.50% 1/15/23		195,000		199,875
Graphic Packaging
International 4.75% 4/15/21		357,000		375,071
Novelis 8.75% 12/15/20		1,888,000		1,969,090
Owens Illinois 7.80% 5/15/18		400,000		439,000
Owens-Brockway Glass Container
#144A 5.00% 1/15/22		685,000		688,425
#144A 5.375% 1/15/25		199,000		198,254
#144A 5.875% 8/15/23		105,000		110,491
#144A 6.375% 8/15/25		60,000		62,813
Reynolds Group Issuer
#144A 5.125% 7/15/23		585,000		593,044
5.75% 10/15/20		1,385,000		1,433,475
6.875% 2/15/21		435,000		448,050
#144A 7.00% 7/15/24		530,000		546,629
Sealed Air
#144A 4.875% 12/1/22		360,000		371,700
#144A 5.125% 12/1/24		660,000		680,625
#144A 5.25% 4/1/23		200,000		208,000
#144A 6.50% 12/1/20		355,000		405,587
			13,241,810
Diversified Consumer Services–0.17%
Service International
5.375% 5/15/24		775,000		807,937
8.00% 11/15/21		500,000		587,500
			1,395,437
Diversified Financial Services–2.74%
AerCap Ireland Capital 4.25% 7/1/20		291,000		296,820
4.50% 5/15/21		1,385,000		1,422,395
4.625% 7/1/22		875,000		899,351
#Argos Merger Sub 144A
7.125% 3/15/23		1,358,000		1,402,135
#CNG Holdings 144A
9.375% 5/15/20		1,118,000		553,410
#Denali International 144A
5.625% 10/15/20		534,000		561,501
Diamond 1 Finance
#144A 3.48% 6/1/19		10,000		10,251

LVIP JPMorgan High Yield Fund–5

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Diamond 1 Finance (continued)
#144A 4.42% 6/15/21		526,000	$	541,986
#144A 5.45% 6/15/23		1,520,000		1,579,338
#144A 5.875% 6/15/21		565,000		576,674
#144A 7.125% 6/15/24		585,000		611,723
#144A 8.10% 7/15/36		212,000		229,124
#144A 8.35% 7/15/46		303,000		326,693
#Diamond 1 Finance / Diamond 2 Finance 144A 6.02% 6/15/26		1,520,000		1,587,490
Fly Leasing 6.75% 12/15/20		200,000		201,750
Icahn Enterprises 4.875% 3/15/19		455,000		447,037
5.875% 2/1/22		1,244,000		1,178,852
International Lease Finance 5.875% 4/1/19		260,000		277,875
6.25% 5/15/19		1,345,000		1,444,194
8.25% 12/15/20		2,371,000		2,812,172
8.625% 1/15/22		845,000		1,031,956
#MSCI 144A 5.25% 11/15/24		955,000		981,263
#National Financial Partners 144A 9.00% 7/15/21		796,000		770,130
#Quicken Loans 144A 5.75% 5/1/25		1,712,000		1,660,640
Springleaf Finance 7.75% 10/1/21		140,000		135,275
8.25% 12/15/20		666,000		669,330
			22,209,365
Diversified Telecommunication Services–4.21%
Cincinnati Bell 8.375% 10/15/20		1,673,000		1,753,153
#Clearwire Communications 144A 14.75% 12/1/16		288,000		302,760
Consolidated Communications 6.50%10/1/22		903,000		814,957
Embarq 7.995% 6/1/36		7,966,000		7,995,873
Frontier Communications
6.25% 9/15/21		400,000		379,105
8.50% 4/15/20		2,479,000		2,640,135
8.75% 4/15/22		143,000		144,430
8.875% 9/15/20		276,000		295,665
9.25% 7/1/21		2,459,000		2,612,687
10.50% 9/15/22		784,000		832,510
11.00% 9/15/25		2,030,000		2,108,663
Intelsat Jackson Holdings 5.50% 8/1/23		1,158,000		741,120
7.25% 4/1/19		711,000		522,585
7.25% 10/15/20		1,150,000		825,125
#144A 8.00% 2/15/24		1,016,000		1,005,840
Intelsat Luxembourg 7.75% 6/1/21		1,021,000		255,250
Level 3 Communications 5.75% 12/1/22		1,923,000		1,951,845

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Level 3 Financing 5.125% 5/1/23		210,000	$	208,950
#144A 5.25% 3/15/26		660,000		648,450
5.375% 8/15/22		980,000		993,475
5.375% 1/15/24		600,000		603,750
5.375% 5/1/25		760,000		757,150
Qwest 7.25% 9/15/25		340,000		363,292
Qwest Capital Funding 6.875% 7/15/28		124,000		101,060
7.75% 2/15/31		1,262,000		1,080,272
SBA Communications 4.875% 7/15/22		683,000		683,854
Virgin Media Finance
#144A 5.75% 1/15/25		200,000		192,250
#144A 6.375% 4/15/23		1,280,000		1,286,400
Virgin Media Secured Finance
#144A 5.25% 1/15/26		455,000		442,488
#144A 5.375% 4/15/21		535,500		546,879
Windstream Services 7.50% 6/1/22		469,000		424,445
7.50% 4/1/23		463,000		415,543
7.75% 10/1/21		187,000		177,183
			34,107,144
Electric Utilities–0.16%
#InterGen 144A 7.00% 6/30/23		353,000		251,513
#‡Texas Competitive Electric Holdings 144A 11.50% 10/1/20		3,115,000		1,066,887
			1,318,400
Electrical Equipment–0.29%
#EnerSys 144A 5.00% 4/30/23		315,000		312,637
Sensata Technologies
#144A 4.875% 10/15/23		435,000		436,631
#144A 5.00% 10/1/25		391,000		394,671
#144A 5.625% 11/1/24		531,000		553,233
#Sensata Technologies UK Financing 144A 6.25% 2/15/26.		597,000		620,880
			2,318,052
Electronic Equipment, Instruments & Components–0.38%
Anixter 5.50% 3/1/23		685,000		699,556
Belden
#144A 5.25% 7/15/24		213,000		207,143
#144A 5.50% 9/1/22		70,000		70,875
CDW 5.00% 9/1/23		259,000		261,458
5.50% 12/1/24		335,000		347,563
6.00% 8/15/22		515,000		540,106
#@International Wire Group Holdings 144A 8.50% 10/15/17		700,000		695,625

LVIP JPMorgan High Yield Fund–6

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Electronic Equipment, Instruments & Components (continued)
Zebra Technologies 7.25% 10/15/22		226,000	$	240,690
				3,063,016
Energy Equipment & Services–1.20%
Archrock Partners 6.00% 10/1/22		575,000		511,750
Basic Energy Services 7.75% 10/15/22		566,000		217,910
CSI Compressco 7.25% 8/15/22		720,000		594,000
Ensco
4.50% 10/1/24		172,000		115,455
4.70% 3/15/21		345,000		287,099
Parker Drilling
6.75% 7/15/22		172,000		130,290
7.50% 8/1/20		493,000		377,145
Precision Drilling
5.25% 11/15/24		631,000		507,955
6.50% 12/15/21		226,000		203,965
#Sea Trucks Group 144A 9.00% 3/26/18		1,218,750		427,172
SESI 7.125% 12/15/21		500,000		483,750
#Shelf Drilling Holdings 144A 8.625% 11/1/18		425,000		314,500
Summit Midstream Holdings
5.50% 8/15/22		525,000		454,125
7.50% 7/1/21		185,000		178,525
Transocean 8.125% 12/15/21		1,495,000		1,270,750
#Trinidad Drilling 144A 7.875% 1/15/19		590,000		528,050
@Unit 6.625% 5/15/21		1,762,000		1,369,955
Weatherford International
7.00% 3/15/38		668,000		497,660
7.75% 6/15/21		222,000		217,005
8.25% 6/15/23		219,000		208,598
Weatherford International Bermuda 4.50% 4/15/22		390,000		336,375
Western Refining Logistics 7.50% 2/15/23		500,000		495,000
				9,727,034
Food & Staples Retailing–1.23%
Ingles Markets 5.75% 6/15/23		775,000		786,625
New Albertsons #144A 6.625% 6/15/24		2,149,000		2,224,215
6.625% 6/1/28		844,000		755,380
7.45% 8/1/29		511,000		498,225
7.75% 6/15/26		600,000		588,000
8.00% 5/1/31		265,000		263,675
8.70% 5/1/30		106,000		106,530
#Performance Food Group 144A 5.50% 6/1/24		265,000		270,300

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
Rite Aid #144A 6.125% 4/1/23		1,236,000	$	1,324,065
6.75% 6/15/21		440,000		463,177
9.25% 3/15/20		225,000		237,697
#Shearer’s Foods 144A 9.00% 11/1/19		142,000		150,520
SUPERVALU 7.75% 11/15/22		2,703,000		2,269,979
				9,938,388
Food Products–3.29%
Aramark Services 5.125% 1/15/24		640,000		654,400
B&G Foods 4.625% 6/1/21		300,000		301,500
#Bumble Bee Holdings 144A 9.00% 12/15/17		2,051,000		2,081,765
Darling Ingredients 5.375% 1/15/22		2,155,000		2,234,476
#Dean Foods 144A 6.50% 3/15/23		2,300,000		2,380,500
JBS USA Finance
#144A 5.75% 6/15/25		1,443,000		1,363,635
#144A 5.875% 7/15/24		2,448,000		2,383,740
#144A 7.25% 6/1/21		2,614,000		2,718,560
#144A 7.25% 6/1/21		872,000		906,880
#144A 8.25% 2/1/20		1,236,000		1,285,440
#Pilgrim’s Pride 144A 5.75% 3/15/25		508,000		509,270
#Pinnacle Foods Finance 144A 5.875% 1/15/24		155,000		162,944
Post Holdings
#144A 6.75% 12/1/21		2,134,000		2,262,040
7.375% 2/15/22		700,000		738,500
#144A 7.75% 3/15/24		362,000		399,557
Smithfield Foods
#144A 5.25% 8/1/18		1,052,000		1,063,835
#144A 5.875% 8/1/21		2,216,000		2,321,260
6.625% 8/15/22		1,312,000		1,380,473
Treehouse Foods 4.875% 3/15/22		233,000		238,825
#144A 6.00% 2/15/24		405,000		431,325
#US Foods 144A 5.875% 6/15/24		620,000		637,050
#Wells Enterprises 144A 6.75% 2/1/20		228,000		236,835
				26,692,810
Gas Utilities–0.38%
AmeriGas Finance 7.00% 5/20/22		1,357,000		1,439,261
AmeriGas Partners
5.625% 5/20/24		406,000		409,553
5.875% 8/20/26		406,000		407,523
NGL Energy Partners 5.125% 7/15/19		199,000		182,085

LVIP JPMorgan High Yield Fund–7

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Gas Utilities (continued)
NGL Energy Partners (continued)
6.875% 10/15/21		352,000	$	310,640
Suburban Propane Partners
5.50% 6/1/24		300,000		296,250
				3,045,312
Health Care Equipment & Supplies–1.25%
Alere
#144A 6.375% 7/1/23		772,000		808,670
6.50% 6/15/20		442,000		442,000
7.25% 7/1/18		375,000		385,078
#ConvaTec Healthcare 144A
10.50% 12/15/18		1,250,000		1,278,125
#Hill-Rom Holdings 144A
5.75% 9/1/23		530,000		544,575
#Hologic 144A 5.25% 7/15/22		985,000		1,033,019
Mallinckrodt International Finance
3.50% 4/15/18		72,000		70,380
4.75% 4/15/23		136,000		110,840
#144A 4.875% 4/15/20		385,000		373,450
#144A 5.50% 4/15/25		640,000		574,157
#144A 5.625% 10/15/23		1,641,000		1,536,386
#144A 5.75% 8/1/22		1,682,000		1,606,310
#Sterigenics-Nordion Holdings
144A 6.50% 5/15/23		800,000		812,000
Teleflex
4.875% 6/1/26		148,000		149,850
5.25% 6/15/24		405,000		411,075
				10,135,915
Health Care Providers & Services–6.15%
Acadia Healthcare
5.125% 7/1/22		410,000		399,750
5.625% 2/15/23		330,000		325,050
6.125% 3/15/21		590,000		609,175
#144A 6.50% 3/1/24		400,000		407,000
Amsurg
5.625% 11/30/20		500,000		518,750
5.625% 7/15/22		1,590,000		1,639,687
Centene 4.75% 5/15/22		486,000		498,150
Centene Escrow
#144A 5.625% 2/15/21		1,040,000		1,086,800
#144A 6.125% 2/15/24		700,000		745,937
Community Health Systems
5.125% 8/15/18		62,000		62,969
5.125% 8/1/21		1,200,000		1,197,000
6.875% 2/1/22		1,708,000		1,503,040
7.125% 7/15/20		786,000		732,623
8.00% 11/15/19		1,160,000		1,141,150
DaVita HealthCare Partners
5.00% 5/1/25		1,125,000		1,117,969

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
DaVita HealthCare Partners (continued)
5.125% 7/15/24		1,460,000	$	1,478,943
5.75%8/15/22		400,000		420,000
#Envision Healthcare 144A
5.125% 7/1/22		950,000		959,500
#Fresenius Medical Care US
Finance 144A 5.75% 2/15/21		630,000		702,450
Fresenius Medical Care US Finance II
#144A 4.125% 10/15/20		385,000		397,513
#144A 4.75% 10/15/24		230,000		238,625
#144A 5.625% 7/31/19		176,000		191,509
#144A 5.875% 1/31/22		1,488,000		1,638,660
#144A 6.50% 9/15/18		225,000		244,125
HCA
3.75% 3/15/19		444,000		460,650
4.25% 10/15/19		630,000		658,350
5.00% 3/15/24		506,000		524,975
5.25% 4/15/25		705,000		738,487
5.25% 6/15/26		1,035,000		1,077,047
5.375% 2/1/25		2,276,000		2,338,590
5.875% 3/15/22		1,019,000		1,110,710
5.875% 5/1/23		1,220,000		1,302,350
5.875% 2/15/26		2,125,000		2,210,000
6.50% 2/15/20		1,250,000		1,385,937
7.50% 2/15/22		1,065,000		1,213,567
8.00% 10/1/18		1,000,000		1,117,500
HCA Holdings 6.25% 2/15/21		470,000		502,900
IASIS Healthcare
8.375% 5/15/19		2,956,000		2,854,387
#inVentiv Health 144A
9.00%1/15/18		325,000		335,563
LifePoint Health
#144A 5.375% 5/1/24		525,000		527,625
5.50%12/1/21		495,000		517,275
#MPH Acquisition Holdings 144A
7.125% 6/1/24		2,125,000		2,236,563
#Team Health 144A
7.25%12/15/23		1,140,000		1,222,787
Tenet Healthcare
4.375% 10/1/21		495,000		493,763
4.50% 4/1/21		2,021,000		2,046,263
4.75% 6/1/20		840,000		864,612
5.00% 3/1/19		551,000		535,847
5.50% 3/1/19		1,535,000		1,519,650
6.00% 10/1/20		658,000		697,480
6.25% 11/1/18		150,000		159,000
6.75% 2/1/20		115,000		113,275
6.75% 6/15/23		885,000		850,706
8.00% 8/1/20		1,205,000		1,236,631
8.125% 4/1/22		758,000		780,588
				49,889,453

LVIP JPMorgan High Yield Fund–8

    LVIP JPMorgan High Yield Fund

    Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Health Care Technology–0.03%
#IMS Health 144A 6.00% 11/1/20		220,000	$	224,400
				224,400
Hotels, Restaurants & Leisure–3.53%
AMC Entertainment       5.875% 2/15/22		1,241,000		1,253,410
Boyd Gaming
#144A 6.375% 4/1/26		395,000		414,750
6.875% 5/15/23		781,000		835,670
#CCM Merger 144A      9.125% 5/1/19		365,000		383,092
Cedar Fair 5.375% 6/1/24		265,000		274,275
Choice Hotels International 5.75% 7/1/22		373,000		401,684
#‡Chukchansi Economic
Development Authority 144A 9.75% 5/30/20		238,000		141,610
Cinemark USA 5.125% 12/15/22		1,025,000		1,048,063
#Downstream Development
Authority of the Quapaw Tribe of Oklahoma 144A 10.50% 7/1/19		776,000		751,750
Eldorado Resorts     7.00% 8/1/23		225,000		234,563
#Golden Nugget Escrow 144A   8.50% 12/1/21		790,000		811,725
#International Game Technology   144A 6.50% 2/15/25		405,000		410,063
Isle of Capri Casinos
5.875% 3/15/21		635,000		661,987
KFC Holding
#144A 5.00% 6/1/24		820,000		836,400
#144A 5.25% 6/1/26		820,000		842,550
#Landry’s 144A 9.375% 5/1/20		825,000		867,281
#MGM Growth Properties
Operating Partnership 144A 5.625% 5/1/24		315,000		333,900
MGM Resorts International
5.25% 3/31/20		90,000		94,950
6.00% 3/15/23		845,000		893,587
6.75% 10/1/20		675,000		740,813
7.75% 3/15/22		3,212,000		3,641,605
8.625% 2/1/19		120,000		135,360
11.375% 3/1/18		250,000		285,625
New Red Finance
#144A 4.625% 1/15/22		830,000		838,300
#144A 6.00% 4/1/22		1,635,000		1,699,893
#Rivers Pittsburgh Borrower
144A 9.50% 6/15/19		290,000		297,431
Ruby Tuesday 7.625% 5/15/20		150,000		145,875
Sabre GLBL
#144A 5.25% 11/15/23		142,000		145,195
#144A 5.375% 4/15/23		474,000		487,035

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
Scientific Games International
#144A 7.00% 1/1/22		310,000	$	313,100
10.00% 12/1/22		1,460,000		1,193,550
#Seminole Hard Rock
Entertainment 144A 5.875% 5/15/21		1,550,000		1,561,625
#Shingle Springs Tribal Gaming
Authority 144A 9.75% 9/1/21		1,101,000		1,205,595
Six Flags Entertainment
#144A 4.875% 7/31/24		435,000		430,650
#144A 5.25% 1/15/21		1,000,000		1,036,250
Speedway Motorsports 5.125% 2/1/23		480,000		490,800
Station Casinos 7.50% 3/1/21		720,000		762,430
Wynn Las Vegas
5.375% 3/15/22		715,000		721,256
#144A 5.50% 3/1/25		1,000,000		971,250
				28,594,948
Household Durables–1.47%
CalAtlantic Group
5.375% 10/1/22		189,000		193,253
5.875% 11/15/24		815,000		843,525
8.375% 1/15/21		500,000		578,750
10.75% 9/15/16		193,000		196,281
DR Horton
4.375% 9/15/22		235,000		243,225
4.75% 2/15/23		206,000		214,497
5.75% 8/15/23		350,000		390,250
Lennar
4.50% 6/15/19		344,000		358,758
4.50% 11/15/19		755,000		790,221
4.75% 5/30/25		800,000		780,000
4.875% 12/15/23		215,000		216,613
6.95% 6/1/18		282,000		299,625
12.25% 6/1/17		245,000		267,785
M/I Homes 6.75% 1/15/21		1,020,000		1,020,000
#Mattamy Group 144A 6.50% 11/15/20		848,000		818,320
Meritage Homes
7.00% 4/1/22		680,000		737,800
7.15% 4/15/20		75,000		80,813
PulteGroup 5.50% 3/1/26		632,000		650,960
#Serta Simmons Bedding 144A 8.125% 10/1/20		519,000		533,273
#Taylor Morrison Communities 144A 5.875% 4/15/23		780,000		787,800
Tempur Sealy International 5.625% 10/15/23		680,000		703,800
Toll Brothers Finance 4.875% 11/15/25		798,000		792,015

LVIP JPMorgan High Yield Fund–9

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Household Durables (continued)
Toll Brothers Finance (continued)
5.625% 1/15/24		375,000		$          390,937
				11,888,501
Household Products–0.35%
Central Garden & Pet
6.125% 11/15/23		310,000		323,950
Spectrum Brands
5.75% 7/15/25		1,550,000		1,621,687
6.125% 12/15/24		525,000		556,500
6.625% 11/15/22		333,000		355,061
				2,857,198
Independent Power & Renewable Electricity Producers–2.40%
AES
•3.673% 6/1/19		262,000		262,000
4.875% 5/15/23		190,000		188,575
5.50% 3/15/24		1,289,000		1,326,059
5.50% 4/15/25		960,000		967,200
6.00% 5/15/26		625,000		639,063
Calpine
#144A 5.25% 6/1/26		1,210,000		1,210,000
5.375% 1/15/23		521,000		510,580
5.50% 2/1/24		675,000		654,750
5.75% 1/15/25		520,000		507,650
#144A 5.875% 1/15/24		1,560,000		1,630,200
#144A 6.00% 1/15/22		500,000		526,250
Dynegy
5.875% 6/1/23		1,656,000		1,465,560
7.375% 11/1/22		940,000		911,800
7.625% 11/1/24		285,000		275,025
GenOn Energy 9.875% 10/15/20		1,708,000		1,221,220
NRG Energy
6.25% 7/15/22		250,000		243,750
6.25% 5/1/24		1,375,000		1,315,710
6.625% 3/15/23		939,000		929,610
#144A 7.25% 5/15/26		690,000		690,000
7.875% 5/15/21		267,000		277,680
NRG Yield Operating
5.375% 8/15/24		300,000		300,000
Talen Energy Supply
#144A 4.625% 7/15/19		390,000		345,150
6.50% 6/1/25		1,087,000		907,645
#Terraform Global Operating
144A 9.75% 8/15/22		866,000		788,060
TerraForm Power Operating
#144A 5.875% 2/1/23		729,000		697,507
#144A 6.125% 6/15/25		730,000		693,500
				19,484,544
Insurance–0.62%
CNO Financial Group
4.50% 5/30/20		278,000		289,120

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Insurance (continued)
CNO Financial Group (continued)
5.25% 5/30/25		1,299,000	$	1,344,465
#Fidelity & Guaranty Life  Holdings 144A 6.375% 4/1/21		527,000		529,635
#Liberty Mutual Group 144A  7.80% 3/15/37		837,000		914,423
Radian Group 7.00% 3/15/21		442,000		474,323
#USI 144A 7.75% 1/15/21		791,000		786,056
•XLIT 6.50% 12/29/49		1,020,000		711,450
				5,049,472
Internet & Catalog Retail–0.26%
Netflix
5.375% 2/1/21		536,000		571,907
5.50% 2/15/22		335,000		350,913
5.75% 3/1/24		785,000		822,287
5.875% 2/15/25		335,000		353,006
				2,098,113
Internet Software & Services–0.29%
#Match Group 144A  6.375% 6/1/24		355,000		370,087
VeriSign
4.625% 5/1/23		623,000		633,903
5.25% 4/1/25		192,000		197,760
Zayo Group
6.00% 4/1/23		785,000		800,700
6.375% 5/15/25		300,000		307,125
				2,309,575
IT Services–1.10%
#Alliance Data Systems 144A  5.375% 8/1/22		708,000		681,450
First Data
#144A 5.00% 1/15/24		1,744,000		1,754,900
#144A 5.375% 8/15/23		626,000		638,057
#144A 5.75% 1/15/24		1,384,000		1,378,810
#144A 6.75% 11/1/20		991,000		1,037,567
#144A 7.00% 12/1/23		3,361,000		3,415,616
				8,906,400
Life Sciences Tools & Services–0.13%
#Jaguar Holding II 144A 6.375% 8/1/23		1,000,000		1,025,000
				1,025,000
Machinery–0.53%
#ATS Automation Tooling  Systems 144A 6.50% 6/15/23		777,000		792,540
#BlueLine Rental Finance 144A  7.00% 2/1/19		1,228,000		1,062,220
Briggs & Stratton  6.875% 12/15/20		500,000		547,500

LVIP JPMorgan High Yield Fund–10

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Machinery (continued)
#Milacron 144A 7.75% 2/15/21		1,565,000	$	1,619,775
Oshkosh 5.375% 3/1/25		250,000		258,125
				4,280,160
Marine–0.39%
#Bluewater Holding 144A      10.00% 12/10/19		2,100,000		955,500
Martin Midstream Partners      7.25% 2/15/21		681,000		633,330
#Navios Maritime Holdings 144A      7.375% 1/15/22		1,455,000		654,750
#Navios South American      Logistics 144A 7.25% 5/1/22		722,000		512,620
‡Ultrapetrol Bahamas      8.875% 6/15/21		1,903,000		390,115
				3,146,315
Media–10.01%
Altice Financing
#144A 6.50% 1/15/22		1,330,000		1,348,287
#144A 6.625% 2/15/23		986,000		971,821
#144A 7.50% 5/15/26		1,475,000		1,449,187
Altice Luxembourg
#144A 7.625% 2/15/25		200,000		196,000
#144A 7.75% 5/15/22		1,334,000		1,352,343
Altice US Finance I
#144A 5.375% 7/15/23		1,750,000		1,743,437
#144A 5.50% 5/15/26		1,484,000		1,487,710
AMC Networks
4.75% 12/15/22		15,000		14,944
5.00% 4/1/24		1,485,000		1,475,533
Cablevision Systems
7.75% 4/15/18		500,000		536,560
8.00% 4/15/20		2,355,000		2,420,964
8.625% 9/15/17		1,134,000		1,199,205
CCO Holdings
5.25% 9/30/22		535,000		550,381
#144A 5.50% 5/1/26		1,580,000		1,607,650
5.75% 9/1/23		107,000		111,013
#144A 5.75% 2/15/26		2,069,000		2,136,243
#144A 5.875% 4/1/24		3,387,000		3,522,480
Clear Channel Worldwide Holdings
6.50% 11/15/22		1,593,000		1,541,227
6.50% 11/15/22		582,000		584,910
7.625% 3/15/20		2,368,000		2,264,992
7.625% 3/15/20		45,000		41,287
DISH DBS
5.875% 7/15/22		270,000		263,250
6.75% 6/1/21		6,779,000		7,041,686
#144A 7.75% 7/1/26		1,834,000		1,893,605
7.875% 9/1/19		210,000		232,050

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
#EMI Music Publishing Group      North America Holdings 144A      7.625% 6/15/24		725,000	$	746,750
GLP Capital
4.375% 4/15/21		65,000		67,113
5.375% 11/1/23		1,555,000		1,630,806
5.375% 4/15/26		280,000		289,100
Gray Television
#144A 5.875% 7/15/26		555,000		557,775
7.50% 10/1/20		1,530,000		1,602,675
iHeartCommunications
9.00% 12/15/19		1,384,000		1,043,190
9.00% 3/1/21		69,000		48,904
Lamar Media
5.00% 5/1/23		183,000		189,405
5.875% 2/1/22		50,000		52,250
Liberty Interactive      8.25% 2/1/30		380,000		396,150
LIN Television 5.875% 11/15/22		1,270,000		1,282,700
#Live Nation Entertainment      144A 5.375% 6/15/22		220,000		227,150
#NAI Entertainment Holdings      144A 5.00% 8/1/18		176,000		179,520
Nexstar Broadcasting
#144A 6.125% 2/15/22		405,000		411,075
6.875% 11/15/20		492,000		515,985
Nielsen Finance
4.50% 10/1/20		300,000		306,750
#144A 5.00% 4/15/22		1,820,000		1,863,225
#Nielsen Luxembourg 144A      5.50% 10/1/21		155,000		160,619
Numericable-SFR
#144A 6.00% 5/15/22		3,325,000		3,246,031
#144A 6.25% 5/15/24		1,106,000		1,061,760
#144A 7.375% 5/1/26		1,100,000		1,089,000
Outfront Media Capital
5.25% 2/15/22		336,000		342,300
5.625% 2/15/24		330,000		341,137
5.875% 3/15/25		500,000		516,875
Quebecor Media 5.75% 1/15/23		240,000		244,800
#RCN Telecom Services 144A      8.50% 8/15/20		768,000		790,080
Regal Entertainment Group
5.75% 3/15/22		1,072,000		1,101,480
5.75% 6/15/23		550,000		556,875
Sinclair Television Group
5.375% 4/1/21		915,000		945,881
#144A 5.625% 8/1/24		1,230,000		1,262,287
6.125% 10/1/22		915,000		949,313
Sirius XM Radio
#@144A 4.625% 5/15/23		975,000		949,484

LVIP JPMorgan High Yield Fund–11

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
Sirius XM Radio (continued)
#144A 5.375% 7/15/26		1,174,000	$	1,168,130
#144A 5.75% 8/1/21		321,000		334,241
#144A 6.00% 7/15/24		395,000		409,319
TEGNA  5.125% 7/15/20		430,000		444,513
#144A 5.50% 9/15/24		265,000		273,944
6.375% 10/15/23		1,225,000		1,306,156
Time Warner Cable  7.30% 7/1/38		1,043,000		1,310,037
#Unitymedia 144A    6.125% 1/15/25		1,000,000		1,029,900
Unitymedia Hessen
#144A 5.00% 1/15/25		400,000		394,000
#144A 5.50% 1/15/23		1,050,000		1,059,188
Univision Communications
#144A 5.125% 5/15/23		2,250,000		2,244,375
#144A 5.125% 2/15/25		2,065,000		2,049,513
#144A 6.75% 9/15/22		2,411,000		2,555,660
#144A 8.50% 5/15/21		270,000		282,403
#UPCB Finance IV 144A   5.375% 1/15/25		1,180,000		1,174,100
#@Videotron 144A 5.375%       6/15/24		1,383,000		1,407,203
WMG Acquisition
#144A 5.625% 4/15/22		915,000		939,019
#144A 6.75% 4/15/22		1,316,000		1,332,450
#Ziggo Bond Finance 144A    5.875% 1/15/25		520,000		504,400
				81,173,761
Metals & Mining–4.15%
AK Steel 7.50% 7/15/23		1,135,000		1,154,863
Alcoa
5.125% 10/1/24		1,025,000		1,027,563
5.40% 4/15/21		768,000		818,880
5.72% 2/23/19		550,000		592,961
5.87% 2/23/22		789,000		828,608
6.15% 8/15/20		139,000		150,989
6.75% 1/15/28		614,000		635,490
Aleris International  7.875% 11/1/20		96,000		85,440
#144A 9.50% 4/1/21		795,000		818,850
#Anglo American   Capital 144A   4.875% 5/14/25		1,881,000		1,805,760
ArcelorMittal
6.125% 6/1/25		335,000		335,000
6.50% 3/1/21		320,000		330,400
7.25% 2/25/22		3,785,000		4,002,637
8.00% 10/15/39		1,080,000		1,053,000
10.85% 6/1/19		1,350,000		1,596,375
Coeur Mining 7.875% 2/1/21		1,203,000		1,163,903

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Metals & Mining (continued)
Commercial Metals   4.875% 5/15/23		696,000	$	661,200
Freeport-McMoRan
3.10% 3/15/20		1,170,000		1,111,500
3.875% 3/15/23		2,785,000		2,450,800
5.40% 11/14/34		150,000		120,000
5.45% 3/15/43		2,895,000		2,337,713
Hecla Mining 6.875% 5/1/21		1,191,000		1,146,337
HudBay Minerals 9.50% 10/1/20		454,000		385,900
#Kaiser Aluminum 144A   5.875% 5/15/24		348,000		358,440
Lundin Mining
#144A 7.50% 11/1/20		870,000		891,750
#144A 7.875% 11/1/22		725,000		744,937
New Gold
#144A 6.25% 11/15/22		960,000		940,800
#144A 7.00% 4/15/20		328,000		336,200
#Prince Mineral Holding 144A   11.50% 12/15/19		485,000		424,375
#Signode Industrial Group 144A   6.375% 5/1/22		785,000		754,581
Steel Dynamics
5.125% 10/1/21		215,000		221,181
5.25% 4/15/23		275,000		281,875
5.50% 10/1/24		1,030,000		1,055,750
6.125% 8/15/19		120,000		124,275
6.375% 8/15/22		695,000		733,225
Taseko Mines 7.75% 4/15/19		470,000		298,450
Teck Resources
4.50% 1/15/21		485,000		424,375
#144A 8.00% 6/1/21		145,000		149,713
#144A 8.50% 6/1/24		556,000		578,240
#United States Steel 144A   8.375% 7/1/21		397,000		417,843
#Wise Metals Group 144A   8.75% 12/15/18		320,000		296,000
				33,646,179
Multiline Retail–0.15%
#Dollar Tree 144A 5.75% 3/1/23
JC Penney		331,000		353,343
#144A 5.875% 7/1/23		110,000		110,963
8.125% 10/1/19		203,000		211,057
#Neiman Marcus Group 144A   8.00% 10/15/21		702,000		575,640
				1,251,003
Oil, Gas & Consumable Fuels–10.37%
Anadarko Petroleum   4.85% 3/15/21		347,000		368,413
Antero Resources   5.125% 12/1/22		624,000		602,160

LVIP JPMorgan High Yield Fund–12

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Antero Resources (continued)
5.375% 11/1/21		1,416,000		$         1,391,220
6.00% 12/1/20		1,087,000		1,104,218
Apache
3.25% 4/15/22		184,000		188,728
4.75% 4/15/43		365,000		376,664
6.00% 1/15/37		237,000		271,254
Baytex Energy
#144A 5.125% 6/1/21		157,000		132,273
#144A 5.625% 6/1/24		267,000		216,270
#Blue Racer Midstream 144A
6.125% 11/15/22		800,000		762,000
Boardwalk Pipelines
5.95% 6/1/26		857,000		901,862
Buckeye Partners
4.875% 2/1/21		750,000		788,711
California Resources
5.50% 9/15/21		255,000		130,050
6.00% 11/15/24		142,000		69,935
#144A 8.00% 12/15/22		1,060,000		753,925
Cenovus Energy
4.45% 9/15/42		137,000		109,400
5.70% 10/15/19		231,000		244,514
6.75% 11/15/39		514,000		541,388
#Cheniere Corpus Christi
Holdings 144A      7.00% 6/30/24		825,000		848,207
#Chesapeake Energy 144A
8.00% 12/15/22		3,023,000		2,565,771
Cimarex Energy
4.375% 6/1/24		462,000		483,919
5.875% 5/1/22		546,000		572,063
#Citgo Holding 144A
10.75% 2/15/20		387,000		389,661
#CITGO Petroleum 144A
6.25% 8/15/22		903,000		869,137
Cloud Peak Energy Resources
6.375% 3/15/24		84,000		28,140
8.50% 12/15/19		170,000		76,009
Concho Resources
6.50% 1/15/22		591,000		607,991
CONSOL Energy  5.875% 4/15/22		1,060,000		930,150
Continental Resources
5.00% 9/15/22		3,251,000		3,194,107
7.125% 4/1/21		188,000		194,345
Crestwood Midstream Partners
6.00% 12/15/20		143,000		135,850
6.125% 3/1/22		454,000		422,220
#144A 6.25% 4/1/23		659,000		609,575
#CVR Partners 144A
9.25% 6/15/23		2,046,000		2,089,477
Encana
3.90% 11/15/21		72,000		70,002

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Encana (continued)
6.50% 2/1/38		179,000		$            178,246
Energy Transfer Equity
5.875% 1/15/24		2,112,000		2,064,480
EnLink Midstream Partners
7.125% 6/1/22		165,000		166,387
EP Energy
6.375% 6/15/23		497,000		300,685
7.75% 9/1/22		1,370,000		842,550
9.375% 5/1/20		2,038,000		1,452,075
#Ferrellgas 144A 6.75% 6/15/23		859,000		758,067
Genesis Energy
5.625% 6/15/24		429,000		392,535
5.75% 2/15/21		375,000		356,250
6.00% 5/15/23		395,000		371,300
6.75% 8/1/22		355,000		346,125
#Halcon Resources 144A
13.00% 2/15/22		819,000		438,165
Hiland Partners
#144A 5.50% 5/15/22		280,000		280,883
#144A 7.25% 10/1/20		1,500,000		1,558,125
Hilcorp Energy I
#144A 5.00% 12/1/24		995,000		932,713
#144A 5.75% 10/1/25		1,100,000		1,056,000
#144A 7.625% 4/15/21		945,000		975,713
Holly Energy Partners
6.50% 3/1/20		137,000		138,370
#Jupiter Resources 144A
8.50% 10/1/22		882,000		637,245
MEG Energy
#144A 6.375% 1/30/23		300,000		223,500
#144A 6.50% 3/15/21		300,000		234,000
#144A 7.00% 3/31/24		879,000		681,225
MPLX
#144A 4.50% 7/15/23		256,000		248,492
#144A 4.875% 12/1/24		1,273,000		1,242,216
#144A 4.875% 6/1/25		1,623,000		1,589,023
#144A 5.50% 2/15/23		1,250,000		1,271,155
Murphy Oil USA 6.00% 8/15/23		95,000		98,800
#Navios Maritime Acquisition
144A 8.125% 11/15/21		214,000		169,060
Newfield Exploration
5.375% 1/1/26		425,000		415,437
5.625% 7/1/24		962,000		966,810
5.75% 1/30/22		392,000		398,860
#NGPL PipeCo 144A
9.625% 6/1/19		500,000		523,125
Oasis Petroleum
6.875% 3/15/22		1,335,000		1,239,881
7.25% 2/1/19		1,007,000		969,237
ONEOK Partners
6.65% 10/1/36		63,000		66,124

LVIP JPMorgan High Yield Fund–13

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
ONEOK Partners (continued)
6.85% 10/15/37		76,000	$	82,501
#PBF Holding 144A
7.00% 11/15/23		604,000		584,370
PBF Logistics 6.875% 5/15/23		411,000		404,835
‡Penn Virginia 8.50% 5/1/20		927,000		361,530
QEP Resources
5.25% 5/1/23		663,000		613,275
5.375% 10/1/22		1,062,000		995,625
6.875% 3/1/21		1,123,000		1,139,845
Range Resources
4.875% 5/15/25		72,000		68,940
5.00% 3/15/23		138,000		130,065
5.75% 6/1/21		215,000		211,237
Regency Energy Partners
4.50% 11/1/23		133,000		130,036
5.50% 4/15/23		2,045,000		2,065,131
Rice Energy 7.25% 5/1/23		516,000		526,320
#Rockies Express Pipeline 144A
6.00% 1/15/19		1,400,000		1,431,500
Rose Rock Midstream
5.625% 7/15/22		297,000		262,845
5.625% 11/15/23		497,000		434,875
#144A 5.625% 11/15/23		727		636
RSP Permian 6.625% 10/1/22		1,012,000		1,047,420
‡Sabine Oil & Gas 9.75% 2/15/17		178,000		4,450
Sabine Pass Liquefaction
5.625% 2/1/21		400,000		406,000
5.625% 4/15/23		1,773,000		1,788,514
5.625% 3/1/25		672,000		672,000
5.75% 5/15/24		490,000		488,775
#144A 5.875% 6/30/26		1,075,000		1,080,375
6.25% 3/15/22		490,000		505,925
SM Energy
5.00% 1/15/24		530,000		455,800
5.625% 6/1/25		623,000		538,895
6.50% 11/15/21		777,000		732,323
6.50% 1/1/23		893,000		834,955
Stone Energy 7.50% 11/15/22		744,000		338,520
Sunoco
#144A 5.50% 8/1/20		500,000		494,375
#144A 6.25% 4/15/21		1,208,000		1,208,000
#144A 6.375% 4/1/23		1,070,000		1,067,325
Targa Resources Partners
5.25% 5/1/23		850,000		807,500
6.375% 8/1/22		54,000		54,405
6.875% 2/1/21		485,000		495,913
Tesoro 5.125% 4/1/24		230,000		232,300
Tesoro Logistics
5.875% 10/1/20		1,656,000		1,709,820
6.125% 10/15/21		610,000		634,400
6.25% 10/15/22		384,000		402,240

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Tesoro Logistics (continued)
6.375% 5/1/24		560,000	$	589,400
#Transcontinental Gas   Pipe Line   144A 7.85% 2/1/26		525,000		654,516
Ultra Petroleum
#‡144A 5.75% 12/15/18		1,155,000		782,513
#‡144A 6.125% 10/1/24		1,129,000		798,768
‡W&T Offshore 8.50% 6/15/19		720,000		183,600
Western Gas Partners   4.65% 7/1/26		106,000		105,784
Western Refining 6.25% 4/1/21		379,000		346,785
Whiting Petroleum  5.00% 3/15/19		1,791,000		1,656,675
Williams Partners
4.875% 5/15/23		1,010,000		977,621
6.125% 7/15/22		2,006,000		2,059,584
WPX Energy
5.25% 9/15/24		669,000		592,065
6.00% 1/15/22		3,463,000		3,237,905
				84,051,480
Paper & Forest Products–0.20%
Clearwater Paper
4.50% 2/1/23		630,000		615,037
#144A 5.375% 2/1/25		450,000		451,125
#Unifrax I 144A 7.50% 2/15/19		630,000		548,100
				1,614,262
Pharmaceuticals–1.91%
#~Capsugel PIK 144A    7.00% 5/15/19		243,000		243,607
Endo Finance
#144A 5.75% 1/15/22		827,000		750,420
#144A 5.875% 1/15/23		223,000		194,567
#144A 6.00% 7/15/23		1,395,000		1,227,600
#144A 6.00% 2/1/25		960,000		837,600
Grifols Worldwide Operations  5.25% 4/1/22		480,000		490,800
#NBTY 144A 7.625% 5/15/21		550,000		552,063
Prestige Brands
#144A 5.375% 12/15/21		825,000		841,500
#144A 6.375% 3/1/24		325,000		338,813
#Quintiles Transnational 144A   4.875% 5/15/23		580,000		591,600
Valeant Pharmaceuticals International
#144A 5.375% 3/15/20		1,203,000		1,033,828
#144A 5.625% 12/1/21		380,000		315,400
#144A 5.875% 5/15/23		2,162,000		1,756,625
#144A 6.125% 4/15/25		1,928,000		1,552,040
#144A 6.375% 10/15/20		1,270,000		1,098,550
#144A 6.75% 8/15/21		1,195,000		1,024,713
#144A 7.00% 10/1/20		1,225,000		1,087,188

LVIP JPMorgan High Yield Fund–14

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Valeant Pharmaceuticals International (continued)
#144A 7.25% 7/15/22		1,094,000	$	943,794
#144A 7.50% 7/15/21		717,000		635,889
				15,516,597
Professional Services–0.09%
FTI Consulting 6.00% 11/15/22		350,000		368,987
IHS 5.00% 11/1/22		381,000		395,287
				764,274
Real Estate Investment Trusts–0.93%
#Communications Sales & Leasing 144A 6.00% 4/15/23		802,000		818,040
DuPont Fabros Technology 5.875% 9/15/21		445,000		467,806
Equinix
4.875% 4/1/20		187,000		194,947
5.375% 1/1/22		1,189,000		1,233,587
5.375% 4/1/23		500,000		518,750
5.75% 1/1/25		203,000		211,120
5.875% 1/15/26		300,000		313,313
#ESH Hospitality 144A 5.25% 5/1/25		780,000		763,425
Iron Mountain 5.75% 8/15/24		1,136,000		1,153,040
#144A 6.00% 10/1/20		967,000		1,014,141
RHP Hotel Properties
5.00% 4/15/21		244,000		250,100
5.00% 4/15/23		305,000		304,237
VEREIT Operating Partnership
4.125% 6/1/21		220,000		230,036
4.875% 6/1/26		98,000		100,818
				7,573,360
Real Estate Management & Development–0.04%
Kennedy-Wilson 5.875% 4/1/24		304,000		297,540
				297,540
Semiconductors & Semiconductor Equipment–1.44%
Advanced Micro Devices
6.75% 3/1/19		845,000		815,425
7.00% 7/1/24		887,000		753,950
7.50% 8/15/22		52,000		46,540
7.75% 8/1/20		811,000		758,285
#Entegris 144A 6.00% 4/1/22		202,000		207,555
#Freescale Semiconductor 144A  6.00% 1/15/22		263,000		277,991
Micron Technology
#144A 5.25% 8/1/23		1,219,000		1,045,293
#144A 5.25% 1/15/24		325,000		277,063
5.50% 2/1/25		299,000		255,645
#144A 5.625% 1/15/26		392,000		328,300
5.875% 2/15/22		181,000		171,045

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Semiconductors & Semiconductor Equipment (continued)
Micron Technology (continued)
#144A 7.50% 9/15/23		1,002,000	$	1,067,130
#Microsemi 144A 9.125% 4/15/23		768,000		848,640
NXP
#144A 3.75% 6/1/18		420,000		429,450
#144A 4.125% 6/15/20		1,066,000		1,081,990
#144A 4.125% 6/1/21		1,165,000		1,185,387
#144A 4.625% 6/15/22		1,243,000		1,264,753
#144A 5.75% 3/15/23		200,000		209,500
#Qorvo 144A 6.75% 12/1/23		618,000		644,265
			11,668,207
Software–1.08%
Change Healthcare Holdings #144A
6.00% 2/15/21		725,000		773,031
11.00% 12/31/19		1,514,000		1,610,896
Infor US
#144A 5.75% 8/15/20		988,000		1,038,635
6.50% 5/15/22		996,000		945,582
#Informatica 144A
7.125% 7/15/23		712,000		678,180
#@Nuance Communications 144A
5.375% 8/15/20		1,103,000		1,127,817
Open Text
#144A 5.625% 1/15/23		737,000		748,055
#144A 5.875% 6/1/26		513,000		515,565
#Solera 144A 10.50% 3/1/24		815,000		860,844
SS&C Technologies Holdings 5.875% 7/15/23		474,000		487,035
				8,785,640
Specialty Retail–1.45%
Caleres 6.25% 8/15/23		500,000		510,000
#~Chinos Intermediate Holdings A
PIK 144A 7.75% 5/1/19		237,690		82,003
Claire’s Stores
#144A 6.125% 3/15/20		1,074,000		558,480
8.875% 3/15/19		1,075,000		255,313
#144A 9.00% 3/15/19		2,417,000		1,462,285
CST Brands 5.00% 5/1/23		942,000		960,840
#Group 1 Automotive 144A
5.25% 12/15/23		1,335,000		1,318,313
#Guitar Center 144A
6.50% 4/15/19		433,000		374,545
#Jo-Ann Stores 144A
8.125% 3/15/19		350,000		336,875
L Brands
5.625% 2/15/22		615,000		662,509
5.625% 10/15/23		500,000		541,250
6.75% 7/1/36		825,000		828,605
#Party City Holdings 144A
6.125% 8/15/23		440,000		457,600

LVIP JPMorgan High Yield Fund–15

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Specialty Retail (continued)
Penske Automotive Group 5.50% 5/15/26		962,000	$	916,305
#Radio Systems 144A 8.375% 11/1/19		475,000		495,187
Sally Holdings
5.50% 11/1/23		615,000		641,137
5.625% 12/1/25		917,000		965,143
#Tops Holding 144A 8.00% 6/15/22		475,000		420,375
				11,786,765
Technology Hardware, Storage & Peripherals–0.43%
#Diebold 144A 8.50% 4/15/24		1,111,000		1,105,445
NCR
5.00% 7/15/22		373,000		367,405
6.375% 12/15/23		130,000		133,250
Western Digital
#144A 7.375% 4/1/23		566,000		604,205
#144A 10.50% 4/1/24		1,216,000		1,304,160
				3,514,465
Textiles, Apparel & Luxury Goods–0.16%
Hanesbrands
#144A 4.625% 5/15/24		353,000		355,647
#144A 4.875% 5/15/26		353,000		356,036
Levi Strauss 5.00% 5/1/25		545,000		550,450
				1,262,133
Thrift & Mortgage Finance–0.24%
Nationstar Mortgage
6.50% 7/1/21		172,000		147,920
6.50% 6/1/22		173,000		144,455
7.875% 10/1/20		565,000		532,513
9.625% 5/1/19		1,058,000		1,098,997
				1,923,885
Trading Companies & Distributors–1.77%
#@Ahern Rentals 144A 7.375% 5/15/23		799,000		555,305
Aircastle
5.00% 4/1/23		562,000		572,509
5.125% 3/15/21		109,000		113,769
6.25% 12/1/19		803,000		873,263
Ashtead Capital
#144A 5.625% 10/1/24		925,000		934,250
#144A 6.50% 7/15/22		625,000		653,513
Global Partners
@6.25% 7/15/22		227,000		190,113
@7.00% 6/15/23		250,000		210,000
H&E Equipment Services 7.00% 9/1/22		1,540,000		1,601,600
HD Supply #144A 5.25% 12/15/21		1,420,000		1,487,450

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Trading Companies & Distributors (continued)
HD Supply (continued)
#144A 5.75% 4/15/24		500,000	$	521,250
7.50% 7/15/20		676,000		709,732
United Rentals North America
4.625% 7/15/23		570,000		577,125
5.75% 11/15/24		1,580,000		1,599,750
6.125% 6/15/23		1,943,000		2,032,864
7.375% 5/15/20		54,000		56,160
#Univar USA 144A 6.75% 7/15/23		755,000		749,338
#WESCO Distribution 144A   5.375% 6/15/24		870,000		872,175
				14,310,166
Wireless Telecommunication Services–4.17%
SBA Telecommunications 5.75% 7/15/20		232,000		239,540
#SoftBank Group 144A 4.50% 4/15/20		1,615,000		1,671,525
Sprint
7.125% 6/15/24		904,000		725,460
7.25% 9/15/21		1,718,000		1,473,185
7.625% 2/15/25		1,479,000		1,177,654
7.875% 9/15/23		2,217,000		1,823,483
Sprint Capital
6.875% 11/15/28		313,000		247,270
8.75% 3/15/32		1,785,000		1,535,100
Sprint Communications
6.00% 12/1/16		583,000		588,101
6.00% 11/15/22		1,190,000		942,361
#144A 7.00% 3/1/20		4,302,000		4,525,661
7.00% 8/15/20		1,250,000		1,118,750
8.375% 8/15/17		1,338,000		1,373,591
#144A 9.00% 11/15/18		860,000		919,125
9.125% 3/1/17		313,000		323,726
11.50% 11/15/21		90,000		89,370
T-Mobile USA
5.25% 9/1/18		476,000		486,115
6.00% 3/1/23		1,054,000		1,094,843
6.00% 4/15/24		319,000		330,963
6.125% 1/15/22		951,000		1,000,927
6.25% 4/1/21		793,000		830,168
6.375% 3/1/25		414,000		434,183
6.50% 1/15/24		129,000		136,256
6.50% 1/15/26		755,000		799,356
6.625% 11/15/20		1,560,000		1,614,600
6.625% 4/1/23		833,000		885,587
6.633% 4/28/21		941,000		986,874
6.731% 4/28/22		2,153,000		2,272,061
6.836% 4/28/23		1,089,000		1,154,340
West
#144A 4.75% 7/15/21		550,000		544,500
#144A 5.375% 7/15/22		1,240,000		1,157,850

LVIP JPMorgan High Yield Fund–16

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Wireless Telecommunication Services   (continued)
Wind Acquisition Finance
#144A 4.75% 7/15/20		745,000		$            733,825
#144A 7.375% 4/23/21		595,000		569,713
				33,806,063
Total Corporate Bonds     (Cost $744,299,679)				727,259,323
«SENIOR SECURED LOANS–4.97%
Albertsons Tranche B 1st Lien
4.75% 12/21/22		2,687,265		2,689,476
Alon USA Partners Tranche B
1st Lien
9.25% 11/13/18		69,875		69,526
Atkore International 1st Lien
4.50% 3/27/21		198,985		197,492
Avago Technologies Cayman
Finance Tranche B 1st Lien
4.25% 2/1/23		1,915,200		1,919,844
Avaya 1st Lien
6.25% 5/29/20		251,581		180,091
Berry Plastics Group 1st Lien
4.00% 10/1/22		248,122		248,828
Berry Plastics Group Tranche E
3.50% 1/6/21		255,000		253,725
Cincinnati Bell Tranche B
1st Lien
4.00% 9/10/20		406,334		404,811
@Coeur Mining 1st Lien
9.00% 6/23/20		744,375		759,263
Concordia Healthcare Tranche
B 1st Lien
5.25% 10/21/21		895,500		861,695
Dell International Tranche B2
1st Lien
4.00% 4/29/20		1,040,271		1,038,481
Delta 2 Lux 1st Lien
4.75% 7/30/21		300,000		289,359
Delta 2 Tranche B 2nd Lien
7.75% 7/29/22		825,000		786,844
Dole Food Tranche B 1st Lien
4.50% 11/1/18		737,362		735,865
Drillship Ocean Ventures
Tranche B 1st Lien
5.50% 7/25/21		362,397		217,739
Dynegy
5.00% 6/27/23		1,690,000		1,667,295
Energy Future Intermediate
Holding DIP 1st Lien
4.25% 12/19/16		305,118		304,863

	Principal Amount°		Value (U.S. $)
«SENIOR SECURED LOANS (continued)
Entercom Radio Tranche B2 1st
Lien
4.00% 11/23/18		61,333		$            61,461
FCA US Tranche B 1st Lien
3.50% 5/24/17		396,118		396,407
FGI Operating Tranche B 1st
Lien
5.50% 4/19/19		333,677		278,620
Fieldwood Energy 2nd Lien
8.375% 9/30/20		720,000		204,077
First Data Tranche B 1st Lien
4.202% 7/10/22		1,213,043		1,204,703
Floatel International Tranche B
1st Lien
6.00% 6/27/20		384,462		241,827
FMG Resources August 2006 Pty
1st Lien
4.25% 6/30/19		659,886		633,491
Go Daddy Operating Tranche B
1st Lien
4.25% 5/13/21		397,880		398,449
Graton Economic Development
Authority 1st Lien
6.25% 9/1/22		843,930		847,095
Gray Television 1st Lien
3.938% 6/13/21		255,000		255,425
Hilex Poly
6.00% 12/9/21		186,954		187,702
iHeartCommunications
Tranche D 1st Lien
7.21% 1/30/19		2,532,692		1,858,717
iHeartCommunications Tranche
E 1st Lien
7.96% 7/30/19		850,642		623,946
Intrawest Operations Group
Tranche B 1st Lien
5.00% 12/9/20		243,999		244,243
InVentiv Health Tranche B4
1st Lien
7.75% 5/15/18		288,875		288,875
J. Crew Group Tranche B
1st Lien
4.00% 3/5/21		944,339		650,711
MEG Energy Tranche B 1st Lien
3.75% 3/31/20		80,013		70,683
MGOC 1st Lien
4.00% 7/31/20		255,000		255,159
Microsemi Tranche B 1st Lien
5.25% 1/15/23		850,080		849,727
MTL Publishing Tranche B3
1st Lien
4.00% 8/20/22		254,361		253,991

LVIP JPMorgan High Yield Fund–17

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value   (U.S. $)
«SENIOR SECURED LOANS (continued)
Neptune Finco 1st Lien
5.00% 10/9/22		2,020,000		$    2,027,070
NXP Tranche B1 1st Lien
3.75% 12/7/20		179,155		179,757
On Semiconductor Tranche B
1st Lien
5.25% 3/31/23		503,000		505,882
Peabody Energy Tranche B
1st Lien
4.25% 9/24/20		567,143		244,580
PetSmart Tranche B 1st Lien
4.25% 3/10/22		594,000		592,295
Pinnacle Foods Finance
Tranche B 1st Lien
3.75% 1/13/23		513,713		516,887
Rite Aid 2nd Lien
4.875% 6/21/21		1,038,889		1,040,707
5.75% 8/21/20		155,000		155,291
ROC Finance 1st Lien
5.00% 6/20/19		944,893		906,861
‡Sabine Oil & Gas 2nd Lien
12.00% 12/31/18		466,667		20,417
Scientific Games International
1st Lien
6.00% 10/18/20		317,365		313,895
Sears Roebuck Acceptance
Tranche B 1st Lien
5.50% 6/30/18		794,625		759,197
Serta Simmons Bedding
Tranche B 1st Lien
4.25% 10/1/19		374,211		374,367
Shelf Drilling MidCo PIK
1st Lien
10.00% 10/8/18		300,000		149,000
SolarWinds Holdings 1st Lien
6.50% 2/5/23		160,000		159,700
Stardust Finance Holdings
Tranche B 1st Lien
6.50% 3/13/22		785,664		768,638
SUPERVALU 1st Lien
5.50% 3/21/19		772,879		772,998
Syniverse Holdings 1st Lien
4.00% 4/23/19		501,190		373,389
Texas Competitive Electric
Holdings 1st Lien
4.943% 10/10/17		6,255,000		2,111,625
Texas Competitive Electric
Holdings DIP 1st Lien
3.75% 11/7/16		436,921		436,266
‡Texas Competitive Electric
Holdings Nonext 1st Lien
4.943% 10/10/16		1,920,000		636,960

	Principal Amount°		Value   (U.S. $)
«SENIOR SECURED LOANS (continued)
Tribune Media 1st Lien
3.75% 12/27/20		1,126,093		$    1,125,389
Univision Communications
1st Lien
4.00% 3/1/20		203,037		202,065
Univision Communications
Tranche C4 1st Lien
4.00% 3/1/20		720,875		717,912
UPC Financing Partnership
Tranche AH 1st Lien
3.414% 6/30/21		1,120,000		1,095,265
@=‡Vertis 1st Lien
14.25% 12/20/16		243,194		0
Western Refining
5.50% 6/23/23		1,000,000		978,335
Windstream Services Tranche
B6 1st Lien
5.75% 3/29/21		744,347		742,720
Total Senior Secured Loans        (Cost $48,008,291)				40,337,974
	Number of Shares
COMMON STOCK–0.04%
†Dynegy		1,250		21,550
†@Escrow General Motors		400,000		0
†@Escrow General Motors		325,000		0
†NII Holdings		84,804		269,677
Total Common Stock        (Cost $1,338,587)				291,227
PREFERRED STOCK–0.75%
•Bank of America 6.10%		1,201,000		1,220,516
•Hartford Financial Services
Group 7.875%		5,600		176,456
#•ILFC E-Capital Trust I 144A
3.98%		2,595,000		2,043,563
#•ILFC E-Capital Trust II       144A 4.23%		1,886,000		1,499,370
•@XLIT 3.748%		1,505		1,171,548
Total Preferred Stock        (Cost $6,087,470)				6,111,453

LVIP JPMorgan High Yield Fund–18

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
WARRANT–0.00%
@=General Maritime exercise          price $42.50, expiration          date 5/17/17		132	$	0
Total Warrant (Cost $0)				0

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–2.97%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		24,045,945	$	24,045,945
Total Money Market Fund (Cost $24,045,945)				24,045,945

TOTAL VALUE OF SECURITIES–98.48% (Cost $824,140,969)	798,415,922
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.52%	12,296,539
NET ASSETS APPLICABLE TO 75,459,499 SHARES OUTSTANDING–100.00%	$810,712,461

NET ASSET VALUE PER SHARE–LVIP JP MORGAN HIGH YIELD FUND STANDARD CLASS         ($644,956,504 / 60,015,395 Shares)	$10.747
NET ASSET VALUE PER SHARE–LVIP JP MORGAN HIGH YIELD FUND SERVICE CLASS         ($165,755,957 / 15,444,104 Shares)	$10.733

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$830,417,076
Undistributed net investment income	25,310,305
Accumulated net realized loss on investments	(19,289,873	)
Net unrealized depreciation of investments	(25,725,047	)
Total net assets	$810,712,461

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $319,905,161, which represents 39.46% of the Fund’s net assets. See Note 5 in “Notes to Financial Statements.”

~ 100% of the income received on this PIK security was in the form of cash.

† Non-income producing for the period.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

« Includes $3,882,144 payable for securities purchased, $342,007 payable for fund shares redeemed, $434,199 due to manager and affiliates, and $339 prepaid printing and mailing fees to Lincoln Life.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $9,235,128, which represents 1.14% of the Fund’s net assets. See Note 5 in “Notes to Financial Statements.”

¨ PassThrough Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at June 30, 2016.

° Principal amount shown is stated in U.S. dollars.

‡ Non-income producing security. Security is currently in default.

Summary of Abbreviations:

DIP–Debtor-in-Possession

IT–Information Technology

PIK–Payment-in-kind

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

LVIP JPMorgan High Yield Fund–19

LVIP JPMorgan High Yield Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Interest	$	25,704,801
Dividends		130,431
		25,835,232
EXPENSES:
Management fees		2,483,418
Distribution fees-Service Class		196,579
Accounting and administration expenses		98,381
Professional fees		30,204
Reports and statements to shareholders		29,057
Pricing fees		28,893
Trustees’ fees and expenses		10,126
Custodian fees		5,897
Consulting fees		1,134
Other		5,501
		2,889,190
Less management fees waived		(134,433	)
Total operating expenses		2,754,757
NET INVESTMENT INCOME		23,080,475
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss from investments		(11,459,891	)
Net change in unrealized appreciation (depreciation) of investments		43,623,542
NET REALIZED AND UNREALIZED GAIN		32,163,651
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	55,244,126

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

LVIP JPMorgan High Yield Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	23,080,475		$	39,381,587
Net realized loss		(11,459,891	)		(7,721,108	)
Net change in unrealized appreciation (depreciation)		43,623,542			(62,428,595	)
Net increase (decrease) in net assets resulting from operations		55,244,126			(30,768,116	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(32,772,302	)
Service Class		—			(7,713,348	)
Net realized gain:
Standard Class		—			(2,815,989	)
Service Class		—			(815,519	)
		—			(44,117,158	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		22,013,980			182,031,504
Service Class		29,384,455			67,229,849
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			35,588,291
Service Class		—			8,528,867
		51,398,435			293,378,511
Cost of shares redeemed:
Standard Class		(46,647,777	)		(59,813,010	)
Service Class		(26,688,050	)		(61,469,400	)
		(73,335,827	)		(121,282,410	)
Increase (decrease) in net assets derived from capital share transactions		(21,937,392	)		172,096,101
NET INCREASE IN NET ASSETS		33,306,734			97,210,827
NET ASSETS:
Beginning of period		777,405,727			680,194,900
End of period	$	810,712,461		$	777,405,727
Undistributed net investment income	$	25,310,305		$	2,229,830

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

LVIP JPMorgan High Yield Fund–20

LVIP JPMorgan High Yield Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP JPMorgan High Yield Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	10.026	$	11.082		$	11.304		$	11.123		$	10.139		$	10.372
Income (loss) from investment operations:
Net investment income2		0.302		0.618			0.609			0.639			0.681			0.682
Net realized and unrealized gain (loss)		0.419		(1.051	)		(0.290	)		0.090			0.825			(0.402	)
Total from investment operations		0.721		(0.433	)		0.319			0.729			1.506			0.280
Less dividends and distributions from:
Net investment income		—		(0.565	)		(0.502	)		(0.546	)		(0.522	)		(0.513	)
Net realized gain		—		(0.058	)		(0.039	)		(0.002	)		—			—
Total dividends and distributions		—		(0.623	)		(0.541	)		(0.548	)		(0.522	)		(0.513	)
Net asset value, end of period	$	10.747	$	10.026		$	11.082		$	11.304		$	11.123		$	10.139
Total return3		7.18%		(3.94%	)		2.84%			6.57%			14.93%			2.78%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$644,956	$	625,243		$	526,920			$404,998		$	207,465		$	90,518
Ratio of expenses to average net assets		0.65%		0.65%			0.67%			0.71%			0.75%			0.79%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.68%		0.68%			0.70%			0.73%			0.75%			0.79%
Ratio of net investment income to average net assets		5.92%		5.56%			5.23%			5.55%			6.22%			6.45%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		5.89%		5.53%			5.20%			5.53%			6.22%			6.45%
Portfolio turnover		22%		36%			37%			33%			36%			57%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP JPMorgan High Yield Fund–21

LVIP JPMorgan High Yield Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP JPMorgan High Yield Fund Service Class
	Six Months
	Ended
	6/30/161								Year Ended
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	10.026	$	11.080		$	11.302		$	11.122		$	10.143		$	10.370
Income (loss) from investment operations:
Net investment income2		0.289		0.590			0.579			0.609			0.652			0.647
Net realized and unrealized gain (loss)		0.418		(1.049	)		(0.289	)		0.090			0.825			(0.392	)
Total from investment operations		0.707		(0.459	)		0.290			0.699			1.477			0.255
Less dividends and distributions from:
Net investment income		—		(0.537	)		(0.473	)		(0.517	)		(0.498	)		(0.482	)
Net realized gain		—		(0.058	)		(0.039	)		(0.002	)		—			—
Total dividends and distributions		—		(0.595	)		(0.512	)		(0.519	)		(0.498	)		(0.482	)
Net asset value, end of period	$	10.733	$	10.026		$	11.080		$	11.302		$	11.122		$	10.143
Total return3		7.05%		(4.17%	)		2.58%			6.31%			14.63%			2.54%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	165,756	$	152,163		$	153,275		$	149,361		$	130,206		$	78,859
Ratio of expenses to average net assets		0.90%		0.90%			0.92%			0.96%			1.00%			1.04%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.93%		0.93%			0.95%			0.98%			1.00%			1.04%
Ratio of net investment income to average net assets		5.67%		5.31%			4.98%			5.30%			5.97%			6.20%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		5.64%		5.28%			4.95%			5.28%			5.97%			6.20%
Portfolio turnover		22%		36%			37%			33%			36%			57%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP JPMorgan High Yield Fund–22

LVIP JPMorgan High Yield Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 JPMorgan High Yield 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”). 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 a high level of current income by investing primarily in a diversified portfolio of debt securities which are rated below investment grade or unrated. Capital appreciation is a secondary objective.

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. Open-end investment companies are valued at their published net asset value. Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security.

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 benefit or expense in the current year. Management has analyzed tax positions taken or to be taken on the Fund’s federal income tax returns through the six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

LVIP JPMorgan High Yield Fund—23

LVIP JPMorgan High Yield Fund

Notes to Financial Statements (continued)

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 0.65% of the first $500 million of the Fund’s average daily net assets; and 0.60% of the Fund’s average daily net assets in excess of $500 million. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.05% of the Fund’s average daily net assets in excess of $250 million. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

J.P. Morgan Investment 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	20,448
Legal.		5,623

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 $21,194 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had receivables due from, liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	399,621
Distribution fees payable to LFD		34,578
Prepaid printing and mailing fees to Lincoln Life		339

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	181,499,864
Sales		165,499,881

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	824,140,969
Aggregate unrealized appreciation	$	17,014,746
Aggregate unrealized depreciation		(42,739,793	)
Net unrealized depreciation	$	(25,725,047	)

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act made changes to several tax rules, including providing for the unlimited carryover of future capital losses. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss.

LVIP JPMorgan High Yield Fund–24

LVIP JPMorgan High Yield Fund

Notes to Financial Statements (continued)

3. Investments (continued)

As of December 31, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No  Expiration)
Short Term	Long Term	Total
$2,694,552	$4,821,633	$7,516,185

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)

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 June 30, 2016:

	Level 1		Level 2		Level 3	Total
Convertible Bond		$              —		$       370,000	$—		$       370,000
Corporate Bonds		—		727,259,323	—		727,259,323
Senior Secured Loans		—		40,337,974	—		40,337,974
Common Stock
Automobiles		—		—	—		—
Independent Power & Renewable Electricity Producers		21,550		—	—		21,550
Wireless Telecommunication Services		269,677		—	—		269,677
Preferred Stock		176,456		5,934,997	—		6,111,453
Warrant		—		—	—		—
Money Market Fund		24,045,945		—	—		24,045,945
Total		$24,513,628		$773,902,294	$—		$798,415,922

The value of Level 3 investments was zero at the end of the period.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP JPMorgan High Yield Fund–25

LVIP JPMorgan High Yield Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		2,147,855			16,689,285
Service Class		2,873,656			6,049,249
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			3,511,828
Service Class		—			839,514
		5,021,511			27,089,876
Shares redeemed:
Standard Class		(4,492,485	)		(5,388,496	)
Service Class		(2,606,615	)		(5,545,154	)
		(7,099,100	)		(10,933,650	)
Net increase		(2,077,589	)		16,156,226

5. Credit and Market Risk

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s Financial Services LLC or Ba or lower by Moody’s Investors Service Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

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 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. Rule 144A and illiquid securities are identified on the Statement of Net Assets.

6. 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.

7. 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 JPMorgan High Yield Fund–26

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund (formerly LVIP JPMorgan Mid Cap Value Managed Volatility Fund) a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	9
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	12
Other Fund Information	17

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 JPMorgan Select Mid Cap Value Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,035.00		0.79	%		$4.00
Service Class Shares		1,000.00		1,033.60		1.04	%		5.26
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,020.93		0.79	%		$3.97
Service Class Shares		1,000.00		1,019.69		1.04	%		5.22

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–1

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–1

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		91.16%
Aerospace & Defense		0.95%
Airlines		0.55%
Automobiles		0.22%
Banks		5.57%
Beverages		1.34%
Biotechnology		0.54%
Building Products		0.64%
Capital Markets		2.83%
Chemicals		0.94%
Commercial Services & Supplies		0.36%
Communications Equipment		0.74%
Construction & Engineering		0.62%
Consumer Finance		0.73%
Containers & Packaging		2.38%
Distributors		0.70%
Diversified Financial Services		0.37%
Diversified Telecommunication Services		0.66%
Electric Utilities		3.44%
Electrical Equipment		2.02%
Electronic Equipment, Instruments & Components		2.48%
Energy Equipment & Services		0.78%
Food & Staples Retailing		1.52%
Food Products		1.61%
Gas Utilities		1.40%
Health Care Equipment & Supplies		0.75%
Health Care Providers & Services		4.06%
Hotels, Restaurants & Leisure		1.24%
Household Durables		2.36%
Household Products		0.47%
Independent Power & Renewable Electricity Producers		0.05%
Industrial Conglomerates		0.86%
Insurance		6.87%
Internet & Catalog Retail		1.05%
Internet Software & Services		0.22%
IT Services		1.50%
Leisure Products		0.34%
Life Sciences Tools & Services		0.02%
Machinery		2.12%

Security Type/Sector	Percentage of Net Assets
Media	1.96%
Metals & Mining	0.35%
Multiline Retail	1.33%
Multi-Utilities	4.17%
Oil, Gas & Consumable Fuels	6.22%
Paper & Forest Products	0.03%
Personal Products	0.85%
Pharmaceuticals	0.65%
Professional Services	0.40%
Real Estate Investment Trusts	9.33%
Real Estate Management & Development	0.14%
Road & Rail	0.02%
Semiconductors & Semiconductor Equipment	2.63%
Software	2.01%
Specialty Retail	3.43%
Technology Hardware, Storage & Peripherals	0.43%
Textiles, Apparel & Luxury Goods	1.31%
Trading Companies & Distributors	0.60%
Money Market Fund	8.36%
Total Value of Securities	99.52%
Receivables and Other Assets Net of Liabilities	0.48%
Total Net Assets	100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
EQT	1.43%
Energen	1.31%
Edison International	1.17%
Mohawk Industries	1.15%
Loews	1.10%
Synopsys	1.05%
AmerisourceBergen	1.02%
Columbia Pipeline Group	1.01%
Arrow Electronics	1.00%
M&T Bank	0.99%
Total	11.23%

IT–Information Technology

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–2

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–91.16%
Aerospace & Defense–0.95%
BWX Technologies		9,660	$	345,538
Curtiss-Wright		5,600		471,800
Huntington Ingalls Industries		9,235		1,551,757
L-3 Communications Holdings		1,640		240,572
Northrop Grumman		6,780		1,507,058
†Spirit AeroSystems Holdings Class A		18,080		777,440
				4,894,165
Airlines–0.55%
Delta Air Lines		36,850		1,342,445
†JetBlue Airways		27,410		453,910
†United Continental Holdings		25,520		1,047,341
				2,843,696
Automobiles–0.22%
General Motors		40,000		1,132,000
				1,132,000
Banks–5.57%
Citigroup		55,600		2,356,884
Citizens Financial Group		109,860		2,195,003
East West Bancorp		4,700		160,646
Fifth Third Bancorp		224,750		3,953,353
First Republic Bank		35,295		2,470,297
Huntington Bancshares		153,853		1,375,446
M&T Bank		43,202		5,107,772
PNC Financial Services Group		18,800		1,530,132
Popular		36,000		1,054,800
Regions Financial		27,540		234,365
†Signature Bank		1,100		137,412
SunTrust Banks		101,338		4,162,965
†SVB Financial Group		1,950		185,562
Synovus Financial		9,000		260,910
Wells Fargo		55,400		2,622,082
Zions Bancorporation		37,651		946,170
				28,753,799
Beverages–1.34%
Constellation Brands Class A		19,001		3,142,765
Dr Pepper Snapple Group		39,217		3,789,539
				6,932,304
Biotechnology–0.54%
†Alkermes		3,800		164,236
†Alnylam Pharmaceuticals		2,000		110,980
Amgen		1,800		273,870
†BioMarin Pharmaceutical		3,100		241,180
Gilead Sciences		17,000		1,418,140
†Incyte		2,700		215,946
†Intercept Pharmaceuticals		900		128,412
†Medivation		4,360		262,908
				2,815,672

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Building Products–0.64%
Fortune Brands Home & Security		57,346	$	3,324,348
				3,324,348
Capital Markets–2.83%
Ameriprise Financial		23,488		2,110,397
Goldman Sachs Group		4,300		638,894
Invesco		91,725		2,342,657
Lazard Class A		1,610		47,946
Legg Mason		35,212		1,038,402
Morgan Stanley		10,700		277,986
Northern Trust		42,300		2,802,798
Raymond James Financial		40,334		1,988,466
T. Rowe Price Group		46,532		3,395,440
				14,642,986
Chemicals–0.94%
Cabot		28,790		1,314,551
Huntsman		1,060		14,257
LyondellBasell Industries Class A		15,900		1,183,278
PPG Industries		1,220		127,063
Sherwin-Williams		7,554		2,218,383
				4,857,532
Commercial Services & Supplies–0.36%
KAR Auction Services		27,010		1,127,397
Pitney Bowes		24,100		428,980
R.R. Donnelley & Sons		17,800		301,176
				1,857,553
Communications Equipment–0.74%
†ARRIS International		25,160		527,354
Cisco Systems		25,200		722,988
†CommScope Holding		83,657		2,595,877
				3,846,219
Construction & Engineering–0.62%
†AECOM		61,830		1,964,339
Fluor		2,680		132,070
†Jacobs Engineering Group		9,540		475,187
Valmont Industries		4,700		635,769
				3,207,365
Consumer Finance–0.73%
†Ally Financial		100,561		1,716,576
Capital One Financial		1,000		63,510
Discover Financial Services		24,060		1,289,375
†Synchrony Financial		28,020		708,346
				3,777,807
Containers & Packaging–2.38%
Avery Dennison		4,390		328,153
Ball		47,962		3,467,173
†Crown Holdings		6,720		340,502
Graphic Packaging Holding		9,490		119,004

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–3

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Containers & Packaging (continued)
International Paper		7,580	$	321,240
Sealed Air		4,130		189,856
Silgan Holdings		71,324		3,670,333
WestRock		98,769		3,839,151
				12,275,412
Distributors–0.70%
Genuine Parts		35,813		3,626,066
				3,626,066
Diversified Financial Services–0.37%
Intercontinental Exchange		880		225,245
MSCI		14,790		1,140,605
Nasdaq		1,260		81,484
Voya Financial		18,200		450,632
				1,897,966
Diversified Telecommunication Services–0.66%
AT&T		21,100		911,731
CenturyLink		30,650		889,157
Frontier Communications		33,060		163,316
Verizon Communications		25,900		1,446,256
				3,410,460
Electric Utilities–3.44%
Alliant Energy		6,160		244,552
American Electric Power		12,300		862,107
Edison International		78,076		6,064,163
Entergy		14,320		1,164,932
FirstEnergy		4,100		143,131
Great Plains Energy		5,300		161,120
NextEra Energy		6,900		899,760
Pinnacle West Capital		620		50,257
Westar Energy		55,075		3,089,157
Xcel Energy		113,636		5,088,620
				17,767,799
Electrical Equipment–2.02%
AMETEK		71,908		3,324,307
Hubbell		35,848		3,780,888
Regal Beloit		60,410		3,325,571
				10,430,766
Electronic Equipment, Instruments & Components–2.48%
Amphenol Class A		59,511		3,411,766
†Arrow Electronics		82,981		5,136,524
Avnet		6,300		255,213
CDW		27,400		1,098,192
Ingram Micro		1,760		61,213
Jabil Circuit		16,010		295,705
†Keysight Technologies		68,000		1,978,120
SYNNEX		6,000		568,920
				12,805,653

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Energy Equipment & Services–0.78%
Baker Hughes		720	$	32,494
Ensco Class A		64,100		622,411
†FMC Technologies		21,500		573,405
Frank’s International		17,800		260,058
Nabors Industries		23,700		238,185
Rowan		29,210		515,849
Schlumberger		11,584		916,063
†Seadrill		78,300		253,692
Superior Energy Services		32,800		603,848
				4,016,005
Food & Staples Retailing–1.52%
CVS Health		4,800		459,552
Kroger		124,076		4,564,756
†Rite Aid		119,712		896,643
Sysco		18,100		918,394
†US Foods Holding		6,700		162,408
Wal-Mart Stores		11,600		847,032
				7,848,785
Food Products–1.61%
Archer-Daniels-Midland		33,900		1,453,971
Ingredion		11,470		1,484,333
Pilgrim’s Pride		63,800		1,625,624
†TreeHouse Foods		13,770		1,413,491
Tyson Foods Class A		35,340		2,360,359
				8,337,778
Gas Utilities–1.40%
National Fuel Gas		59,483		3,383,393
Questar		92,775		2,353,702
UGI		32,970		1,491,893
				7,228,988
Health Care Equipment & Supplies–0.75%
C.R. Bard		3,010		707,832
Hill-Rom Holdings		9,400		474,230
†Hologic.		34,090		1,179,514
St. Jude Medical		3,000		234,000
Zimmer Biomet Holdings		10,810		1,301,308
				3,896,884
Health Care Providers & Services–4.06%
AmerisourceBergen		66,566		5,280,015
Anthem		5,400		709,236
†Centene		4,992		356,279
Cigna		23,515		3,009,685
†Express Scripts Holding		16,100		1,220,380
†Henry Schein		15,951		2,820,137
Humana		22,097		3,974,808
†Premier Class A		6,900		225,630
†Tenet Healthcare		30,650		847,166

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–4

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services (continued)
Universal Health Services Class B		18,681	$	2,505,122
				20,948,458
Hotels, Restaurants & Leisure–1.24%
Darden Restaurants		2,025		128,263
Hilton Worldwide Holdings		152,670		3,439,655
International Game Technology		7,300		136,802
Marriott International Class A		33,320		2,214,447
McDonald’s		4,000		481,360
				6,400,527
Household Durables–2.36%
DR Horton		48,475		1,525,993
†Mohawk Industries		31,408		5,959,982
Newell Brands		96,381		4,681,225
				12,167,200
Household Products–0.47%
Energizer Holdings		47,115		2,425,951
				2,425,951
Independent Power & Renewable Electricity Producers–0.05%
AES		19,130		238,742
				238,742
Industrial Conglomerates–0.86%
Carlisle		42,014		4,440,039
				4,440,039
Insurance–6.87%
†Alleghany		3,539		1,944,964
Allied World Assurance Holdings		6,260		219,976
Allstate		15,800		1,105,210
American Financial Group		5,870		433,969
American National Insurance		400		45,260
Aon		1,820		198,799
†Arch Capital Group		1,340		96,480
Aspen Insurance Holdings		13,070		606,187
Assurant		2,790		240,805
Assured Guaranty		4,170		105,793
Axis Capital Holdings		9,600		528,000
Chubb		13,534		1,769,029
Endurance Specialty Holdings		1,670		112,157
Everest Re Group		3,600		657,612
FNF Group		1,150		43,125
Hanover Insurance Group		6,160		521,259
Hartford Financial Services Group		108,777		4,827,523
Loews		138,176		5,677,652
Marsh & McLennan		71,016		4,861,755
Principal Financial Group		3,500		143,885
Progressive		45,870		1,536,645
Prudential Financial		6,200		442,308
Torchmark		1,730		106,949
Travelers		5,200		619,008

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Insurance (continued)
Unum Group		100,867	$	3,206,562
Validus Holdings		14,600		709,414
W.R. Berkley		21,525		1,289,778
XL Group		103,065		3,433,095
				35,483,199
Internet & Catalog Retail–1.05%
Expedia		39,292		4,176,740
†Groupon		17,820		57,915
†Liberty Interactive Corp QVC   Group Class A		46,900		1,189,853
				5,424,508
Internet Software & Services–0.22%
†Match Group		75,410		1,136,806
				1,136,806
IT Services–1.50%
Computer Sciences		28,480		1,414,032
†CoreLogic		1,000		38,480
Jack Henry & Associates		47,825		4,173,688
Leidos Holdings		12,070		577,791
Total System Services		1,300		69,043
†Vantiv Class A		20,970		1,186,902
Western Union		3,900		74,802
@Xerox		20,280		192,457
				7,727,195
Leisure Products–0.34%
Mattel		47,300		1,480,017
†Vista Outdoor		5,500		262,515
				1,742,532
Life Sciences Tools & Services–0.02%
†VWR		4,030		116,467
				116,467
Machinery–2.12%
Crane		12,370		701,626
IDEX		40,601		3,333,342
Illinois Tool Works		8,900		927,024
Ingersoll-Rand		3,790		241,347
Parker-Hannifin		5,650		610,483
†Rexnord		98,303		1,929,688
Snap-on		20,390		3,217,950
				10,961,460
Media–1.96%
CBS Class B		49,991		2,721,510
†Discovery Communications   Class C		2,730		65,111
†DISH Network Class A		61,912		3,244,189
Interpublic Group		10,590		244,629
Scripps Networks Interactive   Class A		2,800		174,356
†Sirius XM Holdings		151,900		600,005

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–5

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Media (continued)
TEGNA		90,337	$	2,093,108
Time		59,845		985,049
				10,127,957
Metals & Mining–0.35%
Nucor		710		35,081
Reliance Steel & Aluminum		5,350		411,415
Steel Dynamics		55,440		1,358,280
				1,804,776
Multiline Retail–1.33%
†Dollar Tree		2,010		189,422
Kohl’s		100,025		3,792,948
Macy’s		9,930		333,747
Nordstrom		52,456		1,995,951
Target		7,900		551,578
				6,863,646
Multi-Utilities–4.17%
Ameren		3,750		200,925
CenterPoint Energy		200,109		4,802,616
CMS Energy		109,830		5,036,804
Consolidated Edison		2,770		222,819
DTE Energy		4,930		488,662
Public Service Enterprise Group		20,220		942,454
SCANA		8,500		643,110
Sempra Energy		43,721		4,985,068
WEC Energy Group		64,360		4,202,708
				21,525,166
Oil, Gas & Consumable Fuels–6.22%
Apache		1,300		72,371
Chevron		5,000		524,150
Cimarex Energy		3,280		391,370
Columbia Pipeline Group		205,364		5,234,728
ConocoPhillips		5,300		231,080
Denbury Resources		36,500		131,035
Energen		139,773		6,738,456
EQT		95,350		7,382,951
Exxon Mobil		6,000		562,440
†Gulfport Energy		2,400		75,024
Hess		2,400		144,240
Marathon Oil		114,110		1,712,791
Marathon Petroleum		20,340		772,106
Murphy Oil		4,540		144,145
Noble Energy		630		22,598
Occidental Petroleum		14,700		1,110,732
ONEOK		2,200		104,390
PBF Energy Class A		90,199		2,144,932
QEP Resources		30,630		540,007
†Southwestern Energy		96,122		1,209,215
Tesoro		7,900		591,868
Valero Energy		27,330		1,393,830

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
World Fuel Services		15,580	$	739,894
†WPX Energy		15,880		147,843
				32,122,196
Paper & Forest Products–0.03%
Domtar		3,910		136,889
				136,889
Personal Products–0.85%
†Edgewell Personal Care		34,864		2,942,870
†Herbalife		14,340		839,320
Nu Skin Enterprises Class A		13,000		600,470
				4,382,660
Pharmaceuticals–0.65%
†Endo International		15,700		244,763
†Mallinckrodt		5,900		358,602
Perrigo		1,800		163,206
Pfizer		73,500		2,587,935
				3,354,506
Professional Services–0.40%
Equifax		10,496		1,347,686
ManpowerGroup		5,030		323,630
†TransUnion		11,600		387,904
				2,059,220
Real Estate Investment Trusts–9.33%
American Campus Communities		50,800		2,685,796
American Capital Agency		12,600		249,732
American Homes 4 Rent Class A		92,513		1,894,666
Annaly Capital Management		49,930		552,725
Apartment Investment & Management		6,430		283,949
AvalonBay Communities		19,107		3,446,712
Boston Properties		25,555		3,370,705
Brandywine Realty Trust		58,450		981,960
Brixmor Property Group		122,582		3,243,520
Carey (W.P.) ADR		16,860		1,170,421
Chimera Investment		18,300		287,310
Corrections of America		22,500		787,950
Crown Castle International		1,550		157,217
DDR		3,700		67,118
Digital Realty Trust		920		100,271
Douglas Emmett		2,660		94,483
DuPont Fabros Technology		9,200		437,368
Equinix		4,720		1,830,086
†Equity Commonwealth		45,460		1,324,250
Equity LifeStyle Properties		3,930		314,597
Essex Property Trust		7,700		1,756,293
Extra Space Storage		3,860		357,204
General Growth Properties		61,255		1,826,624
HCP		38,408		1,358,875
Hospitality Properties Trust		9,000		259,200

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–6

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Kimco Realty		120,936	$	3,794,972
Mid-America Apartment Communities		1,190		126,616
Outfront Media		88,510		2,139,287
Piedmont Office Realty Trust Class A		29,900		644,046
Post Properties		4,620		282,051
Rayonier		83,363		2,187,445
Regency Centers		33,713		2,822,789
SL Green Realty		250		26,617
Taubman Centers		3,490		258,958
Ventas		300		21,846
Vornado Realty Trust		40,495		4,054,359
Welltower		1,130		86,072
Weyerhaeuser		98,279		2,925,766
				48,209,856
Real Estate Management & Development–0.14%
Jones Lang LaSalle		7,320		713,334
				713,334
Road & Rail–0.02%
Landstar System		1,560		107,110
				107,110
Semiconductors & Semiconductor Equipment–2.63%
Analog Devices		54,635		3,094,526
Applied Materials		33,270		797,482
KLA-Tencor		62,437		4,573,510
Lam Research		1,900		159,714
Marvell Technology Group		117,740		1,122,062
†ON Semiconductor		6,960		61,387
QUALCOMM		32,730		1,753,346
Skyworks Solutions		4,600		291,088
Teradyne		28,700		565,103
Xilinx		25,735		1,187,155
				13,605,373
Software–2.01%
Activision Blizzard		28,050		1,111,621
@CA		20,500		673,015
†Cadence Design Systems		43,960		1,068,228
†Citrix Systems		7,720		618,295
Microsoft		12,860		658,046
†Nuance Communications		33,100		517,353
†Synopsys		100,611		5,441,043
†Take-Two Interactive Software		8,100		307,152
				10,394,753

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail–3.43%
†AutoZone		4,705	$	3,735,017
Bed Bath & Beyond		63,506		2,744,729
Best Buy		129,049		3,948,899
Gap		136,805		2,903,002
Lowe’s		6,900		546,273
†Michaels		19,000		540,360
†Murphy USA		360		26,698
Tiffany & Co.		44,245		2,683,017
†Urban Outfitters		21,900		602,250
				17,730,245
Technology Hardware, Storage & Peripherals–0.43%
Apple		2,600		248,560
HP		45,100		566,005
†NCR		41,600		1,155,232
Western Digital		5,500		259,930
				2,229,727
Textiles, Apparel & Luxury Goods–1.31%
†Kate Spade & Co.		9,000		185,490
†Michael Kors Holdings		11,300		559,124
PVH		47,925		4,515,973
VF		24,276		1,492,731
				6,753,318
Trading Companies & Distributors–0.60%
MSC Industrial Direct		43,978		3,103,088
				3,103,088
Total Common Stock       (Cost $416,470,349)				470,864,912
MONEY MARKET FUND–8.36%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		43,163,408		43,163,408
Total Money Market Fund       (Cost $43,163,408)				43,163,408

TOTAL VALUE OF SECURITIES–99.52% (Cost $459,633,757)	514,028,320
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.48%	2,468,101
NET ASSETS APPLICABLE TO 35,166,514 SHARES OUTSTANDING–100.00%	$516,496,421

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–7

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Statement of Net Assets (continued)

NET ASSET VALUE PER SHARE–LVIP JPMORGAN SELECT MID CAP VALUE MANAGED VOLATILITY FUND STANDARD CLASS ($34,116,805 / 2,305,314 Shares)		$14.799
NET ASSET VALUE PER SHARE–LVIP JPMORGAN SELECT MID CAP VALUE MANAGED VOLATILITY FUND SERVICE CLASS ($482,379,616 / 32,861,200 Shares)		$14.679
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	494,062,989
Undistributed net investment income		2,121,000
Accumulated net realized loss on investments		(28,848,507	)
Net unrealized appreciation of investments and derivatives		49,160,939
TOTAL NET ASSETS	$	516,496,421

† Non-income producing for the period.

« Includes $7,874,659 cash collateral held at broker for futures contracts, $399,383 due to manager and affiliates, $4,807,920 payable for securities purchased and $45,652 payable for fund shares redeemed as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $865,472, which represents 0.17% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(866)  E-mini S&P 500 Index		$(88,087,958)	$	(90,505,660	)		9/19/16		$(2,417,702)
(570)  E-mini S&P MidCap 400 Index		(82,285,078)		(85,101,000	)		9/19/16		(2,815,922)
									$(5,233,624)

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional values 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.

ADR–American Depository Receipt

IT–Information Technology

¹See Note 5 in “Notes to Financial Statements.”

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

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–8

LVIP JPMorgan Select Mid Cap Value

Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	4,530,676
Foreign tax withheld		(809	)
		4,529,867
EXPENSES:
Management fees		1,692,311
Distribution fees-Service Class		547,253
Accounting and administration expenses		114,258
Reports and statements to shareholders		42,868
Professional fees.		20,142
Trustees’ fees and expenses		6,028
Custodian fees		5,389
Consulting fees		1,979
Pricing fees		582
Other		1,860
		2,432,670
Less management fees waived		(23,803	)
Total operating expenses		2,408,867
NET INVESTMENT INCOME		2,121,000
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		7,576,718
Foreign currencies		374
Futures contracts		(8,172,135	)
Net realized loss		(595,043	)
Net change in unrealized appreciation (depreciation) of:
Investments		19,218,252
Futures contracts		(4,224,466	)
Net change in unrealized appreciation (depreciation)		14,993,786
NET REALIZED AND UNREALIZED GAIN		14,398,743
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,519,743

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

LVIP JPMorgan Select Mid Cap Value

Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,121,000		$	2,104,957
Net realized loss		(595,043	)		(14,477,110	)
Net change in unrealized appreciation (depreciation)		14,993,786			(24,039,003	)
Net increase (decrease) in net assets resulting from operations		16,519,743			(36,411,156	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(228,061	)
Service Class		—			(1,876,496	)
Return of capital:
Standard Class		—			(27,387	)
Service Class		—			(357,315	)
		—			(2,489,259	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,793,213			7,518,100
Service Class		69,718,723			156,103,820
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			255,448
Service Class		—			2,233,811
		73,511,936			166,111,179
Cost of shares redeemed:
Standard Class		(2,906,444	)		(5,343,678	)
Service Class		(18,384,866	)		(35,100,023	)
		(21,291,310	)		(40,443,701	)
Increase in net assets derived from capital share transactions		52,220,626			125,667,478
NET INCREASE IN NET ASSETS		68,740,369			86,767,063
NET ASSETS:
Beginning of period		447,756,052			360,988,989
End of period	$	516,496,421		$	447,756,052
Undistributed net investment income	$	2,121,000		$	—

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

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund––9

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)								Year Ended 12/31/13
			12/31/15			12/31/14						12/31/123		12/31/11
Net asset value, beginning of period		$14.299		$15.623			$14.564			$11.782			$10.357		$10.544
Income (loss) from investment operations:
Net investment income4		0.081		0.113			0.133			0.094			0.061		0.030
Net realized and unrealized gain (loss)		0.419		(1.322	)		1.050			2.753			1.364		(0.217	)
Total from investment operations.		0.500		(1.209	)		1.183			2.847			1.425		(0.187	)
Less dividends and distributions from:
Net investment income		—		(0.103	)		(0.123	)		(0.065	)		—		—
Return of capital		—		(0.012	)		(0.001	)		—			—		—
Total dividends and distributions		—		(0.115	)		(0.124	)		(0.065	)		—		—
Net asset value, end of period		$14.799		$14.299			$15.623			$14.564			$11.782		$10.357
Total return5		3.50%		(7.74%	)		8.11%			24.17%			13.76%		(1.77%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$34,117		$32,080			$32,478			$24,156			$16,971		$20,844
Ratio of expenses to average net assets		0.79%		0.80%			0.81%			0.95%			1.13%		1.02%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.80%		0.81%			0.84%			0.99%			1.22%		1.08%
Ratio of net investment income to average net assets		1.13%		0.74%			0.89%			0.70%			0.55%		0.27%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.12%		0.73%			0.86%			0.66%			0.46%		0.21%
Portfolio turnover		52%		20%			24%			25%			146%		87%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³ Commencing after the close of business on September 21, 2012, J.P. Morgan Investment Management, Inc. replaced Columbia Management Investment Advisors, LLC as the Fund’s sub-adviser.

⁴ The average shares outstanding method has been applied for per share information.

⁵ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–10

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)
			12/31/15			12/31/14			Year Ended    12/31/13			12/31/123		12/31/11
Net asset value, beginning of period		$ 14.202		$ 15.515			$ 14.466			$ 11.705			$ 10.315		$ 10.526
Income (loss) from investment operations:
Net investment income4		0.063		0.074			0.095			0.061			0.033		0.003
Net realized and unrealized gain (loss)		0.414		(1.310	)		1.041			2.731			1.357		(0.214	)
Total from investment operations		0.477		(1.236	)		1.136			2.792			1.390		(0.211	)
Less dividends and distributions from:
Net investment income		—		(0.065	)		(0.086	)		(0.031	)		—		—
Return of capital		—		(0.012	)		(0.001	)		—			—		—
Total dividends and distributions		—		(0.077	)		(0.087	)		(0.031	)		—		—
Net asset value, end of period		$ 14.679		$ 14.202			$ 15.515			$ 14.466			$ 11.705		$ 10.315
Total return5		3.36%		(7.96%	)		7.85%			23.87%			13.48%		(2.00%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$482,380		$415,676			$328,511			$199,294			$ 36,282		$ 25,100
Ratio of expenses to average net assets		1.04%		1.05%			1.06%			1.20%			1.38%		1.27%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.05%		1.06%			1.09%			1.24%			1.47%		1.33%
Ratio of net investment income to average net assets		0.88%		0.49%			0.64%			0.45%			0.30%		0.02%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		0.87%		0.48%			0.61%			0.41%			0.21%		(0.04)	%
Portfolio turnover		52%		20%			24%			25%			146%		87%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³ Commencing after the close of business on September 21, 2012, J.P. Morgan Investment Management, Inc. replaced Columbia Management Investment Advisors, LLC as the Fund’s sub-advisor.

⁴ The average shares outstanding method has been applied for per share information.

⁵ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–11

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 JPMorgan Select Mid Cap Value Managed Volatility Fund (formerly, LVIP JPMorgan Mid Cap Value Managed Volatility 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”). 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 long-term capital appreciation.

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 sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not readily available are generally valued at fair value as determined in good faith under the 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 generally separate the portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to change in market prices. Both types of changes in gain/loss 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.

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

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–12

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. 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 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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. 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 commission to the Fund in cash. Commission rebates are included in “Net realized gain (loss) on investments” on the Statement of Operations and totaled $3,306 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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-advisers, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 1.05% of the first $60 million of the average daily net assets of the Fund; 0.75% of the next $90 million; and 0.65% of the average daily net assets in excess of $150 million. Prior to May 1, 2016, LIAC had contractually agreed to waive a portion of its advisory fee. The waiver amount was 0.12% on the first $60 million of average daily net assets of the Fund.

J.P. Morgan Investment Management, Inc. (“JPMorgan”) is responsible for managing the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays JPMorgan a fee based on the Fund’s average daily net assets. Effective May 1, 2016, SSGA Funds Management, Inc. (“SSGA”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for managing the Fund’s volatility management overlay. For these services, LIAC, not the Fund, pays SSGA 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 are included in “Accounting and administration expenses” on the Statement of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	12,152
Legal		3,340

Lincoln Life also performs daily trading operations. The cost of these services are included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $9,226 for the six months ended June 30, 2016.

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 $37,497 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–13

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	299,339
Distribution fees payable to LFD		97,749
Printing and mailing fees payable to Lincoln Life		2,295

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	224,731,848
Sales		288,200,182

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) were as follows:

Cost of investments	$	459,633,757
Aggregate unrealized appreciation	$	70,173,952
Aggregate unrealized depreciation		(15,779,389	)
Net unrealized appreciation	$	54,394,563

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; however there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

As of December 31, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Pre-Enactment Short-Term Capital Losses  Expiring In	Post-Enactment Losses (No Expiration)*
2017	Short-Term		Long-Term		Total
$1,546,552	$	10,105,615	$	16,320,517	$	27,972,684

*Capital loss carryovers with no expiration must be utilized first.

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 JPMorgan Select Mid Cap Value Managed Volatility Fund–14

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 2			Total
Common Stock.	$	469,999,440			$	865,472	$	470,864,912
Money Market Fund		43,163,408				—		43,163,408
Total	$	513,162,848			$	865,472	$	514,028,320
Futures Contracts	$	(5,233,624	)		$	—	$	(5,233,624	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		264,314			493,374
Service Class		4,870,413			10,258,776
Shares issued upon reinvestment of   dividends and distributions:
Standard Class		—			17,764
Service Class		—			156,408
		5,134,727			10,926,322
Shares redeemed:
Standard Class		(202,429	)		(346,632	)
Service Class		(1,278,579	)		(2,320,194	)
		(1,481,008	)		(2,666,826	)
Net increase		3,653,719			8,259,496

5. Derivatives

U.S. GAAP requires disclosures that enable investors 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Equity contracts   (Futures contracts)	Receivables and other assets net of liabilities	$—	Receivables and other assets net of liabilities	$(5,233,624)

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–15

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts   (Futures contracts)	Net realized loss on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$(8,172,135)	$(4,224,466)

Average Volume of Derivatives-The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)		$11,296,514		$75,339,310

6. Market Risk

The Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

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 invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. As of June 30, 2016, there were no Rule 144A securities and illiquid securities are identified on the Statement of Net Assets.

7. 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.

8. 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 JPMorgan Select Mid Cap Value Managed Volatility Fund–16

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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 allow a particular weight to any one factor or group of factors.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions. Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–17

            LVIP Managed Risk Profile Target Maturity Funds   LVIP Managed Risk Profile 2010 Fund   LVIP Managed Risk Profile 2020 Fund   LVIP Managed Risk Profile 2030 Fund   LVIP Managed Risk Profile 2040 Fund   LVIP Managed Risk Profile 2050 Fund   each a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Managed Risk Profile Target Maturity Funds

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations	3
Schedules of Investments	4
Statements of Assets and Liabilities	14
Statements of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	28
Other Fund Information	41

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. You may also request a copy by calling 1-800-4LINCOLN (454-6265).

For a free copy of the Funds’ proxy voting procedures and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, please call 1-800-4LINCOLN (454-6265) or visit the Securities and Exchange Commission’s website at http://www.sec.gov.

LVIP Managed Risk Profile Target Maturity Funds

Disclosure

        OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of a Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis tables. The Expense Analysis tables do not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur transaction costs, including sales charges (loads) on purchase payments, reinvested dividends or other distributions, redemption fees, and exchange fees. These Expense Analyses are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Analyses are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 to June 30, 2016.

Actual Expenses

The first section of the tables, “Actual”, provides information about actual account values and actual expenses. You may use the information in this section of the tables, 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 tables, “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses can not 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. The Funds do not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Funds’ actual expenses shown in the tables reflect expense reimbursements in effect.

LVIP Managed Risk Profile 2010 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16	Ending Account Value 6/30/16	Annualized Expense Ratio	Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$1,000.00	$1,025.00	0.30%	$1.51
Service Class Shares	1,000.00	1,023.70	0.55%	2.77
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,023.37	0.30%	$1.51
Service Class Shares	1,000.00	1,022.13	0.55%	2.77

LVIP Managed Risk Profile 2020 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16	Ending Account Value 6/30/16	Annualized Expense Ratio	Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$1,000.00	$1,016.90	0.30%	$1.50
Service Class Shares	1,000.00	1,015.70	0.55%	2.76
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,023.37	0.30%	$1.51
Service Class Shares	1,000.00	1,022.13	0.55%	2.77

LVIP Managed Risk Profile 2030 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16	Ending Account Value 6/30/16	Annualized Expense Ratio	Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$1,000.00	$1,010.90	0.30%	$1.50
Service Class Shares	1,000.00	1,009.70	0.55%	2.75
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,023.37	0.30%	$1.51
Service Class Shares	1,000.00	1,022.13	0.55%	2.77

LVIP Managed Risk Profile Target Maturity Funds–1

LVIP Managed Risk Profile Target Maturity Funds

Disclosure

OF FUND EXPENSES (continued)

LVIP Managed Risk Profile 2040 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16	Ending Account Value 6/30/16	Annualized Expense Ratio	Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$1,000.00	$1,006.30	0.30%	$1.50
Service Class Shares	1,000.00	1,005.00	0.55%	2.74
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,023.37	0.30%	$1.51
Service Class Shares	1,000.00	1,022.13	0.55%	2.77

LVIP Managed Risk Profile 2050 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16	Ending Account Value 6/30/16	Annualized Expense Ratio	Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$1,000.00	$1,004.30	0.30%	$1.50
Service Class Shares	1,000.00	1,003.00	0.55%	2.74
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,023.37	0.30%	$1.51
Service Class Shares	1,000.00	1,022.13	0.55%	2.77

* “Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Each Fund operates under a fund of funds structure. Each Fund invests a significant portion of its assets in other investment companies (“Underlying Funds”). In addition to the Funds’ expenses reflected above, the Funds also indirectly bear their portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in each table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP Managed Risk Profile Target Maturity Funds–2

LVIP Managed Risk Profile Target Maturity Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2016

LVIP Managed Risk Profile 2010 Fund

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment Companies	93.66%
Equity Funds	26.87%
Fixed Income Funds	47.80%
International Equity Funds	15.10%
International Fixed Income Fund	3.89%
Unaffiliated Investment Companies	6.30%
Fixed Income Fund	0.97%
International Equity Fund	1.94%
Money Market Fund	3.39%
Total Value of Securities	99.96%
Receivables and Other Assets Net of Liabilities	0.04%
Total Net Assets	100.00%

LVIP Managed Risk Profile 2020 Fund

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment Companies	93.88%
Equity Funds	33.78%
Fixed Income Funds	37.29%
International Equity Funds	20.85%
International Fixed Income Fund	1.96%
Unaffiliated Investment Companies	6.12%
International Equity Fund	2.95%
Money Market Fund	3.17%
Total Value of Securities	100.00%
Liabilities Net of Receivables and Other Assets	0.00%
Total Net Assets	100.00%

LVIP Managed Risk Profile 2030 Fund

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment Companies	94.31%
Equity Funds	36.83%
Fixed Income Funds	30.59%
International Equity Funds	24.92%
International Fixed Income Fund	1.97%
Unaffiliated Investment Companies	5.61%
Commodity Fund	0.97%
International Equity Fund	1.96%
Money Market Fund	2.68%
Total Value of Securities	99.92%
Receivables and Other Assets Net of Liabilities	0.08%
Total Net Assets	100.00%

LVIP Managed Risk Profile 2040 Fund

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment Companies	92.84%
Equity Funds	42.06%
Fixed Income Funds	20.42%
International Equity Funds	28.42%
International Fixed Income Fund	1.94%
Unaffiliated Investment Companies	6.26%
Commodity Fund	0.96%
International Equity Fund	1.93%
Money Market Fund	3.37%
Total Value of Securities	99.10%
Receivables and Other Assets Net of Liabilities	0.90%
Total Net Assets	100.00%

LVIP Managed Risk Profile 2050 Fund

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment Companies	89.69%
Equity Funds	46.84%
Fixed Income Funds	8.55%
International Equity Funds	34.30%
Unaffiliated Investment Companies	8.32%
Commodity Fund	0.94%
International Equity Fund	2.84%
Money Market Fund	4.54%
Total Value of Securities	98.01%
Receivables and Other Assets Net of Liabilities	1.99%
Total Net Assets	100.00%

LVIP Managed Risk Profile Target Maturity Funds–3

LVIP Managed Risk Profile 2010 Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–93.66%
Equity Funds–26.87%
*Lincoln Variable Insurance Products Trust–
LVIP Delaware Special Opportunities Fund		20,207	$	823,637
LVIP SSGA Mid-Cap Index Fund		39,716		414,321
LVIP SSGA S&P 500 Index Fund		616,143		9,198,394
LVIP SSGA Small-Cap Index Fund		32,696		821,288
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		19,245		412,912
				11,670,552
Fixed Income Funds–47.80%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		371,361		3,804,218
LVIP Delaware Bond Fund		298,133		4,247,209
LVIP Delaware Diversified Floating Rate Fund		127,576		1,262,369
LVIP JPMorgan High Yield Fund		117,239		1,259,845
LVIP PIMCO Low Duration Bond Fund		166,864		1,686,158
LVIP SSGA Bond Index Fund		723,879		8,500,514
				20,760,313
International Equity Funds–15.10%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		128,831		1,281,614
LVIP SSGA International Index Fund		656,400		5,278,765
				6,560,379

	Number of Shares		Value   (U.S. $)
AFFILIATED INVESTMENT COMPANIES (continued)
International Fixed Income Fund–3.89%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		151,106	$	1,691,327
				1,691,327
Total Affiliated Investment Companies (Cost $31,765,567)				40,682,571
UNAFFILIATED INVESTMENT COMPANIES–6.30%
Fixed Income Fund–0.97%
✢American Funds® – Mortgage Bond Fund		39,252		423,142
				423,142
International Equity Fund–1.94%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		50,188		841,150
				841,150
Money Market Fund–3.39%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		1,471,208		1,471,208
				1,471,208
Total Unaffiliated Investment Companies (Cost $2,635,418)				2,735,500

TOTAL VALUE OF SECURITIES–99.96% (Cost $34,400,985)	43,418,071
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.04%	17,897
NET ASSETS APPLICABLE TO 3,724,882 SHARES OUTSTANDING–100.00%.	$43,435,968

* Standard Class shares.

✢ Class 1 shares.

LVIP Managed Risk Profile 2010 Fund–4

LVIP Managed Risk Profile 2010 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(4)	British Pound Currency	$	(350,134	)	$	(331,200	)		9/20/16		$  18,934
(3)	E-mini MSCI Emerging Markets Index		(125,218	)		(125,205	)		9/19/16		13
(1)	E-mini Russell 2000 Index		(118,354	)		(114,740	)		9/19/16		3,614
(12)	E-mini S&P 500 Index		(1,236,988	)		(1,254,120	)		9/19/16		(17,132	)
(1)	E-mini S&P MidCap 400 Index		(152,004	)		(149,300	)		9/19/16		2,704
(1)	Euro Currency		(142,524	)		(138,844	)		9/20/16		3,680
(7)	Euro STOXX 50 Index		(217,895	)		(221,784	)		9/19/16		(3,889	)
(4)	FTSE 100 Index		(324,736	)		(341,998	)		9/19/16		(17,262	)
(1)	Japanese Yen Currency		(116,793	)		(121,337	)		9/20/16		(4,544	)
(1)	Nikkei 225 Index (OSE)		(160,189	)		(150,777	)		9/9/16		9,412
											$  (4,470	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP Managed Risk Profile 2010 Fund–5

LVIP Managed Risk Profile 2020 Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–93.88%
Equity Funds–33.78%
*Lincoln Variable Insurance Products Trust–
†LVIP Baron Growth Opportunities Fund		31,220	$	1,342,514
LVIP Delaware Special Opportunities Fund		65,069		2,652,228
LVIP SSGA Mid-Cap Index Fund		127,887		1,334,122
LVIP SSGA S&P 500 Index Fund		2,433,659		36,332,094
LVIP SSGA Small-Cap Index Fund		52,642		1,322,308
LVIP SSGA Small-Mid Cap 200 Fund .		104,093		1,310,839
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		123,943		2,659,201
				46,953,306
Fixed Income Funds–37.29%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		664,164		6,803,698
LVIP Delaware Bond Fund		575,843		8,203,464
LVIP Delaware Diversified Floating Rate Fund		136,902		1,354,649
LVIP JPMorgan High Yield Fund		377,441		4,055,977
LVIP PIMCO Low Duration Bond Fund		537,180		5,428,209
LVIP SSGA Bond Index Fund		2,213,585		25,994,128
				51,840,125
International Equity Funds–20.85%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		414,791		4,126,340

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds (continued)
LVIP SSGA International Index Fund		3,091,748	$	24,863,838
				28,990,178
International Fixed Income Fund–1.96%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		243,228		2,722,449
				2,722,449
Total Affiliated Investment Companies (Cost $95,839,537)				130,506,058
UNAFFILIATED INVESTMENT COMPANIES–6.12%
International Equity Fund–2.95%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		244,383		4,095,859
				4,095,859
Money Market Fund–3.17%
Dreyfus Treasury & Agency Cash
Management Fund - Institutional Shares (seven-day effective yield 0.24%)		4,413,587		4,413,587
				4,413,587
Total Unaffiliated Investment Companies (Cost $8,030,704)				8,509,446

TOTAL VALUE OF SECURITIES–100.00% (Cost $103,870,241)	139,015,504
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–0.00%	(1,083	)
NET ASSETS APPLICABLE TO 12,184,354 SHARES OUTSTANDING–100.00%	$139,014,421

† Non-income producing for the period.

* Standard Class shares.

LVIP Managed Risk Profile 2020 Fund–6

LVIP Managed Risk Profile 2020 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(38)	British Pound Currency		$(3,262,463)	$	(3,146,400	)		9/20/16		$ 116,063
(25)	E-mini MSCI Emerging Markets Index		(1,009,695)		(1,043,375	)		9/19/16		(33,680	)
(8)	E-mini Russell 2000 Index		(907,209)		(917,920	)		9/19/16		(10,711	)
(95)	E-mini S&P 500 Index		(9,695,294)		(9,928,450	)		9/19/16		(233,156	)
(11)	E-mini S&P MidCap 400 Index		(1,599,687)		(1,642,300	)		9/19/16		(42,613	)
(16)	Euro Currency		(2,241,818)		(2,221,500	)		9/20/16		20,318
(70)	Euro STOXX 50 Index		(2,169,881)		(2,217,835	)		9/19/16		(47,954	)
(38)	FTSE 100 Index		(3,084,667)		(3,248,982	)		9/19/16		(164,315	)
(11)	Japanese Yen Currency		(1,324,266)		(1,334,713	)		9/20/16		(10,447	)
(9)	Nikkei 225 Index (OSE)		(1,378,155)		(1,356,994	)		9/9/16		21,161
										$(385,334	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP Managed Risk Profile 2020 Fund–7

LVIP Managed Risk Profile 2030 Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–94.31%
Equity Funds–36.83%
*Lincoln Variable Insurance Products Trust–
†LVIP Baron Growth Opportunities Fund		36,116	$	1,553,064
LVIP Delaware Special Opportunities Fund		75,267		3,067,889
LVIP MFS Value Fund		41,195		1,554,125
LVIP SSGA Mid-Cap Index Fund		147,931		1,543,215
LVIP SSGA S&P 500 Index Fund		2,815,143		42,027,265
LVIP SSGA Small-Cap Index Fund		121,778		3,058,945
LVIP SSGA Small-Mid Cap 200 Fund		120,402		1,516,221
†LVIP T. Rowe Price Growth Stock Fund		48,602		1,518,612
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		143,367		3,075,929
				58,915,265
Fixed Income Funds–30.59%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		614,636		6,296,334
LVIP Delaware Bond Fund		332,919		4,742,765
LVIP Delaware Diversified Floating Rate Fund		316,729		3,134,031
LVIP JPMorgan High Yield Fund		291,077		3,127,914
LVIP PIMCO Low Duration Bond Fund		310,698		3,139,604
LVIP SSGA Bond Index Fund		2,425,883		28,487,143
				48,927,791
International Equity Funds–24.92%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		479,823		4,773,280
LVIP MFS International Growth Fund		220,856		3,072,328
LVIP Mondrian International Value Fund		288,946		4,615,617
LVIP SSGA Emerging Markets 100 Fund		409,462		3,184,387
LVIP SSGA International Index Fund		3,010,647		24,211,622
				39,857,234

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES (continued)
International Fixed Income Fund–1.97%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		280,980	$	3,145,010
				3,145,010
Total Affiliated Investment Companies (Cost $112,758,745)				150,845,300
UNAFFILIATED INVESTMENT COMPANIES–5.61%
Commodity Fund–0.97%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		213,874		1,554,865
				1,554,865
International Equity Fund–1.96%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		186,939		3,133,094
				3,133,094
Money Market Fund–2.68%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		4,277,452		4,277,452
				4,277,452
Total Unaffiliated Investment Companies (Cost $8,922,802)				8,965,411

TOTAL VALUE OF SECURITIES–99.92% (Cost $121,681,547)		159,810,711
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.08%		129,183
NET ASSETS APPLICABLE TO 14,476,667 SHARES OUTSTANDING–100.00%	$	159,939,894

† Non-income producing for the period.

* Standard Class shares.

** Institutional Class shares.

LVIP Managed Risk Profile 2030 Fund–8

LVIP Managed Risk Profile 2030 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2016: ¹

Futures Contracts

Contracts to Buy (Sell)			Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
	(59)	British Pound Currency	$	(5,015,347	)	$	(4,885,200	)		9/20/16	$	130,147
	(42)	E-mini MSCI Emerging Markets Index		(1,687,211	)		(1,752,870	)		9/19/16		(65,659	)
	(15)	E-mini Russell 2000 Index		(1,677,123	)		(1,721,100	)		9/19/16		(43,977	)
	(142)	E-mini S&P 500 Index		(14,406,676	)		(14,840,420	)		9/19/16		(433,744	)
	(16)	E-mini S&P MidCap 400 Index		(2,319,103	)		(2,388,800	)		9/19/16		(69,697	)
	(27)	Euro Currency		(3,771,959	)		(3,748,781	)		9/20/16		23,178
	(117)	Euro STOXX 50 Index		(3,619,749	)		(3,706,953	)		9/19/16		(87,204	)
	(59)	FTSE 100 Index		(4,787,435	)		(5,044,472	)		9/19/16		(257,037	)
	(16)	Japanese Yen Currency		(1,937,387	)		(1,941,400	)		9/20/16		(4,013	)
	(13)	Nikkei 225 Index (OSE)		(1,970,802	)		(1,960,102	)		9/9/16		10,700
											$	(797,306	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP Managed Risk Profile 2030 Fund–9

LVIP Managed Risk Profile 2040 Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–92.84%
Equity Funds–42.06%
*Lincoln Variable Insurance Products Trust–
†LVIP Baron Growth Opportunities Fund		24,152	$	1,038,594
LVIP Delaware Special Opportunities Fund		50,934		2,076,074
LVIP MFS Value Fund		83,914		3,165,731
LVIP SSGA Mid-Cap Index Fund		100,108		1,044,329
LVIP SSGA S&P 500 Index Fund		2,187,373		32,655,290
LVIP SSGA Small-Cap Index Fund		82,413		2,070,126
LVIP SSGA Small-Mid Cap 200 Fund		81,478		1,026,047
†LVIP T. Rowe Price Growth Stock Fund		32,890		1,027,674
LVIP T. Rowe Price Structured
Mid-Cap Growth Fund		97,020		2,081,555
				46,185,420
Fixed Income Funds–20.42%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		312,003		3,196,162
LVIP Delaware Bond Fund		150,288		2,141,004
LVIP Delaware Diversified Floating Rate Fund		107,186		1,060,604
LVIP JPMorgan High Yield Fund		196,999		2,116,947
LVIP PIMCO Low Duration Bond Fund		210,290		2,124,986
LVIP SSGA Bond Index Fund		1,003,409		11,783,031
				22,422,734
International Equity Funds–28.42%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		324,721		3,230,321
LVIP MFS International Growth Fund		298,892		4,157,890
LVIP Mondrian International Value Fund		325,844		5,205,033

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds (continued)
LVIP SSGA Emerging Markets 100 Fund		554,166	$	4,309,746
LVIP SSGA International Index Fund		1,778,360		14,301,567
				31,204,557
International Fixed Income Fund–1.94%
*Lincoln Variable Insurance Products Trust–
LVIP Global Income Fund		190,429		2,131,473
				2,131,473
Total Affiliated Investment Companies (Cost $72,022,992)				101,944,184
UNAFFILIATED INVESTMENT COMPANIES–6.26%
Commodity Fund–0.96%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		144,741		1,052,265
				1,052,265
International Equity Fund–1.93%
*Delaware VIP Trust– Delaware VIP Emerging Markets Series		126,496		2,120,070
				2,120,070
Money Market Fund–3.37%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		3,699,975		3,699,975
				3,699,975
Total Unaffiliated Investment Companies (Cost $6,841,408)				6,872,310

TOTAL VALUE OF SECURITIES–99.10% (Cost $78,864,400)	108,816,494
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.90%	992,462
NET ASSETS APPLICABLE TO 10,554,516 SHARES OUTSTANDING–100.00%	$109,808,956

† Non-income producing for the period.

* Standard Class shares.

** Institutional Class shares.

LVIP Managed Risk Profile 2040 Fund–10

LVIP Managed Risk Profile 2040 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(51)	British Pound Currency		$  (4,341,715)		$  (4,222,800	)		9/20/16		$  118,915
(44)	E-mini MSCI Emerging Markets Index		(1,761,540)		(1,836,340	)		9/19/16		(74,800)
(11)	E-mini Russell 2000 Index		(1,228,841)		(1,262,140	)		9/19/16		(33,299)
(128)	E-mini S&P 500 Index		(13,033,104)		(13,377,280	)		9/19/16		(344,176)
(12)	E-mini S&P MidCap 400 Index		(1,746,976)		(1,791,600	)		9/19/16		(44,624)
(23)	Euro Currency		(3,213,288)		(3,193,406	)		9/20/16		19,882
(101)	Euro STOXX 50 Index		(3,120,794)		(3,200,020	)		9/19/16		(79,226)
(51)	FTSE 100 Index		(4,139,042)		(4,360,476	)		9/19/16		(221,434)
(13)	Japanese Yen Currency		(1,575,977)		(1,577,387	)		9/20/16		(1,410)
(10)	Nikkei 225 Index (OSE)		(1,510,126)		(1,507,771	)		9/9/16		2,355
										$(657,817)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP Managed Risk Profile 2040 Fund–11

LVIP Managed Risk Profile 2050 Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–89.69%
Equity Funds–46.84%
*Lincoln Variable Insurance Products Trust–
†LVIP Baron Growth Opportunities Fund		7,302	$	313,980
LVIP Delaware Special Opportunities Fund		15,218		620,291
LVIP MFS Value Fund		24,984		942,546
LVIP SSGA Mid-Cap Index Fund		29,909		312,008
LVIP SSGA S&P 500 Index Fund		737,685		11,012,897
LVIP SSGA Small-Cap Index Fund		36,934		927,739
LVIP SSGA Small-Mid Cap 200 Fund		24,346		306,594
†LVIP T. Rowe Price Growth Stock Fund		19,653		614,068
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		28,986		621,886
				15,672,009
Fixed Income Funds–8.55%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		62,107		636,228
LVIP Delaware Bond Fund		22,436		319,619
LVIP JPMorgan High Yield Fund		88,247		948,307
LVIP PIMCO Low Duration Bond Fund		31,395		317,250
LVIP SSGA Bond Index Fund		54,470		639,641
				2,861,045
International Equity Funds–34.30%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		129,303		1,286,303
LVIP MFS International Growth Fund		66,985		931,833

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds (continued)
LVIP Mondrian International Value Fund		77,893	$	1,244,263
LVIP SSGA Emerging Markets 100 Fund		164,694		1,280,825
LVIP SSGA International Index Fund		837,540		6,735,493
				11,478,717
Total Affiliated Investment Companies (Cost $25,288,590)				30,011,771
UNAFFILIATED INVESTMENT COMPANIES–8.32%
Commodity Fund–0.94%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		43,234		314,314
				314,314
International Equity Fund–2.84%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		56,691		950,149
				950,149
Money Market Fund–4.54%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		1,519,807		1,519,807
				1,519,807
Total Unaffiliated Investment Companies (Cost $2,846,050)				2,784,270

TOTAL VALUE OF SECURITIES–98.01% (Cost $28,134,640)	32,796,041
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.99%	665,374
NET ASSETS APPLICABLE TO 3,568,020 SHARES OUTSTANDING–100.00%	$33,461,415

† Non-income producing for the period.

* Standard Class shares.

** Institutional Class shares.

LVIP Managed Risk Profile 2050 Fund–12

LVIP Managed Risk Profile 2050 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(65)  E-mini S&P 500 Index		$(6,649,551)		$(6,793,150	)		9/19/16		$(143,599)
(35)  Euro Currency		(4,904,803)		(4,859,531	)		9/20/16		45,272
(150)  Euro STOXX 50 Index		(4,647,899)		(4,752,504	)		9/19/16		(104,605)
									$(202,932)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 5 in “Notes to Financial Statements.”

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

LVIP Managed Risk Profile 2050 Fund–13

LVIP Managed Risk Profile Target Maturity Funds

Statements of Assets and Liabilities

June 30, 2016 (unaudited)

	LVIP Managed Risk Profile 2010 Fund				LVIP Managed Risk Profile 2020 Fund				LVIP Managed Risk Profile 2030 Fund				LVIP Managed Risk Profile 2040 Fund				LVIP Managed Risk Profile 2050 Fund
ASSETS:
Investments in affiliated investment companies, at value		$	40,682,571			$	130,506,058			$	150,845,300			$	101,944,184			$	30,011,771
Investments in unaffiliated investment companies, at value			2,735,500				8,509,446				8,965,411				6,872,310				2,784,270
Total investments, at value			43,418,071				139,015,504				159,810,711				108,816,494				32,796,041
Cash collateral held at broker for futures contracts, at value			77,538				1,260,667				2,280,500				1,824,439				724,144
Foreign currencies collateral held at broker for futures contracts, at value			18,078				113,304				112,241				140,817				191,369
Expense reimbursement receivable from Lincoln Investment Advisors Corporation			5,037				2,607				2,788				4,508				6,357
Receivable for fund shares sold			1,723				23,044				34,918				27,288				32,523
Dividends receivable from investment companies			247				904				967				808				322
Cash			25				—				—				—				—
Receivable for investment companies sold			—				—				—				10,131				—
TOTAL ASSETS			43,520,719				140,416,030				162,242,125				110,824,485				33,750,756
LIABILITIES:
Payable for fund shares redeemed			41,250				928,633				1,418,653				296,889				41,041
Other accrued expenses payable			17,604				18,178				18,472				18,119				17,850
Due to manager and affiliates			15,783				38,680				42,981				32,298				13,134
Payable for investment companies purchased			5,644				30,781				24,814				—				14,378
Net unrealized depreciation on futures contracts			4,470				385,334				797,306				657,817				202,932
Cash overdraft			—				3				5				10,406				6
TOTAL LIABILITIES			84,751				1,401,609				2,302,231				1,015,529				289,341
TOTAL NET ASSETS		$	43,435,968			$	139,014,421			$	159,939,894			$	109,808,956			$	33,461,415
Investments in affiliated investment companies, at cost		$	31,765,567			$	95,839,537			$	112,758,745			$	72,022,992			$	25,288,590
Investments in unaffiliated investment companies, at cost			2,635,418				8,030,704				8,922,802				6,841,408				2,846,050
Total investments, at cost		$	34,400,985			$	103,870,241			$	121,681,547			$	78,864,400			$	28,134,640
Foreign currencies collateral held at broker, at cost		$	18,078			$	113,304			$	112,241			$	140,817			$	191,369
Standard Class:
Net Assets		$	36,975,736			$	115,494,549			$	135,720,677			$	85,962,907			$	26,913,034
Shares Outstanding			3,170,116				10,120,524				12,282,089				8,256,734				2,867,802
Net Asset Value Per Share		$	11.664			$	11.412			$	11.050			$	10.411			$	9.385
Service Class:
Net Assets		$	6,460,232			$	23,519,872			$	24,219,217			$	23,846,049			$	6,548,381
Shares Outstanding			554,766				2,063,830				2,194,578				2,297,782				700,218
Net Asset Value Per Share		$	11.645			$	11.396			$	11.036			$	10.378			$	9.352
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)		$	35,355,677			$	110,421,640			$	131,624,620			$	89,049,610			$	31,686,016
Accumulated net investment loss			(60,598	)			(199,703	)			(194,133	)			(141,304	)			(26,597	)
Accumulated net realized loss on investments			(871,727	)			(5,967,445	)			(8,822,451	)			(8,393,626	)			(2,656,473	)
Net unrealized appreciation of investments and derivatives			9,012,616				34,759,929				37,331,858				29,294,276				4,458,469
TOTAL NET ASSETS		$	43,435,968			$	139,014,421			$	159,939,894			$	109,808,956			$	33,461,415

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

LVIP Managed Risk Profile Target Maturity Funds–14

LVIP Managed Risk Profile Target Maturity Funds

Statements of Operations

Six Months Ended June 30, 2016 (unaudited)

	LVIP Managed Risk Profile 2010 Fund				LVIP Managed Risk Profile 2020 Fund				LVIP Managed Risk Profile 2030 Fund				LVIP Managed Risk Profile 2040 Fund				LVIP Managed Risk Profile 2050 Fund
INVESTMENT INCOME:
Dividends from unaffiliated investment companies		$	11,759			$	34,370			$	44,295			$	30,822			$	12,501
EXPENSES:
Management fees			53,637				171,138				196,666				134,691				38,286
Accounting and administration expenses			16,748				20,787				21,549				19,571				16,299
Reports and statements to shareholders			11,255				16,886				19,267				20,383				14,205
Professional fees			10,952				12,067				12,304				11,722				11,724
Distribution expenses-Service Class			7,992				28,707				29,330				28,310				7,073
Custodian fees			2,482				3,145				3,871				3,767				3,047
Consulting fees			1,787				1,814				1,817				1,806				1,795
Trustees’ fees and expenses			561				1,849				2,063				1,444				413
Pricing fees			136				143				143				139				38
Other			127				455				647				545				262
			105,677				256,991				287,657				222,378				93,142
Less expenses reimbursed			(33,320	)			(22,918	)			(22,328	)			(32,439	)			(40,125	)
Total operating expenses			72,357				234,073				265,329				189,939				53,017
NET INVESTMENT LOSS			(60,598	)			(199,703	)			(221,034	)			(159,117	)			(40,516	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investment companies			23,949				61,665				70,910				48,131				20,330
Sale of investments in affiliated investment companies			(78,381	)			880,962				(269,163	)			911,525				(269,419	)
Sale of investments in unaffiliated investment companies			(27,348	)			(31,709	)			(177,263	)			(127,722	)			(41,467	)
Foreign currencies			3,534				16,149				25,598				20,034				15,016
Futures contracts			(219,119	)			(801,125	)			(1,585,950	)			(1,488,138	)			(357,125	)
Net realized gain (loss)			(297,365	)			125,942				(1,935,868	)			(636,170	)			(632,665	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies			1,405,560				2,480,138				4,239,265				1,738,766				934,530
Investments in unaffiliated investment companies			62,161				128,255				499,434				342,251				115,322
Futures contracts			(6,881	)			(347,360	)			(816,235	)			(626,143	)			(191,346	)
Net change in unrealized appreciation (depreciation)			1,460,840				2,261,033				3,922,464				1,454,874				858,506
NET REALIZED AND UNREALIZED GAIN			1,163,475				2,386,975				1,986,596				818,704				225,841
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,102,877			$	2,187,272			$	1,765,562			$	659,587			$	185,325

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

LVIP Managed Risk Profile Target Maturity Funds–15

LVIP Managed Risk Profile Target Maturity Funds

Statements of Changes in Net Assets

	LVIP Managed Risk Profile 2010 Fund						LVIP Managed Risk Profile 2020 Fund						LVIP Managed Risk Profile 2030 Fund
	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(60,598	)	$	699,952		$	(199,703	)	$	2,673,629		$	(221,034	)	$	2,846,338
Net realized gain (loss)		(297,365	)		1,534,845			125,942			2,492,320			(1,935,868	)		2,381,252
Net change in unrealized appreciation (depreciation)		1,460,840			(2,838,724	)		2,261,033			(8,625,565	)		3,922,464			(9,700,842	)
Net increase (decrease) in net assets resulting from operations		1,102,877			(603,927	)		2,187,272			(3,459,616	)		1,765,562			(4,473,252	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(615,135	)		—			(2,370,551	)		—			(2,517,074	)
Service Class		—			(107,637	)		—			(390,574	)		—			(371,001	)
Net realized gain on investments:
Standard Class		—			(1,760,100	)		—			(4,304,685	)		—			(8,223,222	)
Service Class		—			(347,722	)		—			(816,156	)		—			(1,409,544	)
		—			(2,830,594	)		—			(7,881,966	)		—			(12,520,841	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		9,869,888			6,899,464			8,484,852			24,468,216			12,433,828			24,847,252
Service Class		183,335			1,149,750			1,244,701			2,587,961			1,689,037			3,101,829
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,375,235			—			6,675,236			—			10,740,296
Service Class		—			455,359			—			1,206,730			—			1,780,545
		10,053,223			10,879,808			9,729,553			34,938,143			14,122,865			40,469,922
Cost of shares redeemed:
Standard Class		(5,352,540	)		(11,418,626	)		(17,900,672	)		(30,129,488	)		(14,230,147	)		(31,541,403	)
Service Class		(330,008	)		(2,375,243	)		(1,685,324	)		(5,854,306	)		(1,248,408	)		(2,820,128	)
		(5,682,548	)		(13,793,869	)		(19,585,996	)		(35,983,794	)		(15,478,555	)		(34,361,531	)
Increase (decrease) in net assets derived from capital share transactions		4,370,675			(2,914,061	)		(9,856,443	)		(1,045,651	)		(1,355,690	)		6,108,391
NET INCREASE (DECREASE) IN NET ASSETS		5,473,552			(6,348,582	)		(7,669,171	)		(12,387,233	)		409,872			(10,885,702	)
NET ASSETS:
Beginning of period		37,962,416			44,310,998			146,683,592			159,070,825			159,530,022			170,415,724
End of period	$	43,435,968		$	37,962,416		$	139,014,421		$	146,683,592		$	159,939,894		$	159,530,022
Undistributed (accumulated) net investment income (loss)	$	(60,598	)	$	—		$	(199,703	)	$	—		$	(194,133	)	$	26,901

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

LVIP Managed Risk Profile Target Maturity Funds–16

LVIP Managed Risk Profile Target Maturity Funds

Statements of Changes in Net Assets (continued)

	LVIP Managed Risk Profile 2040 Fund						LVIP Managed Risk Profile 2050 Fund
	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(159,117	)	$	1,921,181		$	(40,516	)	$	502,889
Net realized gain (loss)		(636,170	)		939,733			(632,665	)		(398,342	)
Net change in unrealized appreciation (depreciation)		1,454,874			(6,618,615	)		858,506			(1,327,804	)
Net increase (decrease) in net assets resulting from operations		659,587			(3,757,701	)		185,325			(1,223,257	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,601,109	)		—			(402,448	)
Service Class		—			(344,573	)		—			(69,639	)
Net realized gain:
Standard Class		—			(5,895,996	)		—			(44,493	)
Service Class		—			(1,455,166	)		—			(8,048	)
		—			(9,296,844	)		—			(524,628	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		6,791,338			13,440,880			4,162,963			8,388,403
Service Class		1,650,031			3,542,411			1,572,994			2,408,264
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			7,497,105			—			446,941
Service Class		—			1,799,739			—			77,687
		8,441,369			26,280,135			5,735,957			11,321,295
Cost of shares redeemed:
Standard Class		(8,911,126	)		(17,601,995	)		(1,801,277	)		(3,580,744	)
Service Class		(422,507	)		(2,662,490	)		(75,771	)		(263,998	)
		(9,333,633	)		(20,264,485	)		(1,877,048	)		(3,844,742	)
Increase (decrease) in net assets derived from capital share transactions		(892,264	)		6,015,650			3,858,909			7,476,553
NET INCREASE (DECREASE) IN NET ASSETS		(232,677	)		(7,038,895	)		4,044,234			5,728,668
NET ASSETS:
Beginning of period		110,041,633			117,080,528			29,417,181			23,688,513
End of period	$	109,808,956		$	110,041,633		$	33,461,415		$	29,417,181
Undistributed (accumulated) net investment income (loss)	$	(141,304	)	$	17,813		$	(26,597	)	$	13,919

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

LVIP Managed Risk Profile Target Maturity Funds–17

LVIP Managed Risk Profile 2010 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2010 Fund Standard Class
	Six Months Ended 6/30/161, 2   (unaudited)
													Year Ended 12/31/13
					12/31/15				12/31/14								12/31/12				12/31/113
Net asset value, beginning of period		$	11.379			$	12.448			$	12.105			$	11.259			$	10.604			$	10.553
Income (loss) from investment operations:
Net investment income (loss)4			(0.014	)			0.208				0.158				0.127				0.147				0.180
Net realized and unrealized gain (loss)			0.299				(0.413	)			0.421				0.878				0.756				(0.045	)
Total from investment operations			0.285				(0.205	)			0.579				1.005				0.903				0.135
Less dividends and distributions from:
Net investment income			—				(0.224	)			(0.236	)			(0.159	)			(0.248	)			(0.084	)
Net realized gain			—				(0.640	)			—				—				—				—
Total dividends and distributions			—				(0.864	)			(0.236	)			(0.159	)			(0.248	)			(0.084	)
Net asset value, end of period		$	11.664			$	11.379			$	12.448			$	12.105			$	11.259			$	10.604
Total return5			2.50%				(1.61%	)			4.78%				8.93%				8.54%				1.29%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	36,976			$	31,507			$	36,507			$	48,876			$	45,927			$	24,751
Ratio of expenses to average net assets6			0.30%				0.30%				0.30%				0.30%				0.30%				0.26%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.45%				0.44%				0.42%				0.43%				0.54%				0.62%
Ratio of net investment income (loss) to average net assets			(0.25%	)			1.68%				1.27%				1.08%				1.33%				1.67%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.40%	)			1.54%				1.15%				0.95%				1.09%				1.31%
Portfolio turnover			17%				32%				37%				37%				35%				56%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Effective after close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–18

LVIP Managed Risk Profile 2010 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2010 Fund Service Class
	Six Months Ended 6/30/161, 2   (unaudited)
										Year Ended 12/31/13
				12/31/15			12/31/14						12/31/12			12/31/113
Net asset value, beginning of period		$11.375			$12.443			$12.101			$11.256			$10.577			$10.553
Income (loss) from investment operations:
Net investment income (loss)4		(0.028	)		0.177			0.127			0.098			0.119			0.153
Net realized and unrealized gain (loss)		0.298			(0.412	)		0.420			0.877			0.754			(0.045	)
Total from investment operations		0.270			(0.235	)		0.547			0.975			0.873			0.108
Less dividends and distributions from:
Net investment income		—			(0.193	)		(0.205	)		(0.130	)		(0.194	)		(0.084	)
Net realized gain		—			(0.640	)		—			—			—			—
Total dividends and distributions		—			(0.833	)		(0.205	)		(0.130	)		(0.194	)		(0.084	)
Net asset value, end of period		$11.645			$11.375			$12.443			$12.101			$11.256			$10.577
Total return5		2.37%			(1.85%	)		4.52%			8.66%			8.27%			1.03%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$  6,460			$  6,455			$  7,804			$  8,752			$  9,303			$10,076
Ratio of expenses to average net assets6		0.55%			0.55%			0.55%			0.55%			0.55%			0.51%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.70%			0.69%			0.67%			0.68%			0.79%			0.87%
Ratio of net investment income (loss) to average net assets		(0.50%	)		1.43%			1.02%			0.83%			1.08%			1.42%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.65%	)		1.29%			0.90%			0.71%			0.84%			1.06%
Portfolio turnover		17%			32%			37%			37%			35%			56%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Effective after close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–19

LVIP Managed Risk Profile 2020 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2020 Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)
										Year Ended 12/31/13
				12/31/15			12/31/14						12/31/12			12/31/113
Net asset value, beginning of period	$	11.222		$	12.110		$	11.829		$	10.788		$	10.159		$	10.217
Income (loss) from investment operations:
Net investment income (loss)4		(0.014	)		0.210			0.151			0.137			0.147			0.170
Net realized and unrealized gain (loss)		0.204			(0.480	)		0.369			1.063			0.702			(0.148	)
Total from investment operations		0.190			(0.270	)		0.520			1.200			0.849			0.022
Less dividends and distributions from:
Net investment income		—			(0.219	)		(0.239	)		(0.159	)		(0.220	)		(0.080	)
Net realized gain		—			(0.399	)		—			—			—			—
Total dividends and distributions		—			(0.618	)		(0.239	)		(0.159	)		(0.220	)		(0.080	)
Net asset value, end of period	$	11.412		$	11.222		$	12.110		$	11.829		$	10.788		$	10.159
Total return5		1.69%			(2.21%	)		4.39%			11.13%			8.38%			0.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	115,494		$	123,071		$	131,581		$	190,689		$	158,362		$	75,045
Ratio of expenses to average net assets6		0.30%			0.30%			0.30%			0.30%			0.30%			0.26%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.33%			0.31%			0.31%			0.31%			0.36%			0.41%
Ratio of net investment income (loss) to average net assets		(0.25%	)		1.74%			1.25%			1.20%			1.39%			1.64%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.28%	)		1.73%			1.24%			1.19%			1.33%			1.49%
Portfolio turnover		8%			28%			31%			27%			30%			51%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³ Effective after close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴ The average shares outstanding method has been applied for per share information.

⁵ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–20

LVIP Managed Risk Profile 2020 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2020 Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)
										Year Ended 12/31/13
				12/31/15			12/31/14						12/31/12			12/31/113
Net asset value, beginning of period	$	11.220		$	12.107		$	11.827		$	10.788		$	10.136		$	10.219
Income (loss) from investment operations:
Net investment income (loss)4		(0.028	)		0.180			0.121			0.108			0.120			0.144
Net realized and unrealized gain (loss)		0.204			(0.479	)		0.368			1.062			0.699			(0.147	)
Total from investment operations		0.176			(0.299	)		0.489			1.170			0.819			(0.003	)
Less dividends and distributions from:
Net investment income		—			(0.189	)		(0.209	)		(0.131	)		(0.167	)		(0.080	)
Net realized gain		—			(0.399	)		—			—			—			—
Total dividends and distributions		—			(0.588	)		(0.209	)		(0.131	)		(0.167	)		(0.080	)
Net asset value, end of period	$	11.396		$	11.220		$	12.107		$	11.827		$	10.788		$	10.136
Total return5		1.57%			(2.45%	)		4.13%			10.85%			8.10%			(0.02%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,520		$	23,613		$	27,490		$	28,539		$	25,404		$	26,568
Ratio of expenses to average net assets6		0.55%			0.55%			0.55%			0.55%			0.55%			0.51%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.58%			0.56%			0.56%			0.56%			0.61%			0.66%
Ratio of net investment income (loss) to average net assets		(0.50%	)		1.49%			1.00%			0.95%			1.14%			1.39%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.53%	)		1.48%			0.99%			0.94%			1.08%			1.24%
Portfolio turnover		8%			28%			31%			27%			30%			51%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³ Effective after close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴ The average shares outstanding method has been applied for per share information.

⁵ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–21

LVIP Managed Risk Profile 2030 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2030 Fund Standard Class
	Six Months Ended   6/30/161, 2 (unaudited)
										Year Ended 12/31/13
				12/31/15			12/31/14						12/31/12			12/31/113
Net asset value, beginning of period	$	10.930		$	12.174		$	11.934		$	10.627		$	10.030		$	10.154
Income (loss) from investment operations:
Net investment income (loss)4		(0.013	)		0.209			0.158			0.140			0.155			0.164
Net realized and unrealized gain (loss)		0.133			(0.539	)		0.340			1.320			0.634			(0.220	)
Total from investment operations		0.120			(0.330	)		0.498			1.460			0.789			(0.056	)
Less dividends and distributions from:
Net investment income		—			(0.205	)		(0.258	)		(0.153	)		(0.192	)		(0.068	)
Net realized gain		—			(0.709	)		—			—			—			—
Total dividends and distributions		—			(0.914	)		(0.258	)		(0.153	)		(0.192	)		(0.068	)
Net asset value, end of period	$	11.050		$	10.930		$	12.174		$	11.934		$	10.627		$	10.030
Total return5		1.09%			(2.66%	)		4.16%			13.74%			7.90%			(0.54%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	135,721		$	136,001		$	146,452		$	214,620		$	169,078		$	70,935
Ratio of expenses to average net assets6		0.30%			0.30%			0.30%			0.30%			0.30%			0.26%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.33%			0.31%			0.31%			0.31%			0.36%			0.43%
Ratio of net investment income (loss) to average net assets		(0.24%	)		1.74%			1.30%			1.23%			1.48%			1.59%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.27%	)		1.73%			1.29%			1.22%			1.42%			1.42%
Portfolio turnover		10%			30%			26%			24%			25%			56%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³ Effective after close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴ The average shares outstanding method has been applied for per share information.

⁵ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–22

LVIP Managed Risk Profile 2030 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2030 Fund Service Class
	Six Months
	Ended
	6/30/161, 2									Year Ended
	(unaudited)			12/31/15			12/31/14			12/31/13			12/31/12			12/31/113
Net asset value, beginning of period	$	10.930		$	12.172		$	11.933		$	10.628		$	10.007		$	10.156
Income (loss) from investment operations:
Net investment income (loss)4		(0.027	)		0.178			0.128			0.111			0.128			0.138
Net realized and unrealized gain (loss)		0.133			(0.536	)		0.338			1.319			0.634			(0.219	)
Total from investment operations		0.106			(0.358	)		0.466			1.430			0.762			(0.081	)
Less dividends and distributions from:
Net investment income		—			(0.175	)		(0.227	)		(0.125	)		(0.141	)		(0.068	)
Net realized gain		—			(0.709	)		—			—			—			—
Total dividends and distributions		—			(0.884	)		(0.227	)		(0.125	)		(0.141	)		(0.068	)
Net asset value, end of period	$	11.036		$	10.930		$	12.172		$	11.933		$	10.628		$	10.007
Total return5		0.97%			(2.90%	)		3.90%			13.46%			7.63%			(0.79%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	24,219		$	23,529		$	23,964		$	23,139		$	20,793		$	17,447
Ratio of expenses to average net assets6		0.55%			0.55%			0.55%			0.55%			0.55%			0.51%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.58%			0.56%			0.56%			0.56%			0.61%			0.68%
Ratio of net investment income (loss) to average net assets		(0.49%	)		1.49%			1.05%			0.98%			1.23%			1.34%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.52%	)		1.48%			1.04%			0.97%			1.17%			1.17%
Portfolio turnover		10%			30%			26%			24%			25%			56%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³ Effective after close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴ The average shares outstanding method has been applied for per share information.

⁵ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–23

LVIP Managed Risk Profile 2040 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2040 Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)
										Year Ended 12/31/13
				12/31/15			12/31/14						12/31/12			12/31/113
Net asset value, beginning of period	$	10.346		$	11.655		$	11.523		$	10.009		$	9.503		$	9.704
Income (loss) from investment operations:
Net investment income (loss)4		(0.012	)		0.196			0.151			0.132			0.135			0.142
Net realized and unrealized gain (loss)		0.077			(0.577	)		0.251			1.523			0.539			(0.284	)
Total from investment operations		0.065			(0.381	)		0.402			1.655			0.674			(0.142	)
Less dividends and distributions from:
Net investment income		—			(0.189	)		(0.270	)		(0.141	)		(0.168	)		(0.059	)
Net realized gain		—			(0.739	)		—			—			—			—
Total dividends and distributions		—			(0.928	)		(0.270	)		(0.141	)		(0.168	)		(0.059	)
Net asset value, end of period	$	10.411		$	10.346		$	11.655		$	11.523		$	10.009		$	9.503
Total return5		0.63%			(3.22%	)		3.48%			16.54%			7.12%			(1.46%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	85,963		$	87,556		$	94,657		$	146,675		$	116,009		$	52,039
Ratio of expenses to average net assets6		0.30%			0.30%			0.30%			0.30%			0.30%			0.26%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.36%			0.33%			0.33%			0.33%			0.40%			0.47%
Ratio of net investment income (loss) to average net assets		(0.24%	)		1.70%			1.29%			1.22%			1.37%			1.44%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.30%	)		1.67%			1.26%			1.19%			1.27%			1.23%
Portfolio turnover		10%			25%			25%			25%			28%			65%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³ Effective after close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴ The average shares outstanding method has been applied for per share information.

⁵ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶ Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–24

LVIP Managed Risk Profile 2040 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2040 Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)
										Year Ended 12/31/13
				12/31/15			12/31/14						12/31/12			12/31/113
Net asset value, beginning of period	$	10.325		$	11.634		$	11.503		$	9.993		$	9.465		$	9.690
Income (loss) from investment operations:
Net investment income (loss)4		(0.025	)		0.166			0.122			0.105			0.110			0.117
Net realized and unrealized gain (loss)		0.078			(0.575	)		0.249			1.518			0.537			(0.283	)
Total from investment operations		0.053			(0.409	)		0.371			1.623			0.647			(0.166	)
Less dividends and distributions from:
Net investment income		—			(0.161	)		(0.240	)		(0.113	)		(0.119	)		(0.059	)
Net realized gain		—			(0.739	)		—			—			—			—
Total dividends and distributions		—			(0.900	)		(0.240	)		(0.113	)		(0.119	)		(0.059	)
Net asset value, end of period	$	10.378		$	10.325		$	11.634		$	11.503		$	9.993		$	9.465
Total return5		0.50%			(3.46%	)		3.22%			16.25%			6.86%			(1.71%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,846		$	22,486		$	22,424		$	19,191		$	14,957		$	12,522
Ratio of expenses to average net assets6		0.55%			0.55%			0.55%			0.55%			0.55%			0.51%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.61%			0.58%			0.58%			0.58%			0.65%			0.72%
Ratio of net investment income (loss) to average net assets		(0.49%	)		1.45%			1.04%			0.97%			1.12%			1.19%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.55%	)		1.42%			1.01%			0.94%			1.02%			0.98%
Portfolio turnover		10%			25%			25%			25%			28%			65%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Effective after close of business on April 29, 2011, Wilshire Associates Incorporated no longer serves as the Fund’s sub-adviser.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–25

LVIP Managed Risk Profile 2050 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2050 Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)
																5/2/113 to 12/31/11
							Year Ended
				12/31/15			12/31/14			12/31/13			12/31/12
Net asset value, beginning of period	$	9.345		$	9.888		$	11.054		$	9.401		$	8.953		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.010	)		0.186			0.138			0.138			0.157			0.128
Net realized and unrealized gain (loss)		0.050			(0.554	)		0.196			1.651			0.379			(1.175	)
Total from investment operations		0.040			(0.368	)		0.334			1.789			0.536			(1.047	)
Less dividends and distributions from:
Net investment income		—			(0.157	)		(0.214	)		(0.133	)		(0.088	)		—
Net realized gain		—			(0.018	)		(1.286	)		—			—			—
Return of capital		—			—			—			(0.003	)		—			—
Total dividends and distributions		—			(0.175	)		(1.500	)		(0.136	)		(0.088	)		—
Net asset value, end of period	$	9.385		$	9.345		$	9.888		$	11.054		$	9.401		$	8.953
Total return5		0.43%			(3.75%	)		2.94%			19.04%			6.01%			(10.47%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,913		$	24,406		$	20,614		$	37,291		$	21,788		$	1,603
Ratio of expenses to average net assets6		0.30%			0.30%			0.30%			0.30%			0.30%			0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.56%			0.54%			0.52%			0.55%			0.94%			4.78%
Ratio of net investment income (loss) to average net assets		(0.22%	)		1.87%			1.24%			1.34%			1.70%			2.12%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.48%	)		1.63%			1.02%			1.09%			1.06%			(2.36%	)
Portfolio turnover		9%			26%			46%			24%			30%			68%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–26

LVIP Managed Risk Profile 2050 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Managed Risk Profile 2050 Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)
																5/2/113 to 12/31/11
							Year Ended
				12/31/15			12/31/14			12/31/13			12/31/12
Net asset value, beginning of period	$	9.324		$	9.866		$	11.032		$	9.385		$	8.938		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.021	)		0.160			0.111			0.112			0.133			0.115
Net realized and unrealized gain (loss)		0.049			(0.552	)		0.195			1.645			0.379			(1.177	)
Total from investment operations		0.028			(0.392	)		0.306			1.757			0.512			(1.062	)
Less dividends and distributions from:
Net investment income		—			(0.132	)		(0.186	)		(0.107	)		(0.065	)		—
Net realized gain		—			(0.018	)		(1.286	)		—			—			—
Return of capital		—			—			—			(0.003	)		—			—
Total dividends and distributions		—			(0.150	)		(1.472	)		(0.110	)		(0.065	)		—
Net asset value, end of period	$	9.352		$	9.324		$	9.866		$	11.032		$	9.385		$	8.938
Total return5		0.30%			(3.98%	)		2.68%			18.73%			5.74%			(10.62%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,548		$	5,011		$	3,075		$	3,585		$	2,212		$	1,734
Ratio of expenses to average net assets6		0.55%			0.55%			0.55%			0.55%			0.55%			0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.81%			0.79%			0.77%			0.80%			1.19%			5.03%
Ratio of net investment income (loss) to average net assets		(0.47%	)		1.62%			0.99%			1.09%			1.45%			1.87%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.73%	)		1.38%			0.77%			0.84%			0.81%			(2.61%	)
Portfolio turnover		9%			26%			46%			24%			30%			68%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Managed Risk Profile Target Maturity Funds–27

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Managed Risk Profile 2010 Fund, LVIP Managed Risk Profile 2020 Fund, LVIP Managed Risk Profile 2030 Fund, LVIP Managed Risk Profile 2040 Fund and LVIP Managed Risk Profile 2050 Fund (each, a Fund, and collectively, the “Funds”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. Each Fund is a non-diversified management investment company registered under the 1940 Act. Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests a significant portion of its assets in open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e., index funds). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments, and employ an actively managed risk management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Funds are Managed Risk Profile Target Maturity Funds which are designed for investors planning to retire close to the year indicated in the name of the Fund.

Each Fund’s investment objective is to seek the highest total return over time with an increased emphasis on capital preservation as the target date approaches. Thereafter, an emphasis will be placed on high current income with a secondary focus on capital appreciation.

1. Significant Accounting Policies

Each Fund is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Funds.

Security Valuation–The Funds value Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. Futures contracts are valued at the daily quoted settlement prices.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each 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 benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on each Fund’s federal income returns through the six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the six months ended June 30, 2016, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds do not separate that portion of realized gains and losses on investments resulting from changes in the foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

LVIP Managed Risk Profile Target Maturity Funds–28

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions with Affiliates

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 each Fund’s investment portfolio, including monitoring of the Fund’s investment sub-adviser, and providing certain administrative services to each Fund. For its services, LIAC receives a management fee at an annual rate of 0.25% of the average daily net assets of each Fund. This fee is in addition to the management fees indirectly paid to the investment advisers of the Underlying Funds (including LIAC).

LIAC has contractually agreed to reimburse each Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.30% of the Fund’s average daily net assets for the Standard Class (and 0.55% for the Service Class). The agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

Effective May 1, 2016, Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Fund’s managed risk strategy. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety of the Fund’s investment portfolio. For these services, LIAC, not the Funds, pays the Sub-Adviser a fee based on each 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 Funds. For these services, each Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in “Accounting and administration expenses” on the Statements of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

	LVIP Managed Risk Profile 2010 Fund	LVIP Managed Risk Profile 2020 Fund	LVIP Managed Risk Profile 2030 Fund	LVIP Managed Risk Profile 2040 Fund	LVIP Managed Risk Profile 2050 Fund
Administrative	$1,174	$3,887	$4,400	$3,078	$878
Legal	302	1,000	1,132	792	226

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees

were as follows:

	LVIP Managed Risk Profile 2010 Fund	LVIP Managed Risk Profile 2020 Fund	LVIP Managed Risk Profile 2030 Fund	LVIP Managed Risk Profile 2040 Fund	LVIP Managed Risk Profile 2050 Fund
Trading operation	$252	$826	$938	$645	$179

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP Managed Risk Profile 2010 Fund	LVIP Managed Risk Profile 2020 Fund	LVIP Managed Risk Profile 2030 Fund	LVIP Managed Risk Profile 2040 Fund	LVIP Managed Risk Profile 2050 Fund
Printing and mailing	$9,297	$14,379	$16,781	$18,203	$12,423

The Funds offer Standard Class and Service Class shares. Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual distribution and/or service fee (“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, whereby the

LVIP Managed Risk Profile Target Maturity Funds–29

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

12b-1 Fee is limited to 0.25% of average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, each Fund had receivables due from and liabilities payable to affiliates as follows:

	LVIP Managed Risk Profile 2010 Fund			LVIP Managed Risk Profile 2020 Fund			LVIP Managed Risk Profile 2030 Fund			LVIP Managed Risk Profile 2040 Fund			LVIP Managed Risk Profile 2050 Fund
Expense reimbursement receivable from LIAC		$	5,037		$	2,607		$	2,788		$	4,508		$	6,357
Management fees payable to LIAC			8,855			28,542			32,970			22,547			6,767
Distribution fees payable to LFD			1,338			4,808			4,947			4,874			1,308
Printing and mailing fees payable to Lincoln Life			5,590			5,330			5,064			4,877			5,059

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of each Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

LVIP Managed Risk Profile 2010 Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends		Capital Gain Distributions
LVIP BlackRock Inflation Protected Bond Fund		$	3,002,594		$	4,542,728		$	3,845,308		$	816			$	3,804,218		$—			$—
LVIP Clarion Global Real Estate Fund			1,154,439			944,764			905,849			3,430				1,281,614		—			—
LVIP Delaware Bond Fund			3,778,133			5,043,319			4,772,319			(5,958	)			4,247,209		—			—
LVIP Delaware Diversified Floating Rate Fund			1,132,655			1,582,477			1,461,764			(4,020	)			1,262,369		—			—
LVIP Delaware Special Opportunities Fund			737,547			1,046,253			1,016,270			(18,910	)			823,637		—			—
LVIP Global Income Fund			1,500,937			2,049,911			1,911,602			(8,797	)			1,691,327		—			—
LVIP JPMorgan High Yield Fund			1,109,386			1,642,969			1,582,173			(21,440	)			1,259,845		—			—
LVIP PIMCO Low Duration Bond Fund			1,512,182			2,080,520			1,932,827			(1,189	)			1,686,158		—			—
LVIP SSGA Bond Index Fund			7,940,606			9,988,322			9,872,533			24,144				8,500,514		—			—
LVIP SSGA International Index Fund			5,196,085			6,290,163			6,039,447			(54,238	)			5,278,765		—			—
LVIP SSGA Mid-Cap Index Fund			369,523			519,251			508,441			(435	)			414,321		—			—
LVIP SSGA S&P 500 Index Fund			7,927,934			6,312,608			5,402,929			4,003				9,198,394		—			—
LVIP SSGA Small-Cap Index Fund			738,305			659,538			599,579			3,669				821,288		—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			374,695			434,428			405,838			544				412,912		—			—
Total		$	36,475,021		$	43,137,251		$	40,256,879		$	(78,381	)		$	40,682,571		$—		$	—

LVIP Managed Risk Profile Target Maturity Funds–30

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

LVIP Managed Risk Profile 2020 Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
LVIP Baron Growth Opportunities Fund		$	2,839,045		$	642,776		$	2,128,950		$	(225,039	)		$	1,342,514		$	—		$	—
LVIP BlackRock Inflation Protected Bond Fund			7,151,935			7,035,763			7,588,065			327				6,803,698			—			—
LVIP Clarion Global Real Estate Fund			4,398,201			2,374,131			2,912,142			54,209				4,126,340			—			—
LVIP Delaware Bond Fund			8,625,154			8,508,086			9,312,560			(18,539	)			8,203,464			—			—
LVIP Delaware Diversified Floating Rate Fund			1,438,351			1,449,218			1,542,237			(4,026	)			1,354,649			—			—
LVIP Delaware Special Opportunities Fund			2,809,299			2,518,191			2,831,372			(74,111	)			2,652,228			—			—
LVIP Global Income Fund			2,857,751			2,766,019			2,982,281			(10,680	)			2,722,449			—			—
LVIP JPMorgan High Yield Fund			4,225,642			4,569,058			5,018,309			(70,916	)			4,055,977			—			—
LVIP PIMCO Low Duration Bond Fund			5,760,973			5,695,104			6,110,658			(6,065	)			5,428,209			—			—
LVIP SSGA Bond Index Fund			27,370,895			24,982,916			27,665,559			46,006				25,994,128			—			—
LVIP SSGA International Index Fund			26,860,793			25,662,449			26,759,177			(314,314	)			24,863,838			—			—
LVIP SSGA Mid-Cap Index Fund			1,407,549			1,433,211			1,604,791			(4,868	)			1,334,122			—			—
LVIP SSGA S&P 500 Index Fund			38,830,107			16,613,674			20,354,669			1,511,451				36,332,094			—			—
LVIP SSGA Small-Cap Index Fund			1,398,366			748,097			849,995			44,811				1,322,308			—			—
LVIP SSGA Small-Mid Cap 200 Fund			1,398,576			1,425,765			1,609,681			(11,818	)			1,310,839			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			2,854,678			2,591,932			2,828,300			(35,466	)			2,659,201			—			—
Total		$	140,227,315		$	109,016,390		$	122,098,746		$	880,962			$	130,506,058		$	—		$	—

LVIP Managed Risk Profile Target Maturity Funds–31

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

LVIP Managed Risk Profile 2030 Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
LVIP Baron Growth Opportunities Fund		$	1,525,996		$	916,892		$	931,424		$	(3,642	)		$	1,553,064		$	—		$	—
LVIP BlackRock Inflation Protected Bond Fund			6,150,270			6,575,761			6,616,423			(12,742	)			6,296,334			—			—
LVIP Clarion Global Real Estate Fund			4,727,083			3,250,279			3,516,726			17,480				4,773,280			—			—
LVIP Delaware Bond Fund			3,090,265			4,863,590			3,368,469			(3,437	)			4,742,765			—			—
LVIP Delaware Diversified Floating Rate Fund			3,092,129			3,390,858			3,370,785			(8,003	)			3,134,031			—			—
LVIP Delaware Special Opportunities Fund			3,020,364			2,993,355			3,136,296			(45,689	)			3,067,889			—			—
LVIP Global Income Fund			4,609,828			4,827,813			6,421,445			(52,941	)			3,145,010			—			—
LVIP JPMorgan High Yield Fund			3,028,781			3,540,346			3,657,268			(28,380	)			3,127,914			—			—
LVIP MFS International Growth Fund			3,036,306			3,439,144			3,453,303			(8,487	)			3,072,328			—			—
LVIP MFS Value Fund			1,533,010			1,107,253			1,188,075			19,593				1,554,125			—			—
LVIP Mondrian International Value Fund			3,033,375			6,508,393			5,001,072			(13,386	)			4,615,617			—			—
LVIP PIMCO Low Duration Bond Fund			3,096,168			3,305,142			3,309,525			(2,084	)			3,139,604			—			—
LVIP SSGA Bond Index Fund			27,870,856			27,948,449			28,739,438			3,388				28,487,143			—			—
LVIP SSGA Emerging Markets 100 Fund			1,499,151			3,494,350			1,941,637			(24,003	)			3,184,387			—			—
LVIP SSGA International Index Fund			25,851,008			23,440,494			24,234,469			(81,405	)			24,211,622			—			—
LVIP SSGA Mid-Cap Index Fund			1,513,216			1,654,120			1,741,419			430				1,543,215			—			—
LVIP SSGA S&P 500 Index Fund			41,768,704			20,700,624			21,985,225			280,336				42,027,265			—			—
LVIP SSGA Small-Cap Index Fund			4,511,171			3,623,190			5,077,557			(298,164	)			3,058,945			—			—
LVIP SSGA Small-Mid Cap 200 Fund			1,503,891			1,652,348			1,754,825			(8,181	)			1,516,221			—			—
LVIP T. Rowe Price Growth Stock Fund			1,556,001			1,142,028			1,089,000			2,192				1,518,612			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			3,068,653			1,822,282			1,873,354			(2,038	)			3,075,929			—			—
Total		$	149,086,226		$	130,196,711		$	132,407,735		$	(269,163	)		$	150,845,300		$	—		$	—

LVIP Managed Risk Profile Target Maturity Funds–32

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

LVIP Managed Risk Profile 2040 Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends		Capital Gain Distributions
LVIP Baron Growth Opportunities Fund		$	2,107,739		$	1,406,710		$	2,528,035		$	311,632			$	1,038,594		$—		$—
LVIP BlackRock Inflation Protected Bond Fund			3,185,500			3,408,933			3,493,211			(16,960	)			3,196,162		—		—
LVIP Clarion Global Real Estate Fund			3,264,404			2,162,960			2,406,027			22,400				3,230,321		—		—
LVIP Delaware Bond Fund			2,134,126			2,220,813			2,312,581			(2,999	)			2,141,004		—		—
LVIP Delaware Diversified Floating Rate Fund			1,067,699			1,135,616			1,150,023			(2,098	)			1,060,604		—		—
LVIP Delaware Special Opportunities Fund			2,085,884			1,587,762			1,725,027			8,211				2,076,074		—		—
LVIP Global Income Fund			2,122,355			2,222,523			2,276,451			(8,871	)			2,131,473		—		—
LVIP JPMorgan High Yield Fund			2,091,722			2,425,678			2,546,360			(31,483	)			2,116,947		—		—
LVIP MFS International Growth Fund			4,210,756			3,442,893			3,559,101			2,693				4,157,890		—		—
LVIP MFS Value Fund			2,117,410			2,465,969			1,555,845			6,492				3,165,731		—		—
LVIP Mondrian International Value Fund			4,190,014			5,918,809			4,976,058			(28,911	)			5,205,033		—		—
LVIP PIMCO Low Duration Bond Fund			2,138,181			2,230,106			2,275,643			(1,597	)			2,124,986		—		—
LVIP SSGA Bond Index Fund			11,762,325			11,469,796			12,033,012			4,834				11,783,031		—		—
LVIP SSGA Emerging Markets 100 Fund			2,070,666			4,780,478			2,717,655			(55,393	)			4,309,746		—		—
LVIP SSGA International Index Fund			16,795,160			15,056,439			16,997,703			(164,105	)			14,301,567		—		—
LVIP SSGA Mid-Cap Index Fund			1,045,057			1,113,856			1,193,509			(389	)			1,044,329		—		—
LVIP SSGA S&P 500 Index Fund			34,160,892			15,996,360			18,660,979			901,667				32,655,290		—		—
LVIP SSGA Small-Cap Index Fund			2,076,848			2,534,535			2,588,250			(31,574	)			2,070,126		—		—
LVIP SSGA Small-Mid Cap 200 Fund			1,038,598			1,116,203			1,206,212			(8,815	)			1,026,047		—		—
LVIP T. Rowe Price Growth Stock Fund			1,074,576			766,039			750,549			7,356				1,027,674		—		—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			2,119,234			1,036,178			1,111,677			(565	)			2,081,555		—		—
Total		$	102,859,146		$	84,498,656		$	88,063,908		$	911,525			$	101,944,184		$—		$—

LVIP Managed Risk Profile Target Maturity Funds–33

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

LVIP Managed Risk Profile 2050 Fund

	Value 12/31/15		Purchases		Sales		Net Realized Gain (Loss)			Value 6/30/16		Dividends		Capital Gain Distributions
LVIP Baron Growth Opportunities Fund		$     272,696		$     314,677		$     282,761		$  (3,769	)		$   313,980		$—		$—
LVIP BlackRock Inflation Protected Bond Fund		549,485		703,107		634,153		(1,992	)		636,228		—		—
LVIP Clarion Global Real Estate Fund		1,125,867		1,192,664		1,114,936		(4,641	)		1,286,303		—		—
LVIP Delaware Bond Fund		276,424		343,867		314,466		(315	)		319,619		—		—
LVIP Delaware Special Opportunities Fund		539,808		661,221		619,307		(4,467	)		620,291		—		—
LVIP JPMorgan High Yield Fund		812,566		1,081,280		1,008,058		(7,490	)		948,307		—		—
LVIP MFS International Growth Fund		817,207		960,507		862,118		(3,204	)		931,833		—		—
LVIP MFS Value Fund		547,835		1,138,188		804,462		(1,792	)		942,546		—		—
LVIP Mondrian International Value Fund		1,084,313		1,319,418		1,176,508		(9,127	)		1,244,263		—		—
LVIP PIMCO Low Duration Bond Fund		276,600		344,755		308,751		(203	)		317,250		—		—
LVIP SSGA Bond Index Fund		553,294		672,094		615,318		(435	)		639,641		—		—
LVIP SSGA Emerging Markets 100 Fund		804,279		1,468,216		1,055,229		(12,107	)		1,280,825		—		—
LVIP SSGA International Index Fund		6,247,793		7,624,520		6,938,012		(82,146	)		6,735,493		—		—
LVIP SSGA Mid-Cap Index Fund		270,434		343,493		325,298		(1,134	)		312,008		—		—
LVIP SSGA S&P 500 Index Fund		9,389,774		9,261,449		8,054,427		(17,604	)		11,012,897		—		—
LVIP SSGA Small-Cap Index Fund		1,343,764		1,070,336		1,488,893		(111,205	)		927,739		—		—
LVIP SSGA Small-Mid Cap 200 Fund		268,761		344,433		329,310		(980	)		306,594		—		—
LVIP T. Rowe Price Growth Stock Fund		556,013		636,011		546,455		(1,873	)		614,068		—		—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		548,327		588,538		528,892		(4,935	)		621,886		—		—
Total		$26,285,240		$30,068,774		$27,007,354		$(269,419	)		$30,011,771		$—		$—

LVIP Managed Risk Profile Target Maturity Funds–34

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	LVIP Managed Risk Profile 2010 Fund				LVIP Managed Risk Profile 2020 Fund				LVIP Managed Risk Profile 2030 Fund				LVIP Managed Risk Profile 2040 Fund				LVIP Managed Risk Profile 2050 Fund
Purchases		$	10,045,018				$11,388,412				$15,800,587			$	10,910,606				$5,803,592
Sales			7,046,804				23,266,672				18,139,768				14,621,546				2,623,443
At June 30, 2016, the cost of investments for federal income tax purposes has been estimated because final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:
	LVIP Managed Risk Profile 2010 Fund				LVIP Managed Risk Profile 2020 Fund				LVIP Managed Risk Profile 2030 Fund				LVIP Managed Risk Profile 2040 Fund				LVIP Managed Risk Profile 2050 Fund
Cost of investments		$	34,400,985			$	103,870,241			$	121,681,547			$	78,864,400			$	28,134,640
Aggregate unrealized appreciation		$	9,054,259			$	35,328,797			$	39,163,176			$	30,820,022			$	4,835,330
Aggregate unrealized depreciation			(37,173	)			(183,534	)			(1,034,012	)			(867,928	)			(173,929	)
Net unrealized appreciation		$	9,017,086			$	35,145,263			$	38,129,164			$	29,952,094			$	4,661,401

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)
Level 2–	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
Level 3–	inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following table summarizes the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2016:

Level 1	LVIP Managed Risk Profile 2010 Fund				LVIP Managed Risk Profile 2020 Fund				LVIP Managed Risk Profile 2030 Fund				LVIP Managed Risk Profile 2040 Fund				LVIP Managed Risk Profile 2050 Fund
Investment Companies		$	43,418,071			$	139,015,504			$	159,810,711			$	108,816,494			$	32,796,041
Futures Contracts		$	(4,470	)		$	(385,334	)		$	(797,306	)		$	(657,817	)		$	(202,932	)

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

During the period ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Funds’ policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Managed Risk Profile Target Maturity Funds–35

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	LVIP Managed Risk Profile 2010 Fund						LVIP Managed Risk Profile 2020 Fund						LVIP Managed Risk Profile 2030 Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		871,984			555,388			755,625			2,020,861			1,145,083			2,064,039
Service Class		16,252			91,823			111,065			214,538			156,652			258,335
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			207,034			—			589,855			—			973,741
Service Class		—			39,759			—			106,757			—			161,670
		888,236			894,004			866,690			2,932,011			1,301,735			3,457,785
Shares redeemed:
Standard Class		(470,661	)		(926,439	)		(1,602,375	)		(2,509,355	)		(1,305,443	)		(2,625,441	)
Service Class		(28,971	)		(191,322	)		(151,753	)		(487,275	)		(114,867	)		(235,956	)
		(499,632	)		(1,117,761	)		(1,754,128	)		(2,996,630	)		(1,420,310	)		(2,861,397	)
Net increase (decrease)		388,604			(223,757	)		(887,438	)		(64,619	)		(118,575	)		596,388

	LVIP Managed Risk Profile 2040 Fund						LVIP Managed Risk Profile 2050 Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		663,242			1,168,196			451,682			840,708
Service Class		161,701			308,503			170,904			243,741
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			718,448			—			47,520
Service Class		—			173,079			—			8,280
		824,943			2,368,226			622,586			1,140,249
Shares redeemed:
Standard Class		(869,468	)		(1,544,893	)		(195,730	)		(361,011	)
Service Class		(41,659	)		(231,345	)		(8,102	)		(26,285	)
		(911,127	)		(1,776,238	)		(203,832	)		(387,296	)
Net increase (decrease)		(86,184	)		591,988			418,754			752,953

5. Derivatives

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity’s results of operations and financial position.

Futures Contracts–Each Fund may use futures in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

LVIP Managed Risk Profile Target Maturity Funds–36

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

LVIP Managed Risk Profile 2010 Fund

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		$15,743	Net unrealized depreciation on futures contracts		$(34,393	)
Currency contracts (Future contracts)	Net unrealized depreciation on futures contracts		22,614	Net unrealized depreciation on futures contracts		(8,434	)
Total			$38,357			$(42,827	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(197,966	)		$	(16,269	)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(21,153	)			9,388
Total			$	(219,119	)		$	(6,881	)

LVIP Managed Risk Profile 2020 Fund

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		$  21,161	Net unrealized depreciation on futures contracts		$(484,475	)
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts		136,381	Net unrealized depreciation on futures contracts		(58,401	)
Total			$157,542			$(542,876	)

LVIP Managed Risk Profile Target Maturity Funds–37

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

LVIP Managed Risk Profile 2020 Fund

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$(681,885)	$(377,817)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	(119,240)	30,457
Total		$(801,125)	$(347,360)

LVIP Managed Risk Profile 2030 Fund

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability  Derivatives
	Statements of Assets and Liabilities Location	Fair Value	Statements of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts	$  10,699	Net unrealized depreciation on futures contracts	$(870,114)
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts	153,326	Net unrealized depreciation on futures contracts	(91,217)
Total		$164,025		$(961,331)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$(1,444,780)	$(819,872)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	(141,170)	3,637
Total		$(1,585,950)	$(816,235)

LVIP Managed Risk Profile Target Maturity Funds–38

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

LVIP Managed Risk Profile 2040 Fund

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		$    2,355	Net unrealized depreciation on futures contracts		$(718,333)
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts		138,797	Net unrealized depreciation on futures contracts		(80,636)
Total			$141,152			$(798,969)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$(1,417,171)		$(629,084)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(70,967)		2,941
Total			$(1,488,138)		$(626,143)

LVIP Managed Risk Profile 2050 Fund    

Fair values of derivative instruments as of June 30, 2016 were as follows:    

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		$      —	Net unrealized depreciation on futures contracts		$(143,599	)
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts		45,272	Net unrealized depreciation on futures contracts		(104,605	)
Total			$45,272			$(248,204	)

LVIP Managed Risk Profile Target Maturity Funds–39

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

LVIP Managed Risk Profile 2050 Fund

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$(256,940)	$(136,829)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	(100,185)	(54,517)
Total		$(357,125)	$(191,346)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by each Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume Future Contracts (Average Notional Value)	Liability Derivative Volume Future Contracts (Average Notional Value)
LVIP Managed Risk Profile 2010 Fund	$—	$  4,138,825
LVIP Managed Risk Profile 2020 Fund	—	22,108,729
LVIP Managed Risk Profile 2030 Fund	—	29,383,540
LVIP Managed Risk Profile 2040 Fund	—	24,622,216
LVIP Managed Risk Profile 2050 Fund	—	10,526,210

6. Contractual Obligations

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

7. Market Risk

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.

8. Subsequent Events

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

LVIP Managed Risk Profile Target Maturity Funds–40

LVIP Managed Risk Profile Target Maturity Funds

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with Milliman Financial Risk Management LLC (“Milliman”) (the “Sub-Advisory Agreement”) for various series of the Trust (each a “Fund” and 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and Milliman 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and Milliman provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of Milliman, information about proposed sub-advisory fees and compliance and regulatory matters. After reviewing the information received, the Independent Trustees requested supplemental information and LIAC and Milliman provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC, and Milliman to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of each Fund that the Sub-Advisory Agreement be approved for each Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the sub-advisory agreement between LIAC and Milliman with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by Milliman under the Sub-Advisory Agreement. The Board noted that Milliman has served as a consultant to LIAC with respect to the managed risk strategy for each Fund and that LIAC proposed to delegate the responsibility of managing each Fund’s managed risk strategy to Milliman as sub-adviser. The Board considered the criteria provided by LIAC in recommending Milliman be appointed a sub-adviser for the managed risk strategy of the Funds, including historical modeling and noted that the Board was familiar with the futures based managed risk overlay services provided by Milliman as a consultant to LIAC with respect to the Funds. The Board reviewed the services to be provided by Milliman, the backgrounds of the investment professionals proposed to service the Funds, Milliman’s consulting work for LIAC with respect to the managed risk strategy for the Funds, and the reputation, resources and investment approach of Milliman. They also reviewed information provided regarding the structure of portfolio manager compensation, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by Milliman were expected to be satisfactory.

Performance. With respect to performance, the Board considered that Milliman has served as a risk management consultant to LIAC with respect to the Funds’ futures based managed risk strategy and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by Milliman were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted Milliman’s view that the sub-advisory fees proposed by Milliman were competitive compared to other registered fund and institutional clients that employ the same futures based managed risk strategy as used for the Funds. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party and that LIAC would compensate Milliman from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party, and that LIAC would compensate Milliman from its fees. The Board reviewed materials provided by Milliman as to any additional benefits it would receive and noted Milliman’s statement that the Sub-Advisory Agreement may strengthen Milliman’s name recognition as well as create non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume.

Overall Conclusions. Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Funds.

LVIP Managed Risk Profile Target Maturity Funds–41

LVIP MFS International Equity Managed Volatility Fund  (formerly LVIP MFS International Growth Managed Volatility  Fund) a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP MFS International Equity Managed

Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 MFS International Equity Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$999.30		0.20%		$0.99
Service Class Shares		1,000.00		998.20		0.45%		2.24
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.87		0.20%		$1.01
Service Class Shares		1,000.00		1,022.63		0.45%		2.26

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP MFS International Equity Managed Volatility Fund–1

LVIP MFS International Equity Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment Companies		93.39%
Equity Fund		9.46%
International Equity Funds		83.93%
Unaffiliated Investment Company		2.45%
Money Market Fund		2.45%
Total Value of Securities		95.84%
Receivables and Other Assets Net of Liabilities		4.16%
Total Net Assets		100.00%

LVIP MFS International Equity Managed Volatility Fund–2

LVIP MFS International Equity Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–93.39%
Equity Fund–9.46%
*Lincoln Variable Insurance Products Trust– LVIP MFS Value Fund		503,316	$	18,988,095
				18,988,095
International Equity Funds–83.93%
*Lincoln Variable Insurance Products Trust– LVIP MFS International Growth Fund		9,445,648		131,398,416
MFS® Variable Insurance Trust II–
†X MFS Research International Portfolio		2,761,613		37,060,841
				168,459,257
Total Affiliated Investment Companies
(Cost $182,248,197)				187,447,352

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANY–2.45%
Money Market Fund–2.45%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		4,905,583	$	4,905,583
Total Unaffiliated Investment Company (Cost $4,905,583)				4,905,583

TOTAL VALUE OF SECURITIES–95.84% (Cost $187,153,780)		192,352,935
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–4.16%		8,359,264
NET ASSETS APPLICABLE TO 21,588,388 SHARES OUTSTANDING–100.00%	$	200,712,199

† Non-income producing for the period.

* Standard Class shares.

X Initial Class.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)				Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
	(228	)	British Pound Currency	$	(19,563,906	)	$	(18,878,400	)		9/20/16	$	685,506
	(127	)	E-mini S&P 500 Index		(12,943,763	)		(13,272,770	)		9/19/16		(329,007	)
	(232	)	Euro Currency		(32,364,122	)		(32,211,750	)		9/20/16		152,372
	(1,037	)	Euro STOXX 50 Index		(32,285,040	)		(32,855,647	)		9/19/16		(570,607	)
	(235	)	FTSE 100 Index		(19,047,164	)		(20,092,390	)		9/19/16		(1,045,226	)
	(190	)	Japanese Yen Currency		(23,070,397	)		(23,054,125	)		9/20/16		16,272
	(152	)	Nikkei 225 Index (OSE)		(23,006,234	)		(22,918,123	)		9/9/16		88,111
												$	(1,002,579	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

OSE–Osaka Securities Exchange

¹See Note 5 in “Notes to Financial Statements”

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

LVIP MFS International Equity Managed Volatility Fund–3

LVIP MFS International Equity Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	187,447,352
Investments in unaffiliated investment company, at value		4,905,583
Total investments, at value		192,352,935
Cash collateral held at broker for futures contracts		11,609,227
Receivable for fund shares sold		304,467
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		9,450
Dividends receivable from investment companies		2,027
Prepaid printing and mailing fees to Lincoln Life		720
TOTAL ASSETS		204,278,826
LIABILITIES:
Foreign currencies due to broker for futures contracts		2,311,630
Net unrealized depreciation from open futures contracts		1,002,579
Payable for investment companies shares purchased		149,475
Due to manager and affiliates		73,494
Accrued expenses payable		15,960
Payable for fund shares redeemed		13,489
TOTAL LIABILITIES		3,566,627
TOTAL NET ASSETS	$	200,712,199
Investments in affiliated investment companies, at cost	$	182,248,197
Investments in unaffiliated investment company, at cost		4,905,583
Total investments, at cost		187,153,780
Standard Class:
Net Assets	$	9,474
Shares Outstanding		1,018
Net Asset Value Per Share	$	9.306
Service Class:
Net Assets	$	200,702,725
Shares Outstanding		21,587,370
Net Asset Value Per Share	$	9.297
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	211,977,512
Accumulated net investment loss		(392,242	)
Accumulated net realized loss on investments		(15,069,647	)
Net unrealized appreciation of investments and derivatives		4,196,576
TOTAL NET ASSETS	$	200,712,199

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

LVIP MFS International Equity Managed Volatility Fund–4

LVIP MFS International Equity Managed

Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

LVIP MFS International Equity Managed

Volatility Fund

Statements of Changes in Net Assets

INVESTMENT INCOME:
Dividends from unaffiliated investment company	$	9,145
EXPENSES:
Management fees		793,358
Distribution fees-Service Class		233,329
Accounting and administration expenses		44,474
Reports and statements to shareholders		18,926
Professional fees		12,131
Trustees’ fees and expenses		2,421
Consulting fees		1,900
Custodian fees		1,601
Pricing fees		105
Other		524
		1,108,769
Less management fees waived		(606,685	)
Less expenses reimbursed		(82,083	)
Total operating expenses		420,001
NET INVESTMENT LOSS		(410,856	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of investments in affiliated investment companies		(8,431,915	)
Foreign currencies		131,864
Futures contracts		(2,424,507	)
Net realized loss		(10,724,558	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		12,214,172
Futures contracts		(1,123,488	)
Net change in unrealized appreciation (depreciation)		11,090,684
NET REALIZED AND UNREALIZED GAIN		366,126
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(44,730	)

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

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(410,856	)	$	1,346,928
Net realized loss		(10,724,558	)		(2,180,090	)
Net change in unrealized appreciation (depreciation)		11,090,684			(3,356,106	)
Net decrease in net assets resulting from operations		(44,730	)		(4,189,268	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(91	)
Service Class		—			(1,269,868	)
		—			(1,269,959	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Service Class		31,156,784			107,716,996
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			91
Service Class		—			1,269,868
		31,156,784			108,986,955
Cost of shares redeemed:
Service Class		(12,315,005	)		(16,129,276	)
		(12,315,005	)		(16,129,276	)
Increase in net assets derived from capital share transactions		18,841,779			92,857,679
NET INCREASE IN NET ASSETS		18,797,049			87,398,452
NET ASSETS:
Beginning of period		181,915,150			94,516,698
End of period	$	200,712,199		$	181,915,150
Undistributed (accumulated) net investment income (loss)	$	(392,242	)	$	18,614

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

LVIP MFS International Equity Managed Volatility Fund–5

LVIP MFS International Equity Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP MFS International Equity Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)			Year Ended						5/1/133 to 12/31/13
				12/31/15			12/31/14
Net asset value, beginning of period	$	9.313		$	9.389		$	10.195		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.009	)		0.116			0.111			0.132
Net realized and unrealized gain (loss)		0.002			(0.102	)		(0.837	)		0.128
Total from investment operations		(0.007	)		0.014			(0.726	)		0.260
Less dividends and distributions from:
Net investment income		—			(0.090	)		(0.080	)		(0.063	)
Return of capital		—			—			—			(0.002	)
Total dividends and distributions		—			(0.090	)		(0.080	)		(0.065	)
Net asset value, end of period	$	9.306		$	9.313		$	9.389		$	10.195
Total return5		(0.07%	)		0.13%			(7.12%	)		2.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9		$	9		$	10		$	513
Ratio of expenses to average net assets6		0.20%			0.20%			0.20%			0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.94%			0.94%			0.97%			1.32%
Ratio of net investment income (loss) to average net assets		(0.19%	)		1.19%			1.10%			1.99%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.93%	)		0.45%			0.33%			0.87%
Portfolio turnover		30%			5%			10%			1%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP MFS International Equity Managed Volatility Fund–6

LVIP MFS International Equity Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP MFS International Equity Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)			Year Ended						5/1/133 to 12/31/13
				12/31/15			12/31/14
Net asset value, beginning of period	$	9.315		$	9.391		$	10.195		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.020	)		0.091			0.084			0.116
Net realized and unrealized gain (loss)		0.002			(0.101	)		(0.833	)		0.127
Total from investment operations		(0.018	)		(0.010	)		(0.749	)		0.243
Less dividends and distributions from:
Net investment income		—			(0.066	)		(0.055	)		(0.046	)
Return of capital		—			—			—			(0.002	)
Total dividends and distributions		—			(0.066	)		(0.055	)		(0.048	)
Net asset value, end of period	$	9.297		$	9.315		$	9.391		$	10.195
Total return5		(0.18%	)		(0.13%	)		(7.35%	)		2.43%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	200,703		$	181,906		$	94,507		$	41,935
Ratio of expenses to average net assets6		0.45%			0.45%			0.45%			0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		1.19%			1.19%			1.22%			1.57%
Ratio of net investment income (loss) to average net assets		(0.44%	)		0.94%			0.85%			1.74%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(1.18%	)		0.20%			0.08%			0.62%
Portfolio turnover		30%			5%			10%			1%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP MFS International Equity Managed Volatility Fund–7

LVIP MFS International Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 MFS International Equity Managed Volatility Fund (formerly, LVIP MFS International Growth Managed Volatility 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 non-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”). 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 operates under a fund of fund structure and invests a significant portion of its assets in other mutual funds that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2013–December 31, 2015), 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 six months ended June 30, 2016, 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 generally does not separate the portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

LVIP MFS International Equity Managed Volatility Fund–8

LVIP MFS International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 sub-adviser, and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.85% of the Fund’s average daily net assets. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC). LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.65% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

LIAC has contractually agreed to reimburse the Fund to the extent that the annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.20% of average daily net assets for the Standard Class and 0.45% for the Service Class. This agreement will continue through at least April 30, 2017 and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”), is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety of the Fund’s investment porfolio. 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	5,166
Legal		1,330

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $4,770 for the six months ended June 30, 2016.

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 $15,597 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class Shares. 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 distribution and/or service fee (“12b-1 Fee”) at an annual rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from, liabilities payable, and prepaid expenses to affiliates as follows:

Expense reimbursement receivable from LIAC	$	9,450
Management fees payable to LIAC		32,665
Distribution fees payable to LFD		40,829
Prepaid printing and mailing fees to Lincoln Life		720

Certain officers and trustees of the Fund are also officers or directors of the Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

LVIP MFS International Equity Managed Volatility Fund–9

LVIP MFS International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, Lincoln Life directly owned 100.00% of the Fund’s Standard Class shares.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15		Purchases		Sales		Net realized Gain(Loss)			Value 6/30/16		Dividends		Capital Gain Distributions
LVIP MFS International Growth Fund	$	168,851,121	$	15,128,937	$	50,891,354	$	(8,457,864	)	$	131,398,416		$—		$—
LVIP MFS Value Fund		—		17,916,895		1,295,762		12,034			18,988,095		—		—
MFS VIT II Research International Portfolio		—		35,136,908		1,181,652		13,915			37,060,841		—		—
Total	$	168,851,121	$	68,182,740	$	53,368,768	$	(8,431,915	)	$	187,447,352		$—		$—

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	68,182,741
Sales		53,368,768

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	187,153,780
Aggregate unrealized appreciation	$	5,446,597
Aggregate unrealized depreciation		(247,442	)
Net unrealized appreciation	$	5,199,155

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term		Total
$1,414,282	$	2,042,565	$	3,456,847

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 MFS International Equity Managed Volatility Fund–10

LVIP MFS International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	192,352,935
Futures Contracts	$	(1,002,579	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Service Class		3,404,504			10,997,802
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			10
Service Class		—			134,877
		3,404,504			11,132,689
Shares redeemed:
Service Class		(1,346,158	)		(1,667,584	)
		(1,346,158	)		(1,667,584	)
Net increase		2,058,346			9,465,105

5. 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 against fluctuations in the value of its portfolio securities. 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 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.

LVIP MFS International Equity Managed Volatility Fund–11

LVIP MFS International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Currency contracts	Net unrealized depreciation			Net unrealized depreciation
(Futures contracts)	on futures contracts	$	854,150	on futures contracts	$	—
Equity contracts	Net unrealized depreciation			Net unrealized depreciation
(Futures contracts)	on futures contracts		88,111	on futures contracts		(1,944,840	)
Total		$	942,261		$	(1,944,840	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income	Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts
(Futures contracts)		$(1,377,304)	$	852,410
Equity contracts	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts
(Futures contracts)		(1,047,203)		(1,975,898	)
Total		$(2,424,507)	$	(1,123,488	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)	$	3,917,438	$	51,018,207

6. Market Risk

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.

7. 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.

8. 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 MFS International Equity Managed Volatility Fund–12

LVIP MFS International Equity Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP MFS International Equity Managed Volatility Fund–13

LVIP MFS International Growth Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP MFS International Growth Fund

Index

Disclosure of Fund Expenses	1
Security Type/Country and Sector Allocations
and Top 10 Equity Holdings	2
Statement of Net Assets	4
Statement of Operations	7
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	10

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 MFS International Growth Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,015.50		0.77	%	$	3.86
Service Class Shares		1,000.00		1,014.20		1.02	%		5.11
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.03		0.77	%	$	3.87
Service Class Shares		1,000.00		1,019.79		1.02	%		5.12

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP MFS International Growth Fund–1

LVIP MFS International Growth Fund

Security Type/Country and Sector Allocations

  and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Security Type/Country	Percentage of Net Assets
Common Stock		98.60	%
Australia		1.32	%
Brazil		0.41	%
Canada		3.37	%
China		2.74	%
Denmark		2.26	%
France		16.59	%
Germany		9.88	%
Hong Kong		3.37	%
India		1.77	%
Ireland		3.53	%
Israel		1.77	%
Italy		0.98	%
Japan		9.35	%
Mexico		0.57	%
Netherlands		1.18	%
Peru		0.48	%
Republic of Korea		0.24	%
Singapore		1.05	%
Spain		1.22	%
Sweden		1.61	%
Switzerland		13.85	%
Taiwan		2.01	%
United Kingdom		17.26	%
United States		1.79	%
Money Market Fund		0.99	%
Total Value of Securities		99.59	%
Receivables and Other Assets Net of Liabilities		0.41	%
Total Net Assets		100.00	%

Sector designations may be different than the sector designations presented in other Fund materials.

Sector	Percentage of Net Assets
Aerospace & Defense		1.02	%
Air Freight & Logistics		0.30	%
Automobiles		0.35	%
Banks		4.75	%
Beverages		5.50	%
Biotechnology		0.52	%
Building Products		0.77	%
Capital Markets		2.73	%
Chemicals		6.00	%
Commercial Services & Supplies		0.98	%
Communications Equipment		1.14	%
Consumer Finance		0.45	%
Diversified Financial Services		0.38	%
Electrical Equipment		2.87	%
Electronic Equipment, Instruments & Components		0.64	%
Food & Staples Retailing		1.87	%
Food Products		7.44	%
Health Care Equipment & Supplies		4.14	%
Health Care Providers & Services		1.36	%
Hotels, Restaurants & Leisure		4.31	%
Household Products		2.91	%
Insurance		3.12	%
Internet Software & Services		1.98	%
IT Services		4.85	%
Life Sciences Tools & Services		2.24	%
Machinery		2.06	%
Media		1.94	%
Oil, Gas & Consumable Fuels		1.10	%
Personal Products		2.18	%
Pharmaceuticals		9.60	%
Professional Services		1.82	%
Road & Rail		2.24	%
Semiconductors & Semiconductor Equipment		2.75	%
Software		4.93	%
Textiles, Apparel & Luxury Goods		3.92	%
Tobacco		1.68	%
Trading Companies & Distributors		0.88	%
Wireless Telecommunication Services		0.88	%
Total		98.60	%

LVIP MFS International Growth Fund–2

LVIP MFS International Growth Fund

Security Type/Country and Sector Allocations

  and Top 10 Equity Holdings (continued)

Holdings are for informational purpose only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Roche Holding		3.86	%
Nestle		3.85	%
Danone		3.23	%
AIA Group		3.12	%
Novartis		2.78	%
Accenture Class A		2.54	%
Pernod Ricard		2.37	%
Reckitt Benckiser Group		2.29	%
LVMH Moet Hennessy Louis Vuitton		2.29	%
Canadian National Railway		2.24	%
Total		28.57	%

IT–Information Technology

LVIP MFS International Growth Fund–3

LVIP MFS International Growth Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–98.60%
Australia–1.32%
Brambles		1,329,100	$	12,408,998
Oil Search		846,362		4,273,761
				16,682,759
Brazil–0.41%
Ambev ADR		866,128		5,118,816
				5,118,816
Canada–3.37%
Canadian National Railway		478,227		28,244,087
Element Financial		446,906		4,739,047
Suncor Energy		345,094		9,573,257
				42,556,391
¨China–2.74%
†Alibaba Group Holding ADR		172,954		13,755,032
†Baidu ADR		49,789		8,222,653
Guangzhou Automobile Group		3,651,600		4,381,917
Hengan International Group		450,000		3,769,081
†@=Qinqin Foodstuffs Group Cayman		90,000		127,611
Want Want China Holdings		6,058,000		4,288,583
				34,544,877
Denmark–2.26%
Carlsberg Class B		144,220		13,759,741
Novo Nordisk Class B		273,047		14,704,372
				28,464,113
France–16.59%
Air Liquide		126,857		13,216,172
Danone		582,039		40,732,625
Dassault Systemes		180,868		13,636,723
Essilor International		118,667		15,596,297
Kering		64,065		10,313,315
Legrand		109,831		5,622,396
L’Oreal		123,759		23,694,083
LVMH Moet Hennessy Louis Vuitton		191,105		28,806,164
Pernod Ricard		269,894		29,881,687
Publicis Groupe		140,536		9,402,201
Schneider Electric		313,042		18,263,090
				209,164,753
Germany–9.88%
Bayer		224,683		22,566,016
Brenntag		227,545		11,022,726
Fresenius Medical Care		197,235		17,180,438
GEA Group		183,522		8,662,488
Linde		131,818		18,367,075
†QIAGEN		262,902		5,729,233
SAP		349,567		26,254,288
Symrise		215,914		14,727,744
				124,510,008

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
nHong Kong–3.37%
AIA Group		6,532,000	$	39,281,652
Dairy Farm International Holdings		471,300		3,181,544
				42,463,196
India–1.77%
HDFC Bank ADR		239,545		15,893,811
ITC Ltd		1,168,073		6,395,071
				22,288,882
Ireland–3.53%
Accenture Class A		282,254		31,976,556
Paddy Power Betfair		118,642		12,483,892
				44,460,448
Israel–1.77%
Nice ADR		349,217		22,297,505
				22,297,505
Italy–0.98%
Prysmian		561,769		12,330,358
				12,330,358
Japan–9.35%
AEON Financial Service		261,900		5,670,905
Japan Tobacco		365,100		14,714,335
Keyence		11,900		8,119,710
Nippon Paint Holdings		199,600		4,934,468
Obic		250,100		13,767,085
SoftBank Group		197,100		11,146,414
Sundrug		217,600		20,431,551
Terumo		418,100		17,842,570
TOTO		243,800		9,742,059
Unicharm		345,200		7,755,807
Yamato Holdings		165,900		3,809,229
				117,934,133
Mexico–0.57%
Grupo Financiero Banorte Class O		1,200,765		6,710,999
Grupo Financiero Inbursa		266,110		452,528
				7,163,527
Netherlands–1.18%
Akzo Nobel		239,313		14,866,316
				14,866,316
Peru–0.48%
Credicorp		39,467		6,090,942
				6,090,942
Republic of Korea–0.24%
NAVER		4,902		3,036,868
				3,036,868

LVIP MFS International Growth Fund–4

LVIP MFS International Growth Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Singapore–1.05%
DBS Group Holdings		1,124,000	$	13,252,997
				13,252,997
Spain–1.22%
Amadeus IT Holding		348,170		15,339,936
				15,339,936
Sweden–1.61%
Atlas Copco Class A		227,573		5,910,559
Telefonaktiebolaget LM Ericsson Class B		1,867,456		14,346,834
				20,257,393
Switzerland–13.85%
†Julius Baer Group		170,998		6,882,382
Nestle		626,979		48,577,288
Novartis		424,828		35,064,688
Roche Holding		184,570		48,704,300
Sonova Holding		59,147		7,850,297
UBS Group		2,126,006		27,586,189
				174,665,144
Taiwan–2.01%
MediaTek		735,000		5,616,545
Taiwan Semiconductor Manufacturing ADR		754,038		19,778,417
				25,394,962
United Kingdom–17.26%
ARM Holdings		612,317		9,300,928
Burberry Group		664,616		10,338,386
Compass Group		1,472,824		28,021,057
Croda International		226,925		9,525,954
Diageo		735,687		20,551,904
Experian.		502,735		9,537,923
HSBC Holdings		2,815,065		17,440,886
Intertek Group		288,494		13,441,889
Reckitt Benckiser Group		287,811		28,859,289
†Rolls-Royce Holdings		1,348,287		12,869,360
Shire		105,851		6,541,858
Smith & Nephew		643,508		10,927,523
Weir Group		586,931		11,335,670
Whitbread		294,963		13,801,104
WPP		723,002		15,068,381
				217,562,112

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United States–1.79%
†Mettler-Toledo International		61,770	$	22,541,108
				22,541,108
Total Common Stock
(Cost $1,171,666,021)				1,242,987,544
MONEY MARKET FUND–0.99%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		12,543,602		12,543,602
Total Money Market Fund
(Cost $12,543,602)				12,543,602

LVIP MFS International Growth Fund–5

LVIP MFS International Growth Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–99.59% (Cost $1,184,209,623)	$	1,255,531,146
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.41%		5,164,281
NET ASSETS APPLICABLE TO 90,614,787 SHARES OUTSTANDING–100.00%	$	1,260,695,427
NET ASSET VALUE PER SHARE–LVIP MFS INTERNATIONAL GROWTH FUND STANDARD CLASS
($1,101,978,466 / 79,207,979 Shares)	$	13.912
NET ASSET VALUE PER SHARE–LVIP MFS INTERNATIONAL GROWTH FUND SERVICE CLASS
($158,716,961 / 11,406,808 Shares)	$	13.914
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	1,246,488,785
Undistributed net investment income		16,867,509
Accumulated net realized loss on investments		(73,676,447	)
Net unrealized appreciation of investments and derivatives		71,015,580
Total net assets	$	1,260,695,427

D Securities have been classified by country of origin. Classification by type of business has been presented on page 2.

n Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

† Non-income producing for the period.

« Includes $778,503 due to manager and affiliates, $877 prepaid printing and mailing fees payable to Lincoln Life, $549,901 payable for securities purchased and $463,257 payable for fund shares redeemed as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $127,611, which represents 0.01% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $127,611, which represents 0.01% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

¨ Securities listed and traded on the Hong Kong Stock Exchange.

The following foreign currency exchange contracts were outstanding at June 30, 2016:¹ 

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation (Depreciation)
CSFB		MXN	4,191,184		USD	(222,610	)		7/1/16	$6,613
CSFB		MXN	2,136,888		USD	(117,011	)		7/5/16	(185)
GSC		MXN	1,777,072		USD	(96,112	)		7/1/16	1,080
										$7,508

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

CSFB–Credit Suisse First Boston

GSC–Goldman Sachs Capital

MXN–Mexican Peso

USD–United States Dollar

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

LVIP MFS International Growth Fund–6

LVIP MFS International Growth Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	23,791,108
Interest		57,772
Foreign tax withheld		(2,106,337	)
		21,742,543
EXPENSES:
Management fees		5,109,937
Distribution fees-Service Class		193,366
Accounting and administration expenses		156,399
Custodian fees		87,756
Professional fees		43,438
Reports and statements to shareholders		30,675
Trustees’ fees and expenses		16,603
Pricing fees		7,002
Consulting fees		1,503
Other		5,875
		5,652,554
Less management fees waived		(641,539	)
Total operating expenses		5,011,015
NET INVESTMENT INCOME		16,731,528
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(12,388,900	)
Foreign currencies		128,204
Foreign currency exchange contracts		(302,476	)
Net realized loss		(12,563,172	)
Net change in unrealized appreciation (depreciation) of:
Investments		11,747,059
Foreign currencies		(155,866	)
Foreign currency exchange contracts		8,143
Net change in unrealized appreciation (depreciation)		11,599,336
NET REALIZED AND UNREALIZED LOSS		(963,836	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,767,692

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

LVIP MFS International Growth Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	16,731,528		$	12,347,949
Net realized gain (loss)		(12,563,172	)		418,566
Net change in unrealized appreciation (depreciation)		11,599,336			2,237,352
Net increase in net assets resulting from operations		15,767,692			15,003,867
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(13,943,431	)
Service Class		—			(1,526,298	)
		—			(15,469,729	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		59,793,158			442,805,120
Service Class		10,862,806			25,685,920
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			13,943,431
Service Class		—			1,526,298
		70,655,964			483,960,769
Cost of shares redeemed:
Standard Class		(112,041,678	)		(108,191,869	)
Service Class		(12,032,194	)		(27,862,419	)
		(124,073,872	)		(136,054,288	)
Increase (decrease) in net assets derived from capital share transactions		(53,417,908	)		347,906,481
NET INCREASE (DECREASE) IN NET ASSETS		(37,650,216	)		347,440,619
NET ASSETS:
Beginning of period		1,298,345,643			950,905,024
End of period	$	1,260,695,427		$	1,298,345,643
Undistributed net investment income	$	16,867,509		$	135,981

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

LVIP MFS International Growth Fund–7

LVIP MFS International Growth Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP MFS International Growth Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	13.700	$	13.694		$	14.580		$	12.935		$	10.913		$	12.500
Income (loss) from investment operations:
Net investment income2		0.183		0.162			0.233			0.133			0.155			0.157
Net realized and unrealized gain (loss)		0.029		0.013			(0.968	)		1.625			1.960			(1.392	)
Total from investment operations		0.212		0.175			(0.735	)		1.758			2.115			(1.235	)
Less dividends and distributions from:
Net investment income		—		(0.169	)		(0.151	)		(0.113	)		(0.093	)		(0.352	)
Total dividends and distributions		—		(0.169	)		(0.151	)		(0.113	)		(0.093	)		(0.352	)
Net asset value, end of period	$	13.912	$	13.700		$	13.694		$	14.580		$	12.935		$	10.913
Total return3		1.55%		1.29%			(5.05%	)		13.61%			19.40%			(9.87%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,101,978	$	1,140,787		$	793,036		$	608,707		$	163,120		$	70,248
Ratio of expenses to average net assets		0.77%		0.78%			0.79%			0.86%			1.01%			1.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.87%		0.88%			0.89%			0.95%			1.06%			1.05%
Ratio of net investment income to average net assets		2.72%		1.14%			1.62%			0.96%			1.29%			1.27%
Ratio of net investment income to average net assets
prior to expenses waived/reimbursed		2.62%		1.04%			1.52%			0.87%			1.24%			1.22%
Portfolio turnover		12%		27%			22%			29%			36%			69%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP MFS International Growth Fund–8

LVIP MFS International Growth Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP MFS International Growth Fund Service Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	13.719	$	13.711		$	14.597		$	12.952		$	10.928		$	12.516
Income (loss) from investment operations:
Net investment income2		0.166		0.127			0.197			0.097			0.125			0.123
Net realized and unrealized gain (loss)		0.029		0.015			(0.968	)		1.626			1.962			(1.389	)
Total from investment operations		0.195		0.142			(0.771	)		1.723			2.087			(1.266	)
Less dividends and distributions from:
Net investment income		—		(0.134	)		(0.115	)		(0.078	)		(0.063	)		(0.322	)
Total dividends and distributions		—		(0.134	)		(0.115	)		(0.078	)		(0.063	)		(0.322	)
Net asset value, end of period.	$	13.914	$	13.719		$	13.711		$	14.597		$	12.952		$	10.928
Total return3		1.42%		1.05%			(5.29%	)		13.32%			19.11%			(10.10%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	158,717	$	157,559		$	157,869		$	159,496		$	137,989		$	117,407
Ratio of expenses to average net assets		1.02%		1.03%			1.04%			1.11%			1.26%			1.25%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.12%		1.13%			1.14%			1.20%			1.31%			1.30%
Ratio of net investment income to average net assets		2.47%		0.89%			1.37%			0.71%			1.04%			1.02%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.37%		0.79%			1.27%			0.62%			0.99%			0.97%
Portfolio turnover		12%		27%			22%			29%			36%			69%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP MFS International Growth Fund–9

LVIP MFS International Growth Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 MFS International Growth 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 non-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”). 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 long-term capital appreciation.

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 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 sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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”).

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 not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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

LVIP MFS International Growth Fund–10

LVIP MFS International Growth Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. 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. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Taxable non-cash dividends are recorded as dividend income. Withholding taxes on foreign dividends have been 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 commission 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 commissions rebates for the six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 1.00% of the first $50 million of average daily net assets of the Fund, and 0.95% of the next $50 million; 0.90% on the next $50 million; 0.85% on the next $100 million; and 0.80% of average daily net assets of the Fund in excess of $250 million. LIAC has contractually agreed to waive a portion of its advisory fee as follows: 0.11% on the first $400 million of average daily net assets of the Fund and 0.10% of average daily net assets in excess of $400 million. This agreement will continue at least through April 30, 2017 and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Massachusetts Financial Services Company (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	32,950
Legal.		9,066

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 $23,451 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. Pursuant to a 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP MFS International Growth Fund–11

LVIP MFS International Growth Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	746,005
Distribution fees payable to LFD		32,498
Prepaid printing and mailing fees payable to Lincoln Life		877

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Fund engaged in securities purchases of $3,232,114 and securities sales of $2,436,400.

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	145,404,187
Sales		187,592,356

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,184,209,623
Aggregate unrealized appreciation	$	206,071,500
Aggregate unrealized depreciation		(134,749,977	)
Net unrealized appreciation	$	71,321,523

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; however, there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized, due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

As of June 30, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Pre-Enactment Short-Term Capital Losses Expiring In				Post-Enactment Losses (No Expiration)*
2016		2017		Short-Term		Long-Term		Total
$	17,856,965	$	24,423,915	$	3,701,776	$	6,061,641	$	52,044,297

*Capital loss carryovers with no expiration must be utilized first.

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)

LVIP MFS International Growth Fund–12

LVIP MFS International Growth Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	—	$	16,682,759	$	—	$	16,682,759
Brazil		5,118,816		—		—		5,118,816
Canada		42,556,391		—		—		42,556,391
China		21,977,685		12,439,581		127,611		34,544,877
Denmark		—		28,464,113		—		28,464,113
France		—		209,164,753		—		209,164,753
Germany		—		124,510,008		—		124,510,008
Hong Kong		—		42,463,196		—		42,463,196
India		15,893,811		6,395,071		—		22,288,882
Ireland		31,976,556		12,483,892		—		44,460,448
Israel		22,297,505		—		—		22,297,505
Italy		—		12,330,358		—		12,330,358
Japan		—		117,934,133		—		117,934,133
Mexico		7,163,527		—		—		7,163,527
Netherlands		—		14,866,316		—		14,866,316
Peru		6,090,942		—		—		6,090,942
Republic of Korea		—		3,036,868		—		3,036,868
Singapore		—		13,252,997		—		13,252,997
Spain		—		15,339,936		—		15,339,936
Sweden		—		20,257,393		—		20,257,393
Switzerland		—		174,665,144		—		174,665,144
Taiwan		19,778,417		5,616,545		—		25,394,962
United Kingdom		—		217,562,112		—		217,562,112
United States		22,541,108		—		—		22,541,108
Money Market Fund		12,543,602		—		—		12,543,602
Total	$	207,938,360	$	1,047,465,175	$	127,611	$	1,255,531,146
Foreign Currency Exchange Contracts	$	—	$	7,508	$	—	$	7,508

As a result of utilizing international fair value pricing at June 30, 2016, the majority of the Fund’s common stock was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP MFS International Growth Fund–13

LVIP MFS International Growth Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		4,436,577			31,919,095
Service Class		809,494			1,801,264
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,025,357
Service Class		—			112,430
		5,246,071			34,858,146
Shares redeemed:
Standard Class		(8,497,032	)		(7,587,428	)
Service Class		(887,527	)		(1,942,533	)
		(9,384,559	)		(9,529,961	)
Net increase (decrease)		(4,138,488	)		25,328,185

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Receivables and other assets net of liabilities	$7,693	Receivables and other assets net of liabilities	$185

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain or Loss on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(302,476)	$8,143

LVIP MFS International Growth Fund–14

LVIP MFS International Growth Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Foreign currency exchange contracts (average cost)	$812,325	$1,218,773

6. Market Risk

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.

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 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.

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. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities have been identified on the Statement of Net Assets.

7. 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.

8. 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 MFS International Growth Fund–15

LVIP MFS Value Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP MFS Value Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	6
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 MFS Value Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,066.90		0.66%		$3.39
Service Class Shares		1,000.00		1,065.60		0.91%		4.67
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.58		0.66%		$3.32
Service Class Shares		1,000.00		1,020.34		0.91%		4.57

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP MFS Value Fund–1

LVIP MFS Value Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Security Type/Sector	Percentage   of Net Assets
Common Stock		98.81%
Aerospace & Defense		6.46%
Air Freight & Logistics		1.41%
Auto Components		1.33%
Automobiles		0.42%
Banks		11.02%
Beverages		1.11%
Capital Markets		4.88%
Chemicals		3.17%
Commercial Services & Supplies		1.39%
Consumer Finance		0.81%
Containers & Packaging		0.48%
Diversified Financial Services		1.59%
Diversified Telecommunication Services		1.67%
Electric Utilities		1.09%
Electrical Equipment		0.92%
Energy Equipment & Services		1.50%
Food & Staples Retailing		1.61%
Food Products		5.18%
Health Care Equipment & Supplies		4.27%
Health Care Providers & Services		1.62%
Household Durables		0.35%
Household Products		0.49%
Industrial Conglomerates		3.60%
Insurance		7.61%
IT Services		5.28%
Life Sciences Tools & Services		1.20%
Machinery		2.95%
Media		4.05%
Multiline Retail		0.73%
Oil, Gas & Consumable Fuels		4.12%
Pharmaceuticals		8.06%
Professional Services		0.23%
Road & Rail		1.16%
Semiconductors & Semiconductor Equipment		1.71%
Software		0.67%
Specialty Retail		0.30%
Tobacco		4.15%
Wireless Telecommunication Services		0.22%
Money Market Fund		1.09%
Total Value of Securities		99.90%
Receivables and Other Assets Net of Liabilities		0.10%
Total Net Assets		100.00%

Top 10 Equity Holdings	Percentage   of Net Assets
JPMorgan Chase		4.18%
Johnson & Johnson		3.69%
Philip Morris International		3.49%
Wells Fargo		2.74%
Accenture Class A		2.68%
Pfizer		2.38%
Medtronic		2.34%
Honeywell International		2.12%
Travelers		2.11%
3M		2.09%
Total		27.82%

IT–Information Technology

LVIP MFS Value Fund–2

LVIP MFS Value Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–98.81%
Aerospace & Defense–6.46%
Honeywell International		212,243	$	24,688,106
Lockheed Martin		71,553		17,757,308
Northrop Grumman		53,612		11,916,875
United Technologies		204,593		20,981,012
				75,343,301
Air Freight & Logistics–1.41%
United Parcel Service Class B		153,006		16,481,806
				16,481,806
Auto Components–1.33%
Delphi Automotive		91,602		5,734,285
Johnson Controls		221,081		9,785,045
				15,519,330
Automobiles–0.42%
Harley-Davidson		107,178		4,855,163
				4,855,163
Banks–11.02%
BB&T		168,655		6,005,805
Citigroup		275,918		11,696,164
JPMorgan Chase		784,433		48,744,667
PNC Financial Services Group		114,824		9,345,525
US Bancorp		514,829		20,763,054
Wells Fargo		674,862		31,941,218
				128,496,433
Beverages–1.11%
Diageo		465,280		12,997,906
				12,997,906
Capital Markets–4.88%
Bank of New York Mellon		291,785		11,335,847
BlackRock		30,659		10,501,627
Franklin Resources		274,375		9,155,894
Goldman Sachs Group		126,222		18,754,065
State Street		131,451		7,087,838
				56,835,271
Chemicals–3.17%
EI du Pont de Nemours		140,867		9,128,182
Monsanto		44,693		4,621,703
PPG Industries		222,431		23,166,189
				36,916,074
Commercial Services & Supplies–1.39%
Tyco International		381,499		16,251,857
				16,251,857
Consumer Finance–0.81%
American Express		155,739		9,462,702
				9,462,702

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Containers & Packaging–0.48%
†Crown Holdings		109,412	$	5,543,906
				5,543,906
Diversified Financial Services–1.59%
Moody’s		54,250		5,083,767
Nasdaq		174,200		11,265,514
S&P Global		20,728		2,223,285
				18,572,566
Diversified Telecommunication Services–1.67%
Verizon Communications		348,513		19,460,966
				19,460,966
Electric Utilities–1.09%
Duke Energy		114,532		9,825,700
Xcel Energy		63,148		2,827,767
				12,653,467
Electrical Equipment–0.92%
Eaton		180,291		10,768,781
				10,768,781
Energy Equipment & Services–1.50%
National Oilwell Varco		129,266		4,349,801
Schlumberger		166,820		13,192,126
				17,541,927
Food & Staples Retailing–1.61%
CVS Health		195,944		18,759,679
				18,759,679
Food Products–5.18%
Archer-Daniels-Midland		223,737		9,596,080
Danone		119,398		8,355,787
General Mills		248,387		17,714,961
JM Smucker		40,422		6,160,717
Nestle		238,976		18,515,462
				60,343,007
Health Care Equipment & Supplies–4.27%
Abbott Laboratories		340,450		13,383,089
Medtronic		314,115		27,255,759
St. Jude Medical		116,463		9,084,114
				49,722,962
Health Care Providers & Services–1.62%
Cigna		37,677		4,822,279
†Express Scripts Holding		102,173		7,744,713
McKesson		33,906		6,328,555
				18,895,547
Household Durables–0.35%
Newell Brands		83,189		4,040,490
				4,040,490

LVIP MFS Value Fund–3

LVIP MFS Value Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Household Products–0.49%
Procter & Gamble		67,019	$	5,674,499
				5,674,499
Industrial Conglomerates–3.60%
3M		139,244		24,384,409
Danaher		174,415		17,615,915
				42,000,324
Insurance–7.61%
Aon		167,594		18,306,293
Chubb		167,515		21,895,886
MetLife		389,819		15,526,491
Prudential Financial		117,425		8,377,100
Travelers		207,076		24,650,327
				88,756,097
IT Services–5.28%
Accenture Class A		275,286		31,187,151
†Cognizant Technology Solutions Class A		65,844		3,768,911
Fidelity National Information Services		146,304		10,779,679
†Fiserv		50,303		5,469,445
International Business Machines		68,267		10,361,565
				61,566,751
Life Sciences Tools & Services–1.20%
Thermo Fisher Scientific		94,795		14,006,909
				14,006,909
Machinery–2.95%
Caterpillar		47,350		3,589,603
Cummins		24,680		2,775,019
Deere & Co.		36,902		2,990,538
Illinois Tool Works		92,117		9,594,907
Ingersoll-Rand		67,616		4,305,787
Pentair		87,990		5,128,937
Stanley Black & Decker		53,689		5,971,291
				34,356,082
Media–4.05%
Comcast Class A		227,892		14,856,279
Omnicom Group		212,734		17,335,694
Time		11,399		187,628
Time Warner		130,611		9,605,133
Viacom Class B		61,059		2,532,117
Walt Disney		28,048		2,743,655
				47,260,506
Multiline Retail–0.73%
Target		122,611		8,560,700
				8,560,700
Oil, Gas & Consumable Fuels–4.12%
Chevron		116,040		12,164,473

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
EOG Resources		126,945	$	10,589,752
Exxon Mobil		150,357		14,094,465
Occidental Petroleum		147,902		11,175,475
				48,024,165
Pharmaceuticals–8.06%
Johnson & Johnson		354,419		42,991,025
Merck & Co.		297,865		17,160,003
Novartis		37,943		3,131,760
Pfizer		788,272		27,755,057
Roche Holding		10,885		2,872,332
				93,910,177
Professional Services–0.23%
Equifax		20,436		2,623,982
				2,623,982
Road & Rail–1.16%
Canadian National Railway		96,701		5,711,161
Union Pacific		88,926		7,758,794
				13,469,955
Semiconductors & Semiconductor Equipment–1.71%
Analog Devices		61,194		3,466,028
Texas Instruments		263,346		16,498,627
				19,964,655
Software–0.67%
Oracle		191,227		7,826,921
				7,826,921
Specialty Retail–0.30%
Advance Auto Parts		21,277		3,439,002
				3,439,002
Tobacco–4.15%
Altria Group		112,196		7,737,036
Philip Morris International		399,749		40,662,468
				48,399,504
Wireless Telecommunication Services–0.22%
Vodafone Group		828,032		2,524,553
				2,524,553
Total Common Stock (Cost $763,973,346)				1,151,827,923

LVIP MFS Value Fund–4

LVIP MFS Value Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
MONEY MARKET FUND–1.09%
Dreyfus Treasury & Agency Cash
Management Fund - Institutional
Shares (seven-day effective yield
0.24%)		12,674,037	$	12,674,037
Total Money Market Fund
(Cost $12,674,037)				12,674,037

TOTAL VALUE OF SECURITIES–99.90% (Cost $776,647,383)	$	1,164,501,960
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.10%		1,222,077
NET ASSETS APPLICABLE TO 30,932,953 SHARES OUTSTANDING–100.00%	$	1,165,724,037
NET ASSET VALUE PER SHARE–LVIP MFS VALUE FUND STANDARD CLASS ($293,460,878 / 7,778,753 Shares)	$	37.726
NET ASSET VALUE PER SHARE–LVIP MFS VALUE FUND SERVICE CLASS ($872,263,159 / 23,154,200 Shares)	$	37.672
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	733,380,968
Undistributed net investment income		9,789,520
Accumulated net realized gain on investments		34,712,828
Net unrealized appreciation of investments and foreign currencies		387,840,721
Total net assets	$	1,165,724,037

† Non-income producing for the period.

« Includes $950,230 payable for fund shares redeemed and $754,407 due to managers and affiliates as of June 30, 2016.

IT–Information Technology

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

LVIP MFS Value Fund–5

LVIP MFS Value Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	14,528,626
Interest		17,155
Foreign tax withheld		(153,144	)
		14,392,637
EXPENSES:
Management fees		3,306,433
Distribution fees-Service Class		1,047,612
Accounting and administration expenses		135,083
Reports and statements to shareholders		51,483
Professional fees.		29,457
Trustees’ fees and expenses		14,072
Custodian fees		10,503
Consulting fees		1,161
Pricing fees		900
Other		6,413
Total operating expenses		4,603,117
NET INVESTMENT INCOME		9,789,520
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		7,928,644
Foreign currencies		12,040
Foreign currency exchange contracts		(19,883	)
Net realized gain		7,920,801
Net change in unrealized appreciation (depreciation) of:
Investments		55,776,837
Foreign currencies		(3,555	)
Net change in unrealized appreciation (depreciation)		55,773,282
NET REALIZED AND UNREALIZED GAIN		63,694,083
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	73,483,603

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

LVIP MFS Value Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,789,520		$	19,339,282
Net realized gain		7,920,801			52,678,877
Net change in unrealized appreciation (depreciation)		55,773,282			(78,796,696	)
Net increase (decrease) in net assets resulting from operations		73,483,603			(6,778,537	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(4,300,500	)
Service Class		—			(15,763,952	)
Net realized gain:
Standard Class		—			(4,514,111	)
Service Class		—			(21,208,886	)
		—			(45,787,449	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		84,605,820			74,426,169
Service Class		35,258,264			60,129,356
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			8,814,611
Service Class		—			36,972,838
		119,864,084			180,342,974
Cost of shares redeemed:
Standard Class		(16,178,002	)		(29,179,266	)
Service Class		(60,991,446	)		(110,680,864	)
		(77,169,448	)		(139,860,130	)
Increase in net assets derived from capital share transactions		42,694,636			40,482,844
NET INCREASE IN NET ASSETS		116,178,239			(12,083,142	)
NET ASSETS:
Beginning of period		1,049,545,798			1,061,628,940
End of period	$	1,165,724,037		$	1,049,545,798
Undistributed net investment income	$	9,789,520		$	—

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

LVIP MFS Value Fund–6

LVIP MFS Value Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP MFS Value Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	35.359	$	37.268		$	34.526		$	25.797		$	22.445		$	22.794
Income (loss) from investment operations:
Net investment income2		0.357		0.757			0.815			0.548			0.517			0.439
Net realized and unrealized gain (loss)		2.010		(0.990	)		2.815			8.718			3.143			(0.462	)
Total from investment operations		2.367		(0.233	)		3.630			9.266			3.660			(0.023	)
Less dividends and distributions from:
Net investment income.		—		(0.765	)		(0.888	)		(0.537	)		(0.308	)		(0.326	)
Net realized gain		—		(0.911	)		—			—			—			—
Total dividends and distributions		—		(1.676	)		(0.888	)		(0.537	)		(0.308	)		(0.326	)
Net asset value, end of period	$	37.726	$	35.359		$	37.268		$	34.526		$	25.797		$	22.445
Total return3		6.69%		(0.54%	)		10.51%			35.96%			16.33%			(0.10%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	293,461	$	206,615		$	161,935		$	137,795		$	91,949		$	78,689
Ratio of expenses to average net assets		0.66%		0.66%			0.66%			0.68%			0.69%			0.70%
Ratio of expenses to average net assets prior to expenses waived/reimbursed.		0.66%		0.66%			0.66%			0.69%			0.69%			0.70%
Ratio of net investment income to average net assets		2.01%		2.04%			2.28%			1.78%			2.09%			1.88%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.01%		2.04%			2.28%			1.77%			2.09%			1.88%
Portfolio turnover		6%		15%			11%			16%			21%			37%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP MFS Value Fund–7

LVIP MFS Value Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP MFS Value Fund Service Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	35.352	$	37.262		$	34.526		$	25.804		$	22.453		$	22.801
Income (loss) from investment operations:
Net investment income2		0.311		0.664			0.724			0.469			0.455			0.373
Net realized and unrealized gain (loss)		2.009		(0.991	)		2.811			8.714			3.142			(0.453	)
Total from investment operations		2.320		(0.327	)		3.535			9.183			3.597			(0.080	)
Less dividends and distributions from:
Net investment income		—		(0.672	)		(0.799	)		(0.461	)		(0.246	)		(0.268	)
Net realized gain		—		(0.911	)		—			—			—			—
Total dividends and distributions		—		(1.583	)		(0.799	)		(0.461	)		(0.246	)		(0.268	)
Net asset value, end of period	$	37.672	$	35.352		$	37.262		$	34.526		$	25.804		$	22.453
Total return3		6.56%		(0.79%	)		10.23%			35.62%			16.04%			(0.35%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	872,263	$	842,931		$	899,694		$	868,365		$	687,473		$	564,366
Ratio of expenses to average net assets		0.91%		0.91%			0.91%			0.93%			0.94%			0.95%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.91%		0.91%			0.91%			0.94%			0.94%			0.95%
Ratio of net investment income to average net assets		1.76%		1.79%			2.03%			1.53%			1.84%			1.63%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.76%		1.79%			2.03%			1.52%			1.84%			1.63%
Portfolio turnover		6%		15%			11%			16%			21%			37%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP MFS Value Fund–8

LVIP MFS Value Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 MFS Value 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”). 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 capital appreciation.

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. Equity securities listed on a foreign exchange are valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 generally does not separate that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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

LVIP MFS Value Fund–9

LVIP MFS Value Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Taxable non-cash dividends are recorded as dividend income. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Withholding taxes 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 commission to the Fund in cash. Commission rebates are included in “Net realized gain (loss) on investments” on the Statement of Operations and totaled $17,955 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.75% of the first $75 million of the average daily net assets of the Fund; 0.70% of the next $75 million; 0.65% of the next $50 million; 0.60% of the next $300 million; 0.5875% of the next $1 billion; and 0.5625% of the average daily net assets of the Fund in excess of $1.5 billion.

Massachusetts Financial Services Company (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	28,075
Legal		7,717

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 $44,008 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP MFS Value Fund–10

LVIP MFS Value Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	576,201
Distribution fees payable to LFD		177,944
Printing and mailing fees payable to Lincoln Life		262

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	116,794,746
Sales		66,441,824

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for the Fund were as follows:

Cost of investments	$	776,647,383
Aggregate unrealized appreciation	$	400,727,474
Aggregate unrealized depreciation		(12,872,897	)
Net unrealized appreciation	$	387,854,577

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 MFS Value Fund–11

LVIP MFS Value Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Total
Common Stock
Aerospace & Defense	$	75,343,301	$	—	$	75,343,301
Air Freight & Logistics		16,481,806		—		16,481,806
Auto Components		15,519,330		—		15,519,330
Automobiles		4,855,163		—		4,855,163
Banks		128,496,433		—		128,496,433
Beverages		—		12,997,906		12,997,906
Capital Markets		56,835,271		—		56,835,271
Chemicals		36,916,074		—		36,916,074
Commercial Services & Supplies		16,251,857		—		16,251,857
Consumer Finance		9,462,702		—		9,462,702
Containers & Packaging		5,543,906		—		5,543,906
Diversified Financial Services		18,572,566		—		18,572,566
Diversified Telecommunication Services		19,460,966		—		19,460,966
Electric Utilities		12,653,467		—		12,653,467
Electrical Equipment		10,768,781		—		10,768,781
Energy Equipment & Services		17,541,927		—		17,541,927
Food & Staples Retailing		18,759,679		—		18,759,679
Food Products		33,471,758		26,871,249		60,343,007
Health Care Equipment & Supplies		49,722,962		—		49,722,962
Health Care Providers & Services		18,895,547		—		18,895,547
Household Durables		4,040,490		—		4,040,490
Household Products		5,674,499		—		5,674,499
Industrial Conglomerates		42,000,324		—		42,000,324
Insurance		88,756,097		—		88,756,097
IT Services		61,566,751		—		61,566,751
Life Sciences Tools & Services		14,006,909		—		14,006,909
Machinery		34,356,082		—		34,356,082
Media		47,260,506		—		47,260,506
Multiline Retail		8,560,700		—		8,560,700
Oil, Gas & Consumable Fuels		48,024,165		—		48,024,165
Pharmaceuticals		87,906,085		6,004,092		93,910,177
Professional Services		2,623,982		—		2,623,982
Road & Rail		13,469,955		—		13,469,955
Semiconductors & Semiconductor Equipment		19,964,655		—		19,964,655
Software		7,826,921		—		7,826,921
Specialty Retail		3,439,002		—		3,439,002
Tobacco		48,399,504		—		48,399,504
Wireless Telecommunication Services		—		2,524,553		2,524,553
Money Market Fund		12,674,037		—		12,674,037
Total	$	1,116,104,160	$	48,397,800	$	1,164,501,960

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

As a result of utilizing international fair value pricing at June 30, 2016, a portion of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP MFS Value Fund–12

LVIP MFS Value Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		2,385,815			2,034,222
Service Class		992,895			1,620,951
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			250,603
Service Class		—			1,055,209
		3,378,710			4,960,985
Shares redeemed:
Standard Class		(450,420	)		(786,608	)
Service Class		(1,682,419	)		(2,977,737	)
		(2,132,839	)		(3,764,345	)
Net increase		1,245,871			1,196,640

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016.

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income	Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized loss from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(19,883)	$—

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Foreign currency exchange contracts (average cost)	$22,343	$5,526

LVIP MFS Value Fund–13

LVIP MFS Value Fund

Notes to Financial Statements (continued)

6. Market Risk

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.

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 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.

7. 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.

8. 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 MFS Value Fund–14

LVIP Mondrian International Value Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Mondrian International Value Fund

Index

Disclosure of Fund Expenses	1
Security Type/Country and Sector Allocations
and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Mondrian International Value Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,012.20		0.74	%	$	3.70
Service Class Shares		1,000.00		1,011.00		0.99	%		4.95
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.18		0.74	%	$	3.72
Service Class Shares		1,000.00		1,019.94		0.99	%		4.97

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Mondrian International Value Fund–1

LVIP Mondrian International Value Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Security Type/Country	Percentage   of Net Assets
Common Stock		99.20%
Australia		1.37%
Denmark		0.88%
France		5.89%
Germany		9.82%
Hong Kong		1.58%
Italy		2.49%
Japan		17.59%
Netherlands		6.39%
Singapore		6.74%
Spain		5.21%
Sweden		4.22%
Switzerland		13.95%
Taiwan		1.56%
United Kingdom		21.51%
Money Market Fund		0.06%
Total Value of Securities		99.26%
Receivables and Other Assets Net of Liabilities		0.74%
Total Net Assets		100.00%

Sector designations may be different than the sector designations presented in other Fund materials.

Sector	Percentage   of Net Assets
Automobiles		4.20%
Banks		6.11%
Beverages		3.00%
Building Products		1.96%
Chemicals		3.64%
Commercial Services & Supplies		2.36%
Communications Equipment		1.38%
Diversified Telecommunication Services		9.42%
Electric Utilities		2.72%
Electrical Equipment		4.63%
Energy Equipment & Services		1.00%
Food & Staples Retailing		5.19%
Food Products		2.89%
Health Care Equipment & Supplies		0.85%
Industrial Conglomerates		1.65%
Insurance		7.78%
Media		1.43%
Multi-Utilities		4.30%
Oil, Gas & Consumable Fuels		8.98%

Sector	Percentage   of Net Assets
Personal Products		2.28%
Pharmaceuticals		11.25%
Real Estate Investment Trusts		0.45%
Semiconductors & Semiconductor Equipment		2.84%
Software		2.15%
Specialty Retail		1.83%
Technology Hardware, Storage & Peripherals		2.54%
Wireless Telecommunication Services		2.37%
Total		99.20%

Holdings are for informational purpose only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage   of Net Assets
Royal Dutch Shell Class B		3.86%
GlaxoSmithKline		3.37%
ABB		3.24%
Syngenta		3.18%
Kirin Holdings		3.00%
Sanofi		2.99%
Nestle		2.89%
TeliaSonera		2.85%
Takeda Pharmaceutical		2.77%
Iberdrola		2.72%
Total		30.87%

LVIP Mondrian International Value Fund–2

LVIP Mondrian International Value Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–99.20%
Australia–1.37%
QBE Insurance Group		1,984,893	$	15,679,868
				15,679,868
Denmark–0.88%
ISS		267,092		10,045,416
				10,045,416
France–5.89%
Cie de Saint-Gobain		589,213		22,334,472
†*=GDF Suez VVPR Strip		60,186		0
Sanofi		411,184		34,162,290
Societe Generale		343,427		10,744,427
				67,241,189
Germany–9.82%
Allianz		160,783		22,936,895
Daimler		303,405		18,155,252
Deutsche Telekom		1,624,744		27,705,578
†RWE		1,181,084		18,809,003
SAP		326,048		24,487,889
				112,094,617
n Hong Kong–1.58%
China Mobile		1,558,000		18,001,467
				18,001,467
Italy–2.49%
Eni		1,763,128		28,399,008
				28,399,008
Japan–17.59%
Canon		1,017,200		29,041,272
Honda Motor		1,189,500		29,838,922
Hoya		273,200		9,757,609
Kirin Holdings		2,030,500		34,246,759
Mitsubishi Electric		1,333,000		15,913,829
NTT DOCOMO		336,900		9,085,704
Shin-Etsu Chemical		89,700		5,255,388
Takeda Pharmaceutical		734,000		31,656,090
Tokio Marine Holdings		640,700		21,329,599
Tokyo Electron		172,900		14,611,553
				200,736,725
Netherlands–6.39%
Koninklijke Ahold		1,307,871		28,881,159
Royal Dutch Shell Class B		1,595,511		44,081,712
				72,962,871
Singapore–6.74%
Ascendas Real Estate Investment Trust.		2,798,300		5,178,876
Jardine Matheson Holdings		188,100		10,997,025
Sembcorp Industries		3,685,800		7,805,316
Singapore Telecommunications		7,953,600		24,565,636

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Singapore (continued)
United Overseas Bank		2,062,986	$	28,423,731
				76,970,584
Spain–5.21%
Banco Santander		1,475,736		5,726,856
Iberdrola		4,552,341		31,054,103
Telefonica		2,393,061		22,719,278
				59,500,237
Sweden–4.22%
Telefonaktiebolaget LM Ericsson
Class B		2,043,922		15,702,544
Telia		6,861,139		32,490,771
				48,193,315
Switzerland–13.95%
†ABB		1,868,520		36,981,932
Nestle		425,309		32,952,233
Novartis		291,934		24,095,810
Syngenta		94,560		36,296,723
†Zurich Insurance Group		116,653		28,857,939
				159,184,637
Taiwan–1.56%
Taiwan Semiconductor Manufacturing		631,000		3,180,049
Taiwan Semiconductor Manufacturing ADR		555,716		14,576,431
				17,756,480
United Kingdom–21.51%
Amec Foster Wheeler		1,737,612		11,424,977
BP		5,056,656		29,599,228
G4S		6,910,233		16,932,568
GlaxoSmithKline		1,792,572		38,495,502
Kingfisher		4,855,390		20,854,313
Lloyds Banking Group		34,322,049		24,859,135
National Grid		2,061,579		30,316,196
Pearson		1,251,932		16,285,284
Royal Dutch Shell Class A		13,078		359,189
†Tesco		12,906,968		30,313,261
Unilever		543,500		26,041,888
				245,481,541
Total Common Stock (Cost $1,141,173,386)				1,132,247,955
MONEY MARKET FUND–0.06%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		687,339		687,339
Total Money Market Fund (Cost $687,339)				687,339

LVIP Mondrian International Value Fund–3

LVIP Mondrian International Value Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–99.26% (Cost $1,141,860,725)	$	1,132,935,294
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.74%		8,423,576
NET ASSETS APPLICABLE TO 71,480,744 SHARES OUTSTANDING–100.00%	$	1,141,358,870
NET ASSET VALUE PER SHARE–LVIP MONDRIAN INTERNATIONAL VALUE FUND STANDARD CLASS ($834,430,385 / 52,236,826 Shares)	$	15.974
NET ASSET VALUE PER SHARE –LVIP MONDRIAN INTERNATIONAL VALUE FUND SERVICE CLASS ($306,928,485 / 19,243,918 Shares)	$	15.949
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	1,113,476,556
Undistributed net investment income		23,838,021
Accumulated net realized gain on investments.		13,270,587
Net unrealized depreciation of investments and foreign currencies		(9,226,294	)
Total net assets	$	1,141,358,870

D Securities have been classified by country of origin. Classification by type of business has been presented on page 2.

n Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

† Non-income producing for the period.

« Of this amount, $698,411 represents due to manager and affiliates, $4,911,194 payable for securities purchased, and $444,827 payable for fund shares redeemed as of June 30, 2016.

* If dividend payments are received, the tax withholding rate is at a reduced amount of 15%, rather than 25%.

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

The following foreign currency exchange contracts were outstanding at June 30, 2016:¹

Foreign Currency Exchange Contracts    

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BCLY	JPY	(60,271,932	)	USD	587,325			7/5/16	$	3,578
BNYM	EUR	3,515,126		USD	(3,888,295	)		7/1/16		12,746
BNYM	JPY	(36,825,300	)	USD	358,362			7/1/16		1,742
									$	18,066

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

BCLY–Barclays Bank

BNYM–Bank of New York Mellon

EUR–Euro

JPY–Japanese Yen

USD–United States Dollar

VVPR Strip–Dividend Coupon

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

LVIP Mondrian International Value Fund–4

LVIP Mondrian International Value Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

LVIP Mondrian International Value Fund

Statements of Changes in Net Assets

INVESTMENT INCOME:
Dividends	$	30,964,576
Foreign tax withheld		(2,629,360	)
		28,335,216
EXPENSES:
Management fees		3,819,522
Distribution fees-Service Class		377,076
Accounting and administration expenses		141,283
Reports and statements to shareholders		54,472
Custodian fees		48,751
Professional fees		41,293
Trustees’ fees and expenses		14,959
Pricing fees.		6,174
Consulting fees		1,158
Other		6,390
Total operating expenses		4,511,078
NET INVESTMENT INCOME		23,824,138
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(21,258,807	)
Foreign currencies		73,747
Foreign currency exchange contracts		(303,066	)
Net realized loss		(21,488,126	)
Net change in unrealized appreciation (depreciation) of:
Investments		11,127,663
Foreign currencies		(45,440	)
Foreign currency exchange contracts		18,066
Net change in unrealized appreciation (depreciation)		11,100,289
NET REALIZED AND UNREALIZED LOSS		(10,387,837	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,436,301

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

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	23,824,138		$	31,282,380
Net realized gain (loss)		(21,488,126	)		56,287,591
Net change in unrealized appreciation (depreciation)		11,100,289			(132,008,698	)
Net increase (decrease) in net assets resulting from operations		13,436,301			(44,438,727	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(26,816,051	)
Service Class		—			(9,025,185	)
		—			(35,841,236	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		34,961,280			123,826,657
Service Class		15,269,088			39,404,311
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			26,816,051
Service Class		—			9,025,185
		50,230,368			199,072,204
Cost of shares redeemed:
Standard Class		(52,492,908	)		(110,678,974	)
Service Class		(21,159,219	)		(52,148,066	)
		(73,652,127	)		(162,827,040	)
Increase (decrease) in net assets derived from capital share transactions		(23,421,759	)		36,245,164
NET INCREASE (DECREASE) IN NET ASSETS		(9,985,458	)		(44,034,799	)
NET ASSETS:
Beginning of period		1,151,344,328			1,195,379,127
End of period	$	1,141,358,870		$	1,151,344,328
Undistributed net investment income	$	23,838,021		$	13,883

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

LVIP Mondrian International Value Fund–5

LVIP Mondrian International Value Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Mondrian International Value Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	15.782		$	16.942		$	18.131		$	15.243		$	14.310		$	15.447
Income (loss) from investment operations:
Net investment income2		0.334			0.457			0.784			0.420			0.460			0.544
Net realized and unrealized gain (loss)		(0.142	)		(1.101	)		(1.234	)		2.897			0.907			(1.192	)
Total from investment operations		0.192			(0.644	)		(0.450	)		3.317			1.367			(0.648	)
Less dividends and distributions from:
Net investment income		—			(0.516	)		(0.739	)		(0.429	)		(0.434	)		(0.489	)
Total dividends and distributions		—			(0.516	)		(0.739	)		(0.429	)		(0.434	)		(0.489	)
Net asset value, end of period	$	15.974		$	15.782		$	16.942		$	18.131		$	15.243		$	14.310
Total return3		1.22%			(3.79%	)		(2.54%	)		21.84%			9.62%			(4.21%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	834,430		$	842,056		$	861,700		$	808,623		$	561,634		$	398,099
Ratio of expenses to average net assets		0.74%			0.73%			0.73%			0.76%			0.83%			0.85%
Ratio of net investment income to average net assets		4.31%			2.61%			4.21%			2.50%			3.13%			3.47%
Portfolio turnover		12%			19%			18%			33%			13%			41%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP Mondrian International Value Fund–6

LVIP Mondrian International Value Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Mondrian International Value Fund Service Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	15.777		$	16.934		$	18.122		$	15.236		$	14.306		$	15.441
Income (loss) from investment operations:
Net investment income2		0.314			0.412			0.736			0.381			0.422			0.502
Net realized and unrealized gain (loss)		(0.142	)		(1.096	)		(1.231	)		2.891			0.906			(1.187	)
Total from investment operations		0.172			(0.684	)		(0.495	)		3.272			1.328			(0.685	)
Less dividends and distributions from:
Net investment income		—			(0.473	)		(0.693	)		(0.386	)		(0.398	)		(0.450	)
Total dividends and distributions		—			(0.473	)		(0.693	)		(0.386	)		(0.398	)		(0.450	)
Net asset value, end of period	$	15.949		$	15.777		$	16.934		$	18.122		$	15.236		$	14.306
Total return3		1.10%			(4.03%	)		(2.79%	)		21.55%			9.34%			(4.45%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$306,929			$309,288			$333,679			$357,738			$131,710			$125,300
Ratio of expenses to average net assets		0.99%			0.98%			0.98%			1.01%			1.08%			1.10%
Ratio of net investment income to average net assets		4.06%			2.36%			3.96%			2.25%			2.88%			3.22%
Portfolio turnover		12%			19%			18%			33%			13%			41%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP Mondrian International Value Fund–7

LVIP Mondrian International Value Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Mondrian International Value 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 long-term capital appreciation as measured by the change in the value of Fund shares over a period of three years or longer.

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 sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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”).

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 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 generally separate the portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss 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.

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.

LVIP Mondrian International Value Fund–8

LVIP Mondrian International Value Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. 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 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.90% of the first $200 million of the Fund’s average daily net assets; 0.75% of the next $200 million; and 0.60% of the Fund’s average daily net assets in excess of $400 million.

Mondrian Investment Partners Ltd. (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	29,695
Legal		8,170

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 $47,765 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	633,550
Distribution fees payable to LFD		62,460
Printing and mailing fees payable to Lincoln Life		2,401

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.

LVIP Mondrian International Value Fund–9

LVIP Mondrian International Value Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	135,114,915
Sales		137,018,511

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated because final tax characteristics cannot be determined until fiscal year end. At June 30, 2016 the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,141,860,725
Aggregate unrealized appreciation	$	183,753,964
Aggregate unrealized depreciation		(192,679,395	)
Net unrealized depreciation	$	(8,925,431	)

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)

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.

LVIP Mondrian International Value Fund–10

LVIP Mondrian International Value Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Total
Common Stock
Australia	$	—	$	15,679,868	$	15,679,868
Denmark		—		10,045,416		10,045,416
France		—		67,241,189		67,241,189
Germany		—		112,094,617		112,094,617
Hong Kong		—		18,001,467		18,001,467
Italy		—		28,399,008		28,399,008
Japan		—		200,736,725		200,736,725
Netherlands		—		72,962,871		72,962,871
Singapore		—		76,970,584		76,970,584
Spain		—		59,500,237		59,500,237
Sweden		—		48,193,315		48,193,315
Switzerland		—		159,184,637		159,184,637
Taiwan		14,576,431		3,180,049		17,756,480
United Kingdom		—		245,481,541		245,481,541
Money Market Fund		687,339		—		687,339
Total	$	15,263,770	$	1,117,671,524	$	1,132,935,294
Foreign Currency Exchange Contracts	$	—	$	18,066	$	18,066

The value of Level 3 investments was zero at the end of the period.

As a result of utilizing international fair value pricing at June 30, 2016, the majority of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		2,244,920			7,165,510
Service Class		991,914			2,271,874
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,697,374
Service Class		—			571,479
		3,236,834			11,706,237
Shares redeemed:
Standard Class		(3,364,668	)		(6,367,839	)
Service Class		(1,351,809	)		(2,944,302	)
		(4,716,477	)		(9,312,141	)
Net increase (decrease)		(1,479,643	)		2,394,096

LVIP Mondrian International Value Fund–11

LVIP Mondrian International Value Fund

Notes to Financial Statements (continued)

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Receivables and other assets net of liabilities	$18,066	Receivables and other assets net of liabilities	$—

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income	Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized loss from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(303,066)	$18,066

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Foreign currency exchange contracts (average cost)	$383,025	$394,464

6. Market Risk

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.

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.

LVIP Mondrian International Value Fund–12

LVIP Mondrian International Value Fund

Notes to Financial Statements (continued)

7. 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.

8. 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 Mondrian International Value Fund–13

LVIP Multi-Manager Global Equity Managed Volatility Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Multi-Manager Global Equity Managed

Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9
Other Fund Information	15

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Multi-Manager Global Equity Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 Funds 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 actual expenses shown in the tables reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	997.80		0.35	%		$1.74
Service Class Shares		1,000.00		996.00		0.70	%		3.47
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.12		0.35	%		$1.76
Service Class Shares		1,000.00		1,021.38		0.70	%		3.52

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests a significant portion of its assets in other investment companies (“Underlying Funds”). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP Multi-Manager Global Equity Managed Volatility Fund–1

LVIP Multi-Manager Global Equity Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		39.34%
Equity Funds		19.84%
International Equity Funds		19.50%
Unaffiliated Investment Companies		59.44%
Equity Funds		41.35%
International Equity Funds		13.00%
Money Market Fund		5.09%
Total Value of Securities		98.78%
Receivables and Other Assets Net of Liabilities		1.22%
Total Net Assets		100.00%

LVIP Multi-Manager Global Equity Managed Volatility Fund–2

LVIP Multi-Manager Global Equity Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–39.34%
Equity Funds–19.84%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA S&P 500 Index Fund		369,182	$	5,511,515
LVIP SSGA Small-Cap Index Fund		86,019		2,160,703
				7,672,218
International Equity Funds–19.50%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		156,416		2,175,908
LVIP SSGA International Index Fund		667,477		5,367,853
				7,543,761
Total Affiliated Investment Companies (Cost $15,640,874)				15,215,979
UNAFFILIATED INVESTMENT COMPANIES–59.44%
Equity Funds–41.35%
XAmerican Century VP–Mid Cap Value Fund		114,838		2,200,288
**BlackRock Equity Dividend Fund		67,985		1,488,200
#ClearBridge® – Variable Appreciation Portfolio		40,847		1,473,762
XFidelity® Variable Life Insurance Products–Fidelity® VIP Mid Cap Portfolio		81,104		2,496,367
XFidelity® –VIP Contrafund® Portfolio		81,564		2,543,180
Franklin Templeton Variable Insurance Products Trust– Mutual Shares VIP Fund		90,768		1,848,040

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES (continued)
Equity Funds (continued)
vFranklin Templeton Variable Insurance Products Trust– Templeton Growth Securities		172,552	$	2,118,934
#Invesco V.I. Comstock Fund		20,691		363,126
#Invesco V.I. Core Equity Fund		41,256		1,458,401
				15,990,298
International Equity Funds–13.00%
**DFA International Core Equity Portfolio		289,030		3,173,548
iShares Core MSCI Emerging Markets ETF		44,276		1,852,065
				5,025,613
Money Market Fund–5.09%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		1,970,159		1,970,159
				1,970,159
Total Unaffiliated Investment Companies (Cost $24,492,016)				22,986,070

TOTAL VALUE OF SECURITIES–98.78% (Cost $40,132,890)		38,202,049
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.22%		469,972
NET ASSETS APPLICABLE TO 4,303,899 SHARES OUTSTANDING–100.00%	$	38,672,021

# Series I shares.

* Standard Class shares.

** Institutional Class shares.

Class 1 shares.

X Initial Class.

LVIP Multi-Manager Global Equity Managed Volatility Fund–3

LVIP Multi-Manager Global Equity Managed Volatility Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2016:

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(14)  British Pound Currency	$	(1,171,391	)	$	(1,159,200	)		9/20/16	$	12,191
(15)  E-mini MSCI Emerging Markets Index		(609,666	)		(626,025	)		9/19/16		(16,359	)
(7)  E-mini Russell 2000 Index		(779,226	)		(803,180	)		9/19/16		(23,954	)
(52)  E-mini S&P 500 Index		(5,290,669	)		(5,434,520	)		9/19/16		(143,851	)
(4)  E-mini S&P MidCap 400 Index		(577,787	)		(597,200	)		9/19/16		(19,413	)
(13)  Euro Currency		(1,805,181	)		(1,804,969	)		9/20/16		212
(62)  Euro STOXX 50 Index		(1,915,714	)		(1,964,368	)		9/19/16		(48,654	)
(13)  FTSE 100 Index		(1,067,864	)		(1,111,494	)		9/19/16		(43,630	)
(11)  Japanese Yen Currency		(1,343,482	)		(1,334,713	)		9/20/16		8,769
(6)  Nikkei 225 Index (OSE)		(904,047	)		(904,663	)		9/9/16		(616	)
									$	(275,305	)

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional values 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.

Summary of Abbreviations:

DFA–Dimensional Fund Advisors

ETF–Exchange-Traded Fund

OSE–Osaka Securities Exchange

¹See Note 5 in “Notes to Financial Statements.”

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

LVIP Multi-Manager Global Equity Managed Volatility Fund–4

LVIP Multi-Manager Global Equity Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	15,215,979
Investments in unaffiliated investment companies, at value		22,986,070
Total investments, at value		38,202,049
Cash collateral held at broker for futures contracts		1,148,208
Receivable for fund shares sold		61,033
Expense reimbursement from Lincoln Investment Advisors Corporation		4,954
Dividends receivable from investment companies		427
Receivable for investment companies sold		81
TOTAL ASSETS		39,416,752
LIABILITIES:
Foreign currencies collateral due to broker for futures contracts		418,465
Net unrealized depreciation on futures contracts		275,305
Other accrued expenses payable		17,917
Due to manager and affiliates		16,672
Payable for investment companies purchased		16,042
Payable for fund shares redeemed		313
Cash overdraft		17
TOTAL LIABILITIES		744,731
TOTAL NET ASSETS	$	38,672,021
Investments in affiliated investment companies, at cost	$	15,640,874
Investments in unaffiliated investment companies, at cost		24,492,016
Total investments, at cost	$	40,132,890
Standard Class:
Net Assets	$	2,011,506
Shares Outstanding		223,540
Net Asset Value Per Share	$	8.998
Service Class:
Net Assets	$	36,660,515
Shares Outstanding		4,080,359
Net Asset Value Per Share	$	8.985
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	42,330,417
Undistributed net investment income		363,573
Accumulated net realized loss on investments		(1,815,823	)
Net unrealized depreciation of investments and derivatives		(2,206,146	)
TOTAL NET ASSETS	$	38,672,021

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

LVIP Multi-Manager Global Equity Managed Volatility Fund–5

LVIP Multi-Manager Global Equity Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	471,026
EXPENSES:
Distribution fees-Service Class		59,692
Management fees		44,952
Accounting and administration expenses		20,657
Professional fees		15,187
Reports and statements to shareholders		4,936
Custodian fees		2,548
Consulting fees		1,795
Trustees’ fees and expenses		462
Pricing fees		137
Other		116
		150,482
Less management fees waived		(10,740	)
Less expenses reimbursed		(17,117	)
Total operating expenses		122,625
NET INVESTMENT INCOME		348,401
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investment
companies		191,617
Sale of investments in affiliated investment
companies		(101,131	)
Sale of investments in unaffiliated investment
companies		(239,816	)
Foreign currencies		(3,763	)
Futures contracts		(427,745	)
Net realized loss		(580,838	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		250,321
Investments in unaffiliated investment companies		139,933
Futures contracts		(242,757	)
Net change in unrealized appreciation (depreciation)		147,497
NET REALIZED AND UNREALIZED LOSS		(433,341	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(84,940	)

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

LVIP Multi-Manager Global Equity Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	348,401		$	385,737
Net realized loss		(580,838	)		(936,876	)
Net change in unrealized appreciation (depreciation)		147,497			(2,160,094	)
Net decrease in net assets resulting from operations		(84,940	)		(2,711,233	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(28,229	)
Service Class		—			(385,883	)
Net realized gain:
Standard Class		—			(1,229	)
Service Class		—			(22,465	)
		—			(437,806	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		233,957			479,928
Service Class		4,983,638			19,184,083
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			29,458
Service Class		—			408,348
		5,217,595			20,101,817
Cost of shares redeemed:
Standard Class		(66,765	)		(25,019	)
Service Class		(1,464,377	)		(2,464,791	)
		(1,531,142	)		(2,489,810	)
Increase in net assets derived from capital share transactions		3,686,453			17,612,007
NET INCREASE IN NET ASSETS		3,601,513			14,462,968
NET ASSETS:
Beginning of period		35,070,508			20,607,540
End of period	$	38,672,021		$	35,070,508
Undistributed net investment income	$	363,573		$	15,172

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

LVIP Multi-Manager Global Equity Managed Volatility Fund–6

LVIP Multi-Manager Global Equity Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Multi-Manager Global Equity Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)			Year Ended 12/31/15			5/1/143 to 12/31/14
Net asset value, beginning of period	$	9.018		$	9.829		$	10.000
Income (loss) from investment operations:
Net investment income4		0.100			0.157			0.150
Net realized and unrealized loss		(0.120	)		(0.821	)		(0.149	)
Total from investment operations		(0.020	)		(0.664	)		0.001
Less dividends and distributions from:
Net investment income		—			(0.140	)		(0.161	)
Net realized gain		—			(0.007	)		(0.011	)
Total dividends and distributions		—			(0.147	)		(0.172	)
Net asset value, end of period		$8.998			$9.018			$9.829
Total return5		(0.22%)			(6.77%)			0.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,011		$	1,852		$	1,526
Ratio of expenses to average net assets6		0.35%			0.35%			0.35%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.50%			0.52%			0.68%
Ratio of net investment income to average net assets		2.27%			1.62%			2.19%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.12%			1.45%			1.86%
Portfolio turnover		8%			20%			9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Multi-Manager Global Equity Managed Volatility Fund–7

LVIP Multi-Manager Global Equity Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Multi-Manager Global Equity Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)			Year Ended 12/31/15			5/1/143 to 12/31/14
Net asset value, beginning of period	$	9.020		$	9.830		$	10.000
Income (loss) from investment operations:
Net investment income4		0.084			0.123			0.125
Net realized and unrealized loss		(0.119	)		(0.820	)		(0.147	)
Total from investment operations		(0.035	)		(0.697	)		(0.022	)
Less dividends and distributions from:
Net investment income		—			(0.106	)		(0.137	)
Net realized gain		—			(0.007	)		(0.011	)
Total dividends and distributions		—			(0.113	)		(0.148	)
Net asset value, end of period	$	8.985		$	9.020		$	9.830
Total return5		(0.40%	)		(7.10%	)		(0.23%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	36,661		$	33,219		$	19,081
Ratio of expenses to average net assets6		0.70%			0.70%			0.70%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.85%			0.87%			1.03%
Ratio of net investment income to average net assets		1.92%			1.27%			1.84%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.77%			1.10%			1.51%
Portfolio turnover		8%			20%			9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Multi-Manager Global Equity Managed Volatility Fund–8

LVIP Multi-Manager Global Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Multi-Manager Global Equity Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests a significant portion of its assets in open-end investment companies, including exchange-traded funds (“ETFs”) that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). The Fund is advised by LIAC. The Underlying Funds invest in U.S. and foreign stocks. In addition to investment companies, the Fund may invest in individual securities, such as money market securities, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek long-term growth of capital.

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–ETFs, 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 (“NYSE”) on the valuation date. ETFs traded on the 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 ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 return to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed tax positions taken or to be taken on the Fund’s federal income tax returns through the six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014–December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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.

LVIP Multi-Manager Global Equity Managed Volatility Fund–9

LVIP Multi-Manager Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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 within 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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions with Affiliates

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 0.25% of average daily net assets of the Fund. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC). LIAC has voluntarily agreed to waive a portion of its advisory fee. This waiver can be modified or terminated at any time, without notice, with the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. For the six months ended June 30, 2016, this waiver amounted to $10,740.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.35% of average daily net assets for the Standard Class and 0.70% for the Service Class. This agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	990
Legal		255

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $919 for the six months ended June 30, 2016.

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 $1,950 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.35% of average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP Multi-Manager Global Equity Managed Volatility Fund–10

LVIP Multi-Manager Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions with Affiliates (continued)

At June 30, 2016, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	4,954
Management fees payable to LIAC		6,070
Distribution fees payable to LFD		10,564
Printing and mailing fees payable to Lincoln Life		38

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Fund engaged in securities purchases of $74,042 and securities sales of $348,824.

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.

At June 30, 2016, Lincoln Life directly owned 69.37% of the Standard Class shares and 34.00% of the Service Class shares of the Fund.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds or ETFs). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15		Purchases		Sales		Net Realized Gain (Loss)			Value 6/30/16		Dividends	Capital Gain Distributions
LVIP MFS International Growth Fund	$	1,958,538	$	245,146	$	62,422	$	(6,969	)	$	2,175,908	$—	$—
LVIP SSGA International Index Fund		4,556,810		1,074,095		110,964		(25,343	)		5,367,853	—	—
LVIP SSGA S&P 500 Index Fund		4,970,070		606,645		264,223		(12,922	)		5,511,515	—	—
LVIP SSGA Small-Cap Index Fund		2,254,824		361,785		523,515		(55,897	)		2,160,703	—	—
Total	$	13,740,242	$	2,287,671	$	961,124	$	(101,131	)	$	15,215,979	$—	$—

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	6,140,796
Sales		2,589,263

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	40,132,890
Aggregate unrealized appreciation	$	512,348
Aggregate unrealized depreciation		(2,443,189	)
Net unrealized depreciation	$	(1,930,841	)

The Regulated Investment Company Modernization Act of 2010 (“Act”) was enacted on December 22, 2010. The Act made changes to several tax rules, including providing for the unlimited carryover of future capital losses. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss.

LVIP Multi-Manager Global Equity Managed Volatility Fund–11

LVIP Multi-Manager Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

As of December 31, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$603,018	$73,562	$676,580

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	38,202,049
Futures Contracts	$	(275,305	)

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

During the period ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		25,802			49,442
Service Class		563,836			1,953,661
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			3,242
Service Class		—			44,947
		589,638			2,051,292
Shares redeemed:
Standard Class		(7,588	)		(2,643	)
Service Class		(166,225	)		(257,079	)
		(173,813	)		(259,722	)
Net increase		415,825			1,791,570

LVIP Multi-Manager Global Equity Managed Volatility Fund–12

LVIP Multi-Manager Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts	$	21,172	Net unrealized depreciation on futures contracts	$	(247,823	)
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts		—	Net unrealized depreciation on futures contracts		(48,654	)
Total		$	21,172		$	(296,477	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$	(349,032	)	$	(205,932	)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(78,713	)		(36,825	)
Total		$	(427,745	)	$	(242,757	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Futures contracts (average notional value)	$	801,492	$	6,782,791

6. 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.

LVIP Multi-Manager Global Equity Managed Volatility Fund–13

LVIP Multi-Manager Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

7. Market Risk

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.

8. 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 Multi-Manager Global Equity Managed Volatility Fund–14

LVIP Multi-Manager Global Equity Managed Volatility Fund

Other Fund Information

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Multi-Manager Global Equity Managed Volatility Fund–15

LVIP PIMCO Low Duration Bond Fund

    a series of Lincoln Variable

    Insurance Products Trust

Semiannual Report

June 30, 2016

LVIP PIMCO Low Duration Bond Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	16
Statement of Cash Flows	17
Financial Highlights	18
Notes to Financial Statements	20

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 PIMCO Low Duration Bond Fund

Disclosure

        OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,015.80		0.66%		$3.31
Service Class Shares		1,000.00		1,014.50		0.91%		4.56
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.58		0.66%		$3.32
Service Class Shares		1,000.00		1,020.34		0.91%		4.57

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP PIMCO Low Duration Bond Fund–1

LVIP PIMCO Low Duration Bond Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Agency Collateralized Mortgage Obligations		0.59%
Corporate Bonds		75.40%
Aerospace & Defense		0.14%
Air Freight & Logistics		0.41%
Airlines		0.51%
Auto Components		0.33%
Automobiles		8.73%
Banks		13.70%
Beverages		0.86%
Biotechnology		0.52%
Capital Markets		5.21%
Chemicals		0.10%
Commercial Services & Supplies		0.23%
Communications Equipment		0.85%
Construction & Engineering		0.21%
Consumer Finance		5.26%
Diversified Consumer Services		0.59%
Diversified Financial Services		4.91%
Diversified Telecommunication Services		4.17%
Electric Utilities		4.14%
Food & Staples Retailing		0.59%
Food Products		0.39%
Gas Utilities		0.11%
Health Care Equipment & Supplies		1.47%
Health Care Providers & Services		0.39%
Hotels, Restaurants & Leisure		0.89%
Household Durables		0.58%
Insurance		0.36%
Internet Software & Services		0.44%
IT Services		0.13%
Life Sciences Tools & Services		0.42%
Media		1.52%
Multi-Utilities		0.03%
Oil, Gas & Consumable Fuels		7.34%
Paper & Forest Products		0.61%
Pharmaceuticals		2.84%
Road & Rail		0.67%
Semiconductors & Semiconductor Equipment		0.09%
Software		0.46%
Technology Hardware, Storage & Peripherals		0.33%
Tobacco		2.42%
Wireless Telecommunication Services		2.45%

Security Type/Sector	Percentage of Net Assets
Municipal Bonds		0.56%
Non-Agency Asset-Backed Securities		7.91%
Non-Agency Collateralized Mortgage Obligations		0.40%
Non-Agency Commercial Mortgage-Backed Securities		4.37%
Senior Secured Loans		1.31%
Sovereign Bond		2.52%
U.S. Treasury Obligations		6.50%
Preferred Stock		0.02%
Short-Term Investment		1.32%
Total Value of Securities		100.90%
Options Written		(0.01%	)
Liabilities Net of Receivables and Other Assets		(0.89%	)
Total Net Assets		100.00%

IT–Information Technology

LVIP PIMCO Low Duration Bond Fund–2

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.59%
•Fannie Mae REMICs Series 2011-86 NF 1.003% 9/25/41		3,909,370	$	3,922,565
•GNMA Series 2016-H11 F 1.236% 5/20/66		2,696,264		2,696,812
Total Agency Collateralized Mortgage Obligations (Cost $6,612,888)				6,619,377
CORPORATE BONDS–75.40%
Aerospace & Defense–0.14%
Embraer Overseas 6.375% 1/24/17		1,500,000		1,535,625
				1,535,625
Air Freight & Logistics–0.41%
#@Aviation Capital Group 144A 2.875% 9/17/18		4,680,000		4,639,050
				4,639,050
Airlines–0.51%
¿Northwest Airlines 2002-1 Class G-2 Pass Through Trust 6.264% 11/20/21		355,767		382,894
¿UAL 2009-1 Pass Through Trust 10.40% 11/1/16		1,681,504		1,729,847
¿UAL 2009-2A Pass Through Trust 9.75% 1/15/17		3,231,869		3,345,792
#Virgin Australia 2013-1A Trust 144A 5.00% 10/23/23		268,173		276,915
				5,735,448
Auto Components–0.33%
Delphi Automotive 3.15% 11/19/20		3,600,000		3,706,672
				3,706,672
Automobiles–8.73%
Daimler Finance North America
#144A 1.375% 8/1/17		3,000,000		3,006,801
#•@144A 1.397% 7/5/19		1,500,000		1,500,000
#144A 1.65% 3/2/18		1,000,000		1,005,753
#144A 1.65% 5/18/18		2,600,000		2,617,826
#144A 2.00% 8/3/18		10,025,000		10,153,099
#144A 2.70% 8/3/20		2,200,000		2,283,250
Ford Motor Credit
•1.486% 3/12/19		10,200,000		10,161,271
•2.237% 1/8/19		7,700,000		7,820,975
2.943% 1/8/19		3,400,000		3,501,215
General Motors 3.50% 10/2/18		5,200,000		5,356,671
General Motors Financial
•1.989% 4/10/18		2,500,000		2,508,850
•2.188% 1/15/20		800,000		792,527
2.625% 7/10/17		600,000		605,698
3.00% 9/25/17		4,500,000		4,567,927
3.25% 5/15/18		2,500,000		2,552,967

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Automobiles (continued)
#Hyundai Capital America 144A 1.45% 2/6/17		3,000,000	$	3,004,020
Hyundai Capital Services
•1.447% 3/18/17		3,000,000		2,998,971
#•144A 1.447% 3/18/17		1,135,000		1,134,611
#Kia Motors 144A 2.625% 4/21/21		4,500,000		4,652,617
Nissan Motor Acceptance
#•144A 1.34% 9/26/16		4,800,000		4,805,198
#144A 1.95% 9/12/17		3,180,000		3,205,745
#144A 2.00% 3/8/19		10,900,000		11,036,381
#RCI Banque 144A 3.50% 4/3/18		1,000,000		1,033,010
#•Volkswagen Group of America Finance 144A 1.024% 5/23/17		3,100,000		3,084,729
#•Volkswagen International Finance 144A 1.066% 11/18/16		5,000,000		4,991,485
				98,381,597
Banks–13.70%
#Banco Continental via Continental Senior Trustees II Cayman 144A 5.75% 1/18/17		2,000,000		2,047,500
#Banco Nacional de Desenvolvimento Economico e Social 144A 3.375% 9/26/16		700,000		701,400
Bank of America
•1.272% 8/25/17		1,000,000		1,001,242
6.875% 4/25/18		8,383,000		9,156,047
6.875% 11/15/18		1,200,000		1,336,364
CIT Group
4.25% 8/15/17		7,100,000		7,249,100
5.25% 3/15/18		500,000		516,390
•Citigroup 1.946% 10/26/20		9,700,000		9,767,696
Cooperatieve Rabobank
•8.375% 7/29/49		7,500,000		7,541,063
•8.40% 11/29/49		1,600,000		1,678,040
#•Credit Agricole 144A 1.628% 6/10/20		1,100,000		1,098,671
Credit Suisse Group Funding Guernsey
#@144A 3.45% 4/16/21		4,000,000		4,044,220
3.80% 9/15/22		6,800,000		6,838,746
DBS Bank
•1.238% 7/15/21		6,700,000		6,701,755
•3.625% 9/21/22		3,480,000		3,559,511
@Depfa ACS Bank 5.75% 3/28/17		1,100,000		1,133,023
Eksportfinans 5.50% 6/26/17		2,000,000		2,072,260
•HBOS 1.38% 9/6/17		7,000,000		6,967,597
HSBC Holdings
•2.322% 5/25/21		4,100,000		4,105,687
2.95% 5/25/21		4,100,000		4,145,289

LVIP PIMCO Low Duration Bond Fund–3

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
•HSBC USA 1.237% 11/13/19			4,500,000	$	4,446,203
Intesa Sanpaolo 2.375% 1/13/17			10,700,000		10,741,420
JPMorgan Chase
•1.593% 1/23/20			8,000,000		8,024,072
•7.90% 12/29/49			700,000		714,875
KEB Hana Bank
•1.757% 11/9/16			750,000		751,685
3.50% 10/25/17			3,300,000		3,391,116
Macquarie Bank
#•144A 1.758% 7/29/20			4,000,000		3,985,284
#144A 5.00% 2/22/17			50,000		51,147
Mizuho Bank
#•144A 1.28% 3/26/18			3,800,000		3,792,415
#144A 2.45% 4/16/19			3,200,000		3,263,981
•MUFG Capital Finance 2 4.85% 7/29/49	EUR		300,000		332,759
•MUFG Capital Finance 4 5.271% 1/29/49	EUR		1,000,000		1,136,162
•MUFG Capital Finance 5 6.299% 1/29/49	GBP		700,000		964,491
•Royal Bank of Scotland 9.50% 3/16/22			1,363,000		1,420,738
•Santander Bank 1.561% 1/12/18			5,000,000		4,973,570
Santander U.K.
•2.136% 3/14/19			2,200,000		2,202,827
2.35% 9/10/19			2,100,000		2,112,804
2.50% 3/14/19			2,000,000		2,021,190
Shinhan Bank
•1.307% 4/8/17			2,000,000		1,998,984
#•144A 1.307% 4/8/17			1,000,000		999,492
#Standard Chartered 144A 2.40% 9/8/19			6,000,000		6,017,694
Standard Chartered Bank Hong Kong 5.875% 6/24/20			100,000		111,646
Sumitomo Mitsui Financial Group 2.934% 3/9/21			4,300,000		4,484,711
•United Overseas Bank 2.875% 10/17/22			1,200,000		1,218,072
•Wells Fargo 1.056% 9/14/18			3,500,000		3,483,585
					154,302,524
Beverages–0.86%
Anheuser-Busch InBev Finance
2.65% 2/1/21			4,400,000		4,567,688
3.30% 2/1/23			4,500,000		4,748,364
#SABMiller Holdings 144A 2.45% 1/15/17			350,000		352,344
					9,668,396
Biotechnology–0.52%
Gilead Sciences 2.55% 9/1/20			5,600,000		5,822,342
					5,822,342

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets–5.21%
Bear Stearns 7.25% 2/1/18		3,700,000	$	4,034,262
Goldman Sachs Group
•1.798% 4/23/20		15,000,000		14,964,540
•1.853% 9/15/20		1,000,000		998,644
•2.274% 11/29/23		5,900,000		5,893,398
Industrial Bank of Korea
2.375% 7/17/17		2,250,000		2,277,092
Korea Development Bank
•1.26% 1/22/17		4,000,000		4,000,340
2.25% 8/7/17		2,200,000		2,224,361
3.875% 5/4/17		2,000,000		2,046,230
Macquarie Group
3.00% 12/3/18		6,000,000		6,165,666
7.625% 8/13/19		6,000,000		6,969,906
#144A 7.625% 8/13/19		1,000,000		1,161,651
Morgan Stanley
5.50% 1/26/20		2,700,000		3,005,421
6.625% 4/1/18		400,000		433,689
UBS
•1.266% 8/14/19		500,000		497,390
•1.523% 6/1/20		4,000,000		3,996,536
				58,669,126
Chemicals–0.10%
LyondellBasell Industries 5.00% 4/15/19		1,000,000		1,083,030
				1,083,030
Commercial Services & Supplies–0.23%
#@AP Moeller - Maersk 144A 2.875% 9/28/20		2,500,000		2,567,375
				2,567,375
Communications Equipment–0.85%
QUALCOMM 3.00% 5/20/22		9,100,000		9,611,038
				9,611,038
Construction & Engineering–0.21%
#@Heathrow Funding 144A 4.875% 7/15/21		300,000		330,859
#Korea Land & Housing 144A 1.875% 8/2/17		1,000,000		1,005,482
#@SBA Tower Trust 144A 3.598% 4/15/18		1,000,000		1,007,552
				2,343,893
Consumer Finance–5.26%
AerCap Ireland Capital
2.75% 5/15/17		4,400,000		4,404,818
5.00% 10/1/21		300,000		312,750
Ally Financial
2.75% 1/30/17		200,000		201,217

LVIP PIMCO Low Duration Bond Fund–4

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Consumer Finance (continued)
3.50% 7/18/16		2,100,000	$	2,102,625
3.60% 5/21/18		1,000,000		1,005,000
4.125% 3/30/20		2,100,000		2,110,500
5.50% 2/15/17		7,400,000		7,522,263
BMW U.S. Capital
•1.026% 6/2/17		200,000		200,117
#@144A 1.50% 4/11/19		4,000,000		4,030,284
#144A 2.00% 4/11/21		1,000,000		1,013,658
BOC Aviation 2.875% 10/10/17		1,300,000		1,318,845
General Motors Financial 4.75% 8/15/17		4,270,000		4,407,127
International Lease Finance
4.625% 4/15/21		600,000		619,500
5.875% 8/15/22		500,000		543,125
6.25% 5/15/19		3,660,000		3,929,925
8.75% 3/15/17		1,800,000		1,882,404
LeasePlan
#144A 2.50% 5/16/18		4,091,000		4,094,453
#144A 2.875% 1/22/19		5,770,000		5,776,266
#144A 3.00% 10/23/17		6,000,000		6,046,026
Navient
5.50% 1/15/19		2,500,000		2,514,125
8.45% 6/15/18		4,800,000		5,208,000
				59,243,028
Diversified Consumer Services–0.59%
Hutchison Whampoa International 11
3.50% 1/13/17		1,000,000		1,012,250
#144A 3.50% 1/13/17		1,000,000		1,012,250
#Hutchison Whampoa International 12 II 144A 2.00% 11/8/17		1,000,000		1,011,403
#Hutchison Whampoa International 14 144A 1.625% 10/31/17		3,600,000		3,618,752
				6,654,655
Diversified Financial Services–4.91%
#@BGC Partners Inc 144A 5.125% 5/27/21		5,200,000		5,299,934
#@Cantor Fitzgerald 144A 6.50% 6/17/22		1,000,000		1,056,923
#Denali International 144A 5.625% 10/15/20		2,075,000		2,181,863
#Diamond 1 Finance 144A 4.42% 6/15/21		5,300,000		5,461,072
Mitsubishi UFJ Trust & Banking
#144A 2.45% 10/16/19		4,000,000		4,090,360
#144A 2.65% 10/19/20		5,200,000		5,344,903
•MUFG Americas Holdings 1.202% 2/9/18		1,000,000		996,179

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Oracle 2.40% 9/15/23		4,000,000	$	4,018,112
#Reliance Standard Life Global Funding II 144A 2.15% 10/15/18		6,385,000		6,446,762
S&P Global 3.30% 8/14/20		2,400,000		2,513,347
Synchrony Financial
•1.867% 2/3/20		4,200,000		4,070,724
1.875% 8/15/17		2,000,000		2,003,642
UBS Group Funding Jersey
#•144A 2.08% 9/24/20		1,500,000		1,501,717
#144A 2.95% 9/24/20		4,900,000		4,988,068
#@144A 3.00% 4/15/21		5,200,000		5,309,616
				55,283,222
Diversified Telecommunication Services–4.17%
AT&T
•1.326% 3/11/19		750,000		746,965
•1.561% 6/30/20		6,100,000		6,079,644
•1.577% 11/27/18		3,647,000		3,667,059
3.00% 6/30/22		2,400,000		2,461,049
KT
#144A 1.75% 4/22/17		1,000,000		1,002,984
3.875% 1/20/17		6,000,000		6,087,000
#Ooredoo International Finance 144A 3.375% 10/14/16		3,000,000		3,017,556
Telecom Italia Capital 6.999% 6/4/18		1,900,000		2,066,250
Telefonica Emisiones
•1.292% 6/23/17		1,475,000		1,473,292
6.221% 7/3/17		2,070,000		2,161,709
Verizon Communications
•1.426% 6/17/19		12,204,000		12,271,073
•2.406% 9/14/18		5,750,000		5,895,360
				46,929,941
Electric Utilities–4.14%
•Cheung Kong Infrastructure Finance BVI 1.347% 6/20/17		3,500,000		3,488,912
Dominion Gas Holdings 2.50% 12/15/19		1,200,000		1,228,380
#E.On International Finance 144A 5.80% 4/30/18		4,400,000		4,718,050
#Enel Finance International 144A 6.25% 9/15/17		828,000		874,948
Entergy 4.00% 7/15/22		636,000		683,376
Exelon 2.45% 4/15/21		1,300,000		1,319,746
FirstEnergy 2.75% 3/15/18		3,200,000		3,241,120
#Iberdrola Finance Ireland 144A 5.00% 9/11/19		1,600,000		1,758,770
#Kentucky Power 144A 6.00% 9/15/17		3,700,000		3,893,429

LVIP PIMCO Low Duration Bond Fund–5

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
#Korea East-West Power 144A 2.50% 7/16/17		1,000,000	$	1,011,804
Korea Hydro & Nuclear Power
#•144A 1.434% 5/22/17		1,000,000		999,475
#144A 2.875% 10/2/18		1,750,000		1,795,339
Korea Western Power
3.125% 5/10/17		2,800,000		2,840,572
#144A 3.125% 5/10/17		200,000		202,898
Pennsylvania Electric 5.20% 4/1/20		1,400,000		1,481,861
PSEG Power 3.00% 6/15/21		7,900,000		8,018,192
Southern
2.35% 7/1/21		3,000,000		3,063,099
2.95% 7/1/23		5,800,000		6,021,554
				46,641,525
Food & Staples Retailing–0.59%
CVS Health
2.80% 7/20/20		2,000,000		2,084,490
3.50% 7/20/22		1,000,000		1,078,124
Walgreens Boots Alliance 1.75% 11/17/17		3,000,000		3,022,416
#Wesfarmers 144A 1.874% 3/20/18		500,000		502,941
				6,687,971
Food Products–0.39%
#Kraft Heinz Foods 144A 2.00% 7/2/18		4,300,000		4,356,162
				4,356,162
Gas Utilities–0.11%
#Korea Gas 144A 2.25% 7/25/17		1,200,000		1,212,722
				1,212,722
Health Care Equipment & Supplies–1.47%
Becton Dickinson 2.675% 12/15/19		1,000,000		1,029,377
Boston Scientific
2.65% 10/1/18		3,500,000		3,579,601
3.375% 5/15/22		5,800,000		6,023,926
Medtronic 2.50% 3/15/20		3,200,000		3,320,518
Zimmer Biomet Holdings
1.45% 4/1/17		1,000,000		1,000,821
2.00% 4/1/18		1,600,000		1,614,058
				16,568,301
Health Care Providers & Services–0.39%
Anthem 1.875% 1/15/18		200,000		201,208
Cardinal Health 1.95% 6/15/18		1,800,000		1,821,728
Express Scripts Holding 2.25% 6/15/19		60,000		61,019
Humana 2.625% 10/1/19		1,000,000		1,028,225

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
#Universal Health Services 144A 3.75% 8/1/19		1,300,000	$	1,339,000
				4,451,180
Hotels, Restaurants & Leisure–0.89%
MGM Resorts International 8.625% 2/1/19		2,500,000		2,820,000
Wyndham Worldwide
2.50% 3/1/18		1,000,000		1,010,815
2.95% 3/1/17		5,624,000		5,671,888
#Wynn Las Vegas 144A 5.50% 3/1/25		500,000		485,625
				9,988,328
Household Durables–0.58%
D.R. Horton
3.75% 3/1/19		2,000,000		2,035,000
4.00% 2/15/20		2,100,000		2,173,500
Toll Brothers Finance 8.91% 10/15/17		1,800,000		1,962,000
Whirlpool 1.65% 11/1/17		400,000		402,624
				6,573,124
Insurance–0.36%
American International Group 3.30% 3/1/21		1,100,000		1,137,619
#TIAA Asset Management Finance 144A 2.95% 11/1/19		2,800,000		2,870,748
				4,008,367
Internet Software & Services–0.44%
eBay 1.35% 7/15/17		4,900,000		4,910,618
				4,910,618
IT Services–0.13%
Fidelity National Information Services 2.85% 10/15/18		1,400,000		1,437,593
				1,437,593
Life Sciences Tools & Services–0.42%
Thermo Fisher Scientific 3.30% 2/15/22		4,600,000		4,778,567
				4,778,567
Media–1.52%
Charter Communications Operating
#144A 3.579% 7/23/20		1,000,000		1,046,410
#144A 4.464% 7/23/22		6,000,000		6,456,780
#Cox Communications 144A 5.875% 12/1/16		1,100,000		1,118,985
Scripps Networks Interactive 3.50% 6/15/22		2,600,000		2,698,303

LVIP PIMCO Low Duration Bond Fund–6

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
Sky
#@144A 2.625% 9/16/19		1,000,000	$	1,018,264
#144A 6.10% 2/15/18		1,000,000		1,069,593
Time Warner Cable 8.25% 4/1/19		600,000		697,156
Viacom 3.50% 4/1/17		3,000,000		3,043,203
				17,148,694
Multi-Utilities–0.03%
DTE Energy 2.40% 12/1/19		300,000		306,563
				306,563
Oil, Gas & Consumable Fuels–7.34%
BG Energy Capital
#144A 4.00% 10/15/21		2,800,000		3,056,236
•6.50% 11/30/72		4,200,000		4,389,155
CNOOC Nexen Finance 2014 1.625% 4/30/17		500,000		501,143
CNPC General Capital 2.75% 4/19/17		1,500,000		1,516,713
•ConocoPhillips 1.526% 5/15/22		4,800,000		4,559,136
Energy Transfer Partners
9.00% 4/15/19		3,000,000		3,355,647
9.70% 3/15/19		851,000		964,070
Kinder Morgan
2.00% 12/1/17		1,200,000		1,193,992
7.00% 6/15/17		2,100,000		2,187,501
7.25% 6/1/18		1,000,000		1,081,954
Kinder Morgan Energy Partners
5.80% 3/1/21		700,000		761,113
6.00% 2/1/17		4,000,000		4,093,524
#Kinder Morgan Finance 144A 6.00% 1/15/18		1,800,000		1,894,651
Korea National Oil
3.125% 4/3/17		2,250,000		2,280,566
#144A 3.125% 4/3/17		1,500,000		1,520,377
4.00% 10/27/16		3,650,000		3,688,581
ONEOK Partners 2.00% 10/1/17		2,270,000		2,267,553
Petroleos Mexicanos 5.75% 3/1/18		1,000,000		1,048,160
Pioneer Natural Resources
6.65% 3/15/17		3,422,000		3,542,222
6.875% 5/1/18		800,000		865,212
Plains All American Pipeline 2.60% 12/15/19		2,700,000		2,632,532
Sabine Pass LNG 7.50% 11/30/16		6,200,000		6,321,675
Shell International Finance 1.375% 5/10/19		3,500,000		3,513,633
Sinopec Group Overseas Development 2014
•1.409% 4/10/17		400,000		400,515

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
#•144A 1.409% 4/10/17		6,500,000	$	6,508,372
#144A 1.75% 4/10/17		3,000,000		3,010,836
Statoil 1.25% 11/9/17		1,711,000		1,715,585
Tennessee Gas Pipeline 7.50% 4/1/17		2,212,000		2,303,906
Williams Partners 7.25% 2/1/17		4,100,000		4,223,234
Woodside Finance
#144A 3.65% 3/5/25		800,000		782,888
#144A 4.60% 5/10/21		2,900,000		3,072,240
#144A 8.75% 3/1/19		3,000,000		3,458,145
				82,711,067
Paper & Forest Products–0.61%
Georgia-Pacific
#144A 2.539% 11/15/19		4,400,000		4,509,578
#144A 5.40% 11/1/20		2,100,000		2,380,806
				6,890,384
Pharmaceuticals–2.84%
AbbVie
1.75% 11/6/17		3,000,000		3,018,711
2.30% 5/14/21		5,000,000		5,066,470
2.50% 5/14/20		800,000		818,594
3.20% 11/6/22		1,600,000		1,656,760
Actavis 1.875% 10/1/17		3,290,000		3,307,437
Actavis Funding
1.85% 3/1/17		2,800,000		2,809,965
•1.911% 3/12/20		7,500,000		7,526,910
3.00% 3/12/20		3,900,000		4,025,611
#Forest Laboratories 144A 4.375% 2/1/19		1,400,000		1,477,539
Mylan 1.35% 11/29/16		1,000,000		998,995
Zoetis 3.45% 11/13/20		1,300,000		1,343,416
				32,050,408
Road & Rail–0.67%
#@Asciano Finance 144A 5.00% 4/7/18		3,000,000		3,100,929
Kansas City Southern
#•144A 1.334% 10/28/16		3,000,000		2,996,421
#144A 2.35% 5/15/20		1,500,000		1,500,450
				7,597,800
Semiconductors & Semiconductor Equipment–0.09%
KLA-Tencor 3.375% 11/1/19		1,000,000		1,034,910
				1,034,910

LVIP PIMCO Low Duration Bond Fund–7

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Software–0.46%
Symantec
2.75% 6/15/17		3,100,000	$	3,116,039
4.20% 9/15/20		2,000,000		2,086,832
				5,202,871
Technology Hardware, Storage & Peripherals–0.33%
Hewlett Packard Enterprise
#144A 2.45% 10/5/17		1,800,000		1,823,888
#144A 2.85% 10/5/18		1,800,000		1,844,311
				3,668,199
Tobacco–2.42%
BAT International Finance
#•144A 1.163% 6/15/18		2,000,000		1,996,756
#144A 3.50% 6/15/22		300,000		322,119
Imperial Tobacco Finance
2.05% 2/11/18		1,500,000		1,513,602
#144A 2.05% 2/11/18		1,800,000		1,816,322
#144A 2.05% 7/20/18		6,079,000		6,150,215
#144A 2.95% 7/21/20		1,500,000		1,546,141
Reynolds American
3.25% 6/12/20		1,077,000		1,139,531
4.00% 6/12/22		11,700,000		12,732,291
				27,216,977
Wireless Telecommunication Services–2.45%
•America Movil 1.656% 9/12/16		1,660,000		1,660,463
#Crown Castle Towers 144A 3.222% 5/15/22		4,500,000		4,677,187
SingTel Group Treasury 2.375% 9/8/17		9,000,000		9,139,086
Sprint Communications
6.00% 12/1/16		4,650,000		4,690,687
8.375% 8/15/17		4,800,000		4,927,680
9.125% 3/1/17		2,400,000		2,482,248
				27,577,351
Total Corporate Bonds (Cost $840,867,171)				849,196,644
MUNICIPAL BONDS–0.56%
Educational Enhancement Funding Series A 1.906% 6/1/17		3,300,000		3,333,726
•State of Texas Series C-2 0.867% 6/1/19		3,000,000		3,002,520
Total Municipal Bonds (Cost $6,305,853)				6,336,246
NON-AGENCY ASSET-BACKED SECURITIES–7.91%
•Accredited Mortgage Loan Trust Series 2004-3 2A2 1.653% 10/25/34		26,206		26,081

		Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
•Amortizing Residential Collateral Trust Series 2004-1 A5 1.453% 10/25/34			98,897	$	94,600
#•Babson CLO Series 2012-2A A1R 144A 1.866% 5/15/23			2,200,000		2,193,270
#•@Ballyrock CLO Series 2013-1A A 144A 1.816% 5/20/25			900,000		886,311
•Bear Stearns Asset-Backed Securities I Trust Series 2004-BO1 M4 1.653% 10/25/34			1,046,000		1,040,192
•Bear Stearns Asset-Backed Securities Trust Series 2003-2 A3 1.953% 3/25/43			103,027		100,754
#•Carlyle Global Market Strategies CLO Series 2012-1A AR 144A 1.864% 4/20/22			2,000,000		1,994,150
CIFC Funding
#•Series 2011-1AR A1R 144A 1.933% 1/19/23			504,544		503,788
#•Series 2012-2A A1R 144A 2.03% 12/5/24			2,200,000		2,197,131
#•COA Summit CLO Series 2014-1A A1 144A 1.984% 4/20/23			1,387,016		1,381,740
#•Colony Starwood Homes Trust Series 2016-1A A 144A 1.946% 7/17/33			3,100,000		3,102,399
•Cordatus CLO I Series 2006-1X A1 0.152% 1/30/24	EUR		3,539,143		3,900,307
•CWABS Asset-Backed Certificates Trust 2004-6 Series 2004-6 1A1 0.993% 12/25/34			3,648,868		3,431,203
#•@Drug Royalty II Series 2014-1 A1 144A 3.478% 7/15/23			204,164		205,663
#•Dryden XXII Senior Loan Fund Series 2011-22A A1R 144A 1.798% 1/15/22			1,836,454		1,808,516
#@Eagle I Series 2014-1A A1 144A 2.57% 12/15/39			625,000		615,625
#Exeter Automobile Receivables Trust Series 2014-2A A 144A 1.06% 8/15/18			2,830		2,828
#•Galaxy XI CLO Series 2011-11A A 144A 1.926% 8/20/22			1,790,784		1,787,846
GCAT
#fSeries 2015-2 A1 144A 3.75% 7/25/20			775,748		771,981
#fSeries 2016-1 A1 144A 4.50% 3/25/21			1,000,000		1,007,608
•GSAA Home Equity Trust Series 2004-11 2A2 1.093% 12/25/34			127,688		123,938

LVIP PIMCO Low Duration Bond Fund–8

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
•Harbourmaster CLO 9 Series 9X A1E 0.031% 5/8/23	EUR		586,604	$	643,858
#•Highbridge Loan Management Series 2012-1AR A1R 144A 1.897% 9/20/22			4,281,731		4,270,894
#•KVK CLO Series 2012-1A A 144A 1.998% 7/15/23			2,773,524		2,764,264
#•LCM X Series 10AR AR 144A 1.888% 4/15/22			2,075,257		2,061,813
#•LCM XII Series 12A AR 144A 1.893% 10/19/22			9,000,000		8,974,773
#•Madison Park Funding Series 2011-7A A 144A 1.903% 6/15/22			718,647		717,566
#•Malin CLO BV Series 2007-1A A1 144A 0.292% 5/7/23	EUR		2,806,104		3,099,615
Navient Private Education Loan Trust
#•Series 2014-CTA A 144A 1.142% 9/16/24			618,740		614,149
#•Series 2015-AA A2B 144A 1.642% 12/15/28			2,500,000		2,463,075
#fNYMT
Residential Series 2016-RP1A A 144A 4.00% 3/25/21			1,926,591		1,931,300
#•Ocean Trails CLO I Series 2006-1A A1 144A 0.881% 10/12/20			777,975		769,891
#•Ocean Trails CLO II Series 2007-2A A1V2 144A 0.865% 6/27/22			573,431		564,247
#•OHA Credit Partners VI Series 2012-6A AR 144A 1.846% 5/15/23			5,565,098		5,536,532
#OneMain Financial Issuance Trust Series 2015-2A A 144A 2.57% 7/18/25			4,000,000		3,998,816
•Option One Mortgage Loan Trust Series 2005-5 A3 0.663% 12/25/35			836,753		831,092
Securitized Asset-Backed Receivables Trust Series 2006-OP1 0.525% 10/25/35			5,000,000		4,855,476
•SLM Private Credit Student Loan Trust Series 2005-A A3 0.853% 6/15/23			3,780,934		3,624,504
•Specialty Underwriting & Residential Finance Trust Series 2005-AB1 M1 1.098% 3/25/36			196,427		194,310

		Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Symphony CLO VIII Series 2012-8AR AR 144A 1.729% 1/9/23			6,213,879	$	6,177,981
#•Symphony CLO X Series 2012-10AR AR 144A 1.908% 7/23/23			250,000		249,541
#•Venture XI CLO Series 2012-11AR AR 144A 1.926% 11/14/22			3,400,000		3,389,066
#•Voya CLO Series 2012-2AR AR 144A 1.928% 10/15/22			2,000,000		1,995,494
#•Voya CLO Series 2012-3AR AR 144A 1.948% 10/15/22			600,000		596,761
•@Wood Street CLO 1 Series I B 0.237% 11/22/21	EUR		1,500,000		1,617,488
Total Non-Agency Asset-Backed Securities (Cost $89,440,782)					89,118,437
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.40%
#•BCAP Trust Series 2009-RR4 9A1 144A 2.693% 10/26/35			35,882		35,615
Bear Stearns ARM Trust
•Series 2003-1 5A1 2.522% 4/25/33			84,939		84,464
•Series 2005-5 A1 2.38% 8/25/35			828,226		830,790
•Credit Suisse First Boston Mortgage Securities Series 2003-AR18 2A3 2.677% 7/25/33			14,517		14,349
•Eurosail-U.K. Series 2007-4X A2A 0.874% 6/13/45	GBP		715,296		945,765
•GSR Mortgage Loan Trust Series 2005-5F 8A1 0.953% 6/25/35			695,726		657,258
Merrill Lynch Mortgage Investors Trust
•Series 2003-A3 1A 2.626% 5/25/33			18,718		18,025
•Series 2005-2 1A 2.228% 10/25/35			52,005		50,215
•New York Mortgage Trust Series 2005-3 A1 0.693% 2/25/36			1,284,857		1,149,307
•Prime Mortgage Trust Series 2004-CL1 2A2 0.853% 2/25/19			13		13
•Sequoia Mortgage Trust Series 2004-6 A1 2.231% 7/20/34			14,755		14,501

LVIP PIMCO Low Duration Bond Fund–9

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
•Structured ARM Loan Trust Series 2004-6 3A2 2.902% 6/25/34		197,058	$	196,364
•Structured Asset Mortgage Investments II Trust Series 2005-AR5 A3 0.698% 7/19/35		505,219		486,269
Total Non-Agency Collateralized Mortgage Obligations (Cost $4,677,849)				4,482,935
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–4.37%
BAMLL Commercial Mortgage Securities Trust
#•Series 2014-FL1 A 144A 1.842% 12/15/31		2,000,000		1,999,967
#•Series 2015-ASHF A 144A 1.662% 1/15/28		850,000		851,078
#•BBCMS Trust Series 2015-RRI A 144A 1.592% 5/15/32		6,601,151		6,579,330
•COBALT Commercial Mortgage Trust Series 2007-C3 A1A 5.956% 5/15/46		2,543,717		2,615,422
#•Countrywide Commercial Mortgage Trust Series 2007-MFL 144A 6.275% 11/12/43		1,044,409		1,069,112
#•Credit Suisse First Boston Mortgage Securities Series 2004-C2 J 144A 5.362% 5/15/36		500,000		535,151
JPMorgan Chase Commercial Mortgage Securities Trust
#Series 2002-CIB5 H 144A 5.50% 10/12/37		376,722		385,540
•Series 2006-CIB15 A1A 5.811% 6/12/43		1,059,371		1,058,574
•Series 2007-CIB20 AIA 5.746% 2/12/51		1,560,221		1,620,882
•LB Commercial Mortgage Trust Series 2007-C3 A1A 6.073% 7/15/44		6,828,165		7,073,923
Morgan Stanley Capital I Trust
•Series 2007-IQ14 A1A 5.665% 4/15/49		7,844,475		8,050,369
Series 2007-IQ16 A4 5.809% 12/12/49		3,314,903		3,441,887
Wachovia Bank Commercial Mortgage Trust
#•Series 2006-C28 A4FL 144A 0.596% 10/15/48		6,606,273		6,589,279

	Principal Amount		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust (continued)
#•Series 2007-C32 A4FL 144A 0.621% 6/15/49		6,600,000		6,496,903
Wells Fargo Commercial Mortgage Trust Series 2012-LC5 A1 0.687% 10/15/45		413,519		412,759
WF-RBS Commercial Mortgage Trust Series 2012-C9 A1 0.673% 11/15/45		494,555		493,378
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $49,516,622)				49,273,554
«SENIOR SECURED LOANS–1.31%
Avago Technologies Cayman Finance Tranche B 1st Lien 4.25% 2/1/23		1,396,500		1,399,886
Community Health Systems Tranche F 1st Lien 3.924% 12/31/18		3,600,765		3,576,009
Dell International Tranche B2 1st Lien 4.00% 4/29/20		3,000,000		2,994,840
Energy Future Intermediate Holding DIP 1st Lien 4.25% 12/19/16		2,800,000		2,797,662
FCA U.S. Tranche B 1st Lien 3.50% 5/24/17		2,377,033		2,378,768
Las Vegas Sands Tranche B 1st Lien 3.25% 12/19/20		1,591,837		1,592,943
Total Senior Secured Loans (Cost $14,747,145)				14,740,108
DSOVEREIGN BOND–2.52%
Japan–2.52%
≠Japan Treasury Discount Bill 0.00% 7/19/16	JPY	2,930,000,000		28,374,623
Total Sovereign Bond (Cost $26,810,187)				28,374,623
U.S. TREASURY OBLIGATIONS–6.50%
U.S. Treasury Bill
≠×0.23% 7/21/16		274,000		273,973
≠×0.24% 11/3/16		1,235,000		1,233,991
≠×0.417% 12/8/16		1,097,000		1,095,629
¥U.S. Treasury Inflation Indexed Note 0.125% 4/15/20		68,964,075		70,574,593
Total U.S. Treasury Obligations (Cost $72,409,531)				73,178,186

LVIP PIMCO Low Duration Bond Fund–10

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
PREFERRED STOCK–0.02%
•Citigroup Capital XIII 7.008%		8,500		221,595
Total Preferred Stock (Cost $229,075)				221,595

	Principal Amount°		Value (U.S. $)
SHORT-TERM INVESTMENT–1.32%
≠Discounted Commercial Paper–1.32%
Electricite De France 1.53% 1/9/17		15,000,000	$	14,898,756
Total Short-Term Investment (Cost $14,879,200)				14,898,756

TOTAL VALUE OF SECURITIES–100.90% (Cost $1,126,496,303)				$	1,136,440,461
	Number of Contracts
OPTIONS WRITTEN–(0.01%)
Currency Put Options–(0.01%)
@EUR Vs USD strike price EUR 1.0865, expiration date 8/3/16 (BNP)		(25,000,000	)		(122,489	)
Total Options Written (Premium received $122,489)					(122,489	)
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.89%)					(10,016,561	)
NET ASSETS APPLICABLE TO 111,492,042 SHARES OUTSTANDING–100.00%				$	1,126,301,411

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $356,517,366, which represents 31.65% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $38,240,627, which represents 3.40% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

¿ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

≠ The rate shown is the effective yield at the time of purchase.

« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at June 30, 2016.

× Fully or partially pledged as collateral for derivatives.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

¥ Fully or partially pledged as collateral for derivatives and reverse repurchase agreements.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2016.

LVIP PIMCO Low Duration Bond Fund–11

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

The following foreign currency exchange contracts, futures contracts, reverse repurchase agreements and swap contracts were outstanding at June 30, 2016:

Foreign Currency Exchange Contracts¹

Counterparty	Contracts to Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation (Depreciation)
BAML	EUR	9,625,000			USD	(10,680,487	)		7/5/16	$	2,644
BNP	EUR	(10,018,000	)		USD	11,055,684			8/12/16		(79,620	)
BNP	GBP	(3,686,000	)		USD	5,318,175			8/12/16		409,254
BNP	JPY	(2,147,483,648	)		USD	26,867,300			7/19/16		(1,522,998	)
GSC	AUD	(452,000	)		USD	331,307			8/12/16		(5,246	)
GSC	CAD	14,402,000			USD	(11,053,428	)		8/12/16		95,592
GSC	EUR	(51,329,000	)		USD	58,205,752			8/12/16		1,152,046
GSC	GBP	3,204,000			USD	(4,274,238	)		8/12/16		(7,232	)
GSC	JPY	869,800,000			USD	(8,459,493	)		7/1/16		(36,259	)
GSC	JPY	(306,000,000	)		USD	2,757,069			7/5/16		(206,611	)
GSC	JPY	(869,800,000	)		USD	8,467,604			8/2/16		35,848
JPMC	CAD	(42,177,000	)		USD	32,868,836			8/12/16		218,355
JPMC	EUR	(9,625,000	)		USD	10,683,750			7/5/16		619
JPMC	EUR	522,000			USD	(582,970	)		8/12/16		(2,752	)
JPMC	GBP	(1,140,000	)		USD	1,646,608			8/12/16		128,386
JPMC	JPY	(869,828,712	)		USD	8,472,000			7/1/16		48,488
										$	230,514

Futures Contracts¹

Contracts to Buy (Sell)			Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
	492	3-Month Euribor	$	136,928,270		$	137,024,772			12/19/17	$	96,502
	499	3-Month Euribor		138,851,780			138,925,857			12/18/18		74,077
	(1,942)	90Day IMM Eurodollar		(477,765,381	)		(479,504,075	)		12/17/19		(1,738,694	)
	725	U.S. Treasury 2 yr Notes		158,402,434			159,012,891			10/3/16		610,457
	(930)	U.S. Treasury 5 yr Notes		(112,433,322	)		(113,612,578	)		10/3/16		(1,179,256	)
											$	(2,136,914	)

Reverse Repurchase Agreements²

Counterparty	Interest Rate		Trade Date		Maturity Date		Face Value			Face Value Including Accrued Interest
CAIC–U.S. Treasury Inflation Protected Bond 0.125% 4/15/20		0.65%		6/29/16		7/6/16	$	(14,282,250	)	$(14,282,766)

Swap Contracts¹

CDS Contracts

Counterparty	Swap Referenced Obligation	Notional Value3		Annual Protection Payments (Receipts)	Termination Date	Upfront Payments Paid (Received)	Unrealized Appreciation (Depreciation)
	Protection Sold/Moody’s Rating: Mexico La SP BPS
BNP	5.95% 3/19/19 / A3		2,200,000	1.00%	9/20/20	$(26,046)		$(3,941)

LVIP PIMCO Low Duration Bond Fund–12

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

Interest Rate Swap Contracts

Counterparty & Swap Referenced Obligation	Notional Value3		Fixed Interest Rate Paid	Variable Interest Rate Received	Termination Date	Upfront Payments Paid (Received)	Unrealized Appreciation (Depreciation)
CME-GSC 3-Month IRS		771,000,000	0.465%	0.000%	6/21/20	$(19,057)	$(178,792)

The use of foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts, and notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

²See Note 1 in “Notes to Financial Statements.”

³Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

Summary of Abbreviations:

ARM–Adjustable Rate Mortgage

AUD–Australian Dollar

BAML–Bank of America Merrill Lynch

BNP–BNP Paribas

CAD–Canadian Dollar

CAIC–Credit Agricole Corporate & Investment Bank

CDS–Credit Default Swap

CLO–Collateralized Loan Obligation

CME–Chicago Mercantile Exchange Inc.

EUR–Euro

GBP–British Pound Sterling

GNMA–Government National Mortgage Association

GSC–Goldman Sachs Capital

HSBC–Hong Kong Shanghai Bank

IMM–International Monetary Market

IRS–Interest Rate Swap

IT–Information Technology

JPMC–JPMorgan Chase

JPY–Japanese Yen

LB–Lehman Brothers

RBS–Royal Bank of Scotland

REMIC–Real Estate Mortgage Investment Conduit

UBS–Union Bank of Switzerland

USD–U.S. Dollar

WF–Wells Fargo

yr–Year

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

LVIP PIMCO Low Duration Bond Fund–13

LVIP PIMCO Low Duration Bond Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments, at value	$	1,136,440,461
Receivable for securities sold		8,365,882
Dividends and interest receivable		7,076,618
Cash		6,096,283
Unrealized appreciation on foreign currency exchange contracts		2,091,232
Foreign currencies, at value		1,415,195
Cash collateral held at brokers for certain open derivatives		687,000
Receivable for fund shares sold		450,081
Cash collateral held at broker for futures contracts		202,000
Swap payments receivable		910
Prepaid printing and mailing fees to Lincoln Life		328
TOTAL ASSETS		1,162,825,990
LIABILITIES:
Reverse repurchase agreements, at value		14,282,250
Payable for securities purchased		11,704,932
Cash received as collateral for certain open derivatives		5,075,000
Net unrealized depreciation on futures contracts		2,136,914
Unrealized depreciation on foreign currency exchange contracts		1,860,718
Due to manager and affiliates		518,267
Payable for fund shares redeemed		459,344
Options written, at value		122,489
Unrealized depreciation on interest rate swap contracts		103,256
Other accrued expenses		87,727
Variation margin due to brokers on centrally cleared interest rate swap contracts		75,536
Interest expense payable for reverse repurchase agreements		49,102
Upfront payments received on credit default swap contracts		26,046
Upfront payments received on interest rate swap contracts		19,057
Unrealized depreciation on credit default swap contracts		3,941
TOTAL LIABILITIES		36,524,579
TOTAL NET ASSETS	$	1,126,301,411
Investments, at cost	$	1,126,496,303
Foreign currencies, at cost		1,401,575
Options written, premium received		(122,489	)
Reverse repurchase agreements, at proceeds		(14,282,250	)

LVIP PIMCO Low Duration Bond Fund–14

LVIP PIMCO Low Duration Bond Fund

Statement of Assets and Liabilities (continued)

Standard Class:
Net Assets	$	796,103,621
Shares Outstanding		78,782,443
Net Asset Value Per Share	$	10.105
Service Class:
Net Assets	$	330,197,790
Shares Outstanding		32,709,599
Net Asset Value Per Share	$	10.095
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	1,117,873,533
Undistributed net investment income		10,183,637
Accumulated net realized loss on investments		(9,616,344	)
Net unrealized appreciation of investments, foreign currencies and derivatives		7,860,585
TOTAL NET ASSETS	$	1,126,301,411

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

LVIP PIMCO Low Duration Bond Fund–15

LVIP PIMCO Low Duration Bond Fund	LVIP PIMCO Low Duration Bond Fund
Statement of Operations	Statements of Changes in Net Assets
Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Interest	$	11,021,856
Dividends		12,971
		11,034,827
EXPENSES:
Management fees		2,674,606
Interest expense		597,601
Distribution fees-Service Class		366,162
Accounting and administration expenses		133,897
Professional fees		45,974
Reports and statements to shareholders		21,892
Pricing fees		18,895
Custodian fees		18,247
Trustees’ fees and expenses		13,784
Consulting fees		1,358
Other		4,851
Total operating expenses		3,897,267
NET INVESTMENT INCOME		7,137,560
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		6,838
Security sold short		(1,677,864	)
Foreign currencies		(3,800,262	)
Foreign currency exchange contracts		(2,155,797	)
Futures contracts		(1,569,150	)
Options purchased		(249,000	)
Options written		1,084,205
Swap contracts		(1,906,094	)
Net realized loss		(10,267,124	)
Net change in unrealized appreciation (depreciation) of:
Investments		25,174,037
Foreign currencies		32,872
Foreign currency exchange contracts		(2,258,559	)
Futures contracts		(3,155,108	)
Options purchased		108,767
Options written		(1,215,621	)
Swap contracts		1,132,930
Net change in unrealized appreciation (depreciation)		19,819,318
NET REALIZED AND UNREALIZED GAIN		9,552,194
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,689,754

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

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	7,137,560		$	12,161,263
Net realized gain (loss)		(10,267,124	)		9,349,600
Net change in unrealized appreciation (depreciation)		19,819,318			(7,253,028	)
Net increase in net assets resulting from operations		16,689,754			14,257,835
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(9,948,556	)
Service Class		—			(2,265,464	)
Net realized gain:
Standard Class		—			(2,314,791	)
Service Class		—			(662,304	)
		—			(15,191,115	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		38,224,617			85,067,290
Service Class		141,964,513			232,616,733
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			12,263,347
Service Class		—			2,927,768
		180,189,130			332,875,138
Cost of shares redeemed:
Standard Class		(46,152,132	)		(86,054,244	)
Service Class		(53,690,186	)		(53,319,899	)
		(99,842,318	)		(139,374,143	)
Increase in net assets derived from capital share transactions .		80,346,812			193,500,995
NET INCREASE IN NET ASSETS		97,036,566			192,567,715
NET ASSETS:
Beginning of period		1,029,264,845			836,697,130
End of period	$	1,126,301,411		$	1,029,264,845
Undistributed net investment income	$	10,183,637		$	3,046,077

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

LVIP PIMCO Low Duration Bond Fund–16

LVIP PIMCO Low Duration Bond Fund

Statement of Cash Flows

Six Months Ended June 30, 2016 (unaudited)

Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	16,689,754
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by / (used for) operating activities:
Proceeds from sales and paydowns of long-term investments		3,669,630,812
Purchase of long-term investments		(3,444,236,737	)
Net proceeds of short-term securities		5,640,333
Costs from security sold short		(2,452,048,792	)
Proceeds to cover security sold short		2,450,370,928
Net amortization of premium/(discount) on investments		3,397,218
Net realized loss on investments from changes in the foreign exchange rates		3,732,480
Net realized gain on investments		(6,838	)
Net realized loss on security sold short		1,677,864
Net change in unrealized (appreciation) depreciation of investments		(25,174,037	)
Net change in unrealized (appreciation) depreciation of swap contracts		(1,132,930	)
Net change in unrealized (appreciation) depreciation of futures contracts		3,155,108
Net change in unrealized (appreciation) depreciation of foreign currency exchange contracts		2,258,559
Net change in unrealized (appreciation) depreciation of options purchased		(108,767	)
Net change in unrealized (appreciation) depreciation of options written		1,215,621
Costs of options purchased		(318,440	)
Options purchased expired/exercised		517,441
Premiums on options written		1,366,489
Options written expired/exercised		(4,293,584	)
Increase in receivable for securities sold		(5,113,413	)
Increase in dividends and interest receivable		(174,928	)
Net amortization of upfront payments on swap contracts		(2,667	)
Premiums received (paid) for swap contracts		640,271
Increase in variation margin due to brokers on centrally cleared interest rate swap contracts		75,536
Increase in cash received as collateral for certain open derivatives		(905,000	)
Decrease in cash collateral held at brokers for certain open derivatives		3,143,518
Increase in cash collateral held at broker for futures contracts		(202,000	)
Increase in cash due to broker for futures contracts		(564,409	)
Decrease in foreign currencies pledged as collateral for open futures contracts		30,724
Decrease in swaps interest payable		(26,300	)
Increase in payable for securities purchased		10,318,932
Increase in prepaid printing and mailing fees to Lincoln Life		(328	)
Increase in due to manager and affiliates		37,629
Decrease in other accrued expenses.		(11,507	)
Decrease in interest expense payable		(27,328	)
Cash provided by (used for) operating activities		239,551,212
Cash provided by (used for) financing activities:
Proceeds from reverse repurchase agreements		4,342,848,112
Costs to cover reverse repurchase agreements		(4,663,422,237	)
Proceeds from shares sold, net of amounts receivables		180,961,630
Shares redeemed, net of amounts payables		(99,570,174	)
Cash provided by (used for) financing activities:		(239,182,669	)
Net increase in cash		368,543
Cash and foreign currencies at beginning of period		7,142,935
Cash and foreign currencies at end of period	$	7,511,478
Cash paid during the period for interest expenses	$	624,929

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

LVIP PIMCO Low Duration Bond Fund–17

LVIP PIMCO Low Duration Bond Fund

Financial Highlights

Select data for each share of the Fund outstanding throughout each period were as follows:

	LVIP PIMCO Low Duration Bond Fund Standard Class
	Six Months
	Ended							5/1/142
	6/30/161			Year Ended				to
	(unaudited)			12/31/15				12/31/14
Net asset value, beginning of period		$	9.948		$	9.939			$	10.000
Income (loss) from investment operations:
Net investment income3			0.070			0.134				0.062
Net realized and unrealized gain (loss)			0.087			0.032				(0.042	)
Total from investment operations			0.157			0.166				0.020
Less dividends and distributions from:
Net investment income			—			(0.127	)			(0.066	)
Net realized gain			—			(0.030	)			(0.015	)
Total dividends and distributions			—			(0.157	)			(0.081	)
Net asset value, end of period		$	10.105		$	9.948			$	9.939
Total return4			1.58%			1.67%				0.20%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	796,103		$	791,901			$	779,587
Ratio of expenses to average net assets5			0.66%			0.57%				0.57%
Ratio of net investment income to average net assets6			1.40%			1.33%				0.92%
Portfolio turnover			309%			489%				1,173%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  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.

⁵  The ratio of expenses to average net assets excluding interest expense for the six months ended June 30, 2016, the year ended December 31, 2015, and the period May 1, 2014 through December 31, 2014 was 0.55%, 0.54%, and 0.55%, respectively.

⁶  The ratio of net investment income to average net assets excluding interest expense for the six months ended June 30, 2016, the year ended December 31, 2015, and the period May 1, 2014 through December 31, 2014 was 1.51%, 1.36%, and 0.94%, respectively.

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

LVIP PIMCO Low Duration Bond Fund–18

LVIP PIMCO Low Duration Bond Fund

Financial Highlights (continued)

Select data for each share of the Fund outstanding throughout each period were as follows:

	LVIP PIMCO Low Duration Bond Fund Service Class
	Six Months
	Ended							5/1/142
	6/30/161			Year Ended				to
	(unaudited)			12/31/15				12/31/14
Net asset value, beginning of period		$	9.950		$	9.941			$	10.000
Income (loss) from investment operations:
Net investment income3			0.057			0.109				0.045
Net realized and unrealized gain (loss)			0.088			0.032				(0.040	)
Total from investment operations			0.145			0.141				0.005
Less dividends and distributions from:
Net investment income			—			(0.102	)			(0.049	)
Net realized gain			—			(0.030	)			(0.015	)
Total dividends and distributions			—			(0.132	)			(0.064	)
Net asset value, end of period		$	10.095		$	9.950			$	9.941
Total return4			1.45%			1.42%				0.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	330,198		$	237,364			$	57,110
Ratio of expenses to average net assets5			0.91%			0.82%				0.82%
Ratio of net investment income to average net assets6			1.15%			1.08%				0.67%
Portfolio turnover			309%			489%				1,173%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  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.

⁵  The ratio of expenses to average net assets excluding interest expense for the six months ended June 30, 2016, the year ended December 31, 2015, and the period May 1, 2014 through December 31, 2014 was 0.80%, 0.79%, and 0.80%, respectively.

⁶  The ratio of net investment income to average net assets excluding interest expense for the six months ended June 30, 2016, the year ended December 31, 2015, and the period May 1, 2014 through December 31, 2014 was 1.26%, 1.11%, and 0.69%, respectively.

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

LVIP PIMCO Low Duration Bond Fund–19

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 PIMCO Low Duration Bond 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 non-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”). 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 a high level of current income consistent with preservation of capital.

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–U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities, credit default swap (“CDS”) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014-December 31, 2015), 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 six months ended June 30, 2016, 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 generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to changes in foreign exchange rates are included in the Statement of Operations under “Net realized gain (loss) on foreign currencies.” 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.

Repurchase Agreements–The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy

LVIP PIMCO Low Duration Bond Fund–20

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At June 30, 2016, the Fund held no investments in repurchase agreements.

Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain, in a segregated account with its custodian, cash, cash equivalents or U.S. government securities in an amount sufficient to cover its obligations under reverse repurchase agreements. The Fund will subject its investments in reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund’s earnings or Net Asset Value (NAV) will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. For the six months ended June 30, 2016, the Fund had average reverse repurchase agreements of $168,093,126, for which it paid interest at an average rate of 0.71%. At June 30, 2016, the Fund pledged $14,321,785 in securities as collateral for reverse repurchase agreements.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements in relation to the reverse repurchase agreements on the Schedule of Investments is as follows:

		Remaining Contracted Maturity of the Agreements
Reverse Repurchase Agreements	Open/Demand1	Overnight	Up to 30 days	31-90 days	Greater Than 90 Days But Less Than One Year	Total
U.S. Treasury Obligations	$—	$—	$(14,282,250)	$—	$—	$(14,282,250)

¹Certain agreements have no stated maturity and can be terminated by either party at any time.

Short Sales–The Fund may make short sales in an attempt to protect against declines in an individual security or the overall market, to manage duration, or for such other purposes consistent with the Fund’s investment objective and strategies. Typically, short sales are transactions in which the Fund sells a security it does not own and, at the time a short sale is effected, the Fund incurs an obligation to replace the security borrowed at whatever its price may be at the time the Fund purchases it for delivery to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. When a short sale transaction is closed out by delivery of the security, any gain or loss on the transaction generally is taxable as short-term capital gain or loss. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale, and potentially additional margin, will be retained by the broker from whom the security is borrowed, to the extent necessary to meet margin requirements, until the short position is closed out.

Cash and Cash Equivalents–Cash and cash equivalents include deposits held at financial institutions, which are available for the Fund’s use with no restrictions, with original maturities of 90 days or less.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

LVIP PIMCO Low Duration Bond Fund–21

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

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 0.50% of the average daily net assets of the Fund.

Pacific Investment Management Company (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	27,816
Legal		7,651

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 $13,352 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	453,106
Distribution fees payable to LFD		65,161
Prepaid printing and mailing fees to Lincoln Life		328

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Fund engaged in securities purchases of $87,636,651 and securities sales of $57,568,442.

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	343,841,101
Purchases of U.S. government securities		3,100,395,636
Sales other than U.S. government securities		322,974,644
Sales of U.S. government securities		3,346,656,168

LVIP PIMCO Low Duration Bond Fund–22

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

3. Investments (continued)

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,126,496,303
Aggregate unrealized appreciation	$	12,552,249
Aggregate unrealized depreciation		(2,608,091	)
Net unrealized appreciation	$	9,944,158

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 2			Total
Agency Obligations	$	—		$	6,619,377		$	6,619,377
Corporate Bonds		—			849,196,644			849,196,644
Municipal Bonds		—			6,336,246			6,336,246
Non-Agency Asset-Backed Securities		—			89,118,437			89,118,437
Non-Agency Collateralized Mortgage Obligations		—			4,482,935			4,482,935
Non-Agency Commercial Mortgage-Backed Securities		—			49,273,554			49,273,554
Senior Secured Loans		—			14,740,108			14,740,108
Sovereign Bonds		—			28,374,623			28,374,623
U.S. Treasury Obligations		—			73,178,186			73,178,186
Preferred Stock		221,595			—			221,595
Short-Term Investments		—			14,898,756			14,898,756
Total	$	221,595		$	1,136,218,866		$	1,136,440,461
Foreign Currency Exchange Contracts	$	—		$	230,514		$	230,514
Reverse Repurchase Agreements	$	(14,282,250	)	$	—		$	(14,282,250	)
Futures Contracts	$	(2,136,914	)	$	—		$	(2,136,914	)
Options Written	$	(122,489	)	$	—		$	(122,489	)
Swap Contracts	$	—		$	(182,733	)	$	(182,733	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP PIMCO Low Duration Bond Fund–23

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		3,807,065			8,480,315
Service Class		14,236,825			23,123,221
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,233,731
Service Class		—			294,459
		18,043,890			33,131,726
Shares redeemed:
Standard Class		(4,628,778	)		(8,545,051	)
Service Class		(5,382,081	)		(5,307,446	)
		(10,010,859	)		(13,852,497	)
Net increase		8,033,031			19,279,229

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the futures but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Options Contracts–During the six months ended June 30, 2016, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; to increase yield during low interest rate environment; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current

LVIP PIMCO Low Duration Bond Fund–24

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

Transactions in options written during the six months ended June 30, 2016 for the Fund were as follows:

Call Options	Number of contracts			Premiums
Options outstanding at December 31, 2015		2,017			$	1,839,845
Options written		195,840,000				256,074
Options expired		(195,840,000	)			(256,074	)
Options exercised		(2,017	)			(1,839,845	)
Options outstanding at June 30, 2016		—			$	—
Put Options	Number of contracts			Premiums
Options outstanding at December 31, 2015		2,161			$	1,209,739
Options written		385,400,549				1,110,414
Options expired		—				—
Options exercised		(360,402,710	)			(2,197,664	)
Options outstanding at June 30, 2016		25,000,000			$	122,489

Swap Contracts–The Fund enters into interest rate swap contracts and CDS contracts in the normal course of pursuing its investment objective and strategies. The Fund may use interest rate swaps to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Interest Rate Swaps–An interest rate swap contract is an exchange of interest rates between counterparties. An interest rate swap generally involves one party making payments based on a fixed interest rate in return for payments from a counterparty based on a variable or floating interest rate. The Fund may enter into either side of such a swap contract. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Credit Default Swaps–A CDS contract is a risk-transfer instrument through which one party (a purchaser of protection) transfers to another party (a seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular referenced security or basket of securities, such as an index. In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the counterpaty the agreed-upon value for the reference security or basket of securities. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended June 30, 2016, the Fund entered into CDS contracts as a seller of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination

LVIP PIMCO Low Duration Bond Fund–25

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

of the agreement. Initial margin and variation margin are posted to counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the Schedule of Investments, at June 30, 2016, the notional value of the protection sold was $2,200,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At June 30, 2016, net unrealized depreciation of the protection sold was $(3,941).

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Swaps Generally–The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Schedule of Investments.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Unrealized appreciation on foreign currency exchange contracts	$	2,091,232	Unrealized depreciation on foreign currency exchange contracts	$	(1,860,718	)
Interest rate contracts (Options written)	Options written, at value		—	Options written, at value		(122,489	)
Interest rate contracts (Futures contracts)	Net unrealized depreciation on futures contracts		781,036	Net unrealized depreciation on futures contracts		(2,917,950	)
Credit contracts (Swap contracts)	Unrealized depreciation on credit default swap contracts		—	Unrealized depreciation on credit default swap contracts		(3,941	)
Interest rate contracts (Swap contracts)	Unrealized appreciation on interest rate swap contracts		—	Unrealized depreciation on interest rate swap contracts		(103,256	)
Interest rate contracts (Swap contracts)	Variation margin due to brokers on centrally cleared interest rate swap contracts		—	Variation margin due to brokers on centrally cleared interest rate swap contracts		(75,536	)
Total		$	2,872,268		$	(5,083,890	)

LVIP PIMCO Low Duration Bond Fund–26

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income				Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(2,155,797	)		$	(2,258,559	)
Currency contracts (Options purchased)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased			(82,240	)			—
Currency contracts (Options written)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written			566,066				(1,180,927	)
Interest rate contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(1,569,150	)			(3,155,108	)
Interest rate contracts (Options purchased)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased			(166,760	)			108,767
Interest rate contracts (Options written)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written			518,139				(34,694	)
Credit contracts (Swap contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			504,458				28,075
Interest rate contracts (Swap contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(2,410,552	)			1,104,855
Total			$	(4,795,836	)		$	(5,387,591	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume			Liability Derivative Volume
Foreign currency exchange contracts (average cost)		USD	25,300,347		USD	150,357,702
Futures contracts (average notional value)		USD	428,255,379		USD	587,909,933
Options contracts (average notional value)		USD	29,323		USD	1,193,686
CDS contracts (average notional value)*		EUR	—		EUR	3,404,800
CDS contracts (average notional value)*		USD	—		USD	7,262,400
Interest rate swap contracts (average notional value)		CAD	95,744,800		CAD	—
Interest rate swap contracts (average notional value)		MXN	133,256,000		MXN	—
Interest rate swap contracts (average notional value)		USD	313,746,400		USD	—

*Asset represents buying protection and liability represents selling protection.

At June 30, 2016, the Fund posted $5,943,601 in securities as collateral for certain open derivatives. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the counterparty due to any loss on the collateral invested.

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 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

LVIP PIMCO Low Duration Bond Fund–27

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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 Assets and Liabilities.

At June 30, 2016, the Fund held the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Counterparty	Gross Value of Derivative Assets		Gross Value of Derivative Liability			Net Position
Bank of America Merrill Lynch		$       2,644		$              —			$        2,644
BNP Paribas		409,254		(1,606,559	)		(1,197,305	)
Credit Suisse First Boston		781,036		(2,917,950	)		(2,136,914	)
JPMorgan Chase Bank		395,848		(2,752	)		393,096
Total		$1,588,782		$(4,527,261	)		$(2,938,479	)

Counterparty	Net Position			Fair Value of Non Cash Collateral Received		Cash Collateral Received			Fair Value of Non Cash Collateral Pledged		Cash Collateral Pledged		Net Amounta
Bank of America Merrill Lynch		$        2,644			$—		$(2,644	)		$—		$         —		$            —
BNP Paribas		(1,197,305	)		—		—			—		—		(1,197,305	)
Credit Suisse First Boston		(2,136,914	)		—		—			—		889,000		(1,247,914	)
JPMorgan Chase Bank		393,096			—		—			—		—		393,096
Total		$(2,938,479	)		$—		$(2,644	)		$—		$889,000		$(2,052,123	)

Reverse repurchase agreements

Reverse repurchase transactions are entered into by the Fund under Master Reverse Repurchase Agreements (each, an “MRRA”). which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. With reverse repurchase transactions, typically the Fund and the counterparties are permitted to sell, repledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRRA counterparty, the Fund is considered unsecured creditors with respect to excess collateral and, as such, the return of excess collateral may be delayed. As of June 30, 2016, the following table is a summary of the Fund’s reverse repurchase agreements by counterparty which are subject to offset under an MRRA:

Counterparty	Reverse Repurchase Agreements	Fair Value of Non Cash Collateral Received	Net Collateral Received	Net Amounta
Credit Agricole Corporate & Investment Bank	$(14,282,250)	$14,282,250	$—	$—

^aNet amount represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

6. Credit and Market Risk

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.

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 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.

LVIP PIMCO Low Duration Bond Fund–28

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

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 invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s or Ba or lower by Moody’s Investors Service, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market’s perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (“CMOs”). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

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 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. Rule 144A and illiquid securities are identified on the Schedule of Investments.

7. 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.

8. 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 PIMCO Low Duration Bond Fund–29

LVIP Select Core Equity Managed Volatility Fund

(formerly LVIP VIP Contrafund^®Managed Volatility Portfolio)

    a series of Lincoln Variable

    Insurance Products Trust

Semiannual Report

June 30, 2016

LVIP Select Core Equity Managed Volatility Fund

Index

Disclosure of Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Select Core Equity Managed Volatility Fund

Disclosure

        OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$993.80		0.10%		$0.50
Service Class Shares		1,000.00		992.10		0.45%		2.23
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,024.37		0.10%		$0.50
Service Class Shares		1,000.00		1,022.63		0.45%		2.26

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP Select Core Equity Managed Volatility Fund–1

LVIP Select Core Equity Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Investment Companies		99.26%
Equity Funds		93.85%
Money Market Fund		5.41%
Total Value of Securities		99.26%
Receivables and Other Assets Net of Liabilities		0.74%
Total Net Assets		100.00%

LVIP Select Core Equity Managed Volatility Fund–2

LVIP Select Core Equity Managed Volatility Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–99.26%
Equity Funds–93.85%
Fidelity® –
XVIP Contrafund® Portfolio		9,569,401	$	298,373,916
XVIP Equity-Income Portfolio		6,417,805		129,254,584
				427,628,500

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Money Market Fund–5.41%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		24,657,811	$	24,657,811
				24,657,811
Total Investment Companies (Cost $456,749,388)				452,286,311

TOTAL VALUE OF SECURITIES–99.26% (Cost $456,749,388)		452,286,311
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.74%		3,358,787
NET ASSETS APPLICABLE TO 41,449,555 SHARES OUTSTANDING–100.00%	$	455,645,098

NET ASSET VALUE PER SHARE–LVIP SELECT CORE EQUITY MANAGED VOLATILITY FUND STANDARD CLASS ($202,982 / 18,433 Shares)	$	11.012
NET ASSET VALUE PER SHARE–LVIP SELECT CORE EQUITY MANAGED VOLATILITY FUND SERVICE CLASS ($455,442,116 / 41,431,122 Shares)	$	10.993

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	476,178,898
Accumulated net investment loss		(925,041	)
Accumulated net realized loss on investments		(12,020,905	)
Net unrealized depreciation of investments and derivatives.		(7,587,854	)
Total net assets	$	455,645,098

« Includes $6,054 due to custodian, $369,731 foreign currencies due to broker, $6,801,137 cash collateral held at broker for futures contracts, $8,349 payable for investment companies purchased, $185,934 payable for fund shares redeemed, $161,595 due to manager and affiliates and $5,746 expense reimbursement receivable from Lincoln Investment Advisors Corporation as of June 30, 2016.

X Initial Class.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)			Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
	(10)	British Pound Currency	$	(833,289	)	$	(828,000	)		9/20/16	$	5,289
	(814)	E-mini S&P 500 Index		(82,484,006	)		(85,071,140	)		9/19/16		(2,587,134	)
	(78)	E-mini S&P MidCap 400 Index		(11,219,358	)		(11,645,400	)		9/19/16		(426,042	)
	(19)	Euro Currency		(2,638,819	)		(2,638,031	)		9/20/16		788
	(86)	Euro STOXX 50 Index		(2,653,685	)		(2,724,769	)		9/19/16		(71,084	)
	(11)	FTSE 100 Index		(891,844	)		(940,495	)		9/19/16		(48,651	)
	(8)	Japanese Yen Currency		(976,187	)		(970,700	)		9/20/16		5,487
	(7)	Nikkei 225 Index (OSE)		(1,052,010	)		(1,055,440	)		9/9/16		(3,430	)
											$	(3,124,777	)

LVIP Select Core Equity Managed Volatility Fund–3

LVIP Select Core Equity Managed Volatility Fund

Statement of Net Assets (continued)

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 5 in “Notes to Financial Statements.”

OSE–Osaka Securities Exchange

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

LVIP Select Core Equity Managed Volatility Fund–4

LVIP Select Core Equity Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

LVIP Select Core Equity Managed Volatility Fund Statements of Changes in Net Assets

INVESTMENT INCOME:
Dividends from investment companies	$	23,564
EXPENSES:
Management fees		1,548,098
Distribution fees-Service Class		773,023
Accounting and administration expenses		85,845
Reports and statements to shareholders		29,675
Professional fees		15,836
Trustees’ fees and expenses		5,826
Custodian fees		2,570
Consulting fees		2,038
Pricing fees		142
Other		1,758
		2,464,811
Less management fees waived		(1,414,598	)
Less expenses reimbursed		(56,033	)
Total operating expenses		994,180
NET INVESTMENT LOSS		(970,616	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from investment companies		40,586,893
Sale of investments in investment companies		(39,729,484	)
Foreign currencies		4,939
Futures contracts		(4,755,620	)
Net realized loss		(3,893,272	)
Net change in unrealized appreciation (depreciation) of:
Investments in investment companies		4,121,866
Futures contracts		(1,894,757	)
Net change in unrealized appreciation (depreciation)		2,227,109
NET REALIZED AND UNREALIZED LOSS		(1,666,163	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,636,779	)

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

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(970,616	)	$	2,612,094
Net realized gain (loss)		(3,893,272	)		4,400,753
Net change in unrealized appreciation (depreciation)		2,227,109			(30,244,867	)
Net decrease in net assets resulting from operations		(2,636,779	)		(23,232,020	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(10,512	)
Service Class		—			(5,854,824	)
		—			(5,865,336	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		176,471			458,931
Service Class		41,309,849			206,292,296
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			10,512
Service Class		—			5,854,824
		41,486,320			212,616,563
Cost of shares redeemed:
Standard Class		(596,316	)		(266,384	)
Service Class		(26,883,034	)		(30,017,728	)
		(27,479,350	)		(30,284,112	)
Increase in net assets derived from capital share transactions		14,006,970			182,332,451
NET INCREASE IN NET ASSETS		11,370,191			153,235,095
NET ASSETS:
Beginning of period		444,274,907			291,039,812
End of period	$	455,645,098		$	444,274,907
Undistributed (accumulated) net investment income (loss)	$	(925,041	)	$	45,575

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

LVIP Select Core Equity Managed Volatility Fund–5

LVIP Select Core Equity Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Select Core Equity Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161,2 (unaudited)				Year Ended								5/1/133 to 12/31/13
					12/31/15				12/31/14
Net asset value, beginning of period		$	11.081			$	11.839			$	11.459			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.005	)			0.119				0.141				0.224
Net realized and unrealized gain (loss)			(0.064	)			(0.688	)			0.570				1.346
Total from investment operations			(0.069	)			(0.569	)			0.711				1.570
Less dividends and distributions from:
Net investment income			—				(0.189	)			(0.331	)			(0.111	)
Total dividends and distributions			—				(0.189	)			(0.331	)			(0.111	)
Net asset value, end of period.		$	11.012			$	11.081			$	11.839			$	11.459
Total return5			(0.62%	)			(4.81%	)			6.18%				15.70%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	203			$	626			$	448			$	229
Ratio of expenses to average net assets6			0.10%				0.10%				0.10%				0.10%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.76%				0.77%				0.80%				1.24%
Ratio of net investment income (loss) to average net assets			(0.09%	)			1.02%				1.20%				3.09%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.75%	)			0.35%				0.50%				1.95%
Portfolio turnover			32%				7%				6%				2%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return has not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Select Core Equity Managed Volatility Fund–6

LVIP Select Core Equity Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Select Core Equity Managed Volatility Fund Service Class
	Six Months Ended 6/30/161,2 (unaudited)				Year Ended								5/1/133 to 12/31/13
					12/31/15				12/31/14
Net asset value, beginning of period		$	11.082			$	11.838			$	11.459			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.024	)			0.078				0.100				0.202
Net realized and unrealized gain (loss)			(0.065	)			(0.686	)			0.568				1.342
Total from investment operations			(0.089	)			(0.608	)			0.668				1.544
Less dividends and distributions from:
Net investment income			—				(0.148	)			(0.289	)			(0.085	)
Total dividends and distributions			—				(0.148	)			(0.289	)			(0.085	)
Net asset value, end of period		$	10.993			$	11.082			$	11.838			$	11.459
Total return5			(0.80%	)			(5.15%	)			5.81%				15.44%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	455,442			$	443,649			$	290,592			$	101,106
Ratio of expenses to average net assets6			0.45%				0.45%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.11%				1.12%				1.15%				1.59%
Ratio of net investment income (loss) to average net assets			(0.44%	)			0.67%				0.85%				2.74%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(1.10%	)			0.00%				0.15%				1.60%
Portfolio turnover			32%				7%				6%				2%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP Select Core Equity Managed Volatility Fund–7

LVIP Select Core Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Select Core Equity Managed Volatility Fund (formerly LVIP VIP Contrafund^® Managed Volatility Portfolio) (“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 non-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”). 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 operates under a fund of funds structure and invests substantially all its assets in other open-end investment companies, primarily the Fidelity^® - VIP Contrafund^® Portfolio (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The Fidelity^® - VIP Contrafund^® Portfolio, which is advised by an unaffiliated adviser, invests primarily in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 return 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 is recorded as a tax benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund’s federal income tax return through the six months ended June 30, 2016 and for the open tax years (years ended December 31, 2013-December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the net realized and unrealized gain on loss on investments. The Fund reports certain foreign currency related transactions as components of realized gain(losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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., trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities

LVIP Select Core Equity Managed Volatility Fund–8

LVIP Select Core Equity Managed Volatility Fund

Notes to Financial Statements  (continued)

1. Significant Accounting Policies (continued)

are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 0.70% of the average daily net assets of the Fund. The fee is in addition to the management fees indirectly paid to the investment advisers of the Underlying Funds. LIAC has contractually agreed to waive a portion of its advisory fee. Effective May 1, 2016, the waiver amount is 0.62% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, the waiver amount was 0.65% of the Fund’s average daily net assets.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety 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.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.10% of the average daily net assets for the Standard class and 0.45% for the Service class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	12,424
Legal		3,198

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimbursed Lincoln Life for the cost of these services, which amounts to $11,584 for the six months ended June 30, 2016.

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 $25,249 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 other, an annual distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, where by the 12b-1 Fee is currently 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because the Underlying Funds have varied expense and fee levels, and the Fund may own different amounts of shares at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	5,746
Management fees payable to LIAC		30,075
Distribution fees payable to LFD		131,520

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.

LVIP Select Core Equity Managed Volatility Fund–9

LVIP Select Core Equity Managed Volatility Fund

Notes to Financial Statements  (continued)

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	185,661,501
Sales		135,724,924

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	456,749,388
Aggregate unrealized appreciation	$	8,952,787
Aggregate unrealized depreciation		(13,415,864	)
Net unrealized depreciation	$	(4,463,077	)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	452,286,311
Futures Contracts	$	(3,124,777	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Select Core Equity Managed Volatility Fund–10

LVIP Select Core Equity Managed Volatility Fund

Notes to Financial Statements  (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		16,594			41,089
Service Class		3,880,015			17,541,466
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			943
Service Class		—			525,333
		3,896,609			18,108,831
Shares redeemed:
Standard Class		(54,610	)		(23,449	)
Service Class		(2,483,928	)		(2,579,797	)
		(2,538,538	)		(2,603,246	)
Net increase		1,358,071			15,505,585

5. 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 in the normal course of pursuing its investment objectives and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Currency contracts (Futures contracts)	Receivables and other assets net of liabilities	$	11,564	Receivables and other assets net of liabilities	$	—
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities		—	Receivables and other assets net of liabilities		(3,136,341	)
Total		$	11,564		$	(3,136,341	)

LVIP Select Core Equity Managed Volatility Fund–11

LVIP Select Core Equity Managed Volatility Fund

Notes to Financial Statements  (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized  in Income
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$(167,927	)		$(15,481	)
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(4,587,693	)		(1,879,276	)
Total			$(4,755,620	)		$(1,894,757	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (Average notional value)	$9,756,169	$70,147,657

6. Market Risk

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.

7. 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.

8. Subsequent Events

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

LVIP Select Core Equity Managed Volatility Fund–12

LVIP Select Core Equity Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP Select Core Equity Managed Volatility Fund–13

    LVIP SSGA Index Allocation Funds   LVIP SSGA Conservative Index Allocation Fund   LVIP SSGA Moderate Index Allocation Fund   LVIP SSGA Moderately Aggressive Index Allocation Fund   LVIP SSGA Structured Allocation Funds   LVIP SSGA Conservative Structured Allocation Fund   LVIP SSGA Moderate Structured Allocation Fund   LVIP SSGA Moderately Aggressive Structured Allocation Fund   each a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP SSGA Allocation Funds

Index

Disclosure of Expenses	1
Security Type/Sector Allocations	3
Schedules of Investments	5
Statements of Assets and Liabilities	11
Statements of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	27

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. You may also request a copy by calling 1-800-4LINCOLN (454-6265).

For a free copy of the Funds’ proxy voting procedures and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, please call 1-800-4LINCOLN (454-6265) or visit the Securities and Exchange Commission’s website at http://www.sec.gov.

LVIP SSGA Allocation Funds

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of a Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis tables. The Expense Analysis tables do not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur transaction costs, including sales charges (loads) on purchase payments, reinvested dividends or other distributions, redemption fees, and exchange fees. These Expense Analyses are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Analyses are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 to June 30, 2016.

Actual Expenses

The first section of the tables, “Actual”, provides information about actual account values and actual expenses. You may use the information in this section of the tables, 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 tables, “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. The Funds do not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Funds’ actual expenses shown in the tables reflect fee waivers and reimbursements in effect.

LVIP SSGA Conservative Index Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,038.90		0.20%		$1.01
Service Class Shares		1,000.00		1,037.60		0.45%		2.28
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.87		0.20%		$1.01
Service Class Shares		1,000.00		1,022.63		0.45%		2.26

LVIP SSGA Moderate Index Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,033.20		0.19%		$0.96
Service Class Shares		1,000.00		1,031.80		0.44%		2.22
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.92		0.19%		$0.96
Service Class Shares		1,000.00		1,022.68		0.44%		2.21

LVIP SSGA Moderately Aggressive Index Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,031.20		0.19%		$0.96
Service Class Shares		1,000.00		1,029.90		0.44%		2.22
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.92		0.19%		$0.96
Service Class Shares		1,000.00		1,022.68		0.44%		2.21

LVIP SSGA Allocation Funds–1

LVIP SSGA Allocation Funds

Disclosure

OF FUND EXPENSES (continued)

LVIP SSGA Conservative Structured

Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,039.80		0.20%		$1.01
Service Class Shares		1,000.00		1,038.40		0.45%		2.28
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.87		0.20%		$1.01
Service Class Shares		1,000.00		1,022.63		0.45%		2.26

LVIP SSGA Moderate Structured Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,034.50		0.18%		$0.91
Service Class Shares		1,000.00		1,033.20		0.43%		2.17
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.97		0.18%		$0.91
Service Class Shares		1,000.00		1,022.73		0.43%		2.16

LVIP SSGA Moderately Aggressive Structured

Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,032.10		0.18%		$0.91
Service Class Shares		1,000.00		1,030.80		0.43%		2.17
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.97		0.18%		$0.91
Service Class Shares		1,000.00		1,022.73		0.43%		2.16

*“Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Each Fund operates under a fund of funds structure. Each Fund invests significantly all of its assets in other investment companies, including exchange-traded funds (collectively, the Underlying Funds). In addition to the Funds’ expenses reflected above, the Funds also indirectly bear their portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in each table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP SSGA Allocation Funds–2

LVIP SSGA Index Allocation Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2016

LVIP SSGA Conservative Index Allocation Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		85.93	%
Equity Funds		21.81	%
Fixed Income Fund		50.56	%
International Equity Fund		13.56	%
Unaffiliated Investment Companies		14.09	%
Fixed Income Fund		10.09	%
International Equity Fund		4.00	%
Total Value of Securities		100.02	%
Liabilities Net of Receivables and Other Assets		(0.02	%)
Total Net Assets		100.00	%

LVIP SSGA Moderate Index Allocation Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		83.78	%
Equity Funds		33.84	%
Fixed Income Fund		30.48	%
International Equity Fund		19.46	%
Unaffiliated Investment Companies		16.17	%
Fixed Income Fund		10.14	%
International Equity Fund		6.02	%
Money Market Fund		0.01	%
Total Value of Securities		99.95	%
Receivables and Other Assets Net of Liabilities		0.05	%
Total Net Assets		100.00	%

LVIP SSGA Moderately Aggressive Index Allocation Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		84.89	%
Equity Funds		37.94	%
Fixed Income Fund		25.47	%
International Equity Fund		21.48	%
Unaffiliated Investment Companies		15.27	%
Fixed Income Fund		5.09	%
International Equity Fund		10.07	%
Money Market Fund		0.11	%
Total Value of Securities		100.16	%
Liabilities Net of Receivables and Other Assets		(0.16	%)
Total Net Assets		100.00	%

LVIP SSGA Allocation Funds–3

LVIP SSGA Structured Allocation Funds

Security Type/Sector Allocations (continued)

As of June 30, 2016

LVIP SSGA Conservative Structured

Allocation Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		89.94	%
Equity Funds		21.70	%
Fixed Income Fund		50.68	%
International Equity Funds		17.56	%
Unaffiliated Investment Companies		10.14	%
Fixed Income Fund		10.13	%
Money Market Fund		0.01	%
Total Value of Securities		100.08	%
Liabilities Net of Receivables and Other Assets		(0.08	%)
Total Net Assets		100.00	%

LVIP SSGA Moderate Structured Allocation Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		100.06	%
Equity Funds		33.75	%
Fixed Income Funds		40.77	%
International Equity Funds		25.54	%
Total Value of Securities		100.06	%
Liabilities Net of Receivables and Other Assets		(0.06	%)
Total Net Assets		100.00	%

LVIP SSGA Moderately Aggressive Structured

Allocation Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		94.92	%
Equity Funds		37.77	%
Fixed Income Fund		25.54	%
International Equity Funds		31.61	%
Unaffiliated Investment Companies		5.13	%
Fixed Income Fund		5.10	%
Money Market Fund		0.03	%
Total Value of Securities		100.05	%
Liabilities Net of Receivables and Other Assets		(0.05	%)
Total Net Assets		100.00	%

LVIP SSGA Allocation Funds–4

LVIP SSGA Conservative Index Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–85.93%
Equity Funds–21.81%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		268,036	$	2,796,147
LVIP SSGA S&P 500 Index Fund		1,070,600		15,982,980
LVIP SSGA Small-Cap Index Fund		73,549		1,847,480
				20,626,607
Fixed Income Fund–50.56%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		4,070,742		47,802,727
				47,802,727
International Equity Fund–13.56%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA International Index Fund		1,593,900		12,818,143
				12,818,143
Total Affiliated Investment Companies (Cost $72,348,880)				81,247,477

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–14.09%
Fixed Income Fund–10.09%
SPDR® Barclays TIPS ETF		164,147	$	9,545,148
				9,545,148
International Equity Fund–4.00%
iShares Core MSCI Emerging Markets ETF		90,335		3,778,713
				3,778,713
Total Unaffiliated Investment Companies (Cost $13,177,835)				13,323,861

TOTAL VALUE OF SECURITIES–100.02% (Cost $85,526,715)	94,571,338
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)	(22,598	)
NET ASSETS APPLICABLE TO 7,671,670 SHARES OUTSTANDING–100.00%	$94,548,740

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

SPDR–Standard & Poor’s Depositary Receipt

TIPS–Treasury Inflation-Protected Securities

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

LVIP SSGA Allocation Funds–5

LVIP SSGA Moderate Index Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–83.78%
Equity Funds–33.84%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		1,564,020	$	16,315,855
LVIP SSGA S&P 500 Index Fund		4,409,451		65,828,695
LVIP SSGA Small-Cap Index Fund		429,184		10,780,670
				92,925,220
Fixed Income Fund–30.48%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		7,125,410		83,673,688
				83,673,688
International Equity Fund–19.46%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA International Index Fund		6,642,811		53,421,488
				53,421,488
Total Affiliated Investment Companies (Cost $200,204,933)				230,020,396

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–16.17%
Fixed Income Fund–10.14%
SPDR® Barclays TIPS ETF		478,759	$	27,839,836
				27,839,836
International Equity Fund–6.02%
iShares Core MSCI Emerging Markets ETF		395,209		16,531,592
				16,531,592
Money Market Fund–0.01%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		15,238		15,238
				15,238
Total Unaffiliated Investment Companies (Cost $45,415,630)				44,386,666

TOTAL VALUE OF SECURITIES–99.95% (Cost $245,620,563)	274,407,062
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.05%	147,628
NET ASSETS APPLICABLE TO 20,942,860 SHARES OUTSTANDING–100.00%	$274,554,690

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

SPDR–Standard & Poor’s Depositary Receipt

TIPS–Treasury Inflation-Protected Securities

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

LVIP SSGA Allocation Funds–6

LVIP SSGA Moderately Aggressive Index Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–84.89%
Equity Funds–37.94%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		1,689,912	$	17,629,165
LVIP SSGA S&P 500 Index Fund		4,423,800		66,042,911
LVIP SSGA Small-Cap Index Fund		496,863		12,480,692
				96,152,768
Fixed Income Fund–25.47%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		5,498,190		64,565,251
				64,565,251
International Equity Fund–21.48%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA International Index Fund		6,768,088		54,428,964
				54,428,964
Total Affiliated Investment Companies (Cost $185,528,792)				215,146,983

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–15.27%
Fixed Income Fund–5.09%
SPDR® Barclays TIPS ETF		221,708	$	12,892,320
				12,892,320
International Equity Fund–10.07%
iShares Core MSCI Emerging Markets ETF		610,165		25,523,202
				25,523,202
Money Market Fund–0.11%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		273,220		273,220
				273,220
Total Unaffiliated Investment Companies (Cost $41,305,451)				38,688,742

TOTAL VALUE OF SECURITIES–100.16% (Cost $226,834,243)	253,835,725
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.16%)	(400,499	)
NET ASSETS APPLICABLE TO 19,186,672 SHARES OUTSTANDING–100.00%	$253,435,226

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

SPDR–Standard & Poor’s Depositary Receipt

TIPS–Treasury Inflation-Protected Securities

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

LVIP SSGA Allocation Funds–7

LVIP SSGA Conservative Structured Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–89.94%
Equity Funds–21.70%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		1,190,861	$	15,986,123
LVIP SSGA Mid-Cap Index Fund		385,400		4,020,490
LVIP SSGA S&P 500 Index Fund		1,086,664		16,222,805
LVIP SSGA Small-Cap Index Fund		158,629		3,984,598
LVIP SSGA Small-Mid Cap 200 Fund		313,641		3,949,677
				44,163,693
Fixed Income Fund–50.68%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		8,781,827		103,125,000
				103,125,000
International Equity Funds–17.56%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		1,839,013		13,708,006
LVIP SSGA Emerging Markets 100 Fund		1,055,953		8,212,149
LVIP SSGA International Index Fund		1,718,589		13,820,890
				35,741,045
Total Affiliated Investment Companies (Cost $166,990,641)				183,029,738

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–10.14%
Fixed Income Fund–10.13%
SPDR® Barclays TIPS ETF		354,561	$	20,617,722
				20,617,722
Money Market Fund–0.01%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		19,109		19,109
				19,109
Total Unaffiliated Investment Companies (Cost $19,541,233)				20,636,831

TOTAL VALUE OF SECURITIES–100.08% (Cost $186,531,874)	203,666,569
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.08%)	(162,773	)
NET ASSETS APPLICABLE TO 17,395,995 SHARES OUTSTANDING–100.00%	$203,503,796

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

SPDR–Standard & Poor’s Depositary Receipt

TIPS–Treasury Inflation-Protected Securities

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

LVIP SSGA Allocation Funds–8

LVIP SSGA Moderate Structured Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–100.06%
Equity Funds–33.75%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		7,650,849	$	102,704,996
LVIP SSGA Mid-Cap Index Fund		3,301,393		34,440,128
LVIP SSGA S&P 500 Index Fund		6,981,060		104,220,246
LVIP SSGA Small-Cap Index Fund		1,019,157		25,600,216
LVIP SSGA Small-Mid Cap 200 Fund		2,015,150		25,376,778
				292,342,364
Fixed Income Funds–40.77%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		22,564,611		264,976,225
SPDR® Barclays TIPS ETF		1,516,247		88,169,763
				353,145,988

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES (continued)
International Equity Funds–25.54%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		11,252,583	$	83,876,755
LVIP SSGA Emerging Markets 100 Fund		6,783,758		52,757,287
LVIP SSGA International Index Fund		10,515,767		84,567,798
				221,201,840
Total Affiliated Investment Companies (Cost $798,208,469)				866,690,192

TOTAL VALUE OF SECURITIES–100.06% (Cost $798,208,469)	866,690,192
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)	(555,805	)
NET ASSETS APPLICABLE TO 70,677,518 SHARES OUTSTANDING–100.00%	$866,134,387

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

SPDR–Standard & Poor’s Depositary Receipt

TIPS–Treasury Inflation-Protected Securities

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

LVIP SSGA Allocation Funds–9

LVIP SSGA Moderately Aggressive Structured Allocation Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–94.92%
Equity Funds–37.77%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		4,477,876	$	60,111,003
LVIP SSGA Mid-Cap Index Fund		1,783,617		18,606,690
LVIP SSGA S&P 500 Index Fund		4,085,560		60,993,326
LVIP SSGA Small-Cap Index Fund		734,167		18,441,548
LVIP SSGA Small-Mid Cap 200 Fund		1,451,712		18,281,414
				176,433,981
Fixed Income Fund–25.54%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		10,156,586		119,268,788
				119,268,788
International Equity Funds–31.61%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		6,688,289		49,854,509
LVIP SSGA Emerging Markets 100 Fund		6,108,474		47,505,606
LVIP SSGA International Index Fund		6,250,289		50,264,821
				147,624,936
Total Affiliated Investment Companies (Cost $405,201,022)				443,327,705

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–5.13%
Fixed Income Fund–5.10%
SPDR® Barclays TIPS ETF		409,554	$	23,815,565
				23,815,565
Money Market Fund–0.03%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		122,858		122,858
				122,858
Total Unaffiliated Investment Companies (Cost $22,793,935)				23,938,423

TOTAL VALUE OF SECURITIES–100.05% (Cost $427,994,957)	467,266,128
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)	(226,544	)
NET ASSETS APPLICABLE TO 37,650,414 SHARES OUTSTANDING–100.00%	$467,039,584

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

SPDR–Standard & Poor’s Depositary Receipt

TIPS–Treasury Inflation-Protected Securities

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

LVIP SSGA Allocation Funds–10

LVIP SSGA Allocation Funds

Statements of Assets and Liabilities

June 30, 2016 (unaudited)

	LVIP SSGA Conservative Index Allocation Fund				LVIP SSGA Moderate Index Allocation Fund				LVIP SSGA Moderately Aggressive Index Allocation Fund				LVIP SSGA Conservative Structured Allocation Fund				LVIP SSGA Moderate Structured Allocation Fund				LVIP SSGA Moderately Aggressive Structured Allocation Fund
ASSETS:
Investments in affiliated investment companies, at value		$	81,247,477			$	230,020,396			$	215,146,983			$	183,029,738			$	866,690,192			$	443,327,705
Investments in unaffiliated investment companies, at value			13,323,861				44,386,666				38,688,742				20,636,831				—				23,938,423
Total investments, at value			94,571,338				274,407,062				253,835,725				203,666,569				866,690,192				467,266,128
Receivable for fund shares sold			30,102				287,045				23,156				7,202				74,632				212,109
Receivable for investment companies shares sold			4,052				34,593				—				7,756				174,809				521
Expense reimbursement receivable from Lincoln Investment Advisors Corporation			2,126				—				—				—				—				—
Dividends receivable from investment companies			11				21				29				17				20				22
Cash			—				13				35				29				—				2
Prepaid printing and mailing fees to Lincoln Life			61				203				155				44				528				267
TOTAL ASSETS			94,607,690				274,728,937				253,859,100				203,681,617				866,940,181				467,479,049
LIABILITIES:
Due to manager and affiliates			27,342				77,077				65,910				64,095				271,224				142,585
Accrued expenses payable			15,699				16,657				16,592				17,388				19,250				17,741
Payable for fund shares redeemed			11,844				30,587				68,284				69,473				340,522				155,761
Cash overdraft			4,065				—				—				—				174,798				—
Payable for investment companies shares purchased			—				49,926				273,088				26,865				—				123,378
TOTAL LIABILITIES			58,950				174,247				423,874				177,821				805,794				439,465
TOTAL NET ASSETS		$	94,548,740			$	274,554,690			$	253,435,226			$	203,503,796			$	866,134,387			$	467,039,584
Investments in affiliated investment companies, at cost		$	72,348,880			$	200,204,933			$	185,528,792			$	166,990,641			$	798,208,469			$	405,201,022
Investments in unaffiliated investment companies, at cost			13,177,835				45,415,630				41,305,451				19,541,233				—				22,793,935
Total investments, at cost		$	85,526,715			$	245,620,563			$	226,834,243			$	186,531,874			$	798,208,469			$	427,994,957
Standard Class:
Net Assets		$	17,061,590			$	60,536,324			$	80,574,438			$	11,917,995			$	60,330,856			$	47,256,467
Shares Outstanding			1,382,848				4,612,665				6,089,100				1,017,490				4,916,070				3,804,157
Net Asset Value Per Share		$	12.338			$	13.124			$	13.233			$	11.713			$	12.272			$	12.422
Service Class:
Net Assets		$	77,487,150			$	214,018,366			$	172,860,788			$	191,585,801			$	805,803,531			$	419,783,117
Shares Outstanding			6,288,822				16,330,195				13,097,572				16,378,505				65,761,448				33,846,257
Net Asset Value Per Share		$	12.321			$	13.106			$	13.198			$	11.697			$	12.253			$	12.403
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)		$	86,904,874			$	246,961,116			$	227,375,226			$	188,412,292			$	796,632,303			$	432,634,592
Accumulated net investment loss			(114,035	)			(249,903	)			(157,016	)			(348,204	)			(1,403,084	)			(834,397	)
Accumulated net realized gain (loss) on investments			(1,286,722	)			(943,022	)			(784,466	)			(1,694,987	)			2,423,445				(4,031,782	)
Net unrealized appreciation of investments			9,044,623				28,786,499				27,001,482				17,134,695				68,481,723				39,271,171
TOTAL NET ASSETS		$	94,548,740			$	274,554,690			$	253,435,226			$	203,503,796			$	866,134,387			$	467,039,584

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

LVIP SSGA Allocation Funds–11

LVIP SSGA Allocation Funds

Statements of Operations

Six Months Ended June 30, 2016 (unaudited)

	LVIP SSGA Conservative Index Allocation Fund				LVIP SSGA Moderate Index Allocation Fund				LVIP SSGA Moderately Aggressive Index Allocation Fund				LVIP SSGA Conservative Structured Allocation Fund				LVIP SSGA Moderate Structured Allocation Fund				LVIP SSGA Moderately Aggressive Structured Allocation Fund
INVESTMENT INCOME:
Dividends from unaffiliated investment companies		$	60,449			$	224,925			$	266,447			$	56,045			$	146			$	63,680
Dividends from affiliated investment companies			—				—				—				—				237,879				—
			60,449				224,925				266,447				56,045				238,025				63,680
EXPENSES:
Management fees			112,797				325,053				297,190				243,803				1,055,275				564,777
Distribution expenses-Service Class			93,817				256,906				207,212				231,520				987,325				513,266
Accounting and administration expenses			18,793				25,744				24,858				23,172				50,382				33,875
Professional fees			11,133				13,541				12,788				12,558				20,099				15,186
Reports and statements to shareholders			2,812				5,836				5,241				4,937				25,698				9,378
Custodian fees			1,250				2,272				2,372				3,037				6,971				4,689
Trustees’ fees and expenses			1,195				3,362				3,068				2,579				11,201				5,971
Consulting fees			885				936				928				896				1,058				974
Pricing fees			10				20				20				16				56				33
Other			232				694				653				684				3,253				1,583
			242,924				634,364				554,330				523,202				2,161,318				1,149,732
Less management fees waived			(45,119	)			(130,021	)			(118,876	)			(97,521	)			(422,110	)			(225,911	)
Less expenses reimbursed			(13,751	)			—				—				—				—				—
Total operating expenses			184,054				504,343				435,454				425,681				1,739,208				923,821
NET INVESTMENT LOSS			(123,605	)			(279,418	)			(169,007	)			(369,636	)			(1,501,183	)			(860,141	)
NET REALIZED AND UNREALIZED LOSS:
Net realized loss from:
Sale of investments in affiliated investment companies			(172,095	)			(594,309	)			(628,127	)			(753,457	)			(3,114,047	)			(2,517,666	)
Sale of investments in unaffiliated investment companies			(134,075	)			(361,086	)			(427,302	)			(43,456	)			—				(76,778	)
Net realized loss			(306,170	)			(955,395	)			(1,055,429	)			(796,913	)			(3,114,047	)			(2,594,444	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies			3,176,364				6,761,319				5,962,081				7,309,628				32,568,905				15,781,634
Investments in unaffiliated investment companies			959,385				2,979,187				2,670,721				1,275,270				—				1,519,858
Net change in unrealized appreciation (depreciation)			4,135,749				9,740,506				8,632,802				8,584,898				32,568,905				17,301,492
NET REALIZED AND UNREALIZED GAIN			3,829,579				8,785,111				7,577,373				7,787,985				29,454,858				14,707,048
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	3,705,974			$	8,505,693			$	7,408,366			$	7,418,349			$	27,953,675			$	13,846,907

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

LVIP SSGA Allocation Funds–12

LVIP SSGA Allocation Funds

Statements of Changes in Net Assets

	LVIP SSGA Conservative Index Allocation Fund						LVIP SSGA Moderate Index Allocation Fund						LVIP SSGA Moderately Aggressive Index Allocation Fund
	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(123,605	)	$	1,426,251		$	(279,418	)	$	4,107,820		$	(169,007	)	$	3,937,995
Net realized gain (loss)		(306,170	)		504,508			(955,395	)		2,750,706			(1,055,429	)		3,044,486
Net change in unrealized appreciation (depreciation)		4,135,749			(2,961,143	)		9,740,506			(11,547,413	)		8,632,802			(12,566,844	)
Net increase (decrease) in net assets resulting from operations		3,705,974			(1,030,384	)		8,505,693			(4,688,887	)		7,408,366			(5,584,363	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(281,441	)		—			(941,845	)		—			(1,265,651	)
Service Class		—			(1,255,912	)		—			(3,263,775	)		—			(2,796,163	)
Net realized gain:
Standard Class		—			(20,911	)		—			(96,106	)		—			(123,198	)
Service Class		—			(103,714	)		—			(419,477	)		—			(343,335	)
		—			(1,661,978	)		—			(4,721,203	)		—			(4,528,347	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,298,296			4,037,996			9,265,363			27,676,289			13,341,658			29,431,927
Service Class		15,666,483			22,564,819			16,259,707			34,961,273			12,523,302			29,034,847
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			302,352			—			1,037,951			—			1,388,849
Service Class		—			1,359,626			—			3,683,252			—			3,139,498
		18,964,779			28,264,793			25,525,070			67,358,765			25,864,960			62,995,121
Cost of shares redeemed:
Standard Class		(535,182	)		(1,801,710	)		(2,562,384	)		(6,653,806	)		(1,873,072	)		(3,642,983	)
Service Class		(10,836,550	)		(18,044,377	)		(16,302,945	)		(30,340,560	)		(13,519,171	)		(32,640,738	)
		(11,371,732	)		(19,846,087	)		(18,865,329	)		(36,994,366	)		(15,392,243	)		(36,283,721	)
Increase in net assets derived from capital share transactions		7,593,047			8,418,706			6,659,741			30,364,399			10,472,717			26,711,400
NET INCREASE IN NET ASSETS		11,299,021			5,726,344			15,165,434			20,954,309			17,881,083			16,598,690
NET ASSETS:
Beginning of period		83,249,719			77,523,375			259,389,256			238,434,947			235,554,143			218,955,453
End of period	$	94,548,740		$	83,249,719		$	274,554,690		$	259,389,256		$	253,435,226		$	235,554,143
Undistributed (accumulated) net investment income (loss)	$	(114,035	)	$	9,570		$	(249,903	)	$	29,515		$	(157,016	)	$	11,991

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

LVIP SSGA Allocation Funds–13

LVIP SSGA Allocation Funds

Statements of Changes in Net Assets (continued)

	LVIP SSGA Conservative Structured Allocation Fund						LVIP SSGA Moderate Structured Allocation Fund						LVIP SSGA Moderately Aggressive Structured Allocation Fund
	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15			Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(369,636	)	$	3,776,774		$	(1,501,183	)	$	16,665,249		$	(860,141	)	$	9,960,112
Net realized gain (loss)		(796,913	)		5,200,096			(3,114,047	)		31,702,681			(2,594,444	)		17,985,351
Net change in unrealized appreciation (depreciation)		8,584,898			(13,034,605	)		32,568,905			(73,497,372	)		17,301,492			(45,628,583	)
Net increase (decrease) in net assets resulting from operations		7,418,349			(4,057,735	)		27,953,675			(25,129,442	)		13,846,907			(17,683,120	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(243,877	)		—			(1,529,134	)		—			(1,209,215	)
Service Class		—			(4,520,781	)		—			(21,663,265	)		—			(12,698,301	)
Net realized gain:
Standard Class		—			(56,041	)		—			(357,108	)		—			(154,273	)
Service Class		—			(1,359,057	)		—			(5,834,799	)		—			(1,964,478	)
		—			(6,179,756	)		—			(29,384,306	)		—			(16,026,267	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,147,322			3,145,749			8,964,330			18,110,051			10,971,170			14,972,616
Service Class		16,465,706			32,575,664			31,055,571			67,913,006			14,923,906			43,634,697
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			299,918			—			1,886,242			—			1,363,488
Service Class		—			5,879,838			—			27,498,064			—			14,662,779
		19,613,028			41,901,169			40,019,901			115,407,363			25,895,076			74,633,580
Cost of shares redeemed:
Standard Class		(709,551	)		(1,941,762	)		(2,544,502	)		(4,218,298	)		(2,602,903	)		(4,289,888	)
Service Class		(17,987,686	)		(44,828,388	)		(56,643,494	)		(125,883,285	)		(32,610,830	)		(53,458,336	)
		(18,697,237	)		(46,770,150	)		(59,187,996	)		(130,101,583	)		(35,213,733	)		(57,748,224	)
Increase (decrease) in net assets derived from capital share transactions		915,791			(4,868,981	)		(19,168,095	)		(14,694,220	)		(9,318,657	)		16,885,356
NET INCREASE (DECREASE) IN NET ASSETS		8,334,140			(15,106,472	)		8,785,580			(69,207,968	)		4,528,250			(16,824,031	)
NET ASSETS:
Beginning of period		195,169,656			210,276,128			857,348,807			926,556,775			462,511,334			479,335,365
End of period	$	203,503,796		$	195,169,656		$	866,134,387		$	857,348,807		$	467,039,584		$	462,511,334
Undistributed (accumulated) net investment income (loss)	$	(348,204	)	$	21,432		$	(1,403,084	)	$	98,099		$	(834,397	)	$	25,744

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

LVIP SSGA Allocation Funds–14

LVIP SSGA Conservative Index Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Conservative Index Allocation Fund Standard Class
	Six Months Ended 6/30/161				Year ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.876			$	12.260			$	11.996			$	11.404			$	10.751			$	10.520
Income (loss) from investment operations:
Net investment income (loss)2			(0.004	)			0.244				0.225				0.188				0.244				0.421
Net realized and unrealized gain (loss)			0.466				(0.359	)			0.342				0.587				0.730				(0.137	)
Total from investment operations			0.462				(0.115	)			0.567				0.775				0.974				0.284
Less dividends and distributions from:
Net investment income			—				(0.250	)			(0.223	)			(0.183	)			(0.317	)			(0.053	)
Net realized gain			—				(0.019	)			(0.080	)			—				(0.004	)			—	3
Total dividends and distributions			—				(0.269	)			(0.303	)			(0.183	)			(0.321	)			(0.053	)
Net asset value, end of period		$	12.338			$	11.876			$	12.260			$	11.996			$	11.404			$	10.751
Total return4			3.89%				(0.94%	)			4.73%				6.80%				9.10%				2.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	17,062			$	13,664			$	11,603			$	7,043			$	1,649			$	149
Ratio of expenses to average net assets5			0.20%				0.20%				0.20%				0.20%				0.20%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.33%				0.33%				0.34%				0.38%				0.43%				0.76%
Ratio of net investment income (loss) to average net assets			(0.07%	)			1.97%				1.82%				1.59%				2.16%				3.94%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.20%	)			1.84%				1.68%				1.41%				1.92%				3.38%
Portfolio turnover			11%				22%				16%				39%				25%				35%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distribution of $1 was made which calculated to de minimus amount of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–15

LVIP SSGA Conservative Index Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Conservative Index Allocation Fund Service Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.875			$	12.258			$	11.995			$	11.404			$	10.754			$	10.511
Income (loss) from investment operations:
Net investment income (loss)2			(0.019	)			0.213				0.194				0.157				0.215				0.395
Net realized and unrealized gain (loss)			0.465				(0.358	)			0.341				0.588				0.730				(0.138	)
Total from investment operations			0.446				(0.145	)			0.535				0.745				0.945				0.257
Less dividends and distributions from:
Net investment income			—				(0.219	)			(0.192	)			(0.154	)			(0.291	)			(0.014	)
Net realized gain			—				(0.019	)			(0.080	)			—				(0.004	)			—	3
Total dividends and distributions			—				(0.238	)			(0.272	)			(0.154	)			(0.295	)			(0.014	)
Net asset value, end of period		$	12.321			$	11.875			$	12.258			$	11.995			$	11.404			$	10.754
Total return4			3.76%				(1.19%	)			4.46%				6.53%				8.82%				2.44%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	77,487			$	69,586			$	65,920			$	61,760			$	59,305			$	33,839
Ratio of expenses to average net assets5			0.45%				0.45%				0.45%				0.45%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.58%				0.58%				0.59%				0.63%				0.68%				1.01%
Ratio of net investment income (loss) to average net assets			(0.32%	)			1.72%				1.57%				1.34%				1.91%				3.69%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.45%	)			1.59%				1.43%				1.16%				1.67%				3.13%
Portfolio turnover			11%				22%				16%				39%				25%				35%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distribution of $235 was made which calculated to de minimus amount of $0.000 per share.

⁴ Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–16

LVIP SSGA Moderate Index Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Moderate Index Allocation Fund Standard Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.703			$	13.159			$	12.905			$	11.638			$	10.664			$	10.735
Income (loss) from investment operations:
Net investment income (loss)2			(0.001	)			0.246				0.251				0.190				0.215				0.321
Net realized and unrealized gain (loss)			0.422				(0.440	)			0.319				1.260				1.029				(0.346	)
Total from investment operations			0.421				(0.194	)			0.570				1.450				1.244				(0.025	)
Less dividends and distributions from:
Net investment income			—				(0.236	)			(0.272	)			(0.183	)			(0.264	)			(0.046	)
Net realized gain			—				(0.026	)			(0.044	)			—				(0.006	)			—	3
Total dividends and distributions			—				(0.262	)			(0.316	)			(0.183	)			(0.270	)			(0.046	)
Net asset value, end of period		$	13.124			$	12.703			$	13.159			$	12.905			$	11.638			$	10.664
Total return4			3.32%				(1.48%	)			4.41%				12.47%				11.70%				(0.23%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	60,536			$	51,915			$	32,003			$	11,835			$	2,641			$	1,158
Ratio of expenses to average net assets5			0.19%				0.19%				0.19%				0.20%				0.20%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.29%				0.29%				0.29%				0.31%				0.34%				0.47%
Ratio of net investment income (loss) to average net assets			(0.02%	)			1.85%				1.88%				1.53%				1.89%				2.97%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.12%	)			1.75%				1.78%				1.42%				1.75%				2.70%
Portfolio turnover			6%				17%				9%				20%				21%				11%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distribution of $10 was made which calculated to de minimus amount of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–17

LVIP SSGA Moderate Index Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Moderate Index Allocation Fund Service Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.702			$	13.156			$	12.903			$	11.638			$	10.666			$	10.724
Income (loss) from investment operations:
Net investment income (loss)2			(0.017	)			0.213				0.216				0.158				0.186				0.292
Net realized and unrealized gain (loss)			0.421				(0.438	)			0.320				1.259				1.029				(0.344	)
Total from investment operations			0.404				(0.225	)			0.536				1.417				1.215				(0.052	)
Less dividends and distributions from:
Net investment income			—				(0.203	)			(0.239	)			(0.152	)			(0.237	)			(0.006	)
Net realized gain			—				(0.026	)			(0.044	)			—				(0.006	)			—	3
Total dividends and distributions			—				(0.229	)			(0.283	)			(0.152	)			(0.243	)			(0.006	)
Net asset value, end of period		$	13.106			$	12.702			$	13.156			$	12.903			$	11.638			$	10.666
Total return4			3.18%				(1.71%	)			4.15%				12.18%				11.43%				(0.48%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	214,019			$	207,474			$	206,432			$	187,311			$	145,027			$	74,204
Ratio of expenses to average net assets5			0.44%				0.44%				0.44%				0.45%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.54%				0.54%				0.54%				0.56%				0.59%				0.72%
Ratio of net investment income (loss) to average net assets			(0.27%	)			1.60%				1.63%				1.28%				1.64%				2.72%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.37%	)			1.50%				1.53%				1.17%				1.50%				2.45%
Portfolio turnover			6%				17%				9%				20%				21%				11%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distribution of $743 was made which calculated to de minimus amount of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–18

LVIP SSGA Moderately Aggressive Index Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Moderately Aggressive Index Allocation Fund Standard Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.833			$	13.380			$	13.192			$	11.654			$	10.584			$	10.875
Income (loss) from investment operations:
Net investment income2			0.002				0.258				0.259				0.197				0.207				0.284
Net realized and unrealized gain (loss)			0.398				(0.529	)			0.272				1.528				1.148				(0.562	)
Total from investment operations			0.400				(0.271	)			0.531				1.725				1.355				(0.278	)
Less dividends and distributions from:
Net investment income			—				(0.250	)			(0.291	)			(0.187	)			(0.276	)			(0.013	)
Net realized gain			—				(0.026	)			(0.052	)			—				(0.009	)			—	3
Total dividends and distributions			—				(0.276	)			(0.343	)			(0.187	)			(0.285	)			(0.013	)
Net asset value, end of period		$	13.233			$	12.833			$	13.380			$	13.192			$	11.654			$	10.584
Total return4			3.12%				(2.04%	)			4.01%				14.81%				12.86%				(2.55%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	80,574			$	66,606			$	42,380			$	19,904			$	5,463			$	1,451
Ratio of expenses to average net assets5			0.19%				0.19%				0.19%				0.20%				0.20%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.29%				0.29%				0.29%				0.31%				0.34%				0.46%
Ratio of net investment income to average net assets			0.03%				1.91%				1.91%				1.56%				1.83%				2.64%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.07%	)			1.81%				1.81%				1.45%				1.69%				2.38%
Portfolio turnover			6%				20%				12%				27%				23%				9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distribution of $5 was made which calculated to de minimus amount of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–19

LVIP SSGA Moderately Aggressive Index Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Moderately Aggressive Index Allocation Fund Service Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.815			$	13.361			$	13.174			$	11.640			$	10.558			$	10.863
Income (loss) from investment operations:
Net investment income (loss)2			(0.014	)			0.224				0.224				0.163				0.178				0.256
Net realized and unrealized gain (loss)			0.397				(0.528	)			0.272				1.527				1.144				(0.559	)
Total from investment operations			0.383				(0.304	)			0.496				1.690				1.322				(0.303	)
Less dividends and distributions from:
Net investment income			—				(0.216	)			(0.257	)			(0.156	)			(0.231	)			(0.002	)
Net realized gain			—				(0.026	)			(0.052	)			—				(0.009	)			—	3
Total dividends and distributions			—				(0.242	)			(0.309	)			(0.156	)			(0.240	)			(0.002	)
Net asset value, end of period		$	13.198			$	12.815			$	13.361			$	13.174			$	11.640			$	10.558
Total return4			2.99%				(2.28%	)			3.75%				14.52%				12.58%				(2.79%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	172,861			$	168,948			$	176,575			$	169,949			$	134,350			$	78,447
Ratio of expenses to average net assets5			0.44%				0.44%				0.44%				0.45%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.54%				0.54%				0.54%				0.56%				0.59%				0.71%
Ratio of net investment income (loss) to average net assets			(0.22%	)			1.66%				1.66%				1.31%				1.58%				2.39%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.32%	)			1.56%				1.56%				1.20%				1.44%				2.13%
Portfolio turnover			6%				20%				12%				27%				23%				9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Net realized gain distribution of $549 was made which calculated to de minimus amount of $0.000 per share.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–20

LVIP SSGA Conservative Structured Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Conservative Structured Allocation Fund Standard Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.265			$	11.877			$	11.682			$	11.138			$	10.709			$	10.474
Income (loss) from investment operations:
Net investment income (loss)2			(0.008	)			0.247				0.234				0.190				0.236				0.428
Net realized and unrealized gain (loss)			0.456				(0.468	)			0.412				0.597				0.651				(0.136	)
Total from investment operations			0.448				(0.221	)			0.646				0.787				0.887				0.292
Less dividends and distributions from:
Net investment income			—				(0.310	)			(0.296	)			(0.239	)			(0.436	)			(0.054	)
Net realized gain			—				(0.081	)			(0.155	)			(0.004	)			(0.022	)			(0.003	)
Total dividends and distributions			—				(0.391	)			(0.451	)			(0.243	)			(0.458	)			(0.057	)
Net asset value, end of period		$	11.713			$	11.265			$	11.877			$	11.682			$	11.138			$	10.709
Total return3			3.98%				(1.86%	)			5.54%				7.07%				8.35%				2.80%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	11,918			$	9,094			$	8,095			$	3,846			$	524			$	263
Ratio of expenses to average net assets4			0.20%				0.19%				0.19%				0.20%				0.20%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.30%				0.29%				0.29%				0.30%				0.31%				0.37%
Ratio of net investment income (loss) to average net assets			(0.14%	)			2.07%				1.93%				1.64%				2.13%				4.00%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.24%	)			1.97%				1.83%				1.54%				2.02%				3.83%
Portfolio turnover			9%				22%				16%				15%				19%				11%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–21

LVIP SSGA Conservative Structured Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Conservative Structured Allocation Fund Service Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.264			$	11.875			$	11.681			$	11.138			$	10.711			$	10.464
Income (loss) from investment operations:
Net investment income (loss)2			(0.022	)			0.217				0.203				0.160				0.208				0.400
Net realized and unrealized gain (loss)			0.455				(0.466	)			0.412				0.597				0.652				(0.135	)
Total from investment operations			0.433				(0.249	)			0.615				0.757				0.860				0.265
Less dividends and distributions from:
Net investment income			—				(0.281	)			(0.266	)			(0.210	)			(0.411	)			(0.015	)
Net realized gain			—				(0.081	)			(0.155	)			(0.004	)			(0.022	)			(0.003	)
Total dividends and distributions			—				(0.362	)			(0.421	)			(0.214	)			(0.433	)			(0.018	)
Net asset value, end of period		$	11.697			$	11.264			$	11.875			$	11.681			$	11.138			$	10.711
Total return3			3.84%				(2.10%	)			5.27%				6.81%				8.09%				2.54%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	191,586			$	186,076			$	202,181			$	199,373			$	208,671			$	148,481
Ratio of expenses to average net assets4			0.45%				0.44%				0.44%				0.45%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.55%				0.54%				0.54%				0.55%				0.56%				0.62%
Ratio of net investment income (loss) to average net assets			(0.39%	)			1.82%				1.68%				1.39%				1.88%				3.75%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.49%	)			1.72%				1.58%				1.29%				1.77%				3.58%
Portfolio turnover			9%				22%				16%				15%				19%				11%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–22

LVIP SSGA Moderate Structured Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Moderate Structured Allocation Fund Standard Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.863			$	12.650			$	12.426			$	11.276			$	10.633			$	10.637
Income (loss) from investment operations:
Net investment income (loss)2			(0.007	)			0.264				0.259				0.237				0.227				0.365
Net realized and unrealized gain (loss)			0.416				(0.603	)			0.432				1.205				0.883				(0.335	)
Total from investment operations			0.409				(0.339	)			0.691				1.442				1.110				0.030
Less dividends and distributions from:
Net investment income			—				(0.360	)			(0.352	)			(0.283	)			(0.437	)			(0.027	)
Net realized gain			—				(0.088	)			(0.115	)			(0.009	)			(0.030	)			(0.007	)
Total dividends and distributions			—				(0.448	)			(0.467	)			(0.292	)			(0.467	)			(0.034	)
Net asset value, end of period		$	12.272			$	11.863			$	12.650			$	12.426			$	11.276			$	10.633
Total return3			3.45%				(2.69%	)			5.56%				12.81%				10.54%				0.29%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	60,331			$	52,020			$	39,714			$	21,706			$	5,172			$	1,952
Ratio of expenses to average net assets4			0.18%				0.17%				0.17%				0.18%				0.19%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.28%				0.27%				0.27%				0.28%				0.29%				0.31%
Ratio of net investment income (loss) to average net assets			(0.12%	)			2.08%				2.02%				1.96%				2.04%				3.41%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.22%	)			1.98%				1.92%				1.86%				1.94%				3.30%
Portfolio turnover			4%				17%				10%				16%				12%				7%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–23

LVIP SSGA Moderate Structured Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Moderate Structured Allocation Fund Service Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.859			$	12.646			$	12.423			$	11.274			$	10.607			$	10.626
Income (loss) from investment operations:
Net investment income (loss)2			(0.022	)			0.232				0.226				0.205				0.198				0.337
Net realized and unrealized gain (loss)			0.416				(0.603	)			0.432				1.206				0.882				(0.333	)
Total from investment operations			0.394				(0.371	)			0.658				1.411				1.080				0.004
Less dividends and distributions from:
Net investment income			—				(0.328	)			(0.320	)			(0.253	)			(0.383	)			(0.016	)
Net realized gain			—				(0.088	)			(0.115	)			(0.009	)			(0.030	)			(0.007	)
Total dividends and distributions			—				(0.416	)			(0.435	)			(0.262	)			(0.413	)			(0.023	)
Net asset value, end of period		$	12.253			$	11.859			$	12.646			$	12.423			$	11.274			$	10.607
Total return3			3.32%				(2.95%	)			5.29%				12.53%				10.27%				0.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	805,803			$	805,329			$	886,843			$	922,379			$	576,189			$	359,868
Ratio of expenses to average net assets4			0.43%				0.42%				0.42%				0.43%				0.44%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.53%				0.52%				0.52%				0.53%				0.54%				0.56%
Ratio of net investment income (loss) to average net assets			(0.37%	)			1.83%				1.77%				1.72%				1.79%				3.16%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.47%	)			1.73%				1.67%				1.62%				1.69%				3.05%
Portfolio turnover			4%				17%				10%				16%				12%				7%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–24

LVIP SSGA Moderately Aggressive Structured Allocation Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Moderately Aggressive Structured Allocation Fund Standard Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.036			$	12.945			$	12.803			$	11.407			$	10.711			$	10.934
Income (loss) from investment operations:
Net investment income (loss)2			(0.009	)			0.300				0.292				0.225				0.223				0.353
Net realized and unrealized gain (loss)			0.395				(0.749	)			0.385				1.501				0.983				(0.545	)
Total from investment operations			0.386				(0.449	)			0.677				1.726				1.206				(0.192	)
Less dividends and distributions from:
Net investment income			—				(0.403	)			(0.385	)			(0.301	)			(0.474	)			(0.025	)
Net realized gain			—				(0.057	)			(0.150	)			(0.029	)			(0.036	)			(0.006	)
Total dividends and distributions			—				(0.460	)			(0.535	)			(0.330	)			(0.510	)			(0.031	)
Net asset value, end of period		$	12.422			$	12.036			$	12.945			$	12.803			$	11.407			$	10.711
Total return3			3.21%				(3.48%	)			5.28%				15.15%				11.39%				(1.74%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	47,257			$	37,405			$	28,117			$	14,043			$	4,150			$	1,528
Ratio of expenses to average net assets4			0.18%				0.18%				0.18%				0.19%				0.19%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.28%				0.28%				0.28%				0.29%				0.29%				0.33%
Ratio of net investment income (loss) to average net assets			(0.15%	)			2.31%				2.21%				1.82%				1.99%				3.26%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.25%	)			2.21%				2.11%				1.72%				1.89%				3.13%
Portfolio turnover			5%				15%				12%				15%				12%				16%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–25

LVIP SSGA Moderately Aggressive Structured Allocation Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Moderately Aggressive Structured Allocation Fund Service Class
	Six Months Ended 6/30/161				Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.032			$	12.940			$	12.799			$	11.404			$	10.684			$	10.923
Income (loss) from investment operations:
Net investment income (loss)2			(0.024	)			0.267				0.257				0.192				0.194				0.326
Net realized and unrealized gain (loss)			0.395				(0.748	)			0.386				1.503				0.980				(0.545	)
Total from investment operations			0.371				(0.481	)			0.643				1.695				1.174				(0.219	)
Less dividends and distributions from:
Net investment income			—				(0.370	)			(0.352	)			(0.271	)			(0.418	)			(0.014	)
Net realized gain			—				(0.057	)			(0.150	)			(0.029	)			(0.036	)			(0.006	)
Total dividends and distributions			—				(0.427	)			(0.502	)			(0.300	)			(0.454	)			(0.020	)
Net asset value, end of period		$	12.403			$	12.032			$	12.940			$	12.799			$	11.404			$	10.684
Total return3			3.08%				(3.72%	)			5.02%				14.88%				11.11%				(1.99%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	419,783			$	425,106			$	451,218			$	428,859			$	377,863			$	250,673
Ratio of expenses to average net assets4			0.43%				0.43%				0.43%				0.44%				0.44%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.53%				0.53%				0.53%				0.54%				0.54%				0.58%
Ratio of net investment income (loss) to average net assets			(0.40%	)			2.06%				1.96%				1.57%				1.74%				3.01%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.50%	)			1.96%				1.86%				1.47%				1.64%				2.88%
Portfolio turnover			5%				15%				12%				15%				12%				16%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Allocation Funds–26

LVIP SSGA Allocation Funds

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Conservative Index Allocation Fund, LVIP SSGA Moderate Index Allocation Fund, LVIP SSGA Moderately Aggressive Index Allocation Fund, LVIP SSGA Conservative Structured Allocation Fund, LVIP SSGA Moderate Structured Allocation Fund and LVIP SSGA Moderately Aggressive Structured Allocation Fund (each, a “Fund”, and collectively, the “Funds”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are non-diversified management investment companies registered under the 1940 Act. Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”). Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

Each Fund operates under a fund of funds structure and invests a significant portion of its assets in investment companies, including exchange-traded funds (“ETFs”) and mutual funds that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or unaffiliated managers (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e., index funds). In addition to investment company investments, the Funds may invest in individual securities, such as money market instruments. Financial statements for the Underlying Funds can be found at www.sec.gov.

The investment objective of the LVIP SSGA Conservative Index Allocation Fund and LVIP SSGA Conservative Structured Allocation Fund is to seek a high level of current income, with some consideration given to growth of capital.

The investment objective of the LVIP SSGA Moderate Index Allocation Fund and LVIP SSGA Moderate Structured Allocation Fund is to seek a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

The investment objective of the LVIP SSGA Moderately Aggressive Index Allocation Fund and LVIP SSGA Moderately Aggressive Structured Allocation Fund is to seek a balance between high level of current income and growth of capital, with a greater emphasis on growth of capital.

1. Significant Accounting Policies

Each Fund is an investment company in conformity with U.S. generally accepted accounting principals (“U.S. GAAP”). Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Funds.

Security Valuation–ETFs, 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 (“NYSE”) on the valuation date. ETFs 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 ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Funds value Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information.

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each 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 benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds’ federal income tax returns through the six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the six months ended June 30, 2016, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

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

LVIP SSGA Allocation Funds–27

LVIP SSGA Allocation Funds

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 each Fund’s investment portfolio and providing certain administrative services to each Fund. For its services, LIAC receives a management fee at an annual rate of 0.25% of each Fund’s average daily net assets. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC). LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.10% of average daily net assets of each Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

LIAC has contractually agreed to reimburse the LVIP SSGA Conservative Index Allocation Fund to the extent that annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.20% of average daily net assets for the Standard Class and 0.45% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

SSGA Funds Management Inc. (“SSGA”) provides consulting services to LIAC, but has no management discretion over the Funds’ assets and LIAC pays no compensation to SSGA under the consulting agreement.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the Funds. For these services, each Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in “Accounting and administration expenses” on the Statements of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

	LVIP SSGA Conservative Index Allocation Fund	LVIP SSGA Moderate Index Allocation Fund	LVIP SSGA Moderately Aggressive Index Allocation Fund	LVIP SSGA Conservative Structured Allocation Fund	LVIP SSGA Moderate Structured Allocation Fund	LVIP SSGA Moderately Aggressive Structured Allocation Fund
Administrative	$2,563	$7,222	$6,633	$5,498	$23,791	$12,686
Legal	660	1,859	1,708	1,415	6,123	3,264

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP SSGA Conservative Index Allocation Fund	LVIP SSGA Moderate Index Allocation Fund	LVIP SSGA Moderately Aggressive Index Allocation Fund	LVIP SSGA Conservative Structured Allocation Fund	LVIP SSGA Moderate Structured Allocation Fund	LVIP SSGA Moderately Aggressive Structured Allocation Fund
Trading operations	$528	$1,537	$1,402	$1,159	$5,036	$2,696

LVIP SSGA Allocation Funds–28

LVIP SSGA Allocation Funds

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 Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP SSGA Conservative Index Allocation Fund	LVIP SSGA Moderate Index Allocation Fund	LVIP SSGA Moderately Aggressive Index Allocation Fund	LVIP SSGA Conservative Structured Allocation Fund	LVIP SSGA Moderate Structured Allocation Fund	LVIP SSGA Moderately Aggressive Structured Allocation Fund
Printing and mailing fees	$1,363	$3,668	$3,254	$2,719	$21,241	$5,441

The Funds offer Standard Class and Service Class shares. Pursuant to its distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statements of Operations, the Funds indirectly bear the investment management fees and other expenses of the Underlying Funds in which they invest. Because each of the Underlying Funds has varied expense and fee levels, and the Funds may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Funds had receivables due from, liabilities payable and prepaid expenses to affiliates as follows:

	LVIP SSGA Conservative Index Allocation Fund	LVIP SSGA Moderate Index Allocation Fund	LVIP SSGA Moderately Aggressive Index Allocation Fund	LVIP SSGA Conservative Structured Allocation Fund	LVIP SSGA Moderate Structured Allocation Fund	LVIP SSGA Moderately Aggressive Structured Allocation Fund
Expense reimbursement receivable from LIAC	$  2,126	$      —	$      —	$      —	$          —	$      —
Management fees payable to LIAC	11,532	33,455	30,840	24,941	106,295	57,044
Distribution fees payable to LFD	15,810	43,622	35,070	39,154	164,929	85,541
Prepaid printing and mailing fees to Lincoln Life	61	203	155	44	528	267

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Funds engaged in securities purchases and securities sales as follows:

	LVIP SSGA Conservative Index Allocation Fund	LVIP SSGA Moderate Index Allocation Fund	LVIP SSGA Moderately Aggressive Index Allocation Fund	LVIP SSGA Conservative Structured Allocation Fund	LVIP SSGA Moderate Structured Allocation Fund	LVIP SSGA Moderately Aggressive Structured Allocation Fund
Purchases	$851,927	$1,109,365	$927,687	$450,890	$   206,079	$269,167
Sales	258,585	556,669	493,497	422,502	1,271,836	537,245

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

LVIP SSGA Allocation Funds–29

LVIP SSGA Allocation Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Funds held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds or ETFs). Investments in companies considered to be affiliates of the Funds and the corresponding activity for the six months ended June 30, 2016, were as follows:

LVIP SSGA Conservative Index Allocation Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	41,897,154		$	8,499,048		$	4,885,188		$	(36,856	)		$	47,802,727		$	—		$	—
LVIP SSGA International Index Fund			11,514,961			2,870,267			1,269,622			(124,566	)			12,818,143			—			—
LVIP SSGA Mid-Cap Index Fund			2,456,618			500,835			398,566			(19,437	)			2,796,147			—			—
LVIP SSGA S&P 500 Index Fund			14,220,157			2,819,396			1,762,610			12,736				15,982,980			—			—
LVIP SSGA Small-Cap Index Fund			1,627,375			423,890			270,506			(3,972	)			1,847,480			—			—
Total		$	71,716,265		$	15,113,436		$	8,586,492		$	(172,095	)		$	81,247,477		$	—		$	—

LVIP SSGA Moderate Index Allocation Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	78,636,051		$	6,670,804		$	5,674,868		$	(79,398	)		$	83,673,688		$	—		$	—
LVIP SSGA International Index Fund			51,484,187			5,604,192			1,924,941			(345,331	)			53,421,488			—			—
LVIP SSGA Mid-Cap Index Fund			15,376,234			1,030,764			1,310,802			(73,485	)			16,315,855			—			—
LVIP SSGA S&P 500 Index Fund			62,800,452			3,883,593			3,244,335			(55,781	)			65,828,695			—			—
LVIP SSGA Small-Cap Index Fund			10,187,088			1,235,152			900,184			(40,314	)			10,780,670			—			—
Total		$	218,484,012		$	18,424,505		$	13,055,130		$	(594,309	)		$	230,020,396		$	—		$	—

LVIP SSGA Moderately Aggressive Index Allocation Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	59,622,179		$	6,595,340		$	4,739,122		$	(62,826	)		$	64,565,251		$	—		$	—
LVIP SSGA International Index Fund			51,509,446			6,561,004			1,898,470			(341,444	)			54,428,964			—			—
LVIP SSGA Mid-Cap Index Fund			16,315,993			1,337,180			1,330,432			(87,634	)			17,629,165			—			—
LVIP SSGA S&P 500 Index Fund			61,884,102			4,855,950			3,085,228			(92,138	)			66,042,911			—			—
LVIP SSGA Small-Cap Index Fund			11,581,454			1,583,100			979,468			(44,085	)			12,480,692			—			—
Total		$	200,913,174		$	20,932,574		$	12,032,720		$	(628,127	)		$	215,146,983		$	—		$	—

LVIP SSGA Allocation Funds–30

LVIP SSGA Allocation Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

LVIP SSGA Conservative Structured Allocation Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	98,235,590		$	8,481,311		$	8,627,665		$	(68,505	)		$	103,125,000		$	—		$	—
LVIP SSGA Developed International 150 Fund			13,405,320			1,694,524			1,002,818			(197,598	)			13,708,006			—			—
LVIP SSGA Emerging Markets 100 Fund			7,603,791			756,007			613,854			(264,307	)			8,212,149			—			—
LVIP SSGA International Index Fund			13,496,358			1,835,625			1,042,694			(82,041	)			13,820,890			—			—
LVIP SSGA Large Cap 100 Fund			15,613,615			1,239,653			1,518,663			(79,042	)			15,986,123			—			—
LVIP SSGA Mid-Cap Index Fund			3,839,214			364,081			481,343			(36,547	)			4,020,490			—			—
LVIP SSGA S&P 500 Index Fund			15,692,734			1,377,426			1,427,063			34,957				16,222,805			—			—
LVIP SSGA Small-Cap Index Fund			3,814,626			570,553			491,300			(11,731	)			3,984,598			—			—
LVIP SSGA Small-Mid Cap 200 Fund			3,814,838			336,273			492,572			(48,643	)			3,949,677			—			—
Total		$	175,516,086		$	16,655,453		$	15,697,972		$	(753,457	)		$	183,029,738		$	—		$	—

LVIP SSGA Moderate Structured Allocation Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	260,005,181		$	11,611,187		$	19,760,195		$	(241,581	)		$	264,976,225		$	—		$	—
LVIP SSGA Developed International 150 Fund			84,511,326			5,430,108			3,706,993			(731,454	)			83,876,755			—			—
LVIP SSGA Emerging Markets 100 Fund			50,341,617			1,830,885			2,479,913			(1,008,390	)			52,757,287			—			—
LVIP SSGA International Index Fund			85,077,606			6,300,376			3,917,530			(418,387	)			84,567,798			—			—
LVIP SSGA Large Cap 100 Fund			103,322,160			1,932,784			6,830,733			(427,341	)			102,704,996			—			—
LVIP SSGA Mid-Cap Index Fund			33,880,602			1,097,646			3,137,650			(181,948	)			34,440,128			—			—
LVIP SSGA S&P 500 Index Fund			103,832,293			2,818,020			6,205,008			475,949				104,220,246			—			—
LVIP SSGA Small-Cap Index Fund			25,249,657			2,186,878			2,413,206			29,921				25,600,216			—			—
LVIP SSgA Small-Mid Cap 200 Fund			25,251,661			634,544			2,422,539			(216,801	)			25,376,778			—			—
SPDR Barclays TIPS ETF			86,119,497			3,726,439			7,051,366			(394,015	)			88,169,763			237,875			—
Total		$	857,591,600		$	37,568,867		$	57,925,133		$	(3,114,047	)		$	866,690,192		$	237,875		$	—

LVIP SSGA Allocation Funds–31

LVIP SSGA Allocation Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

LVIP SSGA Moderately Aggressive Structured Allocation Fund

	Value 12/31/15			Purchases			Sales			Net Realized Gain (Loss)				Value 6/30/16			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	117,235,870		$	6,214,427		$	10,046,400		$	(109,375	)		$	119,268,788		$	—		$	—
LVIP SSGA Developed International 150 Fund			50,314,202			3,426,231			2,489,364			(565,489	)			49,854,509			—			—
LVIP SSGA Emerging Markets 100 Fund			45,415,427			1,663,418			2,298,836			(1,231,615	)			47,505,606			—			—
LVIP SSGA International Index Fund			50,648,706			3,821,610			2,489,364			(347,271	)			50,264,821			—			—
LVIP SSGA Large Cap 100 Fund			60,567,780			1,405,583			4,328,473			(189,914	)			60,111,003			—			—
LVIP SSGA Mid-Cap Index Fund			18,334,321			599,180			1,713,574			(115,965	)			18,606,690			—			—
LVIP SSGA S&P 500 Index Fund			60,859,508			1,671,538			3,710,185			194,860				60,993,326			—			—
LVIP SSGA Small-Cap Index Fund			18,219,502			1,576,353			1,755,484			(3,217	)			18,441,548			—			—
LVIP SSGA Small-Mid Cap 200 Fund			18,222,271			462,918			1,763,427			(149,680	)			18,281,414			—			—
Total		$	439,817,587		$	20,841,258		$	30,595,107		$	(2,517,666	)		$	443,327,705		$	—		$	—

3. Investments

For the six months ended June 30, 2016, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	LVIP SSGA Conservative Index Allocation Fund	LVIP SSGA Moderate Index Allocation Fund	LVIP SSGA Moderately Aggressive Index Allocation Fund	LVIP SSGA Conservative Structured Allocation Fund	LVIP SSGA Moderate Structured Allocation Fund	LVIP SSGA Moderately Aggressive Structured Allocation Fund
Purchases	$17,522,275	$21,924,619	$24,599,831	$18,345,074	$37,568,866	$22,047,054
Sales	10,042,800	15,964,549	14,241,831	17,522,731	57,925,132	32,757,505

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	LVIP SSGA Conservative Index Allocation Fund				LVIP SSGA Moderate Index Allocation Fund				LVIP SSGA Moderately Aggressive Index Allocation Fund				LVIP SSGA Conservative Structured Allocation Fund				LVIP SSGA Moderate Structured Allocation Fund				LVIP SSGA Moderately Aggressive Structured Allocation Fund
Cost of investments		$	85,526,715			$	245,620,563			$	226,834,243			$	186,531,874			$	798,208,469			$	427,994,957
Aggregate unrealized appreciation		$	9,327,880			$	31,013,380			$	30,300,400			$	18,425,430			$	83,066,696			$	51,100,998
Aggregate unrealized depreciation			(283,257	)			(2,226,881	)			(3,298,918	)			(1,290,735	)			(14,584,973	)			(11,829,827	)
Net unrealized appreciation		$	9,044,623			$	28,786,499			$	27,001,482			$	17,134,695			$	68,481,723			$	39,271,171

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the

LVIP SSGA Allocation Funds–32

LVIP SSGA Allocation Funds

Notes to Financial Statements (continued)

3. Investments (continued)

asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)
Level 2–	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
Level 3–	inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2016:

Level 1	LVIP SSGA Conservative Index Allocation Fund			LVIP SSGA Moderate Index Allocation Fund			LVIP SSGA Moderately Aggressive Index Allocation Fund			LVIP SSGA Conservative Structured Allocation Fund			LVIP SSGA Moderate Structured Allocation Fund			LVIP SSGA Moderately Aggressive Structured Allocation Fund
Investment Companies		$	94,571,338		$	274,407,062		$	253,835,725		$	203,666,569		$	866,690,192		$	467,266,128

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Funds’ policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	LVIP SSGA Conservative Index Allocation Fund						LVIP SSGA Moderate Index Allocation Fund						LVIP SSGA Moderately Aggressive Index Allocation Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		276,930			325,663			727,462			2,074,367			1,046,285			2,184,581
Service Class		1,329,148			1,830,705			1,287,920			2,638,925			991,676			2,139,635
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			25,370			—			81,329			—			107,634
Service Class		—			114,115			—			288,711			—			243,700
		1,606,078			2,295,853			2,015,382			5,083,332			2,037,961			4,675,550
Shares redeemed:
Standard Class		(44,591	)		(146,999	)		(201,504	)		(501,077	)		(147,359	)		(269,393	)
Service Class		(900,131	)		(1,462,736	)		(1,292,335	)		(2,283,916	)		(1,077,323	)		(2,415,407	)
		(944,722	)		(1,609,735	)		(1,493,839	)		(2,784,993	)		(1,224,682	)		(2,684,800	)
Net increase		661,356			686,118			521,543			2,298,339			813,279			1,990,750

LVIP SSGA Allocation Funds–33

LVIP SSGA Allocation Funds

Notes to Financial Statements (continued)

4. Capital Shares (continued)

	LVIP SSGA Conservative Structured Allocation Fund						LVIP SSGA Moderate Structured Allocation Fund						LVIP SSGA Moderately Aggressive Structured Allocation Fund
	Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15			Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		273,231			264,718			747,769			1,420,436			910,556			1,152,843
Service Class		1,452,483			2,733,361			2,636,379			5,385,758			1,247,116			3,374,064
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			26,463			—			157,868			—			112,520
Service Class		—			518,623			—			2,302,101			—			1,210,291
		1,725,714			3,543,165			3,384,148			9,266,163			2,157,672			5,849,718
Shares redeemed:
Standard Class		(63,052	)		(165,441	)		(216,812	)		(332,536	)		(214,241	)		(329,585	)
Service Class		(1,593,949	)		(3,757,290	)		(4,780,953	)		(9,910,853	)		(2,733,182	)		(4,123,280	)
		(1,657,001	)		(3,922,731	)		(4,997,765	)		(10,243,389	)		(2,947,423	)		(4,452,865	)
Net increase (decrease)		68,713			(379,566	)		(1,613,617	)		(977,226	)		(789,751	)		1,396,853

5. Contractual Obligations

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

6. Subsequent Events

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

LVIP SSGA Allocation Funds–34

              LVIP SSGA Bond Index Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP SSGA Bond Index Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	59
Statements of Changes in Net Assets	59
Financial Highlights	60
Notes to Financial Statements	62

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Bond Index Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16			Ending Account Value 6/30/16			Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$	1,000.00		$	1,052.00		0.33	%		$	1.68
Service Class Shares			1,000.00			1,050.70		0.58	%			2.96
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,023.22		0.33	%		$	1.66
Service Class Shares			1,000.00			1,021.98		0.58	%			2.92

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP SSGA Bond Index Fund–1

LVIP SSGA Bond Index Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Agency Commercial Mortgage-Backed Securities		0.66	%
Agency Mortgage-Backed Securities		27.63	%
Agency Obligations		2.42	%
Corporate Bonds		26.57	%
Aerospace & Defense		0.40	%
Air Freight & Logistics		0.11	%
Airlines		0.08	%
Auto Components		0.06	%
Automobiles		0.10	%
Beverages		0.79	%
Biotechnology		0.35	%
Building Products		0.02	%
Capital Markets		2.24	%
Chemicals		0.46	%
Commercial Banks		2.63	%
Commercial Services & Supplies		0.10	%
Communications Equipment		0.23	%
Computers & Peripherals		0.06	%
Construction & Engineering		0.03	%
Construction Materials		0.01	%
Consumer Finance		0.76	%
Containers & Packaging		0.04	%
Diversified Consumer Services		0.07	%
Diversified Financial Services		2.02	%
Diversified Telecommunication Services		1.09	%
Electric Utilities		1.55	%
Electrical Equipment		0.05	%
Electronic Equipment, Instruments & Components		0.07	%
Energy Equipment & Services		0.15	%
Food & Staples Retailing		0.58	%
Food Products		0.37	%
Gas Utilities		0.10	%
Health Care Equipment & Supplies		0.37	%
Health Care Providers & Services		0.59	%
Hotels, Restaurants & Leisure		0.17	%
Household Durables		0.20	%
Independent Power Producers & Energy Traders		0.08	%
Industrial Conglomerates		0.26	%
Insurance		0.86	%
Internet & Catalog Retail		0.07	%
Internet Software & Services		0.11	%

Security Type/Sector	Percentage of Net Assets
IT Services		0.37	%
Leisure Equipment & Products		0.02	%
Life Sciences Tools & Services		0.08	%
Machinery		0.25	%
Media		1.05	%
Metals & Mining		0.32	%
Multiline Retail		0.14	%
Multi-Utilities		0.28	%
Oil, Gas & Consumable Fuels		2.48	%
Paper & Forest Products		0.09	%
Personal Products		0.03	%
Pharmaceuticals		1.15	%
Professional Services		0.01	%
Real Estate Investment Trusts		0.71	%
Real Estate Management & Development		0.02	%
Road & Rail		0.36	%
Semiconductors & Semiconductor Equipment		0.21	%
Software		0.50	%
Specialty Retail		0.27	%
Technology Hardware, Storage & Peripherals		0.49	%
Textiles, Apparel & Luxury Goods		0.02	%
Thrift & Mortgage Finance		0.01	%
Tobacco		0.27	%
Trading Companies & Distributors		0.03	%
Wireless Telecommunication Services		0.18	%
Municipal Bonds		0.88	%
Non-Agency Asset-Backed Securities		0.45	%
Non-Agency Commercial Mortgage-Backed Securities		1.04	%
Regional Bonds		0.24	%
Sovereign Bonds		1.53	%
Supranational Banks		1.57	%
U.S. Treasury Obligations		36.43	%
Money Market Fund		1.68	%
Total Value of Securities		101.10	%
Liabilities Net of Receivables and Other Assets		(1.10	%)
Total Net Assets		100.00	%

IT–Information Technology

LVIP SSGA Bond Index Fund–2

LVIP SSGA Bond Index Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.66%
Fannie Mae-Aces
•Series 2013-M12 APT 2.473% 3/25/23		602,319	$	626,630
•Series 2014-M1 ASQ2 2.323% 11/25/18		2,748,780		2,817,866
•Series 2014-M2 A2 3.513% 12/25/23		1,285,000		1,426,645
•Series 2014-M4 A2 3.346% 3/25/24		1,000,000		1,097,317
•Series 2015-M1 A2 2.532% 9/25/24		500,000		517,905
Freddie Mac Multifamily Structured Pass Through Certificates
¿Series K006 A1 3.398% 7/25/19		1,031,668		1,063,485
¿Series K010 A1 3.32% 7/25/20		460,975		473,298
¿Series K025 A1 1.875% 4/25/22		1,316,944		1,338,125
¿Series K026 A2 2.51% 11/25/22		1,000,000		1,047,535
¿Series K030 A1 2.779% 9/25/22		1,246,618		1,298,786
•¿Series K030 A2 3.25% 4/25/23		6,000,000		6,552,874
•¿Series K050 A2 3.334% 8/25/25		900,000		992,146
Total Agency Commercial Mortgage-Backed Securities (Cost $18,541,126)				19,252,612
AGENCY MORTGAGE-BACKED SECURITIES–27.63%
Fannie Mae S.F. 10 yr
4.00% 8/1/19		40,141		41,578
4.00% 6/1/20		211,528		219,443
4.00% 5/1/23		124,082		128,807
6.00% 10/1/16		4,006		4,016
6.00% 12/1/17		2,457		2,491
6.00% 9/1/18		5,961		6,198
Fannie Mae S.F. 15 yr
2.50% 10/1/27		1,310,964		1,360,515
2.50% 3/1/28		2,977,546		3,092,856
2.50% 4/1/28		3,446,523		3,576,562
2.50% 7/1/28		711,064		737,878
2.50% 9/1/28		1,409,959		1,463,050
2.50% 10/1/28		4,485,480		4,654,749
2.50% 2/1/30		2,564,488		2,655,712
2.50% 5/1/30		896,778		928,678
2.50% 2/1/31		5,325,579		5,515,020
3.00% 11/1/26		2,639,183		2,771,625
3.00% 6/1/27		669,884		703,570
3.00% 8/1/27		1,214,664		1,275,636
3.00% 9/1/27		5,068,189		5,322,246
3.00% 10/1/27		756,360		794,401
3.00% 12/1/27		224,369		235,663
3.00% 8/1/29		3,276,124		3,436,453
3.00% 4/1/30		1,874,809		1,966,553
3.00% 6/1/30		3,491,458		3,662,313
3.00% 12/1/30		1,397,243		1,466,606
3.50% 11/1/25		686,310		727,735
3.50% 12/1/25		1,648,349		1,756,022
3.50% 12/1/26		909,424		964,687
3.50% 1/1/27		2,428,897		2,575,497
3.50% 10/1/29		2,568,312		2,723,328
4.00% 4/1/24		118,040		125,779

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
4.00% 5/1/24		206,874	$	220,294
4.00% 6/1/24		289,481		308,493
4.00% 7/1/24		121,264		129,266
4.00% 10/1/24		8,100		8,628
4.00% 12/1/24		308,595		328,788
4.00% 1/1/25		489,858		523,505
4.00% 3/1/25		546,383		583,776
4.00% 5/1/25		205,234		218,787
4.00% 7/1/25		3,621		3,822
4.00% 8/1/25		16,143		17,074
4.00% 9/1/25		198,794		211,694
4.00% 10/1/25		215,372		227,663
4.00% 1/1/26		7,491		7,998
4.00% 3/1/26		547,881		584,085
4.00% 5/1/26		6,155		6,495
4.00% 7/1/26		511,491		544,890
4.50% 2/1/23		97,330		101,709
4.50% 4/1/23		8,818		9,376
4.50% 5/1/23		10,606		11,357
4.50% 6/1/23		291,600		308,317
4.50% 11/1/23		13,209		14,138
4.50% 1/1/24		1,950		2,001
4.50% 2/1/24		2,585		2,779
4.50% 3/1/24		4,539		4,880
4.50% 4/1/24		123,363		131,505
4.50% 5/1/24		238,247		255,038
4.50% 7/1/24		215,242		231,851
4.50% 8/1/24		296,776		316,652
4.50% 11/1/24		134,621		145,142
4.50% 4/1/25		226,215		244,075
4.50% 5/1/25		22,090		23,490
4.50% 6/1/25		4,721		4,846
5.00% 6/1/19		793		815
5.00% 4/1/23		22,578		24,052
5.00% 6/1/23		433,711		466,116
5.00% 9/1/23		209,583		224,358
5.00% 11/1/23		120,469		128,921
5.00% 12/1/23		111,944		119,576
5.00% 3/1/25		51,036		54,842
5.00% 6/1/25		2,414		2,593
5.50% 12/1/18		41,561		42,407
5.50% 3/1/20		87,087		89,114
5.50% 4/1/22		51,039		55,553
5.50% 7/1/22		57,814		62,336
6.00% 12/1/18		1		1
6.00% 6/1/20		7,445		7,818
6.00% 8/1/22		11,031		11,835
6.00% 9/1/22		40,862		45,437
Fannie Mae S.F. 15 yr TBA
2.50% 7/1/31		2,000,000		2,069,178
3.00% 7/1/31		4,500,000		4,717,617

LVIP SSGA Bond Index Fund–3

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 20 yr
3.00% 11/1/34		1,848,159	$	1,946,975
3.00% 12/1/34		1,396,236		1,470,929
3.00% 2/1/35		2,475,775		2,602,413
3.00% 3/1/36		973,549		1,021,672
3.50% 6/1/34		5,630,777		5,985,746
3.50% 7/1/34		6,773,702		7,200,735
4.00% 9/1/35		509,665		552,016
4.00% 10/1/35		961,655		1,041,566
Fannie Mae S.F. 30 yr
3.00% 9/1/42		1,878,681		1,951,556
3.00% 10/1/42		3,301,815		3,449,608
3.00% 11/1/42		2,273,277		2,364,424
3.00% 12/1/42		2,073,347		2,172,278
3.00% 1/1/43		4,503,203		4,683,726
3.00% 3/1/43		9,504,957		9,885,340
3.00% 4/1/43		2,435,045		2,532,429
3.00% 5/1/43		1,560,135		1,622,494
3.00% 6/1/43		6,633,340		6,902,644
3.00% 7/1/43		3,883,112		4,038,186
3.00% 8/1/43		5,404,398		5,620,224
3.00% 9/1/45		3,252,872		3,378,793
3.00% 11/1/45		6,048,709		6,284,751
3.50% 10/1/40		897,818		948,776
3.50% 12/1/40		535,371		566,454
3.50% 2/1/41		902,126		954,099
3.50% 8/1/42		742,653		787,032
3.50% 9/1/42		7,693,350		8,136,449
3.50% 10/1/42		4,633,830		4,902,885
3.50% 11/1/42		1,412,809		1,491,226
3.50% 1/1/43		2,994,828		3,167,039
3.50% 2/1/43		574,213		607,392
3.50% 7/1/43		6,548,886		6,925,462
3.50% 10/1/44		3,478,198		3,670,837
3.50% 1/1/45		2,697,835		2,847,254
3.50% 4/1/45		5,092,862		5,375,348
3.50% 5/1/45		4,447,695		4,694,164
3.50% 8/1/45		10,805,943		11,427,655
3.50% 11/1/45		7,279,434		7,685,300
3.50% 12/1/45		6,446,911		6,808,057
3.50% 2/1/46		17,509,783		18,487,543
4.00% 1/1/39		44,761		48,321
4.00% 2/1/39		71,356		76,491
4.00% 3/1/39		3,022		3,249
4.00% 4/1/39		286,280		306,947
4.00% 6/1/39		158,592		170,107
4.00% 8/1/39		525,963		570,552
4.00% 9/1/39		705,970		773,998
4.00% 11/1/39		41,411		44,438
4.00% 12/1/39		1,068,283		1,145,272
4.00% 1/1/40		441,289		473,875
4.00% 5/1/40		268,663		288,341
4.00% 8/1/40		99,742		106,989

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
4.00% 9/1/40		167,826	$	180,155
4.00% 10/1/40		832,336		895,432
4.00% 11/1/40		1,199,991		1,290,430
4.00% 12/1/40		1,928,708		2,093,248
4.00% 1/1/41		4,640,333		4,993,688
4.00% 2/1/41		1,148,396		1,235,541
4.00% 3/1/41		24,054		25,846
4.00% 4/1/41		407,843		438,467
4.00% 5/1/41		2,040,634		2,194,087
4.00% 6/1/41		26,354		28,335
4.00% 9/1/41		420,467		451,983
4.00% 10/1/41		229,169		246,670
4.00% 11/1/41		467,505		502,661
4.00% 12/1/41		19,101		20,536
4.00% 1/1/42		15,848		17,040
4.00% 3/1/42		280,641		301,406
4.00% 10/1/43		4,466,686		4,787,176
4.00% 12/1/43		1,653,543		1,780,853
4.00% 7/1/44		3,450,212		3,697,769
4.00% 9/1/44		3,630,749		3,891,260
4.00% 10/1/44		4,952,498		5,308,243
4.00% 3/1/45		4,454,004		4,775,743
4.00% 7/1/45		4,476,322		4,801,955
4.00% 9/1/45		12,767,796		13,699,978
4.50% 8/1/33		28,110		30,804
4.50% 1/1/34		18,257		19,995
4.50% 9/1/35		88,992		97,377
4.50% 2/1/38		35,702		39,064
4.50% 4/1/38		41,118		44,852
4.50% 7/1/38		65,728		71,710
4.50% 11/1/38		167,828		183,501
4.50% 2/1/39		385,389		420,824
4.50% 3/1/39		312,942		341,369
4.50% 4/1/39		1,137,894		1,248,844
4.50% 5/1/39		430,761		477,509
4.50% 6/1/39		137,213		149,915
4.50% 7/1/39		539,716		590,525
4.50% 9/1/39		308,067		339,023
4.50% 1/1/40		1,000,709		1,114,173
4.50% 2/1/40		1,793,014		1,985,710
4.50% 5/1/40		1,060,120		1,167,778
4.50% 6/1/40		493,990		541,560
4.50% 8/1/40		193,982		212,042
4.50% 9/1/40		547,329		600,023
4.50% 10/1/40		3,248,574		3,564,813
4.50% 11/1/40		505,495		552,457
4.50% 2/1/41		2,169,284		2,377,494
4.50% 4/1/41		28,507		31,257
4.50% 5/1/41		2,707,114		2,967,419
4.50% 6/1/41		333,460		365,355
4.50% 1/1/42		2,900,906		3,178,556
4.50% 9/1/43		1,455,042		1,590,570

LVIP SSGA Bond Index Fund–4

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
4.50% 12/1/43		3,982,751	$	4,353,739
4.50% 10/1/44		540,525		589,615
5.00% 9/1/33		173,784		193,997
5.00% 4/1/34		642,204		716,725
5.00% 7/1/34		402,145		448,703
5.00% 11/1/34		200,676		223,572
5.00% 4/1/35		125,959		140,359
5.00% 6/1/35		205,059		228,470
5.00% 7/1/35		2,388,802		2,664,295
5.00% 9/1/35		30,628		33,983
5.00% 10/1/35		158,036		175,916
5.00% 12/1/35		736,196		819,495
5.00% 2/1/36		1,674,291		1,863,628
5.00% 3/1/36		94,027		104,652
5.00% 11/1/36		31,953		35,545
5.00% 8/1/37		20,965		23,262
5.00% 4/1/38		206,718		229,361
5.00% 7/1/38		33,105		36,731
5.00% 11/1/38		13,927		15,453
5.00% 8/1/39		1,023,343		1,138,304
5.00% 12/1/39		222,837		247,802
5.00% 1/1/40		472,533		526,605
5.00% 7/1/40		2,086,801		2,330,984
5.00% 9/1/40		568,651		633,280
5.00% 6/1/41		1,776,364		1,980,453
5.50% 11/1/33		61,785		70,032
5.50% 1/1/34		79,366		90,038
5.50% 5/1/34		113,795		128,765
5.50% 7/1/34		134,045		151,885
5.50% 10/1/34		190,456		216,886
5.50% 9/1/35		84,859		96,126
5.50% 10/1/35		95,023		106,949
5.50% 12/1/35		413,653		465,642
5.50% 1/1/36		503,843		569,072
5.50% 4/1/36		1,301,821		1,469,846
5.50% 8/1/36		324,599		365,955
5.50% 1/1/37		381,019		427,713
5.50% 2/1/37		17,906		20,110
5.50% 3/1/37		130,125		146,207
5.50% 5/1/37		155,706		177,070
5.50% 6/1/37		125,289		140,639
5.50% 8/1/37		56,836		63,879
5.50% 11/1/37		1,489		1,673
5.50% 12/1/37		207		232
5.50% 1/1/38		2,937,554		3,305,999
5.50% 2/1/38		67,748		76,127
5.50% 5/1/38		214,395		241,345
5.50% 6/1/38		13,883		15,620
5.50% 7/1/38		111,385		125,460
5.50% 10/1/38		47,852		53,831
5.50% 1/1/39		198,445		223,181
5.50% 5/1/39		467,657		526,279

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 6/1/39		477,208	$	537,357
5.50% 10/1/39		200,026		225,154
5.50% 7/1/41		380,761		428,260
6.00% 12/1/35		157,082		182,878
6.00% 2/1/36		64,318		73,835
6.00% 6/1/36		39,709		45,454
6.00% 7/1/36		147,954		169,406
6.00% 8/1/36		61,016		69,675
6.00% 9/1/36		104,332		119,382
6.00% 10/1/36		105,485		120,503
6.00% 11/1/36		7,650		8,745
6.00% 1/1/37		94,378		108,099
6.00% 2/1/37		440,396		505,434
6.00% 3/1/37		46,445		53,184
6.00% 4/1/37		7,046		8,046
6.00% 5/1/37		130,346		149,275
6.00% 6/1/37		72,893		83,238
6.00% 8/1/37		158,571		181,224
6.00% 9/1/37		216,173		246,852
6.00% 10/1/37		349,900		399,738
6.00% 11/1/37		66,341		75,755
6.00% 1/1/38		41,467		47,418
6.00% 2/1/38		32,151		36,717
6.00% 4/1/38		6,464		7,382
6.00% 5/1/38		181,433		207,853
6.00% 6/1/38		64,064		73,180
6.00% 8/1/38		67,396		76,960
6.00% 9/1/38		61,689		70,562
6.00% 10/1/38		39,356		44,941
6.00% 11/1/38		22,970		26,229
6.00% 12/1/38		594,735		686,446
6.00% 4/1/40		508,700		582,794
6.00% 6/1/40		931,047		1,066,560
6.50% 3/1/32		1,205		1,387
6.50% 7/1/36		88,528		101,876
6.50% 9/1/36		86,156		100,231
6.50% 11/1/36		123,749		152,212
6.50% 9/1/37		17,376		21,293
6.50% 10/1/37		181,754		218,835
6.50% 2/1/38		125,083		143,943
6.50% 3/1/38		342,788		399,265
6.50% 5/1/38		55,731		64,135
6.50% 7/1/38		143,557		172,982
6.50% 10/1/38		139,351		160,364
7.00% 8/1/39		410,741		453,058
Fannie Mae S.F. 30 yr TBA
3.00% 7/1/46		5,500,000		5,707,753
3.50% 7/1/46		2,500,000		2,637,891
4.00% 7/1/46		2,700,000		2,894,829
Freddie Mac S.F. 15 yr
2.50% 4/1/28		152,760		158,244

LVIP SSGA Bond Index Fund–5

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 15 yr (continued)
2.50% 7/1/28		459,015	$	475,436
2.50% 8/1/28		3,548,494		3,675,535
2.50% 9/1/28		2,579,967		2,673,088
2.50% 10/1/28		3,620,279		3,749,842
2.50% 10/1/29		2,336,367		2,419,428
2.50% 1/1/31		2,642,145		2,735,225
2.50% 5/1/31		995,011		1,030,064
3.00% 11/1/26		3,303,374		3,473,453
3.00% 2/1/27		303,173		319,342
3.00% 3/1/27		922,194		969,309
3.00% 4/1/27		1,034,227		1,086,411
3.00% 11/1/27		543,343		571,107
3.00% 2/1/29		1,527,477		1,612,526
3.00% 4/1/30		4,317,775		4,532,739
3.00% 12/1/30		4,478,196		4,701,147
3.50% 12/1/25		1,683,148		1,800,861
3.50% 3/1/26		1,195,854		1,267,019
3.50% 2/1/30		420,608		445,986
4.00% 2/1/24		63,326		65,548
4.00% 8/1/24		117,901		125,404
4.00% 2/1/25		167,190		177,585
4.00% 7/1/25		488,895		520,449
4.00% 4/1/26		1,041,604		1,109,417
4.50% 3/1/18		40,308		41,225
4.50% 4/1/18		41,514		42,457
4.50% 10/1/18		17,674		18,081
4.50% 11/1/18		77,631		79,473
4.50% 12/1/18		39,356		40,264
4.50% 1/1/19		34,175		34,999
4.50% 2/1/19		43,496		44,573
4.50% 7/1/19		74,791		76,658
4.50% 12/1/19		25,596		26,231
4.50% 4/1/21		22,652		23,189
4.50% 6/1/24		5,497		5,896
4.50% 7/1/24		202,267		216,991
4.50% 8/1/24		97,317		104,726
4.50% 11/1/24		183,979		196,802
4.50% 5/1/25		66,177		71,068
5.00% 10/1/17		2,964		3,040
5.00% 4/1/18		75,398		77,371
5.00% 4/1/23		119,741		128,936
5.00% 1/1/25		11,061		11,365
5.00% 3/1/25		62,891		67,745
5.50% 11/1/16		9,775		9,802
5.50% 11/1/17		1,109		1,112
5.50% 4/1/18		28,332		29,114
6.00% 11/1/23		80,605		89,133
Freddie Mac S.F. 15 yr TBA
2.50% 7/1/31		2,000,000		2,068,218
3.00% 7/1/31		2,275,000		2,386,528
Freddie Mac S.F. 20 yr
3.00% 5/1/35		2,731,348		2,872,789

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 20 yr (continued)
3.00% 4/1/36		2,458,537	$	2,577,389
Freddie Mac S.F. 30 yr
3.00% 10/1/42		2,367,333		2,460,613
3.00% 1/1/43		4,828,668		5,033,022
3.00% 3/1/43		5,794,463		6,020,358
3.00% 4/1/43		3,781,453		3,929,286
3.00% 7/1/43		1,556,501		1,616,235
3.00% 8/1/43		639,131		663,654
3.00% 10/1/43		1,915,849		1,989,612
3.00% 8/1/45		10,671,595		11,073,543
3.00% 4/1/46		1,988,457		2,063,353
3.50% 2/1/42		2,970,011		3,137,598
3.50% 5/1/42		2,801,220		2,958,578
3.50% 10/1/42		2,797,507		2,953,016
3.50% 2/1/43		1,645,387		1,745,297
3.50% 5/1/43		2,121,914		2,239,683
3.50% 8/1/43		4,215,664		4,446,876
3.50% 2/1/44		1,390,705		1,466,693
3.50% 3/1/44		102,125		107,705
3.50% 6/1/44		1,725,412		1,819,690
3.50% 8/1/44		1,870,575		1,972,784
3.50% 11/1/44		3,425,538		3,612,711
3.50% 1/1/45		4,098,315		4,322,249
3.50% 7/1/45		9,050,514		9,577,640
3.50% 10/1/45		3,958,171		4,180,731
3.50% 12/1/45		1,962,688		2,082,573
3.50% 1/1/46		5,214,154		5,510,564
3.50% 3/1/46		2,661,069		2,811,608
3.50% 5/1/46		1,995,722		2,109,113
4.00% 5/1/39		346,803		372,253
4.00% 2/1/40		113,919		121,928
4.00% 5/1/40		201,327		216,469
4.00% 8/1/40		53,309		57,304
4.00% 9/1/40		466,561		501,644
4.00% 10/1/40		1,688,659		1,815,411
4.00% 11/1/40		3,919,702		4,215,044
4.00% 12/1/40		1,852,593		1,991,859
4.00% 2/1/41		1,613,079		1,746,653
4.00% 12/1/41		2,397,125		2,576,451
4.00% 1/1/42		830,461		891,302
4.00% 3/1/42		139,666		150,468
4.00% 4/1/42		3,571,649		3,842,282
4.00% 6/1/42		13,806		14,847
4.00% 5/1/44		4,471,242		4,784,195
4.00% 9/1/44		1,394,648		1,492,406
4.00% 4/1/45		4,982,789		5,336,055
4.00% 10/1/45		2,273,477		2,434,682
4.00% 11/1/45		839,570		899,072
4.00% 1/1/46		1,444,850		1,547,352
4.50% 2/1/39		86,718		94,848
4.50% 4/1/39		30,057		32,889

LVIP SSGA Bond Index Fund–6

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
4.50% 5/1/39		133,260	$	147,600
4.50% 6/1/39		906,374		993,914
4.50% 7/1/39		213,993		234,364
4.50% 9/1/39		828,360		924,165
4.50% 10/1/39		727,912		799,456
4.50% 1/1/40		1,960,647		2,158,646
4.50% 2/1/40		1,156,456		1,280,949
4.50% 7/1/40		190,056		208,686
4.50% 8/1/40		123,284		135,413
4.50% 9/1/40		1,095,329		1,215,960
4.50% 2/1/41		4,363,546		4,786,518
4.50% 3/1/41		538,194		598,041
4.50% 9/1/41		1,220,246		1,342,000
4.50% 3/1/44		620,434		676,686
4.50% 5/1/44		33,275		36,271
5.00% 10/1/34		238,774		264,688
5.00% 2/1/35		61,658		68,348
5.00% 8/1/35		101,456		112,798
5.00% 10/1/35		45,188		50,238
5.00% 11/1/35		20,403		22,553
5.00% 12/1/35		163,463		181,345
5.00% 2/1/37		103,517		114,346
5.00% 4/1/37		116,101		128,141
5.00% 5/1/37		123,947		137,330
5.00% 12/1/37		426,583		472,355
5.00% 1/1/38		5,904		6,516
5.00% 4/1/38		4,818		5,317
5.00% 6/1/38		228,471		252,148
5.00% 7/1/38		28,011		30,914
5.00% 9/1/38		11,359		12,536
5.00% 10/1/38		224,463		247,726
5.00% 12/1/38		650,468		717,943
5.00% 1/1/39		55,252		60,978
5.00% 2/1/39		1,019,634		1,125,303
5.00% 3/1/39		2,345,277		2,590,780
5.00% 8/1/39		129,978		145,415
5.00% 9/1/39		666,487		739,041
5.00% 1/1/40		606,156		672,115
5.00% 5/1/40		221,233		244,161
5.00% 6/1/40		1,441,456		1,599,784
5.00% 9/1/40		146,688		161,890
5.00% 3/1/41		386,007		429,905
5.50% 8/1/33		46,547		51,811
5.50% 6/1/34		128,768		144,855
5.50% 6/1/35		86,433		97,670
5.50% 11/1/35		144,858		162,276
5.50% 1/1/37		63,847		71,761
5.50% 5/1/37		94,317		105,989
5.50% 7/1/37		40,877		46,296
5.50% 1/1/38		390,351		438,242
5.50% 2/1/38		91,741		103,215
5.50% 5/1/38		696,163		782,827

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
5.50% 6/1/38		23,801	$	26,662
5.50% 8/1/38		87,282		98,485
5.50% 12/1/38		99,504		112,052
5.50% 8/1/39		151,116		170,351
5.50% 12/1/39		665,975		742,985
5.50% 3/1/40		478,162		534,882
5.50% 4/1/40		1,281,387		1,445,991
5.50% 5/1/40		336,324		378,266
5.50% 6/1/41		84,295		94,885
6.00% 11/1/28		17,050		19,676
6.00% 7/1/33		16,720		19,388
6.00% 8/1/36		23,437		26,881
6.00% 11/1/36		61,363		69,743
6.00% 4/1/37		891		1,020
6.00% 5/1/37		136,895		156,008
6.00% 8/1/37		293,222		334,547
6.00% 9/1/37		152,678		176,096
6.00% 10/1/37		35,184		39,931
6.00% 11/1/37		219,467		249,693
6.00% 12/1/37		13,973		15,888
6.00% 1/1/38		192,212		219,405
6.00% 4/1/38		15,180		17,329
6.00% 6/1/38		33,515		38,184
6.00% 7/1/38		43,815		49,981
6.00% 8/1/38		64,238		73,146
6.00% 9/1/38		30,422		34,701
6.00% 10/1/38		83,660		95,131
6.00% 11/1/38		21,055		23,895
6.00% 3/1/39		41,770		47,564
6.00% 5/1/40		1,149,353		1,311,037
6.50% 11/1/36		205,999		240,636
6.50% 8/1/37		110,139		126,526
6.50% 10/1/37		27,604		31,710
6.50% 6/1/38		43,867		50,393
6.50% 4/1/39		121,666		142,267
Freddie Mac S.F. 30 yr TBA
3.00% 7/1/46		5,000,000		5,183,271
3.50% 7/1/46		1,000,000		1,054,219
4.00% 7/1/46		1,500,000		1,605,469
GNMA I S.F. 30 yr
3.00% 9/15/42		1,802,025		1,884,111
3.00% 11/15/42		1,640,613		1,715,347
3.00% 12/15/42		503,553		526,491
3.00% 2/15/45		927,958		972,091
3.50% 10/15/40		286,788		304,641
3.50% 1/15/41		107,388		114,470
3.50% 7/15/41		94,764		101,494
3.50% 10/15/41		732,732		781,055
3.50% 3/15/42		55,308		58,752
3.50% 6/15/42		3,084,983		3,285,197
3.50% 10/15/42		297,826		316,690

LVIP SSGA Bond Index Fund–7

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA I S.F. 30 yr (continued)
4.00% 6/15/39		110,019	$	118,233
4.00% 4/15/40		2,632,150		2,835,639
4.00% 8/15/40		669,766		719,317
4.00% 10/15/40		737,741		802,273
4.00% 12/15/40		1,074,964		1,174,345
4.00% 1/15/41		1,040,768		1,136,294
4.00% 9/15/41		441,446		475,447
4.50% 2/15/39		228,549		251,987
4.50% 3/15/39		1,283,571		1,414,866
4.50% 4/15/39		122,551		135,056
4.50% 5/15/39		111,540		124,220
4.50% 6/15/39		289,573		319,062
4.50% 7/15/39		460,736		507,981
4.50% 8/15/39		73,851		81,420
4.50% 9/15/39		411,675		453,798
4.50% 10/15/39		1,102,554		1,238,642
4.50% 11/15/39		599,477		663,840
4.50% 12/15/39		303,430		334,848
4.50% 1/15/40		1,240,603		1,372,998
4.50% 4/15/40		307,018		338,243
4.50% 5/15/40		349,227		387,090
4.50% 6/15/40		963,132		1,067,754
4.50% 8/15/40		367,629		405,243
4.50% 9/15/40		204,979		227,311
4.50% 1/15/41		477,376		534,736
4.50% 2/15/41		2,357,234		2,610,422
4.50% 3/15/41		288,853		318,230
4.50% 6/15/41		265,373		292,362
4.50% 7/15/41		34,534		38,116
5.00% 3/15/35		75,456		83,989
5.00% 3/15/38		25,765		28,914
5.00% 4/15/38		26,403		29,699
5.00% 5/15/38		3,977		4,471
5.00% 8/15/38		2,750		3,061
5.00% 11/15/38		56,612		63,082
5.00% 1/15/39		241,132		270,105
5.00% 4/15/39		294,250		330,987
5.00% 5/15/39		1,089,451		1,226,526
5.00% 6/15/39		1,003,694		1,134,805
5.00% 9/15/39		2,109,110		2,389,942
5.00% 10/15/39		178,755		199,978
5.00% 11/15/39		511,447		579,207
5.00% 1/15/40		1,282,172		1,447,965
5.00% 2/15/40		647,514		732,239
5.00% 4/15/40		481,336		538,737
5.00% 7/15/40		479,990		538,670
5.50% 10/15/33		253,319		291,492
5.50% 4/15/37		62,028		70,476
5.50% 7/15/37		29,242		33,002
5.50% 1/15/38		309,744		348,054
5.50% 2/15/38		280,654		318,276
5.50% 7/15/38		116,676		132,449

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA I S.F. 30 yr (continued)
5.50% 8/15/38		41,263	$	46,496
5.50% 9/15/38		559,829		630,754
5.50% 12/15/38		400,219		450,943
5.50% 1/15/39		204,572		230,404
5.50% 5/15/39		284,540		320,620
5.50% 7/15/39		5,944		6,721
5.50% 10/15/39		304,001		342,553
5.50% 12/15/39		91,282		102,859
5.50% 4/15/40		594,417		681,476
5.50% 2/15/41		77,050		86,827
6.00% 5/15/37		150,495		174,876
6.00% 1/15/38		116,575		133,339
6.00% 3/15/38		5,218		5,973
6.00% 5/15/38		198,115		226,500
6.00% 7/15/38		150,012		171,557
6.00% 8/15/38		90,056		102,967
6.00% 10/15/38		78,475		89,789
6.00% 11/15/38		127,040		145,557
6.00% 12/15/38		176,244		201,850
6.00% 1/15/39		49,337		56,503
6.00% 5/15/39		7,511		8,602
6.00% 6/15/39		6,164		7,054
6.00% 8/15/39		8,091		9,258
6.00% 10/15/39		9,533		10,898
6.00% 6/15/40		7,443		8,524
6.00% 12/15/40		784,518		897,266
6.50% 3/15/38		2,231		2,546
6.50% 5/15/38		24,423		28,445
6.50% 7/15/38		99,632		114,457
6.50% 9/15/38		5,591		6,379
6.50% 10/15/38		23,437		27,112
6.50% 2/15/39		172,291		196,559
6.50% 8/15/39		16,971		19,362
GNMA II S.F. 30 yr
3.00% 9/20/42		2,575,656		2,701,987
3.00% 11/20/42		1,307,587		1,371,722
3.00% 12/20/42		2,050,843		2,151,421
3.00% 1/20/43		2,006,345		2,104,708
3.00% 2/20/43		2,656,021		2,788,390
3.00% 3/20/43		4,400,759		4,618,699
3.00% 6/20/43		1,797,067		1,885,189
3.00% 9/20/43		3,062,029		3,212,232
3.00% 12/20/44		2,847,886		2,981,509
3.00% 3/20/45		2,929,897		3,067,369
3.00% 4/20/45		2,371,749		2,483,032
3.00% 6/20/45		3,707,473		3,881,429
3.00% 8/20/45		4,017,636		4,206,145
3.00% 12/20/45		962,865		1,008,043
3.00% 5/20/46		3,990,958		4,178,214
3.50% 4/20/42		976,075		1,040,342
3.50% 6/20/42		2,905,980		3,097,321

LVIP SSGA Bond Index Fund–8

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA II S.F. 30 yr (continued)
3.50% 10/20/42		1,142,063	$	1,217,264
3.50% 12/20/42		2,326,087		2,479,253
3.50% 2/20/43		3,906,387		4,163,616
3.50% 3/20/43		2,693,701		2,884,484
3.50% 5/20/43		2,873,580		3,062,246
3.50% 9/20/43		3,518,984		3,749,657
3.50% 1/20/44		4,061,568		4,326,570
3.50% 10/20/44		3,434,279		3,646,883
3.50% 12/20/44		2,512,585		2,668,129
3.50% 3/20/45		2,334,573		2,479,259
3.50% 4/20/45		10,999,673		11,713,812
3.50% 6/20/45		4,436,383		4,713,674
3.50% 10/20/45		4,430,197		4,708,340
3.50% 11/20/45		2,804,489		2,980,637
3.50% 12/20/45		950,869		1,010,617
3.50% 3/20/46		3,901,380		4,148,195
3.50% 5/20/46		6,858,200		7,291,858
4.00% 5/20/39		1,218,668		1,311,861
4.00% 8/20/40		694,772		745,790
4.00% 10/20/41		127,141		136,857
4.00% 11/20/41		2,157,937		2,322,853
4.00% 12/20/41		869,230		935,549
4.00% 5/20/42		1,968,746		2,117,255
4.00% 7/20/42		1,219,744		1,311,257
4.00% 8/20/42		905,423		973,249
4.00% 8/20/43		1,687,869		1,806,581
4.00% 3/20/44		2,467,591		2,639,230
4.00% 8/20/44		3,269,278		3,496,353
4.00% 10/20/44		965,275		1,032,248
4.00% 12/20/44		3,378,575		3,612,820
4.00% 1/20/45		691,420		739,358
4.00% 2/20/45		1,761,739		1,883,931
4.00% 8/20/45		1,627,153		1,739,977
4.00% 9/20/45		2,358,694		2,522,309
4.00% 10/20/45		3,487,134		3,729,907
4.00% 11/20/45		2,210,753		2,365,399
4.50% 7/20/41		3,094,144		3,378,100
4.50% 12/20/43		2,027,023		2,177,814
4.50% 1/20/44		1,729,516		1,858,143
4.50% 3/20/44		1,311,819		1,409,554
4.50% 4/20/45		1,235,204		1,326,067
5.00% 4/20/43		1,497,419		1,631,041
GNMA II S.F. 30 yr TBA
3.00% 7/20/46		1,000,000		1,045,566
3.50% 7/20/46		8,450,000		8,968,553
4.00% 7/20/46		500,000		534,453
Total Agency Mortgage-Backed Securities (Cost $786,860,902)				809,726,451
AGENCY OBLIGATIONS–2.42%
Federal Farm Credit Banks
0.75% 4/18/18		1,500,000		1,502,097

	Principal Amount°		Value (U.S. $)
AGENCY OBLIGATIONS (continued)
Federal Farm Credit Banks (continued)
1.10% 6/1/18		1,000,000	$	1,006,786
Federal Home Loan Banks
0.75% 8/28/17		5,000,000		5,008,600
1.83% 7/29/20		1,000,000		1,032,164
2.25% 9/8/17		500,000		509,423
4.125% 3/13/20		400,000		445,275
4.625% 9/11/20		1,000,000		1,146,550
5.00% 11/17/17		1,700,000		1,801,465
5.375% 5/15/19		1,000,000		1,127,668
5.50% 7/15/36		300,000		433,712
Federal Home Loan Mortgage
0.75% 1/12/18		1,000,000		1,001,866
0.875% 3/7/18		1,250,000		1,252,514
1.00% 9/29/17		1,000,000		1,004,908
1.00% 5/11/18		1,500,000		1,500,185
1.05% 2/26/18		1,500,000		1,500,391
1.10% 2/26/18		2,000,000		2,001,240
1.25% 8/1/19		500,000		506,363
1.25% 10/2/19		1,000,000		1,012,358
1.33% 12/30/20		1,000,000		1,000,466
1.375% 5/1/20		2,600,000		2,640,674
1.75% 5/30/19		500,000		513,967
2.00% 7/30/19		100,000		103,302
2.375% 1/13/22		4,500,000		4,769,901
3.75% 3/27/19		700,000		756,071
4.875% 6/13/18		1,150,000		1,243,140
5.125% 11/17/17		250,000		265,592
5.50% 8/23/17		5,500,000		5,807,054
6.25% 7/15/32		750,000		1,136,623
6.75% 9/15/29		100,000		152,845
6.75% 3/15/31		300,000		465,331
Federal National Mortgage Association
0.875% 10/26/17		750,000		752,710
0.875% 12/20/17		500,000		501,839
0.875% 2/8/18		1,000,000		1,005,258
0.875% 5/21/18		1,750,000		1,757,255
0.90% 11/7/17		750,000		750,215
1.00% 5/21/18		100,000		100,020
1.125% 7/20/18		4,000,000		4,036,424
1.25% 2/26/19		2,000,000		2,000,654
1.75% 1/30/19		1,100,000		1,122,765
1.75% 9/12/19		1,000,000		1,028,170
1.875% 9/18/18		1,000,000		1,025,886
2.125% 4/24/26		3,265,000		3,357,781
2.625% 9/6/24		2,085,000		2,245,731
5.625% 7/15/37		100,000		146,314
6.25% 5/15/29		500,000		729,231
6.625% 11/15/30		300,000		460,359
7.125% 1/15/30		500,000		785,597
7.25% 5/15/30		500,000		796,538
8.95% 2/12/18		1,000,000		1,132,904

LVIP SSGA Bond Index Fund–9

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY OBLIGATIONS (continued)
Financing
9.40% 2/8/18		480,000	$	546,962
10.70% 10/6/17		150,000		169,102
Tennessee Valley Authority
3.875% 2/15/21		400,000		449,014
4.625% 9/15/60		150,000		187,446
4.65% 6/15/35		500,000		621,691
4.70% 7/15/33		200,000		248,218
5.25% 9/15/39		1,025,000		1,407,856
5.375% 4/1/56		200,000		278,946
5.50% 7/18/17		100,000		105,069
5.88% 4/1/36		75,000		108,900
6.15% 1/15/38		100,000		148,522
7.125% 5/1/30		100,000		153,358
Total Agency Obligations (Cost $67,787,810)				70,809,266
CORPORATE BONDS–26.57%
Aerospace & Defense–0.40%
Boeing
1.65% 10/30/20		100,000		101,275
1.875% 6/15/23		250,000		250,214
2.20% 10/30/22		100,000		102,753
2.50% 3/1/25		50,000		51,861
2.60% 10/30/25		100,000		104,256
3.30% 3/1/35		100,000		101,895
3.50% 3/1/45		25,000		25,583
4.875% 2/15/20		200,000		224,990
6.00% 3/15/19		100,000		112,965
6.125% 2/15/33		50,000		67,779
6.875% 3/15/39		100,000		150,444
Boeing Capital 4.70% 10/27/19		300,000		334,589
General Dynamics
1.00% 11/15/17		100,000		100,388
2.25% 11/15/22		250,000		255,779
Honeywell International
3.35% 12/1/23		200,000		218,112
4.25% 3/1/21		50,000		56,131
5.00% 2/15/19		100,000		110,259
5.30% 3/1/18		100,000		107,130
5.375% 3/1/41		65,000		84,482
5.70% 3/15/36		150,000		197,909
5.70% 3/15/37		100,000		133,172
L-3 Communications
3.95% 5/28/24		154,000		162,297
4.75% 7/15/20		100,000		108,032
4.95% 2/15/21		100,000		109,467
Lockheed Martin
1.85% 11/23/18		90,000		91,274
2.50% 11/23/20		150,000		154,938
2.90% 3/1/25		300,000		310,513
3.10% 1/15/23		50,000		52,775
3.35% 9/15/21		100,000		106,739

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Aerospace & Defense (continued)
Lockheed Martin (continued)
3.55% 1/15/26		250,000	$	272,103
3.60% 3/1/35		150,000		152,569
3.80% 3/1/45		500,000		513,523
4.07% 12/15/42		279,000		298,245
4.25% 11/15/19		200,000		219,120
4.50% 5/15/36		40,000		44,797
4.70% 5/15/46		109,000		129,032
4.85% 9/15/41		100,000		117,249
Northrop Grumman
1.75% 6/1/18		150,000		151,506
3.25% 8/1/23		350,000		376,175
3.50% 3/15/21		100,000		107,489
5.05% 11/15/40		100,000		120,425
Northrop Grumman Systems 7.75% 2/15/31		150,000		224,933
Precision Castparts
1.25% 1/15/18		200,000		200,948
2.50% 1/15/23		200,000		207,033
3.25% 6/15/25		100,000		106,753
3.90% 1/15/43		50,000		54,098
4.20% 6/15/35		100,000		112,924
4.375% 6/15/45		100,000		117,266
Raytheon
2.50% 12/15/22		125,000		130,316
3.125% 10/15/20		200,000		214,517
4.40% 2/15/20		100,000		110,807
4.70% 12/15/41		200,000		238,627
6.40% 12/15/18		50,000		56,461
7.20% 8/15/27		100,000		143,368
Rockwell Collins
3.70% 12/15/23		150,000		164,199
4.80% 12/15/43		100,000		119,773
5.25% 7/15/19		50,000		55,996
Spirit Aerosystems 3.85% 6/15/26		75,000		77,662
United Technologies
f1.778% 5/4/18		250,000		252,359
3.10% 6/1/22		409,000		436,322
4.15% 5/15/45		250,000		275,309
4.50% 4/15/20		210,000		234,146
4.50% 6/1/42		400,000		459,224
5.375% 12/15/17		150,000		159,474
5.40% 5/1/35		200,000		247,590
6.05% 6/1/36		150,000		200,596
6.125% 2/1/19		250,000		281,172
6.125% 7/15/38		200,000		274,509
				11,646,616
Air Freight & Logistics–0.11%
FedEx
2.625% 8/1/22		55,000		56,507

LVIP SSGA Bond Index Fund–10

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Air Freight & Logistics (continued)
FedEx (continued)
3.20% 2/1/25		200,000	$	208,622
3.25% 4/1/26		150,000		157,226
3.875% 8/1/42		100,000		98,809
4.00% 1/15/24		120,000		131,336
4.10% 4/15/43		100,000		102,025
4.10% 2/1/45		200,000		204,209
4.55% 4/1/46		150,000		163,443
4.75% 11/15/45		350,000		391,645
4.90% 1/15/34		60,000		68,309
8.00% 1/15/19		100,000		116,277
JB Hunt Transport Services 3.85% 3/15/24		150,000		159,677
United Parcel Service
2.45% 10/1/22		125,000		130,067
3.125% 1/15/21		350,000		375,435
3.625% 10/1/42		75,000		79,613
4.875% 11/15/40		55,000		69,487
5.125% 4/1/19		200,000		221,555
6.20% 1/15/38		255,000		366,496
				3,100,738
Airlines–0.08%
American Airlines Pass Through Trust
¿Series 2013-2 Class A 4.95% 1/15/23		336,063		365,888
¿Series 2015-1 Class A 3.375% 5/1/27		95,451		96,162
¿Series 2016-2 Class AA 3.20% 6/15/28		500,000		517,585
Continental Airlines Pass Through Trust
¿Series 2010-1 Class A 4.75% 1/12/21		73,497		78,348
¿Series 2012-1 Class A 4.15% 4/11/24		213,086		225,338
Delta Air Lines Pass Through Trust
¿Series 2010-2 Class A 4.95% 5/23/19		53,316		56,382
¿Series 2015-1 Class AA 3.625% 7/30/27		93,118		98,356
Hawaiian Airlines Pass Through Certificates Series 2013-1 Class A 3.90% 1/15/26		36,064		35,794
Southwest Airlines
2.65% 11/5/20		100,000		103,319
2.75% 11/6/19		50,000		51,729
¿Spirit Airlines Pass Through Trust
Series 2015-1 Class A 4.10% 4/1/28		25,000		25,406
United Airlines Pass Through Trust
¿Series 2014-2 Class A 3.75% 9/3/26		194,181		205,589
¿Series 2015-1 Class AA 3.45% 12/1/27		175,000		182,656
¿Series 2016-1 Class A 3.45% 7/7/28		95,000		97,494
¿Series 2016-1 Class AA 3.10% 7/7/28		100,000		101,875
US Airways Pass Through Trust
¿Series 2012-1 Class A 5.90% 10/1/24		39,972		45,768
¿Series 2012-2 Class A 4.625% 6/3/25		79,626		84,910
¿Series 2013-1 Class A 3.95% 11/15/25		87,154		91,948
				2,464,547

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Auto Components–0.06%
Delphi 5.00% 2/15/23		300,000	$	318,750
Delphi Automotive
3.15% 11/19/20		50,000		51,482
4.25% 1/15/26		100,000		109,495
Johnson Controls
1.40% 11/2/17		500,000		501,725
3.625% 7/2/24		107,000		113,275
4.25% 3/1/21		60,000		64,774
4.95% 7/2/64		94,000		94,136
5.00% 3/30/20		100,000		109,513
5.70% 3/1/41		70,000		80,769
Magna International 3.625% 6/15/24		200,000		211,310
				1,655,229
Automobiles–0.10%
Daimler Finance North America 8.50% 1/18/31		200,000		325,391
Ford Motor
4.75% 1/15/43		400,000		425,021
7.45% 7/16/31		650,000		873,723
General Motors
6.25% 10/2/43		600,000		668,804
6.60% 4/1/36		305,000		350,746
6.75% 4/1/46		75,000		89,275
Harley-Davidson
3.50% 7/28/25		50,000		53,588
4.625% 7/28/45		50,000		56,004
				2,842,552
Beverages–0.79%
Anheuser-Busch 6.45% 9/1/37		100,000		133,736
Anheuser-Busch InBev Finance
1.25% 1/17/18		250,000		250,337
1.90% 2/1/19		825,000		839,534
2.625% 1/17/23		450,000		455,942
2.65% 2/1/21		1,340,000		1,391,069
3.30% 2/1/23		860,000		907,465
3.65% 2/1/26		1,600,000		1,717,394
4.00% 1/17/43		100,000		103,463
4.625% 2/1/44		850,000		957,888
4.70% 2/1/36		950,000		1,071,005
4.90% 2/1/46		1,230,000		1,447,327
Anheuser-Busch InBev Worldwide
1.375% 7/15/17		500,000		501,507
2.50% 7/15/22		450,000		458,450
3.75% 7/15/42		136,000		136,643
4.375% 2/15/21		30,000		33,055
5.375% 1/15/20		400,000		449,387
6.375% 1/15/40		200,000		270,054
7.75% 1/15/19		500,000		578,791
8.20% 1/15/39		200,000		319,766
Beam Suntory 1.75% 6/15/18		250,000		251,855

LVIP SSGA Bond Index Fund–11

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Beverages (continued)
Bottling Group 5.125% 1/15/19		200,000	$	219,566
Brown-Forman
1.00% 1/15/18		250,000		250,174
3.75% 1/15/43		125,000		127,685
Coca-Cola
0.875% 10/27/17		55,000		55,084
1.375% 5/30/19		150,000		151,679
1.65% 3/14/18		250,000		253,425
1.65% 11/1/18		500,000		507,699
2.45% 11/1/20		500,000		521,871
2.50% 4/1/23		250,000		260,411
2.55% 6/1/26		100,000		103,071
2.875% 10/27/25		100,000		106,046
3.15% 11/15/20		170,000		182,920
3.30% 9/1/21		250,000		271,750
Coca-Cola Bottling Consolidated 3.80% 11/25/25		50,000		53,612
Coca-Cola Enterprises
3.50% 9/15/20		100,000		106,184
4.50% 9/1/21		200,000		223,862
Coca-Cola Femsa
2.375% 11/26/18		200,000		204,084
3.875% 11/26/23		200,000		215,069
Diageo Capital
2.625% 4/29/23		350,000		363,678
3.875% 4/29/43		30,000		31,542
4.828% 7/15/20		100,000		112,553
5.75% 10/23/17		100,000		105,986
5.875% 9/30/36		100,000		129,240
Diageo Investment
2.875% 5/11/22		400,000		420,654
8.00% 9/15/22		100,000		132,368
Dr. Pepper Snapple Group
2.00% 1/15/20		66,000		66,316
3.40% 11/15/25		150,000		159,715
4.50% 11/15/45		125,000		138,400
6.82% 5/1/18		100,000		109,935
Fomento Economico Mexicano
2.875% 5/10/23		150,000		150,221
4.375% 5/10/43		200,000		209,377
Molson Coors Brewing
1.45% 7/15/19		80,000		80,262
2.10% 7/15/21		100,000		100,421
3.00% 7/15/26		110,000		110,128
4.20% 7/15/46		95,000		95,809
5.00% 5/1/42		250,000		281,247
PepsiCo
1.00% 10/13/17		85,000		85,121
1.25% 8/13/17		100,000		100,476
1.25% 4/30/18		500,000		502,809
1.50% 2/22/19		85,000		86,227
2.15% 10/14/20		150,000		154,286

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Beverages (continued)
PepsiCo (continued)
2.75% 3/1/23		550,000	$	576,201
2.85% 2/24/26		90,000		94,363
3.00% 8/25/21		100,000		106,464
3.125% 11/1/20		250,000		267,481
3.60% 3/1/24		779,000		856,817
3.60% 8/13/42		250,000		255,757
4.00% 3/5/42		100,000		107,679
4.45% 4/14/46		120,000		140,402
4.50% 1/15/20		100,000		110,996
4.875% 11/1/40		100,000		119,443
5.00% 6/1/18		150,000		161,525
5.50% 1/15/40		150,000		193,231
7.90% 11/1/18		200,000		231,396
				23,037,386
Biotechnology–0.35%
Amgen
2.125% 5/1/20		200,000		203,340
2.20% 5/22/19		650,000		667,149
2.70% 5/1/22		100,000		103,048
3.125% 5/1/25		200,000		209,039
3.625% 5/15/22		100,000		107,764
3.625% 5/22/24		150,000		161,211
3.875% 11/15/21		200,000		218,326
4.10% 6/15/21		100,000		109,925
4.40% 5/1/45		300,000		312,936
4.50% 3/15/20		150,000		165,321
5.15% 11/15/41		250,000		285,559
5.65% 6/15/42		200,000		239,356
5.75% 3/15/40		200,000		245,829
6.15% 6/1/18		250,000		273,059
6.375% 6/1/37		100,000		127,847
6.40% 2/1/39		50,000		65,545
6.90% 6/1/38		150,000		211,363
Biogen
2.90% 9/15/20		250,000		260,797
3.625% 9/15/22		145,000		154,133
4.05% 9/15/25		145,000		156,380
5.20% 9/15/45		255,000		287,882
6.875% 3/1/18		100,000		108,883
Celgene
2.125% 8/15/18		110,000		111,702
2.30% 8/15/18		143,000		145,698
2.875% 8/15/20		200,000		207,026
3.25% 8/15/22		250,000		258,569
3.55% 8/15/22		300,000		314,734
3.625% 5/15/24		200,000		208,637
3.875% 8/15/25		200,000		213,734
3.95% 10/15/20		100,000		107,969
4.00% 8/15/23		100,000		106,711

LVIP SSGA Bond Index Fund–12

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Biotechnology (continued)
Celgene (continued)
4.625% 5/15/44		300,000	$	313,259
5.00% 8/15/45		110,000		121,627
Genzyme 5.00% 6/15/20		100,000		113,746
Gilead Sciences
1.85% 9/4/18		115,000		117,076
2.55% 9/1/20		350,000		363,896
3.25% 9/1/22		125,000		133,221
3.50% 2/1/25		670,000		715,049
3.65% 3/1/26		300,000		326,846
4.40% 12/1/21		200,000		225,978
4.50% 4/1/21		100,000		112,164
4.50% 2/1/45		80,000		87,416
4.60% 9/1/35		200,000		222,807
4.75% 3/1/46		250,000		284,984
4.80% 4/1/44		400,000		451,084
5.65% 12/1/41		250,000		313,562
				10,252,187
Building Products–0.02%
CRH America 8.125% 7/15/18		125,000		140,412
Fortune Brands Home & Security
3.00% 6/15/20		50,000		51,697
4.00% 6/15/25		50,000		53,272
Martin Marietta Materials 4.25% 7/2/24		55,000		58,679
Owens Corning
4.20% 12/15/22		212,000		226,372
7.00% 12/1/36		100,000		122,364
				652,796
Capital Markets–2.24%
Affiliated Managers Group
4.25% 2/15/24		100,000		106,023
Ameriprise Financial
5.30% 3/15/20		200,000		224,227
7.30% 6/28/19		200,000		231,950
Apollo Investment 5.25% 3/3/25		50,000		50,286
Ares Capital
3.875% 1/15/20		30,000		31,055
4.875% 11/30/18		100,000		104,689
Bank of New York Mellon
1.30% 1/25/18		600,000		602,227
2.10% 8/1/18		500,000		509,567
2.10% 1/15/19		200,000		204,540
2.15% 2/24/20		150,000		152,998
2.30% 9/11/19		500,000		510,424
2.45% 11/27/20		150,000		154,424
2.60% 8/17/20		100,000		103,764
3.00% 2/24/25		100,000		104,958
3.55% 9/23/21		200,000		216,690
3.95% 11/18/25		100,000		112,981
4.15% 2/1/21		100,000		110,383

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Bank of New York Mellon (continued)
5.45% 5/15/19		100,000	$	111,208
Barclays
2.75% 11/8/19		1,000,000		995,465
2.875% 6/8/20		500,000		493,757
3.25% 1/12/21		200,000		199,869
4.375% 1/12/26		200,000		202,630
5.20% 5/12/26		500,000		507,257
5.25% 8/17/45		200,000		210,512
Bear Stearns
4.65% 7/2/18		500,000		528,287
7.25% 2/1/18		300,000		327,102
BlackRock
3.375% 6/1/22		150,000		163,103
5.00% 12/10/19		100,000		112,048
6.25% 9/15/17		100,000		106,362
Charles Schwab
1.50% 3/10/18		50,000		50,482
3.00% 3/10/25		100,000		104,530
3.225% 9/1/22		100,000		106,548
3.45% 2/13/26		70,000		74,745
4.45% 7/22/20		100,000		110,959
Deutsche Bank
2.85% 5/10/19		300,000		300,414
2.95% 8/20/20		150,000		148,827
3.125% 1/13/21		200,000		199,957
3.375% 5/12/21		300,000		301,367
3.70% 5/30/24		490,000		487,913
4.10% 1/13/26		200,000		199,010
6.00% 9/1/17		500,000		521,825
Export-Import Bank of Korea
1.75% 5/26/19		300,000		302,927
2.375% 8/12/19		800,000		820,910
2.625% 5/26/26		300,000		306,098
2.875% 1/21/25		500,000		519,423
3.25% 11/10/25		200,000		214,796
4.00% 1/29/21		100,000		109,276
5.00% 4/11/22		250,000		289,453
5.125% 6/29/20		100,000		112,678
Franklin Resources
2.85% 3/30/25		100,000		103,155
4.625% 5/20/20		100,000		110,866
FS Investment
4.00% 7/15/19		100,000		101,081
4.75% 5/15/22		50,000		51,035
Goldman Sachs Group
2.00% 4/25/19		50,000		50,546
2.375% 1/22/18		500,000		506,912
2.55% 10/23/19		750,000		767,972
2.625% 4/25/21		75,000		76,144
2.75% 9/15/20		625,000		638,584

LVIP SSGA Bond Index Fund–13

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Goldman Sachs Group (continued)
2.875% 2/25/21		250,000	$	256,577
2.90% 7/19/18		500,000		513,339
3.625% 1/22/23		450,000		472,719
3.75% 5/22/25		750,000		784,722
3.85% 7/8/24		400,000		424,836
4.75% 10/21/45		150,000		166,017
5.15% 5/22/45		360,000		377,009
5.25% 7/27/21		400,000		451,900
5.375% 3/15/20		200,000		222,652
5.75% 1/24/22		750,000		871,771
5.95% 1/18/18		700,000		745,977
5.95% 1/15/27		700,000		808,373
6.00% 6/15/20		500,000		571,025
6.125% 2/15/33		250,000		312,593
6.15% 4/1/18		500,000		538,972
6.25% 2/1/41		255,000		331,152
6.45% 5/1/36		600,000		710,763
6.75% 10/1/37		800,000		989,855
7.50% 2/15/19		825,000		944,047
Invesco Finance
3.75% 1/15/26		100,000		107,474
4.00% 1/30/24		500,000		547,567
Janus Capital Group 4.875% 8/1/25		150,000		162,494
Jefferies Group
5.125% 1/20/23		150,000		157,795
6.25% 1/15/36		100,000		100,838
8.50% 7/15/19		200,000		228,722
KFW
^0.419% 4/18/36		200,000		120,173
^0.43% 6/29/37		500,000		291,463
0.875% 9/5/17		350,000		350,725
0.875% 4/19/18		700,000		701,271
1.00% 1/26/18		1,000,000		1,003,401
1.00% 6/11/18		1,000,000		1,003,386
1.50% 6/15/21		700,000		709,274
1.625% 3/15/21		1,000,000		1,019,601
1.875% 11/30/20		500,000		515,025
2.00% 10/4/22		700,000		722,647
2.00% 5/2/25		1,200,000		1,231,709
2.125% 1/17/23		1,000,000		1,041,263
2.50% 11/20/24		1,000,000		1,064,753
2.625% 1/25/22		400,000		426,490
2.75% 9/8/20		2,500,000		2,661,935
4.00% 1/27/20		750,000		825,943
4.375% 3/15/18		350,000		371,054
4.50% 7/16/18		800,000		858,733
4.875% 6/17/19		500,000		556,899
Korea Development Bank
2.25% 8/7/17		250,000		252,768
3.00% 3/17/19		500,000		520,377
3.50% 8/22/17		250,000		256,546

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Landwirtschaftliche Rentenbank
1.00% 4/4/18		500,000	$	502,011
1.375% 10/23/19		300,000		303,713
1.75% 4/15/19		1,125,000		1,151,381
2.375% 9/13/17		300,000		305,763
Lazard Group
3.75% 2/13/25		100,000		99,590
4.25% 11/14/20		106,000		112,940
Legg Mason
4.75% 3/15/26		150,000		158,483
5.625% 1/15/44		100,000		103,104
Lloyds Bank
2.00% 8/17/18		200,000		199,837
2.05% 1/22/19		200,000		199,555
2.30% 11/27/18		250,000		251,495
2.70% 8/17/20		200,000		203,606
3.50% 5/14/25		200,000		205,737
6.375% 1/21/21		300,000		351,777
Lloyds Banking Group
3.10% 7/6/21		200,000		199,852
#144A 4.582% 12/10/25		300,000		302,151
4.65% 3/24/26		200,000		202,916
Morgan Stanley
1.875% 1/5/18		600,000		603,616
2.125% 4/25/18		700,000		707,638
2.45% 2/1/19		170,000		173,299
2.50% 1/24/19		250,000		255,210
2.50% 4/21/21		425,000		429,929
2.65% 1/27/20		500,000		508,675
3.70% 10/23/24		1,125,000		1,179,275
3.75% 2/25/23		500,000		530,367
3.875% 1/27/26		265,000		281,884
3.95% 4/23/27		300,000		304,054
4.00% 7/23/25		200,000		214,566
4.10% 5/22/23		1,050,000		1,090,334
4.30% 1/27/45		500,000		528,475
4.35% 9/8/26		300,000		314,481
4.875% 11/1/22		250,000		274,139
5.00% 11/24/25		175,000		191,951
5.50% 1/26/20		200,000		222,624
5.50% 7/28/21		300,000		342,946
5.625% 9/23/19		350,000		388,616
5.75% 1/25/21		650,000		741,846
5.95% 12/28/17		300,000		319,146
6.25% 8/9/26		100,000		125,987
6.375% 7/24/42		850,000		1,155,279
6.625% 4/1/18		500,000		542,111
7.25% 4/1/32		100,000		138,982
7.30% 5/13/19		300,000		344,914
Nomura Holdings
2.75% 3/19/19		350,000		358,402
6.70% 3/4/20		83,000		96,448

LVIP SSGA Bond Index Fund–14

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Northern Trust
3.45% 11/4/20		100,000	$	107,680
3.95% 10/30/25		250,000		279,437
6.50% 8/15/18		850,000		940,714
Oesterreichische Kontrollbank
1.125% 5/29/18		350,000		351,438
1.375% 2/10/20		300,000		302,229
1.875% 1/20/21		900,000		922,573
PennantPark Investment 4.50% 10/1/19		150,000		149,861
Prospect Capital 5.00% 7/15/19		200,000		198,709
Raymond James Financial
8.60% 8/15/19		200,000		236,951
TD Ameritrade Holding 2.95% 4/1/22		250,000		260,679
UBS
1.375% 8/14/17		500,000		500,504
2.35% 3/26/20		700,000		717,394
				65,669,118
Chemicals–0.46%
Agrium
3.15% 10/1/22		100,000		101,994
4.125% 3/15/35		500,000		484,401
6.125% 1/15/41		245,000		291,703
6.75% 1/15/19		100,000		111,324
Air Products & Chemicals
3.35% 7/31/24		250,000		271,135
4.375% 8/21/19		50,000		54,725
Airgas
2.90% 11/15/22		150,000		152,905
3.05% 8/1/20		100,000		104,142
Albemarle 5.45% 12/1/44		500,000		535,061
CF Industries
3.45% 6/1/23		38,000		38,024
4.95% 6/1/43		38,000		35,067
5.15% 3/15/34		450,000		440,611
7.125% 5/1/20		200,000		230,955
Cytec Industries 3.95% 5/1/25		100,000		99,843
Dow Chemical
4.25% 11/15/20		700,000		766,582
4.375% 11/15/42		400,000		410,042
5.25% 11/15/41		100,000		111,473
7.375% 11/1/29		125,000		167,983
8.55% 5/15/19		355,000		421,671
9.40% 5/15/39		100,000		156,832
E.I. du Pont de Nemours
3.625% 1/15/21		100,000		107,325
4.15% 2/15/43		100,000		103,160
4.25% 4/1/21		150,000		166,910
5.75% 3/15/19		100,000		111,036
6.00% 7/15/18		400,000		438,348
6.50% 1/15/28		150,000		190,472

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Chemicals (continued)
Eastman Chemical
3.60% 8/15/22		225,000	$	236,672
3.80% 3/15/25		100,000		105,879
4.65% 10/15/44		70,000		71,879
4.80% 9/1/42		250,000		260,095
5.50% 11/15/19		100,000		110,794
Ecolab
2.00% 1/14/19		100,000		101,367
2.25% 1/12/20		200,000		203,766
3.25% 1/14/23		100,000		105,143
4.35% 12/8/21		200,000		226,689
FMC
3.95% 2/1/22		100,000		104,698
4.10% 2/1/24		100,000		105,457
International Flavors & Fragrances
3.20% 5/1/23		50,000		51,462
Lubrizol 8.875% 2/1/19		150,000		178,745
LYB International Finance
4.00% 7/15/23		200,000		214,465
LyondellBasell Industries
5.00% 4/15/19		500,000		541,515
6.00% 11/15/21		350,000		410,829
Methanex 5.65% 12/1/44		200,000		166,507
Monsanto
2.125% 7/15/19		400,000		404,635
2.20% 7/15/22		100,000		98,919
3.60% 7/15/42		125,000		108,467
4.70% 7/15/64		250,000		228,745
5.125% 4/15/18		25,000		26,592
5.875% 4/15/38		50,000		57,342
Mosaic
4.25% 11/15/23		125,000		134,839
5.45% 11/15/33		104,000		115,342
5.625% 11/15/43		200,000		222,628
NewMarket 4.10% 12/15/22		50,000		51,934
Potash of Saskatchewan
3.00% 4/1/25		300,000		304,565
4.875% 3/30/20		10,000		11,037
6.50% 5/15/19		145,000		163,986
PPG Industries
2.30% 11/15/19		100,000		100,882
3.60% 11/15/20		100,000		105,211
Praxair
1.05% 11/7/17		175,000		175,169
1.25% 11/7/18		100,000		100,337
2.20% 8/15/22		100,000		102,848
2.25% 9/24/20		250,000		259,183
2.70% 2/21/23		100,000		104,307
4.05% 3/15/21		100,000		111,221
4.50% 8/15/19		100,000		110,195
Rohm & Haas 7.85% 7/15/29		150,000		206,963

LVIP SSGA Bond Index Fund–15

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Chemicals (continued)
RPM International
5.25% 6/1/45		100,000	$	102,318
6.125% 10/15/19		100,000		111,358
Sherwin-Williams 1.35% 12/15/17		200,000		200,416
Syngenta Finance 3.125% 3/28/22		100,000		104,907
Valspar
3.95% 1/15/26		250,000		263,771
7.25% 6/15/19		50,000		57,049
Westlake Chemical 3.60% 7/15/22		50,000		51,241
				13,496,093
Commercial Banks–2.63%
American Express Bank 6.00% 9/13/17		250,000		263,421
American Express Centurion Bank 6.00% 9/13/17		100,000		105,369
Australia & New Zealand Banking Group
1.45% 5/15/18		250,000		250,572
2.70% 11/16/20		250,000		259,630
3.70% 11/16/25		250,000		277,105
Banco Bilbao Vizcaya Argentaria 3.00% 10/20/20		200,000		203,898
Bancolombia 5.95% 6/3/21		200,000		219,200
Bank of America North America
1.75% 6/5/18		500,000		503,477
2.05% 12/7/18		750,000		761,261
6.00% 10/15/36		400,000		512,060
Bank of Montreal
1.45% 4/9/18		500,000		502,507
1.80% 7/31/18		200,000		202,519
2.55% 11/6/22		300,000		310,405
Bank of Nova Scotia
1.375% 12/18/17		150,000		150,506
1.45% 4/25/18		250,000		250,957
1.65% 6/14/19		500,000		503,215
1.85% 4/14/20		500,000		506,907
1.875% 4/26/21		300,000		302,604
1.95% 1/15/19		350,000		355,317
2.35% 10/21/20		150,000		153,469
2.45% 3/22/21		150,000		154,229
2.80% 7/21/21		550,000		574,185
4.50% 12/16/25		150,000		156,145
Bank One 8.00% 4/29/27		100,000		135,791
Barclays Bank 5.14% 10/14/20		200,000		212,152
BB&T
2.05% 6/19/18		350,000		355,772
2.05% 5/10/21		250,000		253,835
2.45% 1/15/20		700,000		719,863
BNP Paribas
2.375% 9/14/17		250,000		253,645
2.70% 8/20/18		300,000		307,410
3.25% 3/3/23		500,000		520,437

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Commercial Banks (continued)
BNP Paribas (continued)
4.25% 10/15/24		200,000	$	205,939
5.00% 1/15/21		300,000		337,148
BPCE
2.25% 1/27/20		550,000		560,460
2.50% 12/10/18		250,000		256,447
2.50% 7/15/19		250,000		256,473
Branch Banking & Trust
1.35% 10/1/17		250,000		250,681
2.30% 10/15/18		250,000		256,337
3.625% 9/16/25		250,000		269,451
Canadian Imperial Bank of Commerce 1.55% 1/23/18		200,000		200,893
Capital One 2.40% 9/5/19		300,000		304,195
Capital One Financial
2.45% 4/24/19		350,000		355,609
3.20% 2/5/25		150,000		151,402
3.50% 6/15/23		600,000		620,080
4.20% 10/29/25		200,000		206,001
4.75% 7/15/21		100,000		111,439
Citizens Bank 2.55% 5/13/21		250,000		252,696
Citizens Financial Group
4.30% 12/3/25		150,000		158,187
4.35% 8/1/25		300,000		316,287
Comerica
2.125% 5/23/19		50,000		50,700
3.80% 7/22/26		60,000		61,174
Comerica Bank 4.00% 7/27/25		250,000		258,472
Commonwealth Bank of Australia
1.75% 11/2/18		250,000		251,880
1.90% 9/18/17		250,000		252,311
2.05% 3/15/19		250,000		253,588
2.25% 3/13/19		250,000		255,197
2.30% 9/6/19		250,000		255,984
2.50% 9/20/18		800,000		819,213
2.55% 3/15/21		250,000		258,179
Compass Bank
3.875% 4/10/25		250,000		240,346
6.40% 10/1/17		100,000		104,785
Cooperatieve Rabobank
1.70% 3/19/18		250,000		252,262
2.25% 1/14/19		300,000		305,889
2.50% 1/19/21		250,000		256,419
3.375% 5/21/25		500,000		522,993
3.875% 2/8/22		250,000		271,806
3.95% 11/9/22		250,000		258,907
4.50% 1/11/21		550,000		611,465
4.625% 12/1/23		350,000		369,653
5.25% 5/24/41		150,000		187,042
5.25% 8/4/45		250,000		278,998
Credit Suisse New York
1.70% 4/27/18		250,000		250,334

LVIP SSGA Bond Index Fund–16

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Commercial Banks (continued)
Credit Suisse New York (continued)
2.30% 5/28/19		250,000	$	253,453
3.625% 9/9/24		700,000		724,965
4.375% 8/5/20		200,000		216,010
5.30% 8/13/19		100,000		110,419
6.00% 2/15/18		500,000		528,443
Discover Bank
2.00% 2/21/18		250,000		250,909
2.60% 11/13/18		455,000		462,098
4.20% 8/8/23		250,000		264,659
Fifth Third Bancorp
2.875% 7/27/20		500,000		522,330
3.50% 3/15/22		200,000		212,304
4.30% 1/16/24		250,000		266,891
8.25% 3/1/38		100,000		150,388
Fifth Third Bank
2.25% 6/14/21		500,000		508,149
2.30% 3/15/19		200,000		204,014
HSBC Bank USA
5.625% 8/15/35		500,000		577,691
5.875% 11/1/34		100,000		119,229
7.00% 1/15/39		100,000		126,749
HSBC Holdings
2.95% 5/25/21		500,000		505,523
3.40% 3/8/21		250,000		257,773
3.60% 5/25/23		500,000		511,451
3.90% 5/25/26		1,095,000		1,127,938
4.00% 3/30/22		500,000		525,977
4.25% 3/14/24		300,000		304,030
4.30% 3/8/26		250,000		264,708
5.10% 4/5/21		300,000		331,232
6.10% 1/14/42		200,000		259,266
6.50% 5/2/36		200,000		240,845
6.50% 9/15/37		200,000		241,167
6.80% 6/1/38		200,000		249,902
HSBC USA
1.625% 1/16/18		500,000		499,221
2.00% 8/7/18		150,000		150,535
2.25% 6/23/19		300,000		301,545
2.75% 8/7/20		100,000		100,845
3.50% 6/23/24		800,000		822,656
5.00% 9/27/20		300,000		322,517
Huntington Bancshares 2.60% 8/2/18		250,000		254,913
Huntington National Bank
2.20% 11/6/18		250,000		253,199
2.40% 4/1/20		250,000		253,964
2.875% 8/20/20		250,000		257,341
Industrial & Commercial Bank of China 3.231% 11/13/19		500,000		519,919
Intesa Sanpaolo
3.875% 1/16/18		300,000		307,914
3.875% 1/15/19		600,000		617,051

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Commercial Banks (continued)
#Itau CorpBanca 144A 3.875% 9/22/19		300,000	$	315,056
JPMorgan Chase Bank 6.00% 10/1/17		950,000		1,003,582
KeyBank
1.65% 2/1/18		250,000		251,509
2.35% 3/8/19		250,000		255,453
3.18% 5/22/22		300,000		307,836
KeyCorp
2.90% 9/15/20		195,000		201,885
5.10% 3/24/21		300,000		337,835
Manufacturers & Traders Trust
2.25% 7/25/19		350,000		357,510
2.30% 1/30/19		250,000		255,041
MUFG Union Bank 2.625% 9/26/18		250,000		255,554
National Australia Bank
2.625% 7/23/20		250,000		258,394
3.00% 1/20/23		500,000		523,471
National Bank of Canada 2.10% 12/14/18		250,000		253,414
National City 6.875% 5/15/19		100,000		112,789
PNC Bank
1.50% 2/23/18		300,000		302,191
1.80% 11/5/18		250,000		253,115
1.95% 3/4/19		250,000		253,858
2.15% 4/29/21		250,000		254,849
2.30% 6/1/20		250,000		256,234
2.45% 11/5/20		250,000		257,025
2.60% 7/21/20		250,000		259,033
2.70% 11/1/22		250,000		252,888
3.25% 6/1/25		250,000		265,923
4.20% 11/1/25		500,000		562,511
6.875% 4/1/18		150,000		163,823
PNC Funding
3.30% 3/8/22		300,000		319,296
5.125% 2/8/20		100,000		111,935
6.70% 6/10/19		150,000		172,063
Regions Bank 2.25% 9/14/18		250,000		251,793
Regions Financial
2.00% 5/15/18		250,000		250,546
3.20% 2/8/21		100,000		103,037
Royal Bank of Canada
1.20% 9/19/17		350,000		350,822
1.625% 4/15/19		500,000		503,913
1.80% 7/30/18		150,000		151,679
2.00% 12/10/18		500,000		509,467
2.15% 3/15/19		200,000		204,408
2.15% 3/6/20		250,000		254,446
2.20% 7/27/18		150,000		152,992
2.20% 9/23/19		550,000		564,862
2.35% 10/30/20		1,000,000		1,028,129
Royal Bank of Scotland Group 4.80% 4/5/26		700,000		713,699

LVIP SSGA Bond Index Fund–17

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Commercial Banks (continued)
Santander Holdings USA
2.65% 4/17/20		300,000	$	296,507
2.70% 5/24/19		200,000		201,097
4.50% 7/17/25		250,000		257,264
Santander Issuances 5.179% 11/19/25		200,000		200,174
Santander UK
2.00% 8/24/18		533,000		533,961
2.35% 9/10/19		335,000		337,043
2.50% 3/14/19		150,000		151,589
3.05% 8/23/18		250,000		255,989
Santander UK Group Holdings 2.875% 10/16/20		100,000		99,427
Skandinaviska Enskilda Banken 2.625% 3/15/21		250,000		258,060
Societe Generale 2.75% 10/12/17		150,000		152,484
Sumitomo Mitsui Banking
1.80% 7/18/17		250,000		251,443
2.05% 1/18/19		250,000		252,416
2.45% 1/10/19		300,000		306,510
2.45% 1/16/20		600,000		613,457
2.50% 7/19/18		250,000		255,245
2.65% 7/23/20		400,000		413,417
3.20% 7/18/22		250,000		262,432
Sumitomo Mitsui Financial Group
2.934% 3/9/21		200,000		208,591
3.784% 3/9/26		200,000		218,063
SunTrust Bank
3.30% 5/15/26		200,000		202,047
7.25% 3/15/18		200,000		218,074
SunTrust Banks
2.50% 5/1/19		450,000		459,672
2.90% 3/3/21		100,000		103,649
SVB Financial Group 5.375% 9/15/20		150,000		167,602
Svenska Handelsbanken
1.625% 3/21/18		250,000		251,658
2.40% 10/1/20		400,000		410,134
2.45% 3/30/21		250,000		256,997
2.50% 1/25/19		250,000		257,524
Toronto-Dominion Bank
1.40% 4/30/18		650,000		652,598
1.95% 1/22/19		250,000		253,880
2.125% 7/2/19		200,000		204,804
2.125% 4/7/21		150,000		152,755
2.25% 11/5/19		250,000		256,669
2.50% 12/14/20		200,000		207,001
2.625% 9/10/18		100,000		102,908
U.S. Bancorp
1.95% 11/15/18		600,000		612,804
2.35% 1/29/21		150,000		154,937
2.95% 7/15/22		200,000		208,297
3.00% 3/15/22		150,000		159,664
3.10% 4/27/26		65,000		67,695

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Commercial Banks (continued)
U.S. Bancorp (continued)
3.60% 9/11/24		250,000	$	269,578
3.70% 1/30/24		250,000		275,273
U.S. Bank
1.375% 9/11/17		250,000		251,298
1.40% 4/26/19		700,000		704,343
Wachovia
5.50% 8/1/35		150,000		173,433
5.75% 2/1/18		600,000		642,284
Wells Fargo
1.50% 1/16/18		250,000		251,457
2.15% 1/15/19		1,187,000		1,212,275
2.50% 3/4/21		350,000		359,139
2.55% 12/7/20		300,000		308,935
2.60% 7/22/20		1,050,000		1,079,723
3.00% 4/22/26		150,000		153,097
3.30% 9/9/24		250,000		262,489
3.45% 2/13/23		250,000		258,911
3.50% 3/8/22		600,000		644,090
3.90% 5/1/45		510,000		536,716
4.10% 6/3/26		740,000		792,483
4.125% 8/15/23		300,000		323,279
4.30% 7/22/27		750,000		810,874
4.40% 6/14/46		250,000		255,343
4.60% 4/1/21		350,000		391,364
4.65% 11/4/44		225,000		237,869
5.375% 11/2/43		775,000		904,919
5.625% 12/11/17		150,000		159,495
Wells Fargo Bank
1.65% 1/22/18		250,000		252,185
1.75% 5/24/19		250,000		253,489
5.85% 2/1/37		450,000		566,554
6.00% 11/15/17		300,000		319,271
6.60% 1/15/38		450,000		618,481
Wells Fargo Capital X 5.95% 12/15/36		100,000		106,000
Westpac Banking
1.50% 12/1/17		150,000		150,766
1.55% 5/25/18		100,000		100,651
1.60% 1/12/18		250,000		251,439
1.65% 5/13/19		150,000		150,544
1.95% 11/23/18		500,000		506,785
2.00% 8/14/17		250,000		252,491
2.10% 5/13/21		150,000		152,054
2.25% 7/30/18		100,000		101,971
2.25% 1/17/19		150,000		153,219
2.30% 5/26/20		100,000		102,001
2.60% 11/23/20		150,000		155,140
2.85% 5/13/26		150,000		152,489
4.875% 11/19/19		250,000		276,715
				77,096,634

LVIP SSGA Bond Index Fund–18

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Commercial Services & Supplies–0.10%
Cintas No. 2 4.30% 6/1/21		60,000	$	66,368
Pitney Bowes
4.625% 3/15/24		200,000		211,372
4.75% 5/15/18		200,000		211,002
Republic Services
2.90% 7/1/26		110,000		111,796
3.20% 3/15/25		250,000		261,624
3.80% 5/15/18		100,000		104,678
4.75% 5/15/23		100,000		114,642
5.25% 11/15/21		100,000		115,712
5.50% 9/15/19		299,000		334,141
5.70% 5/15/41		50,000		63,681
Verisk Analytics
4.00% 6/15/25		100,000		105,225
4.125% 9/12/22		100,000		106,625
Waste Management
2.40% 5/15/23		100,000		101,599
3.125% 3/1/25		100,000		104,753
3.50% 5/15/24		250,000		270,659
3.90% 3/1/35		550,000		578,222
4.10% 3/1/45		55,000		60,280
				2,922,379
Communications Equipment–0.23%
Cisco Systems
1.40% 2/28/18		400,000		403,721
1.60% 2/28/19		275,000		279,247
1.65% 6/15/18		100,000		101,329
2.20% 2/28/21		150,000		154,695
2.45% 6/15/20		100,000		104,184
2.60% 2/28/23		150,000		158,212
2.90% 3/4/21		615,000		653,595
2.95% 2/28/26		150,000		159,849
3.00% 6/15/22		60,000		64,543
3.50% 6/15/25		45,000		50,503
3.625% 3/4/24		100,000		112,205
4.45% 1/15/20		300,000		331,531
4.95% 2/15/19		450,000		494,649
5.50% 1/15/40		200,000		262,805
5.90% 2/15/39		300,000		408,093
Harris
2.70% 4/27/20		30,000		30,435
3.832% 4/27/25		450,000		477,997
4.854% 4/27/35		70,000		77,083
5.054% 4/27/45		70,000		79,711
Juniper Networks
3.125% 2/26/19		50,000		51,458
4.60% 3/15/21		100,000		107,452
5.95% 3/15/41		100,000		100,501
Motorola Solutions
3.50% 3/1/23		100,000		96,679
4.00% 9/1/24		250,000		244,939

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Communications Equipment (continued)
QUALCOMM
1.40% 5/18/18		196,000	$	197,797
2.25% 5/20/20		300,000		308,516
3.00% 5/20/22		300,000		316,847
3.45% 5/20/25		300,000		319,173
4.65% 5/20/35		200,000		217,620
4.80% 5/20/45		200,000		210,290
Telefonakaiebolaget LM Ericsson 4.125% 5/15/22		250,000		270,829
				6,846,488
Computers & Peripherals–0.06%
Cadence Design Systems 4.375% 10/15/24		75,000		77,626
EMC
1.875% 6/1/18		250,000		245,086
2.65% 6/1/20		300,000		286,520
3.375% 6/1/23		250,000		227,882
Lexmark International 5.125% 3/15/20		100,000		104,318
NetApp 3.375% 6/15/21		150,000		152,595
Seagate HDD Cayman 3.75% 11/15/18		600,000		600,753
				1,694,780
Construction & Engineering–0.03%
ABB Finance USA
2.875% 5/8/22		250,000		260,661
4.375% 5/8/42		187,000		213,226
Fluor 3.50% 12/15/24		100,000		107,032
Leucadia National 5.50% 10/18/23		200,000		203,854
				784,773
Construction Materials–0.01%
Vulcan Materials 7.50% 6/15/21		250,000		301,575
				301,575
Consumer Finance–0.76%
American Express
1.55% 5/22/18		250,000		251,353
2.65% 12/2/22		115,000		116,674
4.05% 12/3/42		135,000		141,914
6.15% 8/28/17		300,000		316,680
7.00% 3/19/18		100,000		109,277
8.125% 5/20/19		100,000		117,301
American Express Credit
1.80% 7/31/18		150,000		151,374
1.875% 11/5/18		265,000		267,908
2.125% 7/27/18		500,000		507,859
2.25% 8/15/19		200,000		204,255
2.25% 5/5/21		700,000		712,897
2.60% 9/14/20		200,000		206,743
American Honda Finance
1.20% 7/14/17		200,000		200,319

LVIP SSGA Bond Index Fund–19

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Consumer Finance (continued)
American Honda Finance (continued)
1.55% 12/11/17		200,000	$	201,700
1.60% 7/13/18		200,000		202,288
1.70% 2/22/19		50,000		50,884
2.125% 10/10/18		200,000		205,415
2.45% 9/24/20		150,000		155,881
Capital One Bank USA
2.15% 11/21/18		400,000		403,054
2.25% 2/13/19		500,000		506,711
8.80% 7/15/19		200,000		236,431
Caterpillar Financial Services
1.50% 2/23/18		100,000		100,922
1.70% 6/16/18		700,000		709,123
2.45% 9/6/18		250,000		257,536
2.50% 11/13/20		250,000		260,141
3.30% 6/9/24		150,000		160,268
7.15% 2/15/19		200,000		229,798
Discover Financial Services
3.75% 3/4/25		100,000		100,924
3.95% 11/6/24		100,000		102,670
5.20% 4/27/22		100,000		109,835
Ford Motor Credit
1.724% 12/6/17		550,000		551,362
2.021% 5/3/19		200,000		201,840
2.24% 6/15/18		245,000		247,587
2.375% 1/16/18		250,000		253,170
2.375% 3/12/19		200,000		202,937
2.459% 3/27/20		200,000		201,829
2.551% 10/5/18		200,000		203,808
3.096% 5/4/23		200,000		203,104
3.157% 8/4/20		300,000		311,342
3.20% 1/15/21		300,000		309,350
3.336% 3/18/21		200,000		207,651
3.664% 9/8/24		250,000		259,362
4.134% 8/4/25		300,000		322,257
5.00% 5/15/18		500,000		530,003
5.75% 2/1/21		200,000		227,576
5.875% 8/2/21		750,000		861,139
General Motors Financial
2.40% 5/9/19		125,000		125,434
3.10% 1/15/19		200,000		204,436
3.15% 1/15/20		800,000		810,502
3.20% 7/13/20		200,000		202,801
3.20% 7/6/21		200,000		200,545
3.70% 11/24/20		250,000		257,107
3.70% 5/9/23		140,000		140,934
4.00% 1/15/25		600,000		608,149
4.20% 3/1/21		250,000		261,809
4.30% 7/13/25		100,000		102,785
4.75% 8/15/17		700,000		722,480
5.25% 3/1/26		200,000		217,824
HSBC Finance 6.676% 1/15/21		323,000		362,280

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Consumer Finance (continued)
John Deere Capital
1.55% 12/15/17		600,000	$	605,795
1.60% 7/13/18		50,000		50,519
1.70% 1/15/20		350,000		352,881
2.25% 4/17/19		200,000		205,613
2.30% 9/16/19		500,000		515,732
2.65% 6/10/26		300,000		306,707
2.80% 3/6/23		200,000		210,448
PACCAR Financial
1.30% 5/10/19		130,000		130,573
1.40% 5/18/18		125,000		125,914
1.75% 8/14/18		35,000		35,547
2.50% 8/14/20		50,000		51,460
Toyota Motor Credit
1.20% 4/6/18		150,000		150,627
1.25% 10/5/17		250,000		251,065
1.40% 5/20/19		500,000		503,140
1.70% 2/19/19		150,000		151,976
1.90% 4/8/21		150,000		152,452
2.10% 1/17/19		350,000		358,208
2.125% 7/18/19		200,000		205,439
2.75% 5/17/21		250,000		262,241
3.30% 1/12/22		400,000		430,766
3.40% 9/15/21		600,000		653,546
				22,320,187
Containers & Packaging–0.04%
Avery Dennison 5.375% 4/15/20		50,000		54,931
Bemis
4.50% 10/15/21		300,000		328,181
6.80% 8/1/19		10,000		11,423
Packaging Corporation of America
3.90% 6/15/22		50,000		53,078
4.50% 11/1/23		150,000		163,177
Sonoco Products
4.375% 11/1/21		100,000		107,754
5.75% 11/1/40		100,000		119,159
WestRock RKT 4.90% 3/1/22		200,000		222,289
				1,059,992
Diversified Consumer Services–0.07%
Block Financial 4.125% 10/1/20		250,000		257,762
Board of Trustees of the Leland Stanford Junior University
3.46% 5/1/47		75,000		82,002
4.75% 5/1/19		250,000		274,608
California Institute of Technology 4.321% 8/1/45		60,000		71,784
Cornell University 5.45% 2/1/19		200,000		220,953
George Washington University 4.30% 9/15/44		100,000		107,798

LVIP SSGA Bond Index Fund–20

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Consumer Services (continued)
Massachusetts Institute of Technology 5.60% 7/1/11		200,000	$	285,661
Metropolitan Museum of Art 3.40% 7/1/45		50,000		53,023
Northwestern University
3.688% 12/1/38		70,000		76,660
3.868% 12/1/48		100,000		114,032
President and Fellows of Harvard College 3.619% 10/1/37		72,000		78,706
Princeton University
4.95% 3/1/19		100,000		110,049
5.70% 3/1/39		50,000		71,594
William Marsh Rice University 3.574% 5/15/45		100,000		107,707
Yale University 2.086% 4/15/19		100,000		103,314
				2,015,653
Diversified Financial Services–2.02%
Air Lease
2.625% 9/4/18		100,000		100,031
3.375% 1/15/19		250,000		255,625
3.375% 6/1/21		100,000		102,997
3.875% 4/1/21		125,000		129,375
4.25% 9/15/24		300,000		305,250
Bank of America
2.00% 1/11/18		500,000		503,383
2.25% 4/21/20		250,000		251,625
2.60% 1/15/19		543,000		555,974
2.625% 10/19/20		200,000		203,393
2.625% 4/19/21		350,000		355,766
3.30% 1/11/23		1,000,000		1,030,651
3.50% 4/19/26		350,000		362,434
3.875% 8/1/25		400,000		425,138
3.95% 4/21/25		250,000		255,057
4.00% 4/1/24		475,000		507,811
4.10% 7/24/23		1,350,000		1,448,523
4.25% 10/22/26		1,133,000		1,177,469
4.45% 3/3/26		430,000		450,636
5.00% 5/13/21		350,000		392,314
5.00% 1/21/44		650,000		754,817
5.625% 7/1/20		250,000		281,514
5.65% 5/1/18		500,000		536,058
5.75% 12/1/17		550,000		582,341
5.875% 1/5/21		250,000		287,080
5.875% 2/7/42		218,000		276,178
6.00% 9/1/17		500,000		525,801
6.11% 1/29/37		200,000		238,128
6.40% 8/28/17		200,000		211,092
6.875% 4/25/18		800,000		873,773
6.875% 11/15/18		300,000		334,091
7.625% 6/1/19		300,000		347,459
7.75% 5/14/38		200,000		282,484

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
#@BGC Partners 144A 5.125% 5/27/21		100,000	$	101,922
BP Capital Markets
1.375% 11/6/17		150,000		150,554
1.375% 5/10/18		150,000		150,262
1.676% 5/3/19		60,000		60,504
2.237% 5/10/19		400,000		410,928
2.241% 9/26/18		400,000		408,550
2.315% 2/13/20		650,000		665,670
2.75% 5/10/23		250,000		252,143
3.119% 5/4/26		75,000		76,705
3.245% 5/6/22		200,000		210,061
3.535% 11/4/24		100,000		105,487
3.994% 9/26/23		250,000		271,710
4.742% 3/11/21		500,000		561,995
4.75% 3/10/19		300,000		325,985
Citigroup
1.55% 8/14/17		250,000		250,882
1.70% 4/27/18		700,000		701,434
1.75% 5/1/18		500,000		502,423
1.85% 11/24/17		50,000		50,293
2.05% 12/7/18		1,150,000		1,159,821
2.05% 6/7/19		250,000		251,899
2.40% 2/18/20		750,000		758,332
2.50% 7/29/19		500,000		509,690
2.65% 10/26/20		350,000		356,529
2.70% 3/30/21		300,000		305,676
3.40% 5/1/26		550,000		565,117
3.70% 1/12/26		400,000		421,921
3.75% 6/16/24		400,000		421,719
3.875% 10/25/23		350,000		376,071
4.05% 7/30/22		107,000		112,886
4.30% 11/20/26		400,000		412,964
4.45% 9/29/27		600,000		619,431
4.50% 1/14/22		730,000		807,895
4.60% 3/9/26		105,000		111,537
4.65% 7/30/45		250,000		275,868
4.75% 5/18/46		150,000		151,126
5.30% 5/6/44		167,000		180,995
5.50% 9/13/25		200,000		224,598
5.875% 2/22/33		200,000		226,884
5.875% 1/30/42		150,000		190,563
6.00% 10/31/33		100,000		116,810
6.625% 6/15/32		100,000		122,777
6.675% 9/13/43		150,000		193,258
8.125% 7/15/39		350,000		547,625
CME Group
3.00% 9/15/22		300,000		318,724
5.30% 9/15/43		100,000		128,064
Credit Suisse Group Funding Guernsey 2.75% 3/26/20		600,000		592,901
#@144A 3.45% 4/16/21		300,000		303,317
3.80% 9/15/22		400,000		402,279

LVIP SSGA Bond Index Fund–21

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Credit Suisse Group Funding Guernsey (continued)
#144A 3.80% 6/9/23		1,000,000	$	998,941
#144A 4.55% 4/17/26		350,000		363,799
4.875% 5/15/45		400,000		399,861
GE Capital International Funding
#144A 2.342% 11/15/20		2,000,000		2,061,602
#144A 4.418% 11/15/35		1,354,000		1,521,674
General Electric Capital
3.45% 5/15/24		800,000		871,922
5.50% 1/8/20		100,000		114,357
5.875% 1/14/38		272,000		368,621
6.00% 8/7/19		100,000		114,601
6.75% 3/15/32		224,000		314,878
6.875% 1/10/39		201,000		304,015
Intercontinental Exchange
2.75% 12/1/20		85,000		88,335
3.75% 12/1/25		85,000		91,884
4.00% 10/15/23		200,000		217,444
JPMorgan Chase
1.625% 5/15/18		250,000		251,046
1.70% 3/1/18		680,000		683,924
1.80% 1/25/18		600,000		604,880
1.85% 3/22/19		500,000		505,375
2.00% 8/15/17		450,000		454,267
2.40% 6/7/21		350,000		355,134
2.55% 10/29/20		275,000		281,133
2.55% 3/1/21		500,000		508,519
2.70% 5/18/23		250,000		252,774
2.75% 6/23/20		800,000		824,801
3.20% 1/25/23		1,000,000		1,037,444
3.20% 6/15/26		450,000		463,099
3.25% 9/23/22		550,000		575,469
3.30% 4/1/26		500,000		518,043
3.375% 5/1/23		200,000		204,215
3.625% 5/13/24		250,000		265,736
3.875% 2/1/24		750,000		811,042
4.125% 12/15/26		1,000,000		1,061,773
4.25% 10/15/20		750,000		817,945
4.35% 8/15/21		600,000		660,538
4.40% 7/22/20		700,000		764,324
4.95% 6/1/45		500,000		550,303
5.40% 1/6/42		200,000		249,243
5.50% 10/15/40		100,000		125,449
5.60% 7/15/41		500,000		635,411
6.00% 1/15/18		400,000		427,883
6.30% 4/23/19		200,000		224,911
6.40% 5/15/38		450,000		617,517
MasterCard 3.375% 4/1/24		500,000		542,360
McGraw-Hill Financial 6.55% 11/15/37		400,000		488,081
Mitsubishi UFJ Financial Group
2.95% 3/1/21		400,000		415,179
3.85% 3/1/26		400,000		436,926

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Moody’s 4.50% 9/1/22		250,000	$	278,303
MUFG Americas Holdings
1.625% 2/9/18		100,000		100,117
2.25% 2/10/20		100,000		100,773
3.00% 2/10/25		150,000		152,747
Nasdaq
3.85% 6/30/26		45,000		45,813
5.25% 1/16/18		60,000		63,363
5.55% 1/15/20		100,000		110,701
National Rural Utilities Cooperative Finance
1.65% 2/8/19		15,000		15,183
2.30% 11/1/20		100,000		103,212
2.35% 6/15/20		300,000		309,809
2.70% 2/15/23		50,000		52,061
3.25% 11/1/25		100,000		107,927
4.023% 11/1/32		100,000		107,282
•4.75% 4/30/43		100,000		98,250
5.45% 2/1/18		25,000		26,676
8.00% 3/1/32		150,000		225,025
10.375% 11/1/18		100,000		120,869
NYSE Holdings 2.00% 10/5/17		150,000		151,955
Private Export Funding
1.875% 7/15/18		250,000		255,174
2.45% 7/15/24		250,000		261,354
3.25% 6/15/25		250,000		277,369
4.30% 12/15/21		100,000		114,414
Synchrony Financial
1.875% 8/15/17		45,000		45,082
2.60% 1/15/19		150,000		151,731
2.70% 2/3/20		500,000		501,784
4.25% 8/15/24		150,000		155,498
4.50% 7/23/25		100,000		103,878
Washington Prime Group 3.85% 4/1/20		50,000		51,421
				59,303,502
Diversified Telecommunication Services–1.09%
AT&T
1.40% 12/1/17		550,000		551,071
1.75% 1/15/18		75,000		75,437
2.375% 11/27/18		600,000		612,678
2.45% 6/30/20		550,000		562,048
2.625% 12/1/22		500,000		501,334
2.80% 2/17/21		250,000		256,782
3.00% 2/15/22		400,000		408,449
3.00% 6/30/22		640,000		656,280
3.40% 5/15/25		550,000		563,645
3.60% 2/17/23		250,000		261,169
3.80% 3/15/22		200,000		212,737
3.875% 8/15/21		30,000		32,357
3.95% 1/15/25		225,000		239,586
4.125% 2/17/26		550,000		591,982
4.35% 6/15/45		532,000		517,579

LVIP SSGA Bond Index Fund–22

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
AT&T (continued)
4.45% 5/15/21		100,000	$	109,939
4.45% 4/1/24		300,000		330,112
4.50% 5/15/35		220,000		225,763
4.60% 2/15/21		300,000		328,612
4.75% 5/15/46		665,000		684,261
4.80% 6/15/44		987,000		1,017,161
5.00% 3/1/21		200,000		224,185
5.15% 3/15/42		150,000		162,437
5.20% 3/15/20		565,000		632,622
5.35% 9/1/40		638,000		700,347
5.50% 2/1/18		500,000		532,383
5.55% 8/15/41		40,000		44,973
5.80% 2/15/19		150,000		166,355
5.875% 10/1/19		40,000		45,285
6.00% 8/15/40		200,000		234,364
6.15% 9/15/34		150,000		175,910
6.30% 1/15/38		200,000		241,245
6.35% 3/15/40		50,000		60,227
6.40% 5/15/38		5,000		6,076
6.50% 9/1/37		150,000		185,891
6.55% 2/15/39		550,000		679,961
8.25% 11/15/31		360,000		519,047
British Telecommunications
2.35% 2/14/19		300,000		306,639
9.375% 12/15/30		350,000		540,473
Deutsche Telekom International Finance
6.00% 7/8/19		250,000		280,641
8.75% 6/15/30		460,000		694,308
Koninklijke KPN 8.375% 10/1/30		100,000		138,635
Nippon Telegraph & Telephone 1.40% 7/18/17		100,000		100,252
Orange
4.125% 9/14/21		100,000		110,451
5.375% 1/13/42		100,000		125,090
9.00% 3/1/31		800,000		1,241,922
Qwest
6.75% 12/1/21		250,000		271,100
6.875% 9/15/33		213,000		210,572
Telefonica Emisiones
3.192% 4/27/18		250,000		256,808
5.134% 4/27/20		690,000		762,306
5.462% 2/16/21		140,000		159,890
5.877% 7/15/19		100,000		111,793
7.045% 6/20/36		175,000		224,238
Telefonica Europe 8.25% 9/15/30		200,000		286,636
Telefonos de Mexico 5.50% 11/15/19		100,000		111,950
Verizon Communications
3.45% 3/15/21		800,000		858,076
3.50% 11/1/24		1,200,000		1,278,490
3.65% 9/14/18		1,150,000		1,209,056

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Verizon Communications (continued)
3.85% 11/1/42		650,000	$	613,766
4.272% 1/15/36		904,000		928,234
4.40% 11/1/34		600,000		620,605
4.50% 9/15/20		686,000		762,164
4.522% 9/15/48		1,324,000		1,384,625
4.60% 4/1/21		250,000		280,573
4.672% 3/15/55		1,182,000		1,200,900
5.05% 3/15/34		800,000		890,556
5.15% 9/15/23		950,000		1,108,089
6.00% 4/1/41		100,000		124,867
6.55% 9/15/43		1,122,000		1,517,300
				32,061,295
Electric Utilities–1.55%
Alabama Power
2.80% 4/1/25		100,000		103,707
3.75% 3/1/45		150,000		156,399
4.30% 1/2/46		150,000		168,746
5.50% 3/15/41		185,000		235,714
6.125% 5/15/38		100,000		132,844
Ameren
2.70% 11/15/20		50,000		51,547
3.65% 2/15/26		50,000		54,021
Ameren Illinois 4.80% 12/15/43		150,000		182,827
American Electric Power
1.65% 12/15/17		200,000		200,644
2.95% 12/15/22		125,000		130,309
Appalachian Power
4.60% 3/30/21		150,000		165,327
6.70% 8/15/37		235,000		304,898
Arizona Public Service
2.20% 1/15/20		150,000		153,724
3.15% 5/15/25		100,000		106,795
4.35% 11/15/45		50,000		56,818
4.50% 4/1/42		100,000		116,279
5.05% 9/1/41		100,000		123,714
Atlantic City Electric 7.75% 11/15/18		15,000		17,214
Baltimore Gas & Electric
3.35% 7/1/23		100,000		105,842
6.35% 10/1/36		100,000		136,812
Berkshire Hathaway Energy
3.75% 11/15/23		400,000		437,781
5.15% 11/15/43		200,000		243,357
5.75% 4/1/18		100,000		107,793
5.95% 5/15/37		125,000		163,153
6.125% 4/1/36		250,000		332,554
6.50% 9/15/37		100,000		137,906
Black Hills
2.50% 1/11/19		20,000		20,430
3.95% 1/15/26		50,000		53,158
4.25% 11/30/23		100,000		109,227

LVIP SSGA Bond Index Fund–23

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
CenterPoint Energy Houston Electric 2.25% 8/1/22		250,000	$	252,279
Cleco Corporate Holdings
#144A 3.743% 5/1/26		100,000		102,979
#144A 4.973% 5/1/46		70,000		73,808
Cleco Power 6.50% 12/1/35		50,000		63,255
Cleveland Electric Illuminating 5.95% 12/15/36		100,000		110,410
CMS Energy
3.00% 5/15/26		40,000		40,949
3.60% 11/15/25		100,000		106,394
4.875% 3/1/44		100,000		115,101
Commonwealth Edison
2.55% 6/15/26		100,000		101,800
3.40% 9/1/21		100,000		107,901
3.65% 6/15/46		100,000		102,447
4.00% 8/1/20		300,000		326,670
6.45% 1/15/38		100,000		140,875
Connecticut Light & Power
4.15% 6/1/45		75,000		83,847
5.65% 5/1/18		100,000		108,007
Consumers Energy
2.85% 5/15/22		100,000		104,189
3.125% 8/31/24		100,000		106,104
3.375% 8/15/23		200,000		213,619
3.95% 5/15/43		150,000		162,865
5.65% 9/15/18		100,000		109,371
5.65% 4/15/20		100,000		114,695
Delmarva Power & Light
3.50% 11/15/23		150,000		162,258
4.00% 6/1/42		100,000		105,901
Dominion Gas Holdings
2.50% 12/15/19		50,000		51,183
3.60% 12/15/24		25,000		26,476
4.60% 12/15/44		850,000		888,225
4.80% 11/1/43		94,000		102,241
DTE Electric
2.65% 6/15/22		50,000		52,165
3.65% 3/15/24		250,000		275,686
3.70% 6/1/46		50,000		52,931
6.625% 6/1/36		100,000		140,639
Duke Energy
1.625% 8/15/17		250,000		251,333
2.10% 6/15/18		650,000		656,061
4.80% 12/15/45		100,000		116,259
5.05% 9/15/19		100,000		110,313
Duke Energy Carolinas
3.90% 6/15/21		100,000		110,359
4.00% 9/30/42		150,000		161,942
4.30% 6/15/20		100,000		111,311
5.25% 1/15/18		250,000		266,317
5.30% 2/15/40		100,000		128,058

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Duke Energy Carolinas (continued)
6.10% 6/1/37		170,000	$	224,587
7.00% 11/15/18		100,000		113,494
Duke Energy Florida
3.85% 11/15/42		100,000		105,936
5.65% 6/15/18		150,000		163,134
6.40% 6/15/38		300,000		428,209
Duke Energy Florida Project Finance
2.538% 9/1/29		100,000		102,665
3.112% 9/1/36		100,000		103,047
Duke Energy Indiana
3.75% 5/15/46		150,000		156,140
6.12% 10/15/35		100,000		133,115
6.45% 4/1/39		130,000		187,394
Duke Energy Ohio
3.80% 9/1/23		500,000		552,232
5.45% 4/1/19		50,000		55,530
Duke Energy Progress
4.10% 3/15/43		100,000		109,559
5.30% 1/15/19		100,000		110,142
6.30% 4/1/38		250,000		348,717
Edison International 2.95% 3/15/23		250,000		256,702
El Paso Electric 5.00% 12/1/44		150,000		172,724
Emera US Finance
#144A 2.15% 6/15/19		65,000		65,803
#144A 2.70% 6/15/21		100,000		102,019
#144A 3.55% 6/15/26		100,000		102,533
#144A 4.75% 6/15/46		105,000		106,991
Empresa Nacional de Electricidad 4.25% 4/15/24		100,000		106,035
Entergy 5.125% 9/15/20		100,000		109,675
Entergy Arkansas
3.05% 6/1/23		100,000		104,889
3.50% 4/1/26		60,000		65,840
3.70% 6/1/24		200,000		219,454
Entergy Louisiana
3.25% 4/1/28		150,000		158,043
4.05% 9/1/23		150,000		167,265
4.95% 1/15/45		110,000		115,514
Entergy Mississippi
2.85% 6/1/28		50,000		50,867
3.10% 7/1/23		100,000		103,663
Entergy Texas 7.125% 2/1/19		200,000		226,674
Eversource Energy
1.45% 5/1/18		250,000		250,455
2.50% 3/15/21		50,000		51,490
3.15% 1/15/25		100,000		104,481
3.35% 3/15/26		50,000		52,879
4.50% 11/15/19		110,000		120,652
Exelon
2.45% 4/15/21		65,000		65,987

LVIP SSGA Bond Index Fund–24

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Exelon (continued)
2.85% 6/15/20		150,000	$	154,876
3.40% 4/15/26		100,000		104,726
4.45% 4/15/46		100,000		107,208
4.95% 6/15/35		105,000		118,864
5.10% 6/15/45		105,000		121,140
FirstEnergy Solutions 6.80% 8/15/39		150,000		151,921
Florida Power & Light
3.125% 12/1/25		250,000		268,519
3.80% 12/15/42		100,000		107,906
4.05% 6/1/42		150,000		168,087
5.69% 3/1/40		50,000		67,889
5.95% 2/1/38		200,000		274,967
5.96% 4/1/39		100,000		139,089
Georgia Power
1.95% 12/1/18		100,000		101,753
2.40% 4/1/21		50,000		51,744
3.25% 4/1/26		50,000		53,189
4.25% 12/1/19		80,000		87,116
4.30% 3/15/42		200,000		219,630
4.30% 3/15/43		100,000		109,475
4.75% 9/1/40		100,000		115,412
5.95% 2/1/39		100,000		130,786
Great Plains Energy 4.85% 6/1/21		50,000		54,998
Hydro-Quebec
8.05% 7/7/24		250,000		350,207
8.50% 12/1/29		115,000		183,114
Iberdrola International 6.75% 7/15/36		100,000		132,001
Indiana Michigan Power 7.00% 3/15/19		100,000		113,686
Interstate Power & Light
3.40% 8/15/25		200,000		216,435
6.25% 7/15/39		130,000		178,787
ITC Holdings
3.25% 6/30/26		90,000		90,259
3.65% 6/15/24		75,000		78,190
Jersey Central Power & Light 7.35% 2/1/19		100,000		112,848
Kansas City Power & Light
3.65% 8/15/25		250,000		265,032
6.375% 3/1/18		200,000		215,387
Kentucky Utilities
3.25% 11/1/20		100,000		106,663
4.65% 11/15/43		150,000		177,866
5.125% 11/1/40		100,000		125,660
MidAmerican Energy
2.40% 3/15/19		250,000		258,492
3.50% 10/15/24		100,000		109,581
4.40% 10/15/44		100,000		116,332
4.80% 9/15/43		250,000		304,989
5.30% 3/15/18		100,000		106,998
5.75% 11/1/35		25,000		32,674
5.95% 7/15/17		200,000		209,579

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Nevada Power
5.45% 5/15/41		60,000	$	76,288
6.50% 8/1/18		50,000		55,421
6.75% 7/1/37		100,000		138,487
7.125% 3/15/19		100,000		115,533
NextEra Energy Capital Holdings
2.30% 4/1/19		35,000		35,702
2.40% 9/15/19		500,000		510,854
3.625% 6/15/23		100,000		105,561
4.50% 6/1/21		100,000		110,659
6.00% 3/1/19		200,000		221,878
Northern States Power
2.20% 8/15/20		100,000		103,398
2.60% 5/15/23		100,000		103,523
3.60% 5/15/46		50,000		52,718
4.00% 8/15/45		100,000		113,546
5.25% 3/1/18		100,000		106,992
5.35% 11/1/39		40,000		52,397
6.20% 7/1/37		100,000		138,016
NorthWestern 4.176% 11/15/44		150,000		159,856
NSTAR Electric 3.25% 11/15/25		100,000		107,543
Ohio Edison
6.875% 7/15/36		100,000		123,444
8.25% 10/15/38		600,000		899,615
Oklahoma Gas & Electric
4.55% 3/15/44		150,000		172,924
5.25% 5/15/41		100,000		123,371
Oncor Electric Delivery
2.95% 4/1/25		100,000		104,246
3.75% 4/1/45		100,000		102,969
4.10% 6/1/22		100,000		110,998
4.55% 12/1/41		150,000		174,335
5.30% 6/1/42		200,000		250,178
6.80% 9/1/18		100,000		111,189
7.00% 9/1/22		100,000		127,509
7.00% 5/1/32		50,000		69,779
Pacific Gas & Electric
2.95% 3/1/26		100,000		104,351
3.25% 9/15/21		200,000		214,653
3.25% 6/15/23		250,000		267,007
3.40% 8/15/24		150,000		160,866
3.50% 6/15/25		350,000		382,250
4.30% 3/15/45		210,000		236,469
5.125% 11/15/43		200,000		242,094
6.05% 3/1/34		500,000		668,151
6.25% 3/1/39		300,000		404,768
8.25% 10/15/18		200,000		230,488
PacifiCorp
2.95% 6/1/23		100,000		105,460
4.10% 2/1/42		100,000		110,636
5.75% 4/1/37		100,000		131,048

LVIP SSGA Bond Index Fund–25

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
PacifiCorp (continued)
6.00% 1/15/39		100,000	$	135,468
6.35% 7/15/38		25,000		35,211
7.70% 11/15/31		100,000		155,281
PECO Energy
3.15% 10/15/25		500,000		534,879
5.35% 3/1/18		200,000		213,811
5.95% 10/1/36		100,000		133,055
Portland General Electric 6.10% 4/15/19		100,000		112,309
Potomac Electric Power 7.90% 12/15/38		100,000		157,162
PPL Capital Funding
3.40% 6/1/23		200,000		209,011
3.50% 12/1/22		100,000		105,393
3.95% 3/15/24		200,000		215,758
4.20% 6/15/22		150,000		163,402
PPL Electric Utilities
3.00% 9/15/21		100,000		106,511
4.125% 6/15/44		100,000		110,181
4.15% 10/1/45		250,000		282,290
6.25% 5/15/39		30,000		42,290
Progress Energy
6.00% 12/1/39		50,000		63,161
7.05% 3/15/19		100,000		114,211
7.75% 3/1/31		150,000		210,537
Public Service Electric & Gas
1.90% 3/15/21		50,000		50,889
2.375% 5/15/23		200,000		204,567
3.00% 5/15/25		100,000		106,975
3.05% 11/15/24		100,000		106,446
3.50% 8/15/20		150,000		161,300
3.75% 3/15/24		150,000		166,228
3.80% 3/1/46		100,000		108,783
4.05% 5/1/45		150,000		169,699
4.15% 11/1/45		50,000		56,803
5.30% 5/1/18		50,000		53,735
5.50% 3/1/40		100,000		131,561
Public Service of Colorado
2.90% 5/15/25		200,000		209,238
3.20% 11/15/20		100,000		107,043
3.95% 3/15/43		250,000		272,713
5.125% 6/1/19		135,000		150,650
6.25% 9/1/37		100,000		141,489
Public Service of New Mexico 3.85% 8/1/25		100,000		107,216
Public Service of Oklahoma 5.15% 12/1/19		75,000		83,524
#Sierra Pacific Power 144A 2.60% 5/1/26		400,000		409,295
South Carolina Electric & Gas 4.50% 6/1/64		35,000		36,301

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
South Carolina Electric & Gas (continued)
5.25% 11/1/18		80,000	$	87,120
6.05% 1/15/38		225,000		290,431
Southern
1.55% 7/1/18		95,000		95,668
1.85% 7/1/19		105,000		106,406
2.15% 9/1/19		300,000		305,745
2.35% 7/1/21		250,000		255,258
2.45% 9/1/18		90,000		92,213
2.75% 6/15/20		100,000		103,738
2.95% 7/1/23		75,000		77,865
3.25% 7/1/26		250,000		260,223
4.25% 7/1/36		85,000		90,445
4.40% 7/1/46		250,000		269,871
Southern California Edison
3.50% 10/1/23		150,000		164,358
3.875% 6/1/21		70,000		77,157
3.90% 3/15/43		100,000		108,277
4.05% 3/15/42		300,000		328,801
4.50% 9/1/40		100,000		116,113
4.65% 10/1/43		100,000		121,425
5.55% 1/15/36		59,000		74,485
5.95% 2/1/38		25,000		33,751
6.00% 1/15/34		200,000		265,155
6.05% 3/15/39		170,000		232,892
6.65% 4/1/29		100,000		132,551
Southwestern Electric Power
3.90% 4/1/45		300,000		298,908
6.20% 3/15/40		200,000		249,883
Tampa Electric
2.60% 9/15/22		100,000		103,359
4.10% 6/15/42		100,000		107,039
4.20% 5/15/45		50,000		54,073
4.35% 5/15/44		50,000		54,905
6.10% 5/15/18		50,000		54,127
TECO Finance 6.572% 11/1/17		100,000		106,201
#Tri-State Generation & Transmission Association 144A 4.25% 6/1/46		200,000		207,117
Union Electric
3.50% 4/15/24		100,000		108,449
3.65% 4/15/45		100,000		103,753
3.90% 9/15/42		250,000		269,960
8.45% 3/15/39		80,000		133,447
Virginia Electric & Power
2.75% 3/15/23		100,000		103,800
3.15% 1/15/26		70,000		74,053
4.45% 2/15/44		325,000		375,097
4.65% 8/15/43		150,000		177,336
5.00% 6/30/19		200,000		219,483
5.95% 9/15/17		100,000		105,908
6.00% 5/15/37		25,000		33,606

LVIP SSGA Bond Index Fund–26

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Virginia Electric & Power (continued)
6.35% 11/30/37		100,000	$	139,065
8.875% 11/15/38		100,000		168,065
Westar Energy
2.55% 7/1/26		50,000		50,102
3.25% 12/1/25		50,000		53,490
4.10% 4/1/43		300,000		328,870
4.25% 12/1/45		50,000		56,275
Western Massachusetts Electric 3.50% 9/15/21		150,000		158,850
Wisconsin Electric Power
1.70% 6/15/18		250,000		251,972
2.95% 9/15/21		100,000		105,892
3.10% 6/1/25		50,000		53,276
4.25% 12/15/19		25,000		27,267
4.30% 12/15/45		50,000		57,153
Wisconsin Power & Light 4.10% 10/15/44		125,000		136,101
Wisconsin Public Service
1.65% 12/4/18		50,000		50,722
4.752% 11/1/44		200,000		241,794
Xcel Energy
2.40% 3/15/21		100,000		102,917
3.30% 6/1/25		100,000		105,668
4.70% 5/15/20		100,000		110,611
6.50% 7/1/36		100,000		133,650
				45,529,112
Electrical Equipment–0.05%
Emerson Electric
2.625% 12/1/21		100,000		105,493
3.15% 6/1/25		150,000		160,670
4.25% 11/15/20		50,000		55,681
5.25% 10/15/18		225,000		246,620
5.25% 11/15/39		50,000		62,939
Hubbell 3.35% 3/1/26		150,000		156,143
Rockwell Automation 6.25% 12/1/37		100,000		135,990
Roper Technologies
3.00% 12/15/20		200,000		206,984
3.85% 12/15/25		100,000		106,899
6.25% 9/1/19		100,000		112,722
				1,350,141
Electronic Equipment, Instruments & Components–0.07%
Amphenol 2.55% 1/30/19		150,000		152,686
Arrow Electronics
3.00% 3/1/18		100,000		101,065
3.50% 4/1/22		100,000		102,603
6.00% 4/1/20		50,000		55,784
Avnet
4.625% 4/15/26		50,000		52,034
4.875% 12/1/22		100,000		108,774

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electronic Equipment, Instruments & Components (continued)
Corning
2.90% 5/15/22		150,000	$	153,834
4.25% 8/15/20		65,000		70,210
4.75% 3/15/42		250,000		261,796
5.75% 8/15/40		25,000		29,847
6.625% 5/15/19		20,000		22,471
Flextronics International 4.75% 6/15/25		125,000		126,875
FLIR Systems 3.125% 6/15/21		50,000		51,396
Fortive
#144A 1.80% 6/15/19		50,000		50,357
#144A 2.35% 6/15/21		100,000		101,583
#144A 3.15% 6/15/26		150,000		154,693
#144A 4.30% 6/15/46		50,000		53,357
Keysight Technologies 4.55% 10/30/24		250,000		255,171
Tech Data 3.75% 9/21/17		100,000		102,499
				2,007,035
Energy Equipment & Services–0.15%
Baker Hughes
5.125% 9/15/40		200,000		226,375
6.875% 1/15/29		100,000		128,676
FMC Technologies 3.45% 10/1/22		100,000		95,494
Halliburton
2.00% 8/1/18		250,000		251,883
3.25% 11/15/21		200,000		207,710
3.80% 11/15/25		290,000		303,473
4.75% 8/1/43		200,000		210,142
4.85% 11/15/35		100,000		108,626
5.00% 11/15/45		283,000		312,504
5.90% 9/15/18		50,000		54,484
6.15% 9/15/19		250,000		284,232
7.45% 9/15/39		200,000		277,804
Nabors Industries
4.625% 9/15/21		150,000		137,800
5.10% 9/15/23		500,000		445,983
6.15% 2/15/18		100,000		102,908
9.25% 1/15/19		150,000		159,997
National Oilwell Varco
2.60% 12/1/22		200,000		186,764
3.95% 12/1/42		150,000		119,555
Oceaneering International 4.65% 11/15/24		100,000		96,855
Schlumberger Investment 3.65% 12/1/23		504,000		541,541
				4,252,806
Food & Staples Retailing–0.58%
Costco Wholesale
1.125% 12/15/17		300,000		301,854
2.25% 2/15/22		300,000		309,778

LVIP SSGA Bond Index Fund–27

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
CVS Health
2.125% 6/1/21		550,000	$	557,399
2.25% 8/12/19		250,000		256,932
2.75% 12/1/22		200,000		206,635
2.80% 7/20/20		600,000		625,347
2.875% 6/1/26		250,000		256,018
3.50% 7/20/22		600,000		646,874
3.875% 7/20/25		400,000		440,817
4.00% 12/5/23		600,000		664,554
4.125% 5/15/21		100,000		109,869
4.875% 7/20/35		725,000		868,350
5.125% 7/20/45		215,000		267,817
Delhaize America 9.00% 4/15/31		125,000		175,133
Delhaize Group 5.70% 10/1/40		500,000		586,339
Kroger
2.00% 1/15/19		25,000		25,423
2.30% 1/15/19		250,000		255,231
2.60% 2/1/21		50,000		51,978
3.30% 1/15/21		250,000		265,976
3.40% 4/15/22		50,000		53,553
3.50% 2/1/26		100,000		107,973
5.00% 4/15/42		100,000		115,796
6.90% 4/15/38		100,000		139,692
7.50% 4/1/31		250,000		350,545
Sysco
1.90% 4/1/19		60,000		60,762
2.50% 7/15/21		105,000		107,420
2.60% 10/1/20		250,000		258,394
3.30% 7/15/26		100,000		103,964
3.75% 10/1/25		125,000		134,001
4.50% 4/1/46		75,000		80,338
4.85% 10/1/45		85,000		95,445
5.375% 3/17/19		100,000		110,067
6.625% 3/17/39		50,000		67,086
Walgreen
3.10% 9/15/22		150,000		154,732
5.25% 1/15/19		38,000		41,208
Walgreens Boots Alliance
1.75% 11/17/17		600,000		604,483
1.75% 5/30/18		105,000		105,870
2.60% 6/1/21		125,000		127,476
3.10% 6/1/23		85,000		86,705
3.45% 6/1/26		45,000		46,289
3.80% 11/18/24		700,000		742,935
4.65% 6/1/46		40,000		42,836
4.80% 11/18/44		500,000		540,023
Wal-Mart Stores
1.125% 4/11/18		700,000		703,730
2.55% 4/11/23		300,000		313,404
3.25% 10/25/20		300,000		324,738
3.625% 7/8/20		100,000		109,421
4.00% 4/11/43		325,000		361,659

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
Wal-Mart Stores (continued)
4.125% 2/1/19		100,000	$	108,200
4.875% 7/8/40		300,000		369,530
5.00% 10/25/40		200,000		251,166
5.25% 9/1/35		300,000		394,851
5.625% 4/15/41		250,000		337,232
5.80% 2/15/18		200,000		215,795
5.875% 4/5/27		100,000		131,894
6.20% 4/15/38		300,000		425,432
6.50% 8/15/37		350,000		508,252
7.55% 2/15/30		700,000		1,069,401
#Whole Foods Market 144A 5.20% 12/3/25		100,000		108,016
				16,882,638
Food Products–0.37%
Archer-Daniels-Midland
4.016% 4/16/43		100,000		107,305
4.479% 3/1/21		235,000		265,284
5.45% 3/15/18		80,000		85,545
Bunge Limited Finance
3.50% 11/24/20		75,000		78,696
8.50% 6/15/19		135,000		158,062
Campbell Soup
2.50% 8/2/22		61,000		62,035
3.05% 7/15/17		100,000		102,091
4.25% 4/15/21		250,000		274,632
4.50% 2/15/19		35,000		37,956
ConAgra Foods
1.90% 1/25/18		250,000		252,072
3.20% 1/25/23		196,000		202,495
7.00% 4/15/19		21,000		23,751
8.25% 9/15/30		100,000		139,069
General Mills
2.20% 10/21/19		300,000		307,439
3.15% 12/15/21		200,000		213,410
3.65% 2/15/24		111,000		121,360
5.40% 6/15/40		45,000		55,978
5.65% 2/15/19		100,000		111,218
Hershey 4.125% 12/1/20		200,000		224,380
Ingredion 1.80% 9/25/17		100,000		100,546
JM Smucker
1.75% 3/15/18		60,000		60,498
2.50% 3/15/20		100,000		103,228
3.00% 3/15/22		150,000		157,712
3.50% 3/15/25		150,000		162,285
4.25% 3/15/35		100,000		108,921
4.375% 3/15/45		50,000		54,576
Kellogg
3.125% 5/17/22		150,000		157,272
3.25% 5/21/18		135,000		140,126
3.25% 4/1/26		95,000		97,856

LVIP SSGA Bond Index Fund–28

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food Products (continued)
Kellogg (continued)
4.00% 12/15/20		64,000	$	70,219
4.50% 4/1/46		100,000		107,543
Kraft Heinz Foods
#144A 2.00% 7/2/18		95,000		96,241
#144A 2.80% 7/2/20		550,000		571,671
#144A 3.00% 6/1/26		575,000		580,912
3.50% 6/6/22		150,000		159,741
#144A 3.50% 7/15/22		200,000		212,694
#144A 3.95% 7/15/25		150,000		163,396
#144A 4.375% 6/1/46		290,000		307,976
#144A 5.00% 7/15/35		105,000		120,804
5.00% 6/4/42		250,000		288,528
#144A 5.20% 7/15/45		85,000		101,055
5.375% 2/10/20		250,000		281,885
6.125% 8/23/18		650,000		713,198
6.50% 2/9/40		150,000		199,002
McCormick
3.25% 11/15/25		35,000		37,521
3.50% 9/1/23		107,000		115,391
3.90% 7/15/21		50,000		54,941
Mead Johnson Nutrition
3.00% 11/15/20		95,000		99,346
4.125% 11/15/25		95,000		103,820
4.90% 11/1/19		100,000		110,320
5.90% 11/1/39		50,000		60,867
Mondelez International
4.00% 2/1/24		750,000		821,560
6.125% 2/1/18		150,000		161,142
Tyson Foods
2.65% 8/15/19		400,000		411,236
3.95% 8/15/24		240,000		259,507
Unilever Capital
2.20% 3/6/19		250,000		257,179
4.25% 2/10/21		200,000		223,520
4.80% 2/15/19		100,000		109,517
5.90% 11/15/32		133,000		186,985
				10,953,515
Gas Utilities–0.10%
AGL Capital
3.875% 11/15/25		50,000		53,810
4.40% 6/1/43		100,000		102,685
5.25% 8/15/19		100,000		109,490
5.875% 3/15/41		70,000		85,712
Atmos Energy
4.125% 10/15/44		150,000		163,932
8.50% 3/15/19		100,000		117,935
CenterPoint Energy Resources
4.50% 1/15/21		65,000		70,600
5.85% 1/15/41		115,000		133,924
6.00% 5/15/18		100,000		107,855

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Gas Utilities (continued)
National Fuel Gas
3.75% 3/1/23		156,000	$	151,730
8.75% 5/1/19		115,000		130,021
ONE Gas
3.61% 2/1/24		100,000		108,127
4.658% 2/1/44		50,000		56,561
Panhandle Eastern Pipe Line
6.20% 11/1/17		50,000		52,027
7.00% 6/15/18		300,000		320,814
Piedmont Natural Gas 4.65% 8/1/43		50,000		55,846
Southern California Gas
2.60% 6/15/26		100,000		102,733
3.15% 9/15/24		100,000		107,082
4.45% 3/15/44		150,000		177,164
5.75% 11/15/35		100,000		128,355
Southern Natural Gas
4.40% 6/15/21		300,000		311,361
8.00% 3/1/32		100,000		111,132
Southwest Gas 4.875% 10/1/43		100,000		116,638
Spire 4.70% 8/15/44		100,000		105,548
				2,981,082
Health Care Equipment & Supplies–0.37%
Ascension Health 3.945% 11/15/46		135,000		145,993
Baylor Scott & White Holdings
3.967% 11/15/46		50,000		53,712
4.185% 11/15/45		95,000		106,386
Becton Dickinson
2.675% 12/15/19		145,000		149,260
3.125% 11/8/21		700,000		735,367
3.25% 11/12/20		100,000		105,220
3.30% 3/1/23		100,000		105,247
3.734% 12/15/24		350,000		377,668
4.875% 5/15/44		100,000		115,709
5.00% 11/12/40		35,000		39,627
6.00% 5/15/39		100,000		128,508
6.375% 8/1/19		150,000		170,966
Boston Scientific
2.65% 10/1/18		125,000		127,843
2.85% 5/15/20		100,000		103,689
3.85% 5/15/25		100,000		105,975
6.00% 1/15/20		100,000		113,930
7.375% 1/15/40		201,000		267,478
Covidien International Finance
3.20% 6/15/22		150,000		160,180
4.20% 6/15/20		100,000		110,044
6.00% 10/15/17		25,000		26,583
6.55% 10/15/37		100,000		139,311
CR Bard
3.00% 5/15/26		150,000		154,062
4.40% 1/15/21		65,000		71,796
Edwards Lifesciences 2.875% 10/15/18		150,000		153,734

LVIP SSGA Bond Index Fund–29

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Equipment & Supplies (continued)
Medtronic
1.375% 4/1/18		125,000	$	125,823
1.50% 3/15/18		115,000		116,027
2.75% 4/1/23		1,125,000		1,158,365
3.125% 3/15/22		150,000		159,125
3.50% 3/15/25		575,000		627,531
3.625% 3/15/24		500,000		550,855
4.375% 3/15/35		150,000		170,005
4.50% 3/15/42		100,000		113,551
4.625% 3/15/45		590,000		695,534
5.55% 3/15/40		100,000		126,411
5.60% 3/15/19		200,000		222,015
St. Jude Medical
2.00% 9/15/18		100,000		101,197
2.80% 9/15/20		100,000		103,188
3.25% 4/15/23		200,000		206,436
3.875% 9/15/25		120,000		128,063
Stryker
1.30% 4/1/18		100,000		100,067
2.00% 3/8/19		90,000		91,549
2.625% 3/15/21		150,000		155,207
3.375% 5/15/24		150,000		158,745
3.375% 11/1/25		100,000		105,146
3.50% 3/15/26		75,000		79,726
4.375% 1/15/20		100,000		109,043
4.375% 5/15/44		100,000		107,245
4.625% 3/15/46		95,000		107,183
Zimmer Biomet Holdings
2.70% 4/1/20		750,000		759,763
3.15% 4/1/22		250,000		256,576
3.55% 4/1/25		180,000		185,866
4.25% 8/15/35		105,000		105,596
4.45% 8/15/45		155,000		158,378
5.75% 11/30/39		100,000		118,912
				10,971,416
Health Care Providers & Services–0.59%
Aetna
1.70% 6/7/18		140,000		141,190
1.90% 6/7/19		215,000		217,947
2.40% 6/15/21		160,000		163,432
2.75% 11/15/22		550,000		561,539
2.80% 6/15/23		135,000		138,115
3.20% 6/15/26		370,000		381,457
4.25% 6/15/36		105,000		108,844
4.375% 6/15/46		155,000		161,642
6.625% 6/15/36		100,000		133,735
6.75% 12/15/37		100,000		136,065
AmerisourceBergen
3.40% 5/15/24		250,000		264,589
4.875% 11/15/19		200,000		220,022

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
Anthem
2.30% 7/15/18		250,000	$	253,721
3.125% 5/15/22		250,000		258,987
3.50% 8/15/24		250,000		259,275
4.35% 8/15/20		100,000		108,557
4.625% 5/15/42		100,000		105,297
4.65% 1/15/43		125,000		130,957
4.65% 8/15/44		100,000		106,922
5.85% 1/15/36		125,000		150,180
6.375% 6/15/37		100,000		126,739
7.00% 2/15/19		400,000		453,004
Cardinal Health
1.95% 6/15/18		100,000		101,207
3.20% 3/15/23		100,000		104,479
3.50% 11/15/24		300,000		320,490
3.75% 9/15/25		100,000		109,001
4.625% 12/15/20		100,000		111,895
4.90% 9/15/45		100,000		111,901
Children’s Hospital Medical Center 4.268% 5/15/44		50,000		55,917
Cigna
5.375% 2/15/42		400,000		475,161
5.875% 3/15/41		200,000		246,279
7.875% 5/15/27		25,000		34,654
Coventry Health Care 5.45% 6/15/21		80,000		91,394
Dignity Health 3.812% 11/1/24		200,000		213,750
Express Scripts Holding
3.00% 7/15/23		150,000		150,399
3.30% 2/25/21		40,000		41,989
3.40% 3/1/27		105,000		105,099
3.90% 2/15/22		450,000		482,863
4.50% 2/25/26		150,000		165,115
4.75% 11/15/21		200,000		224,600
4.80% 7/15/46		85,000		85,223
6.125% 11/15/41		300,000		358,873
Howard Hughes Medical Institute 3.50% 9/1/23		150,000		165,691
Humana
3.15% 12/1/22		100,000		102,821
4.625% 12/1/42		175,000		182,590
4.95% 10/1/44		300,000		330,178
7.20% 6/15/18		100,000		110,785
Kaiser Foundation Hospitals 3.50% 4/1/22		50,000		53,820
Laboratory Corporation of America Holdings
2.20% 8/23/17		250,000		251,841
4.625% 11/15/20		150,000		163,745
4.70% 2/1/45		500,000		535,805
Mayo Clinic 4.128% 11/15/52		100,000		112,846
McKesson
2.284% 3/15/19		250,000		255,778

LVIP SSGA Bond Index Fund–30

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
McKesson (continued)
2.70% 12/15/22		400,000	$	405,478
3.796% 3/15/24		200,000		216,892
4.75% 3/1/21		300,000		331,360
4.883% 3/15/44		125,000		143,113
Medco Health Solutions 7.125% 3/15/18		225,000		245,746
Memorial Sloan-Kettering Cancer Center 4.20% 7/1/55		127,000		144,002
New York and Presbyterian Hospital
3.563% 8/1/36		50,000		52,821
4.024% 8/1/45		75,000		81,930
4.063% 8/1/56		50,000		54,013
4.763% 8/1/16		50,000		53,072
Ochsner Clinic Foundation 5.897% 5/15/45		50,000		63,405
Owens & Minor 3.875% 9/15/21		50,000		51,808
Quest Diagnostics
2.70% 4/1/19		150,000		153,942
3.45% 6/1/26		55,000		57,012
3.50% 3/30/25		300,000		310,343
4.75% 1/30/20		60,000		65,857
Texas Health Resources 4.33% 11/15/55		30,000		33,917
UnitedHealth Group
1.70% 2/15/19		200,000		202,186
1.90% 7/16/18		590,000		600,352
2.125% 3/15/21		200,000		203,900
2.70% 7/15/20		145,000		151,107
2.75% 2/15/23		107,000		110,085
2.875% 12/15/21		400,000		421,621
2.875% 3/15/23		250,000		260,505
3.75% 7/15/25		500,000		549,193
4.25% 3/15/43		100,000		109,799
4.375% 3/15/42		100,000		111,266
4.625% 11/15/41		200,000		228,731
4.70% 2/15/21		100,000		112,978
4.75% 7/15/45		600,000		724,660
6.00% 2/15/18		200,000		215,717
6.50% 6/15/37		150,000		209,598
6.625% 11/15/37		100,000		141,641
6.875% 2/15/38		100,000		146,212
				17,402,667
Hotels, Restaurants & Leisure–0.17%
Brinker International 3.875% 5/15/23		100,000		101,619
Carnival 3.95% 10/15/20		133,000		143,613
Darden Restaurants 6.80% 10/15/37		84,000		98,322
Hyatt Hotels 4.85% 3/15/26		50,000		54,483
Marriott International
2.30% 1/15/22		100,000		100,729
2.875% 3/1/21		100,000		103,485
3.125% 6/15/26		100,000		101,426

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
Marriott International (continued)
3.375% 10/15/20		208,000	$	219,200
3.75% 10/1/25		50,000		53,522
McDonald’s
1.875% 5/29/19		250,000		253,144
2.10% 12/7/18		60,000		61,439
2.20% 5/26/20		150,000		153,603
2.625% 1/15/22		100,000		103,077
2.75% 12/9/20		265,000		276,944
3.25% 6/10/24		300,000		323,436
3.375% 5/26/25		150,000		158,769
3.625% 5/20/21		100,000		108,256
3.625% 5/1/43		100,000		95,346
3.70% 1/30/26		285,000		308,537
4.60% 5/26/45		94,000		105,350
4.70% 12/9/35		270,000		305,556
4.875% 12/9/45		275,000		322,880
5.80% 10/15/17		300,000		317,895
6.30% 3/1/38		50,000		66,367
Starbucks
2.10% 2/4/21		60,000		61,709
2.45% 6/15/26		100,000		101,684
2.70% 6/15/22		100,000		105,660
3.85% 10/1/23		100,000		112,399
4.30% 6/15/45		105,000		125,048
Starwood Hotels & Resorts Worldwide 3.125% 2/15/23		211,000		213,625
Wyndham Worldwide
4.25% 3/1/22		300,000		318,623
5.10% 10/1/25		60,000		65,314
				5,041,060
Household Durables–0.20%
Church & Dwight 2.45% 12/15/19		100,000		101,783
Clorox
3.50% 12/15/24		150,000		160,896
5.95% 10/15/17		100,000		106,337
Harman International Industries 4.15% 5/15/25		100,000		104,476
Kimberly-Clark
1.90% 5/22/19		250,000		256,576
2.15% 8/15/20		50,000		51,568
3.05% 8/15/25		50,000		53,805
3.875% 3/1/21		45,000		49,883
5.30% 3/1/41		200,000		268,144
6.125% 8/1/17		200,000		211,282
6.625% 8/1/37		100,000		148,392
7.50% 11/1/18		100,000		114,405
Leggett & Platt 3.40% 8/15/22		50,000		52,158
#Newell Brands 144A 5.00% 11/15/23		500,000		525,628
Newell Rubbermaid
2.15% 10/15/18		125,000		126,393

LVIP SSGA Bond Index Fund–31

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Household Durables (continued)
Newell Rubbermaid (continued)
2.60% 3/29/19		95,000	$	97,551
3.15% 4/1/21		100,000		104,291
3.85% 4/1/23		115,000		122,154
3.90% 11/1/25		250,000		262,366
4.20% 4/1/26		120,000		130,240
5.375% 4/1/36		60,000		69,509
5.50% 4/1/46		380,000		453,162
Procter & Gamble
1.85% 2/2/21		300,000		307,728
1.90% 11/1/19		200,000		205,726
2.30% 2/6/22		250,000		260,202
2.70% 2/2/26		100,000		105,952
3.10% 8/15/23		200,000		216,996
4.70% 2/15/19		200,000		219,300
5.50% 2/1/34		100,000		134,112
5.55% 3/5/37		200,000		277,709
Tupperware Brands 4.75% 6/1/21		100,000		107,676
Whirlpool
3.70% 3/1/23		350,000		371,559
4.50% 6/1/46		70,000		73,623
4.70% 6/1/22		100,000		111,850
				5,963,432
Independent Power Producers & Energy Traders–0.08%
Constellation Energy Group 5.15% 12/1/20		200,000		222,795
Exelon Generation
4.25% 6/15/22		250,000		266,978
5.60% 6/15/42		292,000		306,358
6.20% 10/1/17		25,000		26,423
6.25% 10/1/39		100,000		110,195
Oglethorpe Power
4.25% 4/1/46		75,000		79,441
4.55% 6/1/44		100,000		106,227
5.95% 11/1/39		100,000		124,190
PSEG Power
4.15% 9/15/21		250,000		267,188
5.125% 4/15/20		60,000		65,312
Southern Power
1.85% 12/1/17		80,000		80,659
2.375% 6/1/20		100,000		101,646
4.15% 12/1/25		200,000		216,685
5.25% 7/15/43		120,000		131,442
TransAlta 6.50% 3/15/40		250,000		184,899
				2,290,438
Industrial Conglomerates–0.26%
3M
1.375% 8/7/18		100,000		101,019
2.00% 8/7/20		100,000		102,827
2.00% 6/26/22		500,000		512,635

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Industrial Conglomerates (continued)
3M (continued)
3.00% 8/7/25		100,000	$	109,136
3.875% 6/15/44		150,000		166,672
5.70% 3/15/37		100,000		134,475
6.375% 2/15/28		25,000		34,593
Danaher
1.65% 9/15/18		95,000		96,500
3.35% 9/15/25		125,000		138,035
3.90% 6/23/21		100,000		109,894
4.375% 9/15/45		115,000		134,506
5.625% 1/15/18		100,000		107,293
General Electric
2.70% 10/9/22		1,150,000		1,207,971
4.125% 10/9/42		311,000		342,924
4.50% 3/11/44		1,500,000		1,735,295
5.25% 12/6/17		550,000		582,813
Hexcel 4.70% 8/15/25		50,000		53,366
Koninklijke Philips
3.75% 3/15/22		100,000		107,541
5.00% 3/15/42		100,000		111,119
5.75% 3/11/18		300,000		320,937
6.875% 3/11/38		50,000		65,238
Textron
3.65% 3/1/21		400,000		420,151
3.875% 3/1/25		170,000		179,939
Tyco Electronics Group
2.35% 8/1/19		75,000		76,194
2.375% 12/17/18		60,000		60,923
3.50% 2/3/22		150,000		158,702
3.70% 2/15/26		100,000		105,622
6.55% 10/1/17		100,000		106,339
Tyco International Finance
3.90% 2/14/26		75,000		80,930
5.125% 9/14/45		75,000		86,338
				7,549,927
Insurance–0.86%
Aflac
6.45% 8/15/40		100,000		133,273
6.90% 12/17/39		530,000		748,964
Alleghany
4.90% 9/15/44		95,000		99,400
4.95% 6/27/22		100,000		111,504
Allied World Assurance Holdings 4.35% 10/29/25		100,000		102,513
Allstate
4.50% 6/15/43		100,000		116,738
5.55% 5/9/35		150,000		190,910
•5.75% 8/15/53		225,000		231,159
7.45% 5/16/19		100,000		116,197
American Financial Group 9.875% 6/15/19		100,000		121,389

LVIP SSGA Bond Index Fund–32

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Insurance (continued)
American International Group
2.30% 7/16/19		350,000	$	356,390
3.30% 3/1/21		85,000		87,907
3.75% 7/10/25		70,000		71,477
3.90% 4/1/26		100,000		103,257
4.50% 7/16/44		500,000		485,617
4.70% 7/10/35		100,000		103,711
4.80% 7/10/45		100,000		101,758
4.875% 6/1/22		500,000		557,734
5.85% 1/16/18		300,000		320,020
6.40% 12/15/20		200,000		235,444
Aon
2.80% 3/15/21		150,000		154,235
3.50% 6/14/24		100,000		103,097
3.875% 12/15/25		100,000		105,678
4.00% 11/27/23		150,000		160,499
4.45% 5/24/43		100,000		100,371
4.75% 5/15/45		100,000		107,698
5.00% 9/30/20		100,000		111,797
Arch Capital Group US 5.144% 11/1/43		105,000		114,133
Aspen Insurance Holdings 4.65% 11/15/23		100,000		109,276
Assurant 2.50% 3/15/18		150,000		151,878
Assured Guaranty US Holdings 5.00% 7/1/24		100,000		108,800
AXA 8.60% 12/15/30		200,000		275,000
AXIS Specialty Finance 5.875% 6/1/20		100,000		111,976
Berkshire Hathaway
2.10% 8/14/19		200,000		206,159
2.20% 3/15/21		145,000		149,679
3.00% 2/11/23		100,000		105,703
3.125% 3/15/26		515,000		540,663
3.40% 1/31/22		300,000		324,040
3.75% 8/15/21		300,000		331,253
4.50% 2/11/43		250,000		286,376
Berkshire Hathaway Finance
1.30% 5/15/18		150,000		150,985
1.70% 3/15/19		240,000		244,017
3.00% 5/15/22		100,000		106,922
4.25% 1/15/21		100,000		111,288
4.30% 5/15/43		100,000		111,262
4.40% 5/15/42		100,000		112,522
5.40% 5/15/18		50,000		54,093
5.75% 1/15/40		100,000		133,065
Chubb
5.75% 5/15/18		100,000		108,511
6.00% 5/11/37		100,000		136,017
6.50% 5/15/38		200,000		287,222
Chubb INA Holdings
2.30% 11/3/20		655,000		673,838
2.70% 3/13/23		100,000		102,861
3.35% 5/15/24		300,000		321,547

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Insurance (continued)
Chubb INA Holdings (continued)
3.35% 5/3/26		95,000	$	101,385
4.15% 3/13/43		100,000		111,734
5.90% 6/15/19		125,000		140,839
Cincinnati Financial 6.92% 5/15/28		100,000		132,314
CNA Financial
3.95% 5/15/24		125,000		131,664
4.50% 3/1/26		100,000		106,645
5.75% 8/15/21		30,000		34,580
7.35% 11/15/19		120,000		138,781
Delphi Financial Group 7.875% 1/31/20		25,000		28,948
Everest Reinsurance Holdings 4.868% 6/1/44		100,000		103,140
First American Financial 4.60% 11/15/24		100,000		104,897
Hanover Insurance Group 4.50% 4/15/26		100,000		103,437
Hartford Financial Services Group
4.30% 4/15/43		43,000		43,122
5.125% 4/15/22		100,000		113,873
5.50% 3/30/20		100,000		113,016
5.95% 10/15/36		250,000		307,672
6.10% 10/1/41		50,000		61,923
6.625% 3/30/40		100,000		129,516
Horace Mann Educators 4.50% 12/1/25		50,000		52,921
Kemper 4.35% 2/15/25		100,000		103,856
*Lincoln National 4.00% 9/1/23		500,000		520,625
Loews
4.125% 5/15/43		500,000		512,427
6.00% 2/1/35		100,000		125,175
Manulife Financial
4.15% 3/4/26		100,000		107,389
5.375% 3/4/46		100,000		117,135
Markel 5.00% 4/5/46		250,000		264,938
Marsh & McLennan
2.35% 3/6/20		150,000		153,174
2.55% 10/15/18		100,000		102,301
3.30% 3/14/23		100,000		104,548
3.50% 3/10/25		150,000		156,151
3.75% 3/14/26		75,000		79,256
4.80% 7/15/21		100,000		111,009
MetLife
3.00% 3/1/25		150,000		152,043
4.05% 3/1/45		150,000		148,139
4.368% 9/15/23		367,000		406,672
4.60% 5/13/46		200,000		215,546
4.75% 2/8/21		200,000		223,474
4.875% 11/13/43		200,000		221,596
5.70% 6/15/35		50,000		60,533
5.875% 2/6/41		100,000		124,622
6.375% 6/15/34		100,000		129,317

LVIP SSGA Bond Index Fund–33

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Insurance (continued)
MetLife (continued)
6.40% 12/15/36		100,000	$	107,002
6.50% 12/15/32		100,000		128,895
6.817% 8/15/18		400,000		446,714
7.717% 2/15/19		200,000		232,249
10.75% 8/1/39		150,000		233,550
Montpelier Re Holdings 4.70% 10/15/22		100,000		105,012
Old Republic International
4.875% 10/1/24		100,000		107,174
OneBeacon US Holdings 4.60% 11/9/22		100,000		101,838
PartnerRe Finance B 5.50% 6/1/20		100,000		111,430
Primerica 4.75% 7/15/22		100,000		110,223
Principal Financial Group
1.85% 11/15/17		250,000		251,449
3.40% 5/15/25		100,000		102,584
•4.70% 5/15/55		50,000		48,937
8.875% 5/15/19		100,000		118,739
ProAssurance 5.30% 11/15/23		100,000		107,839
Progressive
3.75% 8/23/21		100,000		110,093
4.35% 4/25/44		250,000		286,447
Protective Life
7.375% 10/15/19		50,000		58,069
8.45% 10/15/39		25,000		35,086
Prudential Financial
2.30% 8/15/18		250,000		254,927
5.10% 8/15/43		250,000		276,563
•5.20% 3/15/44		100,000		98,175
5.70% 12/14/36		350,000		419,423
•5.875% 9/15/42		250,000		270,625
5.90% 3/17/36		250,000		301,219
6.00% 12/1/17		39,000		41,560
6.625% 12/1/37		400,000		517,350
6.625% 6/21/40		200,000		259,927
Reinsurance Group of America
3.95% 9/15/26		30,000		30,976
4.70% 9/15/23		150,000		163,364
6.45% 11/15/19		90,000		102,849
Swiss Re Solutions Holding
7.00% 2/15/26		100,000		130,103
Symetra Financial 4.25% 7/15/24		50,000		52,046
Torchmark 9.25% 6/15/19		25,000		29,883
Transatlantic Holdings 8.00% 11/30/39		100,000		138,646
Travelers
3.75% 5/15/46		50,000		52,462
3.90% 11/1/20		100,000		109,801
4.60% 8/1/43		250,000		299,558
5.80% 5/15/18		250,000		271,242
5.90% 6/2/19		100,000		112,902
6.25% 6/15/37		100,000		138,840
6.75% 6/20/36		100,000		145,085

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Insurance (continued)
Trinity Acquisition
4.40% 3/15/26		100,000	$	104,614
6.125% 8/15/43		100,000		111,078
Unum Group
3.00% 5/15/21		30,000		30,716
3.875% 11/5/25		200,000		204,059
5.75% 8/15/42		50,000		55,401
Voya Financial
2.90% 2/15/18		77,000		78,472
3.65% 6/15/26		100,000		100,679
4.80% 6/15/46		60,000		60,175
5.70% 7/15/43		100,000		113,451
WR Berkley 7.375% 9/15/19		100,000		116,150
XLIT
2.30% 12/15/18		100,000		101,090
5.25% 12/15/43		200,000		217,825
5.75% 10/1/21		100,000		114,633
				25,337,355
Internet & Catalog Retail–0.07%
Alphabet
3.375% 2/25/24		200,000		220,524
3.625% 5/19/21		100,000		110,581
Amazon.com
1.20% 11/29/17		800,000		803,114
3.80% 12/5/24		500,000		561,411
Expedia
4.50% 8/15/24		200,000		205,801
5.95% 8/15/20		100,000		111,960
				2,013,391
Internet Software & Services–0.11%
Alibaba Group Holding
2.50% 11/28/19		500,000		506,645
3.60% 11/28/24		633,000		648,046
Baidu
3.00% 6/30/20		200,000		204,361
3.25% 8/6/18		200,000		205,326
3.50% 11/28/22		200,000		205,835
4.125% 6/30/25		200,000		210,421
eBay
2.50% 3/9/18		80,000		81,493
2.60% 7/15/22		250,000		247,892
2.875% 8/1/21		350,000		361,862
3.25% 10/15/20		100,000		104,634
3.80% 3/9/22		150,000		159,588
JD.Com 3.875% 4/29/26		200,000		190,544
Priceline Group 3.60% 6/1/26		200,000		206,981
				3,333,628
IT Services–0.37%
Automatic Data Processing
2.25% 9/15/20		250,000		259,896

LVIP SSGA Bond Index Fund–34

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
IT Services (continued)
Automatic Data Processing (continued)
3.375% 9/15/25		125,000	$	136,086
Broadridge Financial Solutions
3.95% 9/1/20		100,000		106,919
Fidelity National Information Services
2.00% 4/15/18		43,000		43,233
2.85% 10/15/18		105,000		107,819
3.50% 4/15/23		311,000		323,376
3.625% 10/15/20		420,000		444,423
3.875% 6/5/24		100,000		105,903
4.50% 10/15/22		80,000		88,722
5.00% 10/15/25		200,000		227,465
Fiserv
2.70% 6/1/20		150,000		155,433
3.50% 10/1/22		150,000		159,160
3.85% 6/1/25		150,000		160,641
4.625% 10/1/20		100,000		110,459
HP Enterprise Services 7.45% 10/15/29		25,000		30,414
International Business Machines
1.125% 2/6/18		200,000		200,908
1.25% 2/8/18		250,000		251,608
1.625% 5/15/20		550,000		557,201
1.80% 5/17/19		500,000		508,987
1.875% 8/1/22		600,000		597,725
1.95% 2/12/19		200,000		204,996
2.875% 11/9/22		150,000		159,151
2.90% 11/1/21		150,000		159,847
3.45% 2/19/26		150,000		163,342
4.00% 6/20/42		200,000		212,334
5.60% 11/30/39		210,000		266,799
5.70% 9/14/17		300,000		316,971
5.875% 11/29/32		120,000		156,389
7.625% 10/15/18		300,000		342,810
Total System Services
3.75% 6/1/23		125,000		127,139
3.80% 4/1/21		50,000		52,995
4.80% 4/1/26		100,000		108,647
Visa
1.20% 12/14/17		130,000		130,835
2.20% 12/14/20		500,000		515,861
2.80% 12/14/22		300,000		316,770
3.15% 12/14/25		750,000		802,796
4.15% 12/14/35		115,000		130,324
4.30% 12/14/45		530,000		615,211
Western Union
2.875% 12/10/17		150,000		152,574
3.65% 8/22/18		100,000		103,971
5.253% 4/1/20		107,000		118,201
Xerox
2.80% 5/15/20		250,000		240,937
3.50% 8/20/20		100,000		99,605
4.50% 5/15/21		345,000		349,220

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
IT Services (continued)
Xerox (continued)
6.35% 5/15/18		250,000	$	267,432
				10,691,535
Leisure Equipment & Products–0.02%
Hasbro
3.15% 5/15/21		75,000		77,232
5.10% 5/15/44		65,000		69,270
6.35% 3/15/40		65,000		79,339
Mattel
2.35% 5/6/19		200,000		203,299
6.20% 10/1/40		100,000		116,092
				545,232
Life Sciences Tools & Services–0.08%
Agilent Technologies
3.875% 7/15/23		150,000		159,022
5.00% 7/15/20		100,000		110,331
Life Technologies 6.00% 3/1/20		150,000		169,421
Thermo Fisher Scientific
3.00% 4/15/23		105,000		107,352
3.30% 2/15/22		650,000		675,232
3.60% 8/15/21		100,000		106,127
4.15% 2/1/24		500,000		546,565
4.50% 3/1/21		240,000		265,144
4.70% 5/1/20		100,000		109,785
Trimble Navigation 4.75% 12/1/24		100,000		104,422
				2,353,401
Machinery–0.25%
Caterpillar
2.60% 6/26/22		50,000		51,608
3.803% 8/15/42		168,000		171,614
3.90% 5/27/21		150,000		165,169
4.75% 5/15/64		250,000		279,089
6.05% 8/15/36		200,000		262,590
7.90% 12/15/18		100,000		115,794
Crane 4.45% 12/15/23		100,000		106,413
Cummins
3.65% 10/1/23		139,000		151,224
4.875% 10/1/43		64,000		74,506
Deere
2.60% 6/8/22		100,000		102,781
3.90% 6/9/42		150,000		160,539
4.375% 10/16/19		350,000		387,008
5.375% 10/16/29		100,000		127,793
Dover
4.30% 3/1/21		100,000		110,817
5.375% 3/1/41		100,000		127,465
6.60% 3/15/38		25,000		35,223
Eaton
1.50% 11/2/17		200,000		201,039

LVIP SSGA Bond Index Fund–35

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Machinery (continued)
Eaton (continued)
2.75% 11/2/22		250,000	$	256,664
4.15% 11/2/42		150,000		162,220
6.95% 3/20/19		50,000		56,893
Eaton Electric Holdings
3.875% 12/15/20		100,000		107,512
6.10% 7/1/17		100,000		104,599
Flowserve 4.00% 11/15/23		64,000		65,910
Illinois Tool Works
1.95% 3/1/19		300,000		307,173
3.375% 9/15/21		60,000		64,750
3.90% 9/1/42		150,000		161,664
4.875% 9/15/41		100,000		121,920
6.25% 4/1/19		100,000		113,118
Ingersoll-Rand Global Holding
4.25% 6/15/23		250,000		277,950
5.75% 6/15/43		100,000		123,891
6.875% 8/15/18		250,000		277,745
Kennametal 2.65% 11/1/19		150,000		150,921
Parker Hannifin
3.30% 11/21/24		60,000		64,920
4.20% 11/21/34		140,000		157,418
6.25% 5/15/38		550,000		764,930
Pentair Finance
2.90% 9/15/18		150,000		151,600
4.65% 9/15/25		150,000		156,507
5.00% 5/15/21		200,000		215,803
Snap-on 6.125% 9/1/21		50,000		60,764
Stanley Black & Decker
2.451% 11/17/18		100,000		102,233
2.90% 11/1/22		150,000		158,587
5.20% 9/1/40		100,000		118,157
5.75% 12/15/53		100,000		105,250
Timken 3.875% 9/1/24		70,000		70,861
Valmont Industries 5.25% 10/1/54		150,000		134,602
Wabtec 4.375% 8/15/23		100,000		109,344
				7,354,578
Media–1.05%
21st Century Fox America
3.00% 9/15/22		600,000		625,790
3.70% 10/15/25		40,000		43,411
4.50% 2/15/21		150,000		167,652
4.75% 9/15/44		60,000		66,739
4.95% 10/15/45		30,000		34,297
5.65% 8/15/20		300,000		343,996
6.15% 3/1/37		30,000		37,355
6.15% 2/15/41		450,000		563,909
6.40% 12/15/35		300,000		382,068
6.65% 11/15/37		175,000		230,223
6.90% 8/15/39		100,000		134,209
8.15% 10/17/36		100,000		139,978

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
CBS
2.30% 8/15/19		200,000	$	203,226
3.375% 3/1/22		100,000		104,331
4.00% 1/15/26		355,000		379,653
4.85% 7/1/42		150,000		151,266
4.90% 8/15/44		125,000		127,246
7.875% 7/30/30		200,000		284,219
CC Holdings GS V
2.381% 12/15/17		100,000		101,334
3.849% 4/15/23		150,000		160,239
Charter Communications Operating
#144A 3.579% 7/23/20		305,000		319,155
#144A 4.464% 7/23/22		500,000		538,065
#144A 4.908% 7/23/25		850,000		930,980
#144A 6.384% 10/23/35		190,000		225,647
#144A 6.484% 10/23/45		565,000		677,030
Comcast
2.75% 3/1/23		300,000		314,461
3.125% 7/15/22		100,000		107,017
3.15% 3/1/26		350,000		372,992
3.375% 2/15/25		425,000		458,714
3.375% 8/15/25		65,000		70,316
4.20% 8/15/34		83,000		91,562
4.25% 1/15/33		200,000		221,073
4.40% 8/15/35		192,000		217,000
4.60% 8/15/45		77,000		88,878
4.65% 7/15/42		24,000		27,606
4.75% 3/1/44		350,000		409,107
5.70% 5/15/18		200,000		217,338
5.70% 7/1/19		200,000		226,214
6.40% 5/15/38		250,000		344,807
6.45% 3/15/37		200,000		275,726
6.50% 11/15/35		200,000		278,543
6.95% 8/15/37		250,000		360,278
7.05% 3/15/33		500,000		701,357
Discovery Communications
3.30% 5/15/22		150,000		151,770
4.375% 6/15/21		100,000		107,496
4.875% 4/1/43		100,000		90,536
5.05% 6/1/20		200,000		220,754
5.625% 8/15/19		200,000		220,593
6.35% 6/1/40		150,000		155,171
Grupo Televisa
4.625% 1/30/26		400,000		432,658
6.625% 1/15/40		100,000		115,519
8.50% 3/11/32		200,000		262,555
Historic TW
6.625% 5/15/29		300,000		392,187
6.875% 6/15/18		400,000		442,045
Interpublic Group
2.25% 11/15/17		150,000		151,019
4.00% 3/15/22		70,000		74,602

LVIP SSGA Bond Index Fund–36

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
NBCUniversal Media
2.875% 1/15/23		575,000	$	605,634
4.375% 4/1/21		200,000		224,259
4.45% 1/15/43		675,000		757,518
5.15% 4/30/20		670,000		759,815
5.95% 4/1/41		200,000		269,692
Omnicom Group
3.60% 4/15/26		200,000		211,072
3.625% 5/1/22		200,000		212,780
4.45% 8/15/20		35,000		38,649
6.25% 7/15/19		250,000		284,467
RELX Capital 8.625% 1/15/19		100,000		115,401
Scripps Networks Interactive
2.75% 11/15/19		50,000		51,083
2.80% 6/15/20		100,000		101,662
3.50% 6/15/22		100,000		103,781
3.90% 11/15/24		150,000		157,983
3.95% 6/15/25		100,000		106,670
Thomson Reuters
3.35% 5/15/26		55,000		56,336
4.30% 11/23/23		200,000		218,509
4.70% 10/15/19		400,000		433,000
6.50% 7/15/18		150,000		164,546
Time Warner
2.95% 7/15/26		125,000		126,209
3.55% 6/1/24		200,000		212,836
3.875% 1/15/26		150,000		162,041
4.70% 1/15/21		100,000		111,655
4.75% 3/29/21		150,000		168,686
4.875% 3/15/20		200,000		222,350
4.90% 6/15/42		200,000		215,640
6.10% 7/15/40		100,000		122,636
6.25% 3/29/41		800,000		1,010,264
6.50% 11/15/36		100,000		127,205
7.625% 4/15/31		325,000		446,873
7.70% 5/1/32		330,000		461,902
Time Warner Cable
4.00% 9/1/21		500,000		532,077
5.00% 2/1/20		145,000		157,737
5.50% 9/1/41		100,000		105,399
5.875% 11/15/40		100,000		109,260
6.55% 5/1/37		200,000		233,745
6.75% 7/1/18		300,000		329,117
6.75% 6/15/39		450,000		530,355
7.30% 7/1/38		150,000		188,404
8.25% 4/1/19		250,000		290,482
8.75% 2/14/19		200,000		233,661
Time Warner Entertainment
8.375% 3/15/23		250,000		326,501
8.375% 7/15/33		200,000		271,675
Viacom
2.50% 9/1/18		120,000		121,731

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
Viacom (continued)
3.125% 6/15/22		550,000	$	549,889
3.25% 3/15/23		250,000		246,318
3.875% 4/1/24		200,000		203,468
4.375% 3/15/43		477,000		386,689
5.625% 9/15/19		200,000		220,628
5.85% 9/1/43		150,000		150,902
6.875% 4/30/36		125,000		137,607
Walt Disney
1.50% 9/17/18		70,000		71,090
2.15% 9/17/20		100,000		103,561
2.30% 2/12/21		500,000		520,564
2.35% 12/1/22		300,000		310,430
3.00% 2/13/26		300,000		323,144
3.15% 9/17/25		100,000		110,693
3.70% 12/1/42		150,000		160,743
3.75% 6/1/21		200,000		221,812
4.125% 12/1/41		100,000		114,218
4.125% 6/1/44		83,000		94,061
6.00% 7/17/17		150,000		157,784
WPP Finance 2010
4.75% 11/21/21		100,000		111,063
5.625% 11/15/43		250,000		288,275
				30,746,149
Metals & Mining–0.32%
Barrick Gold
4.10% 5/1/23		63,000		66,555
5.25% 4/1/42		300,000		307,297
Barrick North America Finance
4.40% 5/30/21		200,000		215,580
5.70% 5/30/41		500,000		518,159
5.75% 5/1/43		150,000		163,459
7.50% 9/15/38		25,000		28,452
Barrick PD Australia Finance
5.95% 10/15/39		100,000		104,812
BHP Billiton Finance USA
3.25% 11/21/21		250,000		264,433
3.85% 9/30/23		200,000		217,840
4.125% 2/24/42		125,000		129,183
5.00% 9/30/43		500,000		582,360
6.50% 4/1/19		150,000		169,854
Goldcorp
2.125% 3/15/18		100,000		100,188
3.70% 3/15/23		200,000		203,835
Newmont Mining
3.50% 3/15/22		150,000		155,950
4.875% 3/15/42		650,000		645,054
6.25% 10/1/39		100,000		111,646
Nucor
4.00% 8/1/23		139,000		148,669

LVIP SSGA Bond Index Fund–37

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Metals & Mining (continued)
Nucor (continued)
4.125% 9/15/22		100,000	$	108,911
5.20% 8/1/43		100,000		108,533
5.75% 12/1/17		50,000		52,688
5.85% 6/1/18		100,000		107,554
Reliance Steel & Aluminum
4.50% 4/15/23		150,000		153,566
Rio Tinto Alcan 6.125% 12/15/33		150,000		171,786
Rio Tinto Finance USA
2.875% 8/21/22		250,000		254,163
3.75% 9/20/21		150,000		161,389
3.75% 6/15/25		700,000		733,643
4.125% 5/20/21		200,000		218,793
4.125% 8/21/42		150,000		148,666
5.20% 11/2/40		100,000		111,386
7.125% 7/15/28		75,000		95,412
9.00% 5/1/19		100,000		120,231
Southern Copper
3.50% 11/8/22		89,000		88,626
5.25% 11/8/42		150,000		133,698
5.375% 4/16/20		125,000		135,899
5.875% 4/23/45		69,000		65,309
6.75% 4/16/40		110,000		114,105
7.50% 7/27/35		200,000		222,085
Vale 5.625% 9/11/42		150,000		123,000
Vale Overseas
4.375% 1/11/22		250,000		234,925
4.625% 9/15/20		100,000		97,375
5.625% 9/15/19		300,000		309,750
5.875% 6/10/21		500,000		501,875
6.875% 11/21/36		350,000		320,250
6.875% 11/10/39		170,000		155,601
Worthington Industries 4.55% 4/15/26		40,000		41,417
Yamana Gold 4.95% 7/15/24		50,000		49,270
				9,273,232
Multiline Retail–0.14%
Dollar General
3.25% 4/15/23		200,000		207,939
4.15% 11/1/25		75,000		82,560
Kohl’s
4.00% 11/1/21		200,000		209,438
4.25% 7/17/25		50,000		50,228
4.75% 12/15/23		150,000		159,751
5.55% 7/17/45		50,000		46,729
Macy’s Retail Holdings
2.875% 2/15/23		100,000		95,274
3.45% 1/15/21		100,000		103,139
3.625% 6/1/24		150,000		148,066
4.375% 9/1/23		90,000		93,629
5.125% 1/15/42		100,000		89,229

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Multiline Retail (continued)
Macy’s Retail Holdings (continued)
6.70% 7/15/34		150,000	$	162,043
6.90% 4/1/29		150,000		165,190
Nordstrom
4.75% 5/1/20		100,000		109,280
5.00% 1/15/44		281,000		276,476
Target
2.30% 6/26/19		200,000		206,830
2.50% 4/15/26		100,000		102,660
2.90% 1/15/22		300,000		318,797
3.625% 4/15/46		490,000		501,796
3.875% 7/15/20		100,000		109,279
4.00% 7/1/42		150,000		162,537
6.00% 1/15/18		250,000		269,194
6.35% 11/1/32		100,000		135,739
7.00% 1/15/38		200,000		302,945
				4,108,748
Multi-Utilities–0.28%
American Water Capital
3.85% 3/1/24		250,000		276,451
4.30% 12/1/42		100,000		112,687
6.085% 10/15/17		100,000		106,068
Avista
5.125% 4/1/22		30,000		33,422
5.95% 6/1/18		100,000		108,158
Consolidated Edison New York
3.95% 3/1/43		150,000		157,932
4.45% 3/15/44		200,000		225,875
4.50% 12/1/45		100,000		113,949
4.625% 12/1/54		500,000		574,792
5.50% 12/1/39		250,000		315,857
5.85% 3/15/36		100,000		129,038
6.30% 8/15/37		20,000		26,715
6.65% 4/1/19		200,000		228,405
6.75% 4/1/38		25,000		35,461
7.125% 12/1/18		200,000		228,276
Dominion Resources
2.50% 12/1/19		400,000		408,997
2.75% 9/15/22		250,000		253,471
4.45% 3/15/21		100,000		110,590
4.90% 8/1/41		60,000		66,127
5.20% 8/15/19		80,000		88,677
5.95% 6/15/35		25,000		30,555
6.40% 6/15/18		76,000		82,979
DTE Energy
2.40% 12/1/19		150,000		153,281
3.30% 6/15/22		200,000		211,063
3.50% 6/1/24		100,000		106,317
KeySpan 8.00% 11/15/30		25,000		35,428
NiSource Finance
3.85% 2/15/23		50,000		54,037

LVIP SSGA Bond Index Fund–38

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Multi-Utilities (continued)
NiSource Finance (continued)
4.80% 2/15/44		100,000	$	115,147
5.25% 2/15/43		59,000		71,149
5.45% 9/15/20		125,000		141,629
5.80% 2/1/42		100,000		128,433
6.125% 3/1/22		100,000		119,143
6.40% 3/15/18		210,000		227,410
Puget Energy
3.65% 5/15/25		200,000		205,743
6.00% 9/1/21		200,000		233,029
Puget Sound Energy
4.434% 11/15/41		100,000		113,411
5.638% 4/15/41		80,000		105,011
5.764% 7/15/40		50,000		66,697
5.795% 3/15/40		100,000		133,975
San Diego Gas & Electric
3.00% 8/15/21		175,000		187,410
3.60% 9/1/23		200,000		221,209
6.00% 6/1/39		110,000		151,192
SCANA
4.125% 2/1/22		500,000		520,097
6.25% 4/1/20		100,000		110,978
Sempra Energy
2.40% 3/15/20		250,000		255,422
2.85% 11/15/20		100,000		103,765
2.875% 10/1/22		150,000		153,661
3.75% 11/15/25		100,000		107,026
6.00% 10/15/39		125,000		157,315
6.15% 6/15/18		25,000		27,203
United Utilities 5.375% 2/1/19		100,000		107,316
WEC Energy Group
1.65% 6/15/18		35,000		35,326
2.45% 6/15/20		50,000		51,328
3.55% 6/15/25		50,000		53,753
				8,178,386
Oil, Gas & Consumable Fuels–2.48%
Anadarko Finance 7.50% 5/1/31		250,000		300,022
Anadarko Petroleum
5.55% 3/15/26		400,000		442,534
6.375% 9/15/17		38,000		40,008
6.45% 9/15/36		250,000		288,885
7.95% 6/15/39		200,000		244,572
8.70% 3/15/19		200,000		228,223
ANR Pipeline 9.625% 11/1/21		500,000		656,469
Apache
3.25% 4/15/22		473,000		485,154
4.25% 1/15/44		100,000		97,191
4.75% 4/15/43		200,000		206,391
5.10% 9/1/40		350,000		365,795
5.25% 2/1/42		100,000		104,146
6.00% 1/15/37		50,000		57,227

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Boardwalk Pipelines
3.375% 2/1/23		100,000	$	91,815
4.95% 12/15/24		50,000		49,263
5.75% 9/15/19		100,000		104,791
5.95% 6/1/26		50,000		52,617
Buckeye Partners
4.875% 2/1/21		260,000		273,420
5.50% 8/15/19		50,000		53,714
5.85% 11/15/43		500,000		487,718
Burlington Resources Finance 7.20% 8/15/31		100,000		125,001
Canadian Natural Resources
3.80% 4/15/24		43,000		42,504
3.90% 2/1/25		200,000		198,423
5.85% 2/1/35		200,000		202,663
5.90% 2/1/18		100,000		105,687
6.25% 3/15/38		150,000		163,560
Chevron
1.104% 12/5/17		300,000		300,555
1.344% 11/9/17		150,000		150,667
1.345% 11/15/17		500,000		502,711
1.561% 5/16/19		200,000		202,324
1.718% 6/24/18		500,000		505,981
1.79% 11/16/18		150,000		152,060
2.10% 5/16/21		200,000		203,956
2.193% 11/15/19		500,000		514,277
2.355% 12/5/22		500,000		507,953
2.566% 5/16/23		200,000		204,447
2.954% 5/16/26		200,000		206,950
3.191% 6/24/23		550,000		584,866
3.326% 11/17/25		150,000		160,504
4.95% 3/3/19		100,000		109,603
CNOOC Finance 2013
3.00% 5/9/23		250,000		248,704
4.25% 5/9/43		1,000,000		1,011,060
CNOOC Finance 2015 Australia
2.625% 5/5/20		200,000		202,210
4.20% 5/5/45		200,000		200,633
CNOOC Finance 2015 USA 3.50% 5/5/25		200,000		202,989
Columbia Pipeline Group
2.45% 6/1/18		50,000		50,184
4.50% 6/1/25		250,000		269,214
5.80% 6/1/45		100,000		115,837
ConocoPhillips
1.05% 12/15/17		250,000		248,546
2.40% 12/15/22		450,000		445,474
3.35% 5/15/25		180,000		186,415
4.15% 11/15/34		90,000		91,206
4.20% 3/15/21		200,000		216,776
4.30% 11/15/44		150,000		152,821
4.95% 3/15/26		250,000		284,024

LVIP SSGA Bond Index Fund–39

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips (continued)
5.75% 2/1/19		425,000	$	467,851
5.90% 5/15/38		450,000		541,877
5.95% 3/15/46		100,000		124,902
6.00% 1/15/20		200,000		227,654
6.50% 2/1/39		380,000		491,924
ConocoPhillips Holding 6.95% 4/15/29		200,000		250,173
Devon Energy
3.25% 5/15/22		250,000		242,769
4.00% 7/15/21		100,000		101,314
4.75% 5/15/42		100,000		89,941
5.00% 6/15/45		70,000		65,542
5.60% 7/15/41		300,000		290,812
5.85% 12/15/25		150,000		165,760
6.30% 1/15/19		100,000		108,398
7.95% 4/15/32		100,000		114,851
Devon Financing 7.875% 9/30/31		200,000		233,277
Ecopetrol
4.125% 1/16/25		500,000		453,600
5.375% 6/26/26		210,000		204,750
5.875% 9/18/23		200,000		206,500
5.875% 5/28/45		155,000		135,470
7.625% 7/23/19		200,000		230,500
El Paso Natural Gas 8.375% 6/15/32		100,000		117,160
Enable Midstream Partners
3.90% 5/15/24		200,000		178,559
5.00% 5/15/44		70,000		55,605
Enbridge
3.50% 6/10/24		100,000		95,856
4.00% 10/1/23		150,000		149,143
4.50% 6/10/44		100,000		86,938
Enbridge Energy Partners
5.20% 3/15/20		100,000		105,003
6.50% 4/15/18		50,000		53,048
7.50% 4/15/38		300,000		353,872
9.875% 3/1/19		50,000		57,366
Encana 3.90% 11/15/21		600,000		583,352
Energy Transfer Partners
2.50% 6/15/18		215,000		214,108
3.60% 2/1/23		100,000		95,963
4.05% 3/15/25		100,000		98,311
4.15% 10/1/20		150,000		152,384
4.75% 1/15/26		400,000		412,131
5.15% 3/15/45		150,000		136,790
5.20% 2/1/22		250,000		263,693
5.95% 10/1/43		125,000		121,192
6.125% 12/15/45		400,000		416,196
6.50% 2/1/42		150,000		158,006
7.50% 7/1/38		200,000		221,442
7.60% 2/1/24		150,000		168,057
Enterprise Products Operating 1.65% 5/7/18		100,000		100,129

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating (continued)
2.85% 4/15/21		355,000	$	367,189
3.35% 3/15/23		350,000		360,064
3.70% 2/15/26		150,000		156,407
3.75% 2/15/25		640,000		668,707
3.90% 2/15/24		200,000		212,011
3.95% 2/15/27		245,000		260,408
4.05% 2/15/22		100,000		108,044
4.45% 2/15/43		125,000		124,425
4.85% 8/15/42		200,000		211,835
4.85% 3/15/44		125,000		133,287
4.90% 5/15/46		100,000		108,165
5.20% 9/1/20		100,000		112,615
5.25% 1/31/20		100,000		111,227
5.70% 2/15/42		150,000		175,400
5.75% 3/1/35		250,000		276,674
5.95% 2/1/41		100,000		117,753
6.125% 10/15/39		50,000		59,418
6.30% 9/15/17		100,000		105,671
6.50% 1/31/19		100,000		112,051
7.55% 4/15/38		100,000		130,697
EOG Resources
2.625% 3/15/23		150,000		149,647
3.15% 4/1/25		250,000		254,177
3.90% 4/1/35		350,000		352,045
4.15% 1/15/26		100,000		109,689
4.40% 6/1/20		150,000		162,534
5.10% 1/15/36		100,000		114,472
6.875% 10/1/18		25,000		27,786
EQT
4.875% 11/15/21		100,000		106,458
8.125% 6/1/19		75,000		82,681
EQT Midstream Partners 4.00% 8/1/24		55,000		52,916
Exxon Mobil
1.305% 3/6/18		500,000		504,027
1.439% 3/1/18		140,000		141,273
1.708% 3/1/19		250,000		254,161
1.819% 3/15/19		500,000		509,685
2.222% 3/1/21		105,000		108,330
2.726% 3/1/23		170,000		177,640
3.043% 3/1/26		750,000		797,114
3.567% 3/6/45		800,000		830,217
4.114% 3/1/46		165,000		186,584
Hess
5.60% 2/15/41		200,000		202,344
7.125% 3/15/33		100,000		112,098
7.30% 8/15/31		250,000		287,771
8.125% 2/15/19		285,000		317,795
Husky Energy
3.95% 4/15/22		150,000		155,334
4.00% 4/15/24		50,000		50,875
7.25% 12/15/19		125,000		140,736

LVIP SSGA Bond Index Fund–40

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Kerr-McGee 6.95% 7/1/24		100,000	$	115,804
Kinder Morgan
2.00% 12/1/17		110,000		109,449
4.30% 6/1/25		200,000		205,153
5.55% 6/1/45		700,000		713,809
Kinder Morgan Energy Partners
2.65% 2/1/19		300,000		300,056
3.50% 3/1/21		520,000		522,233
3.50% 9/1/23		500,000		489,197
3.95% 9/1/22		100,000		101,905
5.00% 8/15/42		500,000		473,061
5.00% 3/1/43		250,000		237,547
5.30% 9/15/20		250,000		267,749
5.80% 3/15/35		150,000		154,540
5.95% 2/15/18		50,000		52,797
6.50% 9/1/39		100,000		104,905
6.55% 9/15/40		200,000		209,158
7.75% 3/15/32		200,000		224,856
Magellan Midstream Partners
3.20% 3/15/25		100,000		99,422
4.20% 3/15/45		150,000		137,643
4.25% 2/1/21		150,000		162,498
5.00% 3/1/26		100,000		113,339
6.55% 7/15/19		50,000		56,501
Marathon Oil
2.80% 11/1/22		125,000		113,527
5.90% 3/15/18		500,000		518,877
6.60% 10/1/37		100,000		101,381
Marathon Petroleum
3.625% 9/15/24		250,000		245,930
5.00% 9/15/54		500,000		420,431
5.125% 3/1/21		135,000		149,441
6.50% 3/1/41		145,000		154,469
#MPLX 144A 4.875% 12/1/24		500,000		487,909
Nexen Energy
6.20% 7/30/19		130,000		144,574
6.40% 5/15/37		150,000		186,957
7.50% 7/30/39		200,000		270,889
Noble Energy
4.15% 12/15/21		100,000		105,270
5.05% 11/15/44		800,000		808,635
6.00% 3/1/41		135,000		145,664
8.25% 3/1/19		100,000		114,601
Northwest Pipeline 6.05% 6/15/18		300,000		315,991
Occidental Petroleum
1.50% 2/15/18		100,000		100,387
2.60% 4/15/22		250,000		256,375
2.70% 2/15/23		200,000		203,521
3.125% 2/15/22		150,000		157,324
3.40% 4/15/26		180,000		190,077
3.50% 6/15/25		450,000		476,061
4.40% 4/15/46		250,000		276,955

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
ONEOK Partners
3.20% 9/15/18		100,000	$	101,103
3.375% 10/1/22		150,000		146,964
3.80% 3/15/20		100,000		102,819
4.90% 3/15/25		100,000		105,049
6.125% 2/1/41		100,000		105,345
6.20% 9/15/43		178,000		189,744
6.65% 10/1/36		100,000		104,958
8.625% 3/1/19		100,000		113,359
Petro-Canada
5.95% 5/15/35		200,000		236,354
6.80% 5/15/38		100,000		130,495
9.25% 10/15/21		50,000		65,445
Petroleos Mexicanos
2.378% 4/15/25		171,000		176,698
3.125% 1/23/19		80,000		80,000
3.50% 7/18/18		200,000		201,800
3.50% 1/30/23		800,000		755,280
4.50% 1/23/26		250,000		241,225
4.875% 1/24/22		1,250,000		1,281,113
4.875% 1/18/24		500,000		508,150
5.50% 1/21/21		400,000		424,060
5.625% 1/23/46		500,000		457,625
6.00% 3/5/20		260,000		280,410
6.375% 1/23/45		609,000		615,090
6.50% 6/2/41		800,000		814,000
6.625% 6/15/35		250,000		259,000
8.00% 5/3/19		550,000		614,108
Phillips 66
4.65% 11/15/34		350,000		374,245
5.875% 5/1/42		250,000		301,280
Pioneer Natural Resources
3.45% 1/15/21		100,000		103,364
3.95% 7/15/22		100,000		104,762
4.45% 1/15/26		100,000		109,158
6.875% 5/1/18		400,000		432,606
Plains All American Pipeline
4.30% 1/31/43		100,000		80,583
4.65% 10/15/25		200,000		202,299
4.70% 6/15/44		600,000		514,327
5.15% 6/1/42		200,000		178,319
5.75% 1/15/20		100,000		106,943
6.65% 1/15/37		125,000		130,229
8.75% 5/1/19		150,000		171,575
Shell International Finance
1.125% 8/21/17		500,000		501,597
1.25% 11/10/17		150,000		150,441
1.375% 5/10/19		400,000		401,558
1.625% 11/10/18		150,000		151,574
1.875% 5/10/21		200,000		201,199
2.00% 11/15/18		300,000		305,207
2.125% 5/11/20		350,000		357,417

LVIP SSGA Bond Index Fund–41

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Shell International Finance (continued)
2.25% 11/10/20		150,000	$	154,053
2.375% 8/21/22		250,000		256,157
2.875% 5/10/26		400,000		406,914
3.25% 5/11/25		650,000		682,694
3.40% 8/12/23		650,000		691,456
4.00% 5/10/46		200,000		204,517
4.125% 5/11/35		156,000		168,564
4.30% 9/22/19		200,000		217,931
4.375% 3/25/20		75,000		82,473
4.375% 5/11/45		167,000		181,760
4.55% 8/12/43		100,000		111,492
5.50% 3/25/40		100,000		124,121
6.375% 12/15/38		300,000		408,359
Spectra Energy Capital
5.65% 3/1/20		100,000		107,246
7.50% 9/15/38		350,000		401,911
Spectra Energy Partners 2.95% 9/25/18		350,000		356,896
Statoil
1.15% 5/15/18		250,000		250,293
1.25% 11/9/17		250,000		250,670
2.45% 1/17/23		200,000		202,666
2.65% 1/15/24		100,000		101,031
3.15% 1/23/22		200,000		210,139
3.70% 3/1/24		600,000		648,746
3.95% 5/15/43		250,000		259,047
4.80% 11/8/43		150,000		175,243
5.10% 8/17/40		200,000		240,079
5.25% 4/15/19		250,000		275,409
7.15% 1/15/29		25,000		34,588
Suncor Energy
3.60% 12/1/24		250,000		263,384
6.10% 6/1/18		150,000		162,277
6.50% 6/15/38		250,000		323,201
6.85% 6/1/39		100,000		133,366
7.15% 2/1/32		25,000		31,164
Sunoco Logistics Partners Operations
3.45% 1/15/23		200,000		197,508
4.40% 4/1/21		100,000		105,491
5.30% 4/1/44		200,000		197,485
5.95% 12/1/25		100,000		112,487
6.85% 2/15/40		100,000		106,297
TC PipeLines 4.375% 3/13/25		150,000		147,941
Tennessee Gas Pipeline 7.625% 4/1/37		150,000		163,090
Tosco 8.125% 2/15/30		100,000		133,776
Total Capital
4.125% 1/28/21		100,000		110,408
4.45% 6/24/20		100,000		110,975
Total Capital Canada
1.45% 1/15/18		400,000		403,025
2.75% 7/15/23		300,000		308,628

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Total Capital International
2.10% 6/19/19		300,000	$	306,842
2.70% 1/25/23		200,000		205,885
2.875% 2/17/22		200,000		209,185
3.70% 1/15/24		100,000		109,443
TransCanada PipeLines
1.625% 11/9/17		150,000		150,390
2.50% 8/1/22		150,000		149,126
3.125% 1/15/19		25,000		25,829
3.75% 10/16/23		150,000		160,736
3.80% 10/1/20		100,000		106,345
4.625% 3/1/34		200,000		210,663
4.875% 1/15/26		100,000		114,330
6.10% 6/1/40		100,000		121,719
6.50% 8/15/18		200,000		219,340
7.25% 8/15/38		100,000		135,563
7.625% 1/15/39		250,000		352,408
Transcontinental Gas Pipe Line 4.45% 8/1/42		100,000		91,266
Valero Energy
3.65% 3/15/25		100,000		100,325
4.90% 3/15/45		150,000		139,451
6.125% 2/1/20		65,000		73,419
6.625% 6/15/37		300,000		330,117
7.50% 4/15/32		100,000		119,341
9.375% 3/15/19		200,000		239,151
Western Gas Partners
3.95% 6/1/25		150,000		142,977
4.00% 7/1/22		150,000		146,348
5.45% 4/1/44		100,000		94,107
Williams Partners
3.90% 1/15/25		725,000		660,154
4.00% 11/15/21		100,000		97,654
4.30% 3/4/24		195,000		183,740
5.25% 3/15/20		200,000		205,945
6.30% 4/15/40		470,000		447,160
XTO Energy 6.50% 12/15/18		100,000		112,505
				72,705,513
Paper & Forest Products–0.09%
Celulosa Arauco y Constitucion
4.50% 8/1/24		200,000		208,935
5.00% 1/21/21		100,000		107,859
Domtar
4.40% 4/1/22		100,000		103,821
6.75% 2/15/44		100,000		109,741
Georgia-Pacific 8.00% 1/15/24		250,000		334,478
International Paper
4.75% 2/15/22		200,000		222,460
4.80% 6/15/44		200,000		204,109
5.00% 9/15/35		100,000		108,649

LVIP SSGA Bond Index Fund–42

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Paper & Forest Products (continued)
International Paper (continued)
5.15% 5/15/46		200,000	$	216,598
6.00% 11/15/41		135,000		160,569
7.30% 11/15/39		100,000		131,899
7.50% 8/15/21		80,000		98,214
7.95% 6/15/18		300,000		338,311
Plum Creek Timberlands 4.70% 3/15/21		100,000		109,000
WestRock MWV 8.20% 1/15/30		150,000		201,813
				2,656,456
Personal Products–0.03%
Colgate-Palmolive
0.90% 5/1/18		100,000		100,323
1.75% 3/15/19		344,000		352,104
2.30% 5/3/22		100,000		103,739
4.00% 8/15/45		100,000		115,270
Estee Lauder 4.375% 6/15/45		250,000		285,871
				957,307
Pharmaceuticals–1.15%
Abbott Laboratories
5.125% 4/1/19		478,000		525,265
5.30% 5/27/40		250,000		305,546
6.00% 4/1/39		50,000		66,172
6.15% 11/30/37		50,000		66,018
AbbVie
1.75% 11/6/17		750,000		754,678
1.80% 5/14/18		625,000		629,674
2.30% 5/14/21		200,000		202,659
2.50% 5/14/20		500,000		511,621
2.85% 5/14/23		150,000		152,269
2.90% 11/6/22		500,000		510,545
3.20% 11/6/22		225,000		232,982
3.20% 5/14/26		200,000		203,013
3.60% 5/14/25		250,000		262,443
4.30% 5/14/36		150,000		153,495
4.40% 11/6/42		300,000		306,887
4.45% 5/14/46		200,000		203,642
4.50% 5/14/35		600,000		629,071
4.70% 5/14/45		665,000		706,084
Actavis
3.25% 10/1/22		250,000		255,767
4.625% 10/1/42		125,000		129,542
6.125% 8/15/19		45,000		50,536
Actavis Funding
2.35% 3/12/18		1,000,000		1,014,047
2.45% 6/15/19		210,000		213,440
3.45% 3/15/22		500,000		519,932
4.55% 3/15/35		1,000,000		1,030,909
4.85% 6/15/44		650,000		687,181
Allergan 1.35% 3/15/18		550,000		546,743

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Pharmaceuticals (continued)
AstraZeneca
1.75% 11/16/18		150,000	$	152,033
2.375% 11/16/20		250,000		256,664
3.375% 11/16/25		250,000		262,402
4.00% 9/18/42		150,000		154,900
4.375% 11/16/45		95,000		103,876
5.90% 9/15/17		350,000		369,893
6.45% 9/15/37		450,000		615,411
Baxalta
2.00% 6/22/18		50,000		50,049
2.875% 6/23/20		400,000		406,884
3.60% 6/23/22		100,000		103,342
4.00% 6/23/25		150,000		156,812
5.25% 6/23/45		45,000		48,920
Bristol-Myers Squibb
1.75% 3/1/19		200,000		203,863
2.00% 8/1/22		100,000		101,606
3.25% 8/1/42		100,000		99,749
4.50% 3/1/44		500,000		619,047
5.875% 11/15/36		195,000		263,813
Eli Lilly
1.25% 3/1/18		410,000		413,181
1.95% 3/15/19		250,000		255,965
5.50% 3/15/27		100,000		129,153
GlaxoSmithKline Capital
2.85% 5/8/22		750,000		789,830
5.375% 4/15/34		100,000		127,063
5.65% 5/15/18		450,000		488,461
6.375% 5/15/38		450,000		645,211
Johnson & Johnson
1.125% 3/1/19		95,000		95,590
1.65% 12/5/18		800,000		815,173
1.65% 3/1/21		150,000		152,677
2.05% 3/1/23		150,000		153,692
2.45% 12/5/21		150,000		158,745
2.45% 3/1/26		150,000		155,424
2.95% 9/1/20		100,000		106,777
3.55% 5/15/21		100,000		111,131
3.55% 3/1/36		70,000		77,500
3.70% 3/1/46		80,000		90,330
4.375% 12/5/33		183,000		220,873
4.85% 5/15/41		100,000		130,800
5.15% 7/15/18		250,000		271,518
5.85% 7/15/38		100,000		145,695
Merck
1.10% 1/31/18		150,000		150,638
1.30% 5/18/18		100,000		100,977
1.85% 2/10/20		400,000		408,580
2.40% 9/15/22		150,000		154,386
2.75% 2/10/25		900,000		942,110
2.80% 5/18/23		250,000		262,699
3.60% 9/15/42		100,000		103,118

LVIP SSGA Bond Index Fund–43

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Merck (continued)
3.875% 1/15/21		400,000	$	438,926
4.15% 5/18/43		242,000		271,771
6.50% 12/1/33		100,000		140,952
6.55% 9/15/37		100,000		144,897
Merck Sharp & Dohme
5.00% 6/30/19		100,000		111,141
5.85% 6/30/39		50,000		66,149
Mylan
#144A 2.50% 6/7/19		145,000		147,028
2.55% 3/28/19		75,000		75,972
2.60% 6/24/18		200,000		202,637
#144A 3.00% 12/15/18		65,000		66,586
#144A 3.15% 6/15/21		250,000		253,871
#144A 3.75% 12/15/20		100,000		104,362
#144A 3.95% 6/15/26		250,000		253,515
#144A 5.25% 6/15/46		160,000		167,306
5.40% 11/29/43		133,000		141,884
Novartis Capital
2.40% 9/21/22		250,000		259,769
3.00% 11/20/25		250,000		265,869
3.40% 5/6/24		250,000		273,554
3.70% 9/21/42		150,000		161,157
4.00% 11/20/45		250,000		285,738
4.40% 4/24/20		100,000		111,465
4.40% 5/6/44		250,000		302,083
Novartis Securities Investment 5.125% 2/10/19		400,000		441,668
Perrigo 4.00% 11/15/23		250,000		257,973
Perrigo Finance Unlimited
3.50% 3/15/21		200,000		207,163
4.375% 3/15/26		200,000		208,703
Pfizer
1.20% 6/1/18		150,000		150,737
1.45% 6/3/19		150,000		151,313
1.95% 6/3/21		150,000		152,138
2.10% 5/15/19		300,000		307,239
2.75% 6/3/26		150,000		154,882
3.00% 6/15/23		200,000		213,555
3.40% 5/15/24		400,000		438,138
4.40% 5/15/44		400,000		457,094
6.20% 3/15/19		700,000		790,888
7.20% 3/15/39		300,000		457,372
Sanofi
1.25% 4/10/18		91,000		91,586
4.00% 3/29/21		325,000		359,918
Teva Pharmaceutical Finance
2.95% 12/18/22		175,000		178,256
6.15% 2/1/36		100,000		120,145
Teva Pharmaceutical Finance IV
2.25% 3/18/20		250,000		254,437
3.65% 11/10/21		250,000		265,254

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Wyeth
5.95% 4/1/37		350,000	$	466,945
6.00% 2/15/36		100,000		133,793
6.50% 2/1/34		100,000		137,436
Zoetis
3.25% 2/1/23		163,000		166,337
3.45% 11/13/20		75,000		77,505
4.50% 11/13/25		200,000		220,985
4.70% 2/1/43		150,000		149,189
				33,754,003
Professional Services–0.01%
Dun & Bradstreet 4.00% 6/15/20		150,000		155,910
Equifax
2.30% 6/1/21		125,000		126,911
3.25% 6/1/26		50,000		51,625
				334,446
Real Estate Investment Trusts–0.71%
Alexandria Real Estate Equities
3.95% 1/15/27		25,000		25,823
4.30% 1/15/26		250,000		265,686
4.50% 7/30/29		110,000		114,618
American Tower
2.80% 6/1/20		100,000		102,425
3.375% 10/15/26		200,000		201,466
3.45% 9/15/21		250,000		260,525
3.50% 1/31/23		250,000		259,067
4.00% 6/1/25		100,000		106,542
4.50% 1/15/18		200,000		208,733
4.70% 3/15/22		225,000		248,606
5.00% 2/15/24		100,000		113,282
5.05% 9/1/20		100,000		111,298
5.90% 11/1/21		65,000		75,720
AvalonBay Communities
3.45% 6/1/25		100,000		104,993
3.50% 11/15/24		200,000		211,026
3.50% 11/15/25		50,000		52,730
3.625% 10/1/20		200,000		213,676
6.10% 3/15/20		100,000		115,198
Boston Properties
3.65% 2/1/26		100,000		106,783
3.70% 11/15/18		100,000		104,748
3.85% 2/1/23		125,000		133,956
4.125% 5/15/21		250,000		272,846
5.625% 11/15/20		150,000		171,845
5.875% 10/15/19		100,000		112,510
Brandywine Operating Partnership
4.55% 10/1/29		200,000		206,820
4.95% 4/15/18		100,000		104,979
Brixmor Operating Partnership
3.85% 2/1/25		70,000		70,518

LVIP SSGA Bond Index Fund–44

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
Brixmor Operating Partnership (continued)
3.875% 8/15/22		95,000	$	97,631
4.125% 6/15/26		50,000		51,400
Brookfield Asset Management
4.00% 1/15/25		150,000		152,639
Camden Property Trust
4.25% 1/15/24		67,000		72,684
4.625% 6/15/21		100,000		109,968
CBL & Associates 5.25% 12/1/23		67,000		63,661
Corporate Office Properties
3.70% 6/15/21		350,000		354,321
Crown Castle International
3.40% 2/15/21		140,000		146,304
3.70% 6/15/26		365,000		377,333
4.45% 2/15/26		365,000		397,021
CubeSmart 4.375% 12/15/23		100,000		108,660
DDR
3.50% 1/15/21		150,000		154,702
4.25% 2/1/26		100,000		105,039
Digital Realty Trust
3.40% 10/1/20		100,000		104,040
3.95% 7/1/22		150,000		157,333
4.75% 10/1/25		100,000		107,597
5.25% 3/15/21		100,000		112,525
Duke Realty
3.75% 12/1/24		250,000		263,171
4.375% 6/15/22		100,000		108,795
EPR Properties
5.25% 7/15/23		75,000		79,440
5.75% 8/15/22		100,000		108,735
ERP Operating
2.375% 7/1/19		150,000		153,758
3.375% 6/1/25		100,000		105,674
4.50% 7/1/44		150,000		167,153
4.50% 6/1/45		50,000		55,473
4.625% 12/15/21		90,000		101,748
4.75% 7/15/20		100,000		110,975
Essex Portfolio
3.25% 5/1/23		100,000		102,500
3.375% 1/15/23		250,000		258,544
3.375% 4/15/26		50,000		51,131
Federal Realty Investment Trust
2.75% 6/1/23		100,000		101,691
4.50% 12/1/44		50,000		54,729
Government Properties Income Trust
3.75% 8/15/19		100,000		102,648
HCP
2.625% 2/1/20		200,000		201,763
3.75% 2/1/19		100,000		103,602
3.875% 8/15/24		200,000		201,448
4.00% 12/1/22		150,000		155,945
4.00% 6/1/25		250,000		252,387

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
HCP (continued)
4.25% 11/15/23		186,000	$	193,329
5.375% 2/1/21		200,000		222,551
Healthcare Realty Trust 5.75% 1/15/21 .		200,000		224,658
Healthcare Trust of America Holdings
3.375% 7/15/21		100,000		102,879
Highwoods Realty 3.20% 6/15/21		200,000		201,966
Hospitality Properties Trust
4.25% 2/15/21		50,000		52,156
5.00% 8/15/22		300,000		322,802
5.25% 2/15/26		50,000		52,787
Host Hotels & Resorts
4.75% 3/1/23		150,000		160,438
5.25% 3/15/22		400,000		440,278
Kilroy Realty
4.25% 8/15/29		150,000		159,071
4.80% 7/15/18		100,000		105,111
Kimco Realty
3.20% 5/1/21		150,000		155,980
3.40% 11/1/22		50,000		52,483
6.875% 10/1/19		150,000		173,104
Lexington Realty Trust 4.40% 6/15/24		60,000		61,472
Liberty Property
4.125% 6/15/22		50,000		52,931
4.40% 2/15/24		100,000		107,907
6.625% 10/1/17		50,000		53,009
Mack-Cali Realty 7.75% 8/15/19		100,000		112,954
Mid-America Apartments
3.75% 6/15/24		100,000		103,889
4.00% 11/15/25		50,000		52,749
4.30% 10/15/23		50,000		53,858
National Retail Properties
3.30% 4/15/23		100,000		101,631
4.00% 11/15/25		65,000		69,100
5.50% 7/15/21		100,000		114,845
Omega Healthcare Investors
4.375% 8/1/23		50,000		49,869
4.50% 4/1/27		200,000		199,624
4.95% 4/1/24		57,000		59,393
5.25% 1/15/26		100,000		106,491
Prologis
3.75% 11/1/25		45,000		48,055
4.25% 8/15/23		150,000		166,342
Realty Income
3.875% 7/15/24		65,000		68,383
4.65% 8/1/23		400,000		441,570
5.75% 1/15/21		100,000		115,171
5.875% 3/15/35		50,000		60,819
Regency Centers
3.90% 11/1/25		60,000		63,253
4.80% 4/15/21		100,000		109,872

LVIP SSGA Bond Index Fund–45

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Real Estate Investment Trusts (continued)
Retail Opportunity Investments
Partnership 4.00% 12/15/24		50,000	$	49,237
Select Income REIT 2.85% 2/1/18		500,000		504,099
Senior Housing Properties Trust
4.75% 5/1/24		200,000		204,008
Simon Property Group
2.50% 9/1/20		100,000		103,484
3.375% 10/1/24		450,000		483,192
4.125% 12/1/21		300,000		332,821
5.65% 2/1/20		200,000		226,171
6.75% 2/1/40		300,000		433,830
10.35% 4/1/19		200,000		243,695
Sovran Acquisition 3.50% 7/1/26		100,000		101,112
Tanger Properties 3.875% 12/1/23		100,000		104,570
UDR
4.00% 10/1/25		50,000		54,297
4.25% 6/1/18		100,000		105,030
4.625% 1/10/22		100,000		110,845
Ventas Realty
2.70% 4/1/20		100,000		102,142
3.125% 6/15/23		30,000		30,651
3.75% 5/1/24		150,000		157,048
4.00% 4/30/19		200,000		210,885
4.125% 1/15/26		156,000		167,968
4.25% 3/1/22		200,000		216,136
4.75% 6/1/21		100,000		111,364
Vornado Realty 2.50% 6/30/19		100,000		101,952
Washington Real Estate Investment Trust 3.95% 10/15/22		100,000		101,524
Weingarten Realty Investors
3.375% 10/15/22		150,000		153,202
Welltower
4.25% 4/1/26		200,000		215,428
4.50% 1/15/24		250,000		271,516
5.25% 1/15/22		100,000		112,471
6.125% 4/15/20		135,000		153,917
6.50% 3/15/41		250,000		315,027
Weyerhaeuser
4.625% 9/15/23		250,000		279,018
7.375% 3/15/32		250,000		331,593
WP Carey 4.60% 4/1/24		100,000		102,763
				20,774,363
Real Estate Management & Development–0.02%
American Campus Communities Operating
Partnership
3.35% 10/1/20		100,000		103,982
4.125% 7/1/24		100,000		105,761
CBRE Services 4.875% 3/1/26		300,000		307,291
Jones Lang LaSalle 4.40% 11/15/22		100,000		104,547
				621,581

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Road & Rail–0.36%
Burlington Northern Santa Fe
3.00% 3/15/23		500,000	$	526,287
3.00% 4/1/25		250,000		264,898
3.05% 3/15/22		150,000		160,037
3.45% 9/15/21		200,000		216,890
3.65% 9/1/25		100,000		111,226
3.85% 9/1/23		100,000		111,372
3.90% 8/1/46		105,000		111,127
4.10% 6/1/21		100,000		110,627
4.15% 4/1/45		114,000		124,468
4.40% 3/15/42		100,000		111,308
4.45% 3/15/43		100,000		112,116
4.70% 9/1/45		100,000		117,891
4.95% 9/15/41		100,000		118,669
5.05% 3/1/41		100,000		120,579
5.15% 9/1/43		150,000		183,501
5.75% 5/1/40		200,000		257,091
6.15% 5/1/37		100,000		132,882
7.95% 8/15/30		100,000		149,692
Canadian National Railway
2.75% 3/1/26		50,000		52,286
2.95% 11/21/24		100,000		106,194
4.50% 11/7/43		75,000		86,950
5.55% 3/1/19		200,000		222,233
5.85% 11/15/17		150,000		159,709
6.20% 6/1/36		100,000		136,510
6.25% 8/1/34		100,000		135,430
Canadian Pacific Railway
2.90% 2/1/25		150,000		152,601
3.70% 2/1/26		45,000		48,363
4.45% 3/15/23		100,000		110,493
4.80% 9/15/35		65,000		74,414
4.80% 8/1/45		100,000		115,765
6.125% 9/15/15		65,000		81,446
7.125% 10/15/31		150,000		210,690
7.25% 5/15/19		65,000		74,863
CSX
3.35% 11/1/25		250,000		266,207
3.70% 10/30/20		275,000		295,677
3.70% 11/1/23		94,000		101,790
3.95% 5/1/50		90,000		90,504
4.10% 3/15/44		100,000		107,276
4.40% 3/1/43		200,000		222,452
5.50% 4/15/41		200,000		257,121
6.15% 5/1/37		120,000		156,912
6.22% 4/30/40		100,000		138,195
7.375% 2/1/19		100,000		114,855
Kansas City Southern
#144A 2.35% 5/15/20		150,000		150,045
#144A 4.30% 5/15/43		100,000		101,873
#144A 4.95% 8/15/45		100,000		112,744

LVIP SSGA Bond Index Fund–46

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Road & Rail (continued)
Norfolk Southern
2.90% 6/15/26		165,000	$	170,131
2.903% 2/15/23		121,000		125,186
3.00% 4/1/22		118,000		123,332
3.25% 12/1/21		100,000		105,857
3.85% 1/15/24		150,000		164,604
4.45% 6/15/45		100,000		110,660
4.65% 1/15/46		100,000		116,199
4.80% 8/15/43		125,000		146,415
4.837% 10/1/41		111,000		127,151
5.75% 4/1/18		100,000		107,738
5.90% 6/15/19		100,000		112,455
6.00% 5/23/11		100,000		123,879
Ryder System
2.45% 9/3/19		250,000		254,412
2.875% 9/1/20		50,000		50,910
3.45% 11/15/21		25,000		26,173
Union Pacific
3.25% 1/15/25		495,000		536,682
3.25% 8/15/25		50,000		54,593
3.375% 2/1/35		200,000		201,899
3.646% 2/15/24		185,000		204,750
3.875% 2/1/55		94,000		96,087
4.00% 2/1/21		65,000		71,641
4.05% 11/15/45		50,000		54,291
4.163% 7/15/22		190,000		213,991
4.375% 11/15/65		30,000		32,178
4.75% 9/15/41		200,000		235,536
4.75% 12/15/43		105,000		124,121
4.821% 2/1/44		25,000		30,277
				10,645,407
Semiconductors & Semiconductor Equipment–0.21%
Altera 2.50% 11/15/18		250,000		258,673
Analog Devices
3.90% 12/15/25		60,000		66,962
5.30% 12/15/45		100,000		120,768
Applied Materials
2.625% 10/1/20		100,000		104,038
3.90% 10/1/25		70,000		77,704
5.10% 10/1/35		70,000		79,757
5.85% 6/15/41		350,000		428,699
Intel
1.70% 5/19/21		100,000		101,004
2.45% 7/29/20		480,000		499,453
2.60% 5/19/26		150,000		153,084
2.70% 12/15/22		150,000		157,069
3.30% 10/1/21		254,000		275,568
3.70% 7/29/25		365,000		405,872
4.00% 12/15/32		250,000		270,958
4.10% 5/19/46		150,000		156,360
4.25% 12/15/42		250,000		268,897

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Semiconductors & Semiconductor Equipment (continued)
Intel (continued)
4.80% 10/1/41		172,000	$	195,796
4.90% 7/29/45		520,000		607,216
KLA-Tencor 4.65% 11/1/24		300,000		327,817
Lam Research
2.75% 3/15/20		100,000		102,280
2.80% 6/15/21		150,000		153,736
3.45% 6/15/23		75,000		77,575
3.90% 6/15/26		150,000		158,236
Maxim Integrated Products
2.50% 11/15/18		200,000		203,591
3.375% 3/15/23		100,000		103,637
Texas Instruments
1.65% 8/3/19		100,000		101,362
2.25% 5/1/23		250,000		254,097
2.75% 3/12/21		200,000		213,276
Xilinx 3.00% 3/15/21		200,000		209,267
				6,132,752
Software–0.50%
Adobe Systems
3.25% 2/1/25		95,000		100,224
4.75% 2/1/20		85,000		94,046
Autodesk
1.95% 12/15/17		100,000		100,276
3.125% 6/15/20		100,000		102,879
4.375% 6/15/25		100,000		104,708
CA
2.875% 8/15/18		150,000		153,072
3.60% 8/1/20		50,000		52,295
5.375% 12/1/19		100,000		109,980
CDK Global 3.30% 10/15/19		135,000		135,392
Electronic Arts
3.70% 3/1/21		100,000		104,961
4.80% 3/1/26		100,000		108,386
Microsoft
1.30% 11/3/18		115,000		116,084
1.85% 2/12/20		500,000		511,279
2.00% 11/3/20		700,000		718,302
2.375% 5/1/23		150,000		154,031
2.65% 11/3/22		200,000		209,207
3.00% 10/1/20		300,000		320,695
3.125% 11/3/25		200,000		214,460
3.50% 11/15/42		150,000		148,219
3.625% 12/15/23		300,000		332,796
3.75% 2/12/45		500,000		509,416
4.20% 6/1/19		200,000		217,860
4.20% 11/3/35		200,000		226,974
4.45% 11/3/45		200,000		226,104
4.50% 10/1/40		100,000		113,363
4.75% 11/3/55		200,000		226,929

LVIP SSGA Bond Index Fund–47

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Software (continued)
Microsoft (continued)
4.875% 12/15/43		800,000	$	955,953
5.20% 6/1/39		200,000		247,256
5.30% 2/8/41		400,000		501,854
Oracle
1.20% 10/15/17		350,000		351,306
1.90% 9/15/21		455,000		457,003
2.25% 10/8/19		300,000		309,421
2.375% 1/15/19		200,000		205,990
2.40% 9/15/23		150,000		150,679
2.50% 10/15/22		550,000		563,439
2.65% 7/15/26		460,000		461,747
2.95% 5/15/25		500,000		520,237
3.85% 7/15/36		150,000		150,698
3.875% 7/15/20		100,000		109,547
3.90% 5/15/35		355,000		362,958
4.00% 7/15/46		150,000		151,623
4.30% 7/8/34		700,000		745,854
4.375% 5/15/55		500,000		526,695
4.50% 7/8/44		500,000		563,999
5.00% 7/8/19		250,000		277,435
5.375% 7/15/40		400,000		484,698
5.75% 4/15/18		375,000		406,060
6.125% 7/8/39		150,000		196,518
6.50% 4/15/38		200,000		272,866
Symantec
3.95% 6/15/22		150,000		152,271
4.20% 9/15/20		100,000		104,342
				14,642,387
Specialty Retail–0.27%
Advance Auto Parts
4.50% 1/15/22		100,000		107,823
4.50% 12/1/23		100,000		107,574
AutoNation
3.35% 1/15/21		50,000		51,251
4.50% 10/1/25		45,000		47,606
AutoZone
1.625% 4/21/19		25,000		25,146
2.50% 4/15/21		80,000		81,559
2.875% 1/15/23		100,000		101,921
3.125% 4/21/26		75,000		77,022
4.00% 11/15/20		75,000		80,782
Bed Bath & Beyond
3.749% 8/1/24		50,000		51,057
4.915% 8/1/34		530,000		493,752
Home Depot
2.00% 6/15/19		900,000		925,639
2.00% 4/1/21		250,000		256,940
2.25% 9/10/18		143,000		147,299
2.70% 4/1/23		150,000		157,527
3.00% 4/1/26		125,000		133,011

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Specialty Retail (continued)
Home Depot (continued)
3.35% 9/15/25		265,000	$	289,134
3.75% 2/15/24		200,000		224,401
4.20% 4/1/43		150,000		168,764
4.25% 4/1/46		100,000		114,946
4.40% 4/1/21		100,000		112,819
4.875% 2/15/44		96,000		118,540
5.40% 9/15/40		100,000		130,360
5.875% 12/16/36		350,000		478,977
5.95% 4/1/41		100,000		138,297
Lowe’s
3.12% 4/15/22		100,000		106,982
3.375% 9/15/25		120,000		131,378
3.70% 4/15/46		200,000		206,192
3.875% 9/15/23		200,000		224,045
4.25% 9/15/44		250,000		278,823
4.375% 9/15/45		45,000		51,699
4.625% 4/15/20		150,000		165,449
4.65% 4/15/42		100,000		116,802
5.00% 9/15/43		300,000		369,904
5.80% 10/15/36		200,000		259,165
5.80% 4/15/40		20,000		26,316
6.65% 9/15/37		100,000		141,482
O’Reilly Automotive
3.55% 3/15/26		150,000		157,588
3.80% 9/1/22		100,000		107,820
4.875% 1/14/21		45,000		50,239
QVC 4.375% 3/15/23		600,000		604,586
Ross Stores 3.375% 9/15/24		100,000		104,604
Signet UK Finance 4.70% 6/15/24		50,000		48,877
TJX
2.50% 5/15/23		100,000		104,183
6.95% 4/15/19		55,000		63,390
				7,941,671
Technology Hardware, Storage & Peripherals–0.49%
Apple
1.00% 5/3/18		750,000		752,050
1.30% 2/23/18		75,000		75,528
1.55% 2/7/20		950,000		957,542
1.70% 2/22/19		85,000		86,472
2.00% 5/6/20		100,000		102,713
2.10% 5/6/19		250,000		257,384
2.15% 2/9/22		250,000		254,993
2.25% 2/23/21		500,000		514,773
2.40% 5/3/23		822,000		837,873
2.50% 2/9/25		250,000		254,222
2.70% 5/13/22		100,000		104,540
2.85% 2/23/23		450,000		473,287
3.20% 5/13/25		150,000		159,218
3.25% 2/23/26		415,000		441,090
3.45% 5/6/24		350,000		380,793

LVIP SSGA Bond Index Fund–48

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals (continued)
Apple (continued)
3.45% 2/9/45		125,000	$	117,769
3.85% 5/4/43		350,000		352,287
4.375% 5/13/45		100,000		109,225
4.45% 5/6/44		600,000		657,087
4.50% 2/23/36		250,000		281,932
4.65% 2/23/46		530,000		600,178
Diamond 1 Finance
#144A 3.48% 6/1/19		765,000		784,213
#144A 4.42% 6/15/21		900,000		927,352
#144A 5.45% 6/15/23		905,000		940,329
#144A 8.10% 7/15/36		135,000		145,905
#144A 8.35% 7/15/46		130,000		140,165
#Diamond 1 Finance / Diamond 2 Finance 144A 6.02% 6/15/26		250,000		261,100
Hewlett Packard Enterprise
#144A 2.85% 10/5/18		650,000		666,001
#144A 3.60% 10/15/20		550,000		574,638
#144A 4.90% 10/15/25		450,000		471,028
#144A 6.20% 10/15/35		250,000		253,538
#144A 6.35% 10/15/45		250,000		249,732
HP
4.30% 6/1/21		200,000		212,631
4.375% 9/15/21		150,000		161,761
4.65% 12/9/21		350,000		378,934
6.00% 9/15/41		305,000		293,153
				14,231,436
Textiles, Apparel & Luxury Goods–0.02%
NIKE
2.25% 5/1/23		100,000		103,162
3.625% 5/1/43		100,000		105,975
3.875% 11/1/45		100,000		111,154
Ralph Lauren 2.125% 9/26/18		50,000		51,048
Under Armour 3.25% 6/15/26		100,000		101,177
VF 6.00% 10/15/33		150,000		195,037
				667,553
Thrift & Mortgage Finance–0.01%
People’s United Financial 3.65% 12/6/22		150,000		154,609
				154,609
Tobacco–0.27%
Altria Group
2.625% 1/14/20		1,000,000		1,040,401
2.85% 8/9/22		200,000		209,779
4.00% 1/31/24		89,000		99,732
4.50% 5/2/43		100,000		113,334
4.75% 5/5/21		200,000		228,375
5.375% 1/31/44		63,000		81,094
9.70% 11/10/18		119,000		141,867

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Tobacco (continued)
Altria Group (continued)
9.95% 11/10/38		113,000	$	203,897
10.20% 2/6/39		97,000		180,307
Philip Morris International
1.25% 8/11/17		100,000		100,402
1.375% 2/25/19		65,000		65,531
1.875% 1/15/19		500,000		510,195
1.875% 2/25/21		100,000		101,252
2.125% 5/10/23		50,000		50,233
2.75% 2/25/26		100,000		103,254
2.90% 11/15/21		250,000		264,282
3.375% 8/11/25		100,000		108,269
3.60% 11/15/23		600,000		658,689
4.125% 3/4/43		150,000		161,556
4.25% 11/10/44		85,000		93,599
4.375% 11/15/41		200,000		220,031
4.50% 3/26/20		100,000		111,603
4.50% 3/20/42		100,000		112,822
5.65% 5/16/18		300,000		325,985
6.375% 5/16/38		150,000		207,883
Reynolds American
2.30% 8/21/17		100,000		101,243
2.30% 6/12/18		460,000		467,600
3.25% 6/12/20		49,000		51,845
4.00% 6/12/22		490,000		533,233
4.45% 6/12/25		105,000		117,808
4.85% 9/15/23		225,000		257,286
5.70% 8/15/35		50,000		61,077
5.85% 8/15/45		480,000		615,696
6.15% 9/15/43		125,000		163,883
8.125% 6/23/19		100,000		118,640
				7,982,683
Trading Companies & Distributors–0.03%
GATX
2.50% 3/15/19		167,000		169,008
2.60% 3/30/20		100,000		99,476
3.90% 3/30/23		101,000		102,937
5.20% 3/15/44		50,000		51,993
Ingram Micro 4.95% 12/15/24		150,000		149,659
WW Grainger
3.75% 5/15/46		150,000		155,332
4.60% 6/15/45		55,000		65,428
				793,833
Wireless Telecommunication Services–0.18%
America Movil
3.125% 7/16/22		200,000		205,766
4.375% 7/16/42		200,000		203,380
5.00% 10/16/19		500,000		551,279
5.00% 3/30/20		200,000		221,986
6.125% 11/15/37		150,000		181,660

LVIP SSGA Bond Index Fund–49

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
America Movil (continued)
6.125% 3/30/40		250,000	$	308,615
6.375% 3/1/35		25,000		30,812
Rogers Communications
3.00% 3/15/23		125,000		130,621
3.625% 12/15/25		65,000		69,580
4.10% 10/1/23		300,000		333,818
4.50% 3/15/43		100,000		105,482
5.00% 3/15/44		100,000		114,036
6.80% 8/15/18		150,000		166,198
7.50% 8/15/38		25,000		34,295
Vodafone Group
1.50% 2/19/18		350,000		349,955
2.50% 9/26/22		300,000		296,311
2.95% 2/19/23		225,000		226,044
4.375% 2/19/43		150,000		141,967
5.45% 6/10/19		600,000		664,377
6.15% 2/27/37		700,000		814,602
7.875% 2/15/30		100,000		129,098
				5,279,882
Total Corporate Bonds (Cost $734,206,826)				778,611,306
MUNICIPAL BONDS–0.88%
American Municipal Power, Ohio Taxable Build America Bonds Series B
6.449% 2/15/44		50,000		67,649
7.834% 2/15/41		55,000		85,200
8.084% 2/15/50		800,000		1,294,688
Bay Area Toll Authority, California Toll Bridge Revenue Taxable Build America Bonds
Series F-2 6.263% 4/1/49		200,000		311,832
Series S1 6.793% 4/1/30		100,000		132,229
Series S1 6.918% 4/1/40		100,000		145,904
Series S1 7.043% 4/1/50		100,000		159,004
California State Taxable Build America Bonds
6.65% 3/1/22		200,000		248,974
7.30% 10/1/39		1,100,000		1,667,072
7.60% 11/1/40		80,000		128,887
7.625% 3/1/40		85,000		134,449
7.95% 3/1/36		100,000		121,569
California State Various Purposes
6.20% 10/1/19		100,000		115,679
7.50% 4/1/34		325,000		492,736
7.55% 4/1/39		600,000		949,062
Central Puget Sound, Washington Regional Transportation Authority Sales & Use Tax Revenue Taxable Build America Bonds 5.491% 11/1/39		50,000		68,593
Chicago, Illinios Taxable
Series B 7.375% 1/1/33		100,000		105,621

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
Chicago, Illinios Taxable (continued)
Series B 7.75% 1/1/42		100,000	$	101,616
Chicago, Illinois Transit Authority Transfer Tax Receipts Revenue
Series A 6.899% 12/1/40		100,000		130,849
Series B 6.899% 12/1/40		40,000		51,772
City & County of Denver, Colorado Taxable Build America Bonds 5.65% 8/1/30		100,000		116,624
Clark County, Nevada Airport Revenue Taxable Build America Bonds
6.881% 7/1/42		50,000		56,496
Series C 6.82% 7/1/45		75,000		115,988
Commonwealth of Massachusetts Consolidated Loan Taxable Build America Bonds 5.456% 12/1/39		100,000		138,136
Commonwealth of Massachusetts Taxable Build America Bonds
4.91% 5/1/29		100,000		126,908
Series E 4.20% 12/1/21		100,000		111,929
Commonwealth of Pennsylvania Taxable Build America Bonds
5.45% 2/15/30		1,000,000		1,233,410
Series B 2nd 5.35% 5/1/30		100,000		110,901
Connecticut State Taxable Build America Bonds
Series A 5.85% 3/15/32		100,000		131,565
Series D 5.09% 10/1/30		200,000		238,742
Dallas Area, Texas Rapid Transit 5.999% 12/1/44		200,000		289,242
Dallas, Texas Independent School District Taxable Build America Bonds Series C 6.45% 2/15/35 (PSF-GTD)		100,000		119,612
East Baton Rouge, Louisiana Sewerage Commission 6.087% 2/1/45		100,000		113,044
East Bay Municipal Utility District Taxable Build America Bonds 5.874% 6/1/40		100,000		139,377
Georgia State Taxable Build America Bonds Series H 4.503% 11/1/25		100,000		115,540
Greater Chicago Metropolitan Water Reclamation District Taxable Build America Bonds 5.72% 12/1/38		150,000		194,281
Illinois State 5.665% 3/1/18		250,000		263,847
Illinois State Taxable Pension
4.35% 6/1/18		366,667		378,466
4.95% 6/1/23		100,000		107,317
5.10% 6/1/33		800,000		769,656
Illinois State Toll Highway Authority Taxable Build America Bonds Series B 5.851% 12/1/34		100,000		135,107
Kansas Development Finance Authority
Series H 4.727% 4/15/37		50,000		55,826
Series H 4.927% 4/15/45		100,000		114,670

LVIP SSGA Bond Index Fund–50

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
Los Angeles, California Community College District
6.60% 8/1/42		100,000	$	157,543
6.75% 8/1/49		100,000		157,650
Los Angeles, California County Public Works Financing Authority
7.488% 8/1/33		100,000		140,979
7.618% 8/1/40		100,000		157,576
Los Angeles, California Department of Airports Taxable Build America Bonds 6.582% 5/15/39		25,000		34,811
Los Angeles, California Department of Water & Power Taxable Build America Bonds Series C 6.008% 7/1/39		25,000		33,744
Los Angeles, California Unified School District Taxable Build America Bonds 6.758% 7/1/34		315,000		454,214
Massachusetts State Water Pollution Abatement 5.192% 8/1/40		70,000		87,782
Metropolitan Government of Nashville & Davidson County Convention Center Authority Taxable Build America Bonds
Series B 4.053% 7/1/26		10,000		10,991
Series B 6.731% 7/1/43		50,000		70,616
Metropolitan Transportation Authority, New York Revenue Taxable Build America Bonds
5.871% 11/15/39		100,000		136,726
6.668% 11/15/39		130,000		190,411
Series E 6.814% 11/15/40		500,000		729,385
Mississippi State Taxable Build America Bonds Series F 5.245% 11/1/34		100,000		127,977
Municipal Electric Authority, Georgia Build America Bonds (PLT Vogtle Units3 & 4 Project)
6.655% 4/1/57		125,000		166,853
Taxable 6.637% 4/1/57		150,000		200,729
Taxable 7.055% 4/1/57		100,000		122,973
New Jersey Economic Development Authority
Series A 7.425% 2/15/29 (NATL)		225,000		278,141
^Series B 0.623% 2/15/22 (AGM)		200,000		168,104
New Jersey State Transportation Trust Fund Authority Taxable Build America Bonds
6.561% 12/15/40		100,000		118,293
Series C 5.754% 12/15/28		100,000		108,604
Series C 6.104% 12/15/28		200,000		218,438
New Jersey State Turnpike Authority Revenue Taxable Build America Bonds
Series A 7.102% 1/1/41		350,000		529,701
Series F 7.414% 1/1/40		90,000		141,305
New York City, New York 5.517% 10/1/37		85,000		111,574

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
New York City, New York Municipal Water Finance Authority Taxable Build America Bonds
5.724% 6/15/42		65,000	$	93,213
5.75% 6/15/41		100,000		141,080
5.79% 6/15/41		200,000		224,366
5.952% 6/15/42		100,000		147,898
6.011% 6/15/42		35,000		50,961
New York City, New York Taxable Build America Bonds
Series A2 5.206% 10/1/31		100,000		122,519
Series F-1 6.271% 12/1/37		100,000		143,323
New York City, New York Transitional Finance Authority 5.508% 8/1/37		200,000		262,298
New York City, New York Transitional Finance Authority Taxable Build America Bonds 5.572% 11/1/38		65,000		87,366
New York State Dormitory Authority Taxable Build America Bonds
5.50% 3/15/30		100,000		128,901
5.60% 3/15/40		100,000		137,825
New York State Urban Development Taxable Build America Bonds 5.77% 3/15/39		50,000		64,423
Ohio State University Taxable
Series A 3.798% 12/1/46		100,000		108,842
Series A 4.048% 12/1/56		100,000		111,241
Ohio State University Taxable Build America Bonds Series C 4.91% 6/1/40		100,000		128,473
Oregon School Boards Association Taxable Pension Series B 5.55% 6/30/28 (NATL)		250,000		313,583
Oregon State Department of Transportation Taxable Series A Sub-Lien 5.834% 11/15/34		75,000		104,993
Pennsylvania State Public School Building Authority Revenue Qualified School Construction Bond Taxable (Direct Subsidiary) Series A 5.00% 9/15/27		100,000		111,298
Pennsylvania State Turnpike Commission Revenue Taxable Build America Bonds
5.561% 12/1/49		200,000		271,740
Series B 5.511% 12/1/45		150,000		200,509
Series B 6.105% 12/1/39		100,000		138,460
Philadelphia Authority for Industrial Development 3.964% 4/15/26		105,000		107,797
Port Authority of New York & New Jersey Consolidated
Series 165th 5.647% 11/1/40		250,000		334,045
Series 168th 4.926% 10/1/51		350,000		445,539
Series 174th 4.458% 10/1/62		250,000		285,395
Series 181st 4.96% 8/1/46		156,250		197,616
Series 192nd 4.81% 10/15/65		250,000		300,820

LVIP SSGA Bond Index Fund–51

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
Port of Seattle, Washington Taxable Series-B1 7.00% 5/1/36		100,000	$	114,832
Rutgers State University of New Jersey/New Brunswick Taxable Build America Bonds 5.665% 5/1/40		155,000		199,414
Salt River, Arizona Project Agricultural Improvement & Power District 4.839% 1/1/41		60,000		78,715
San Antonio, Texas Electric & Gas Taxable Build America Bonds
4.427% 2/1/42		250,000		304,405
5.985% 2/1/39		50,000		72,473
San Diego County, California Regional Transportation Commission 5.911% 4/1/48		100,000		148,904
San Diego County, California Water Authority Financing Agency Revenue Taxable Build America Bonds Series B 6.138% 5/1/49		100,000		143,675
San Francisco City & County Public Utilities Commission Taxable Build America Bonds
6.00% 11/1/40		100,000		135,340
Series B 6.00% 11/1/40		100,000		133,717
Texas State Taxable Build America Bonds 5.517% 4/1/39		100,000		141,825
Texas State Transportation Commission 1st Tier 5.178% 4/1/30		200,000		256,790
University of California Build America Bonds Series H 6.548% 5/15/48		100,000		146,147
University of California Taxable
Series AD 4.858% 5/15/12		250,000		278,023
Series AQ 4.767% 5/15/15		250,000		271,590
Series J 4.131% 5/15/45		795,000		886,687
University of Massachusetts Building Authority Taxable Build America Bonds 5.45% 11/1/40		100,000		131,205
University of Missouri (Curators University) Taxable Build America Bonds 5.792% 11/1/41		100,000		144,369
University of North Carolina At Chapel Hill Taxable Series C 3.327% 12/1/36		100,000		109,276
University of Texas System Revenue Series A 3.852% 8/15/46		100,000		114,243
University of Texas System Revenue Taxable Build America Bonds Series C 4.794% 8/15/46		90,000		113,989
University of Virginia Revenue Taxable Build America Bonds 6.20% 9/1/39		50,000		74,499
Utah State Taxable Build America Bonds
Series B 3.539% 7/1/25		100,000		112,280
Series D 4.554% 7/1/24		60,000		70,474

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
Virginia Commonwealth Transportation Board Taxable Build America Bonds 5.35% 5/15/35		100,000	$	126,362
Washington State Convention Center Public Facilities District 6.79% 7/1/40		50,000		68,791
Washington State Taxable Build America Bonds
Series D 5.481% 8/1/39		50,000		69,191
Series F 5.09% 8/1/33		100,000		128,470
Total Municipal Bonds (Cost $20,858,740)				25,685,399
NON-AGENCY ASSET-BACKED SECURITIES–0.45%
Ally Master Owner Trust Series 2015-2 A2 1.83% 1/15/21		700,000		702,781
AmeriCredit Automobile Receivable Series 2015-4 A3 1.70% 7/8/20		2,000,000		2,012,916
Capital One Multi-Asset Execution Trust Series 2014-A5 A5 1.48% 7/15/20		1,000,000		1,006,516
CarMax Auto Owner Trust Series 2015-3 A3 1.63% 5/15/20		1,500,000		1,512,492
Chase Issuance Trust Series 2014-A2 A2 2.77% 3/15/23		1,100,000		1,162,020
Citibank Credit Card Issuance Trust
Series 2007-A3 A3 6.15% 6/15/39		750,000		1,041,056
Series 2008-A1 A1 5.35% 2/7/20		500,000		534,350
Series 2014-A5 A5 2.68% 6/7/23		1,000,000		1,053,278
Discover Card Execution Note Trust
Series 2007-A1 A1 5.65% 3/16/20		750,000		791,618
Series 2014-A4 A4 2.12% 12/15/21		1,000,000		1,025,231
Santander Drive Auto Receivables Trust
Series 2014-3 D 2.65% 8/17/20		860,000		867,579
Series 2015-2 C 2.44% 4/15/21		1,000,000		1,008,958
Synchrony Credit Card Master Note Trust Series 2012-6 A 1.36% 8/17/20 500,000				501,266
Total Non-Agency Asset-Backed Securities (Cost $12,963,227)				13,220,061
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.04%
Citigroup Commercial Mortgage Trust
Series 2012-GC8 A4 3.024% 9/10/45		1,250,000		1,323,438
Series 2013-GC11 AS 3.422% 4/10/46		770,000		811,164
Series 2013-GC15 A1 1.378% 9/10/46		359,874		360,969
Series 2013-GC15 A3 4.095% 9/10/46		800,000		895,833
COMM Mortgage Trust
Series 2013-LC6 AM 3.282% 1/10/46		1,000,000		1,049,418
Series 2014-CR17 A5 3.977% 5/10/47		1,365,000		1,517,302
Series 2014-UBS3 A4 3.819% 6/10/47		1,500,000		1,640,070
Series 2015-CR26 A3 3.359% 10/10/48		1,000,000		1,062,129

LVIP SSGA Bond Index Fund–52

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°	Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust (continued)
Series 2015-LC21 A4 3.708% 7/10/48	1,000,000	$	1,095,285
tCommercial Mortgage Pass Through Certificates Series 2014-CR14 A3 3.955% 2/10/47	545,000		606,053
Commercial Mortgage Trust Series 2007-GG11 A4 5.736% 12/10/49	79,413		82,465
•Credit Suisse Commercial Mortgage Trust Series 2008-C1 A3 6.268% 2/15/41	200,000		208,094
GS Mortgage Securities Trust
Series 2013-GC12 A3 2.86% 6/10/46	1,500,000		1,571,470
Series 2015-GC28 A5 3.396% 2/10/48	1,500,000		1,601,453
•JPMBB Commercial Mortgage Securities Trust Series 2013-C14 A4 4.133% 8/15/46	1,500,000		1,684,845
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C10 ASB 2.702% 12/15/47	1,000,000		1,040,025
LB-UBS Commercial Mortgage Trust
•Series 2007-C7 A3 5.866% 9/15/45	673,993		705,154
•Series 2008-C1 A2 6.248% 4/15/41	302,117		318,466
Merrill Lynch Mortgage Trust Series 2008-C1 A4 5.69% 2/12/51	625,951		652,508
•ML-CFC Commercial Mortgage Trust Series 2007-9 AM 5.856% 9/12/49	1,050,000		1,089,719
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C9 A4 3.102% 5/15/46	725,000		766,220
Series 2013-C11 A2 3.085% 8/15/46	750,000		777,639
Series 2014-C17 A2 3.119% 8/15/47	1,000,000		1,044,359
Series 2015-C24 A4 3.732% 5/15/48	1,250,000		1,370,459
Morgan Stanley Capital I Trust Series 2007-IQ16 A4 5.809% 12/12/49	1,243,089		1,290,708
UBS-Barclays Commercial Mortgage Trust Series 2012-C2 A4 3.525% 5/10/63	1,000,000		1,083,914
•Wachovia Bank Commercial Mortgage Trust Series 2007-C33 A5 6.147% 2/15/51	500,000		520,566
Wells Fargo Commercial Mortgage Trust
•Series 2013-LC12 B 4.433% 7/15/46	400,000		439,396
Series 2015-C30 A4 3.664% 9/15/58	1,000,000		1,091,095
Series 2015-P2 A4 3.809% 12/15/48	665,000		733,808
WFRBS Commercial Mortgage Trust
Series 2012-C9 A3 2.87% 11/15/45	940,000		984,443
•Series 2013-C15 C 4.629% 8/15/46	1,000,000		1,047,115
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $29,287,843)			30,465,582

	Principal Amount°		Value (U.S. $)
DREGIONAL BONDS–0.24%
Canada–0.24%
Province of British Columbia
2.00% 10/23/22		150,000	$	154,358
6.50% 1/15/26		100,000		136,906
7.25% 9/1/36		100,000		164,177
Province of Manitoba Canada 2.10% 9/6/22		63,000		64,867
Province of New Brunswick Canada 2.75% 6/15/18		200,000		206,735
Province of Ontario Canada
1.10% 10/25/17		500,000		501,829
1.20% 2/14/18		100,000		100,555
1.625% 1/18/19		900,000		912,845
1.65% 9/27/19		100,000		101,403
1.875% 5/21/20		500,000		510,889
2.00% 9/27/18		300,000		306,623
2.45% 6/29/22		150,000		157,098
3.00% 7/16/18		200,000		208,158
3.15% 12/15/17		250,000		258,723
4.00% 10/7/19		200,000		217,851
4.40% 4/14/20		400,000		445,617
Province of Quebec Canada
2.50% 4/20/26		1,000,000		1,030,294
2.625% 2/13/23		350,000		367,596
3.50% 7/29/20		300,000		325,576
4.625% 5/14/18		200,000		213,815
7.50% 7/15/23		200,000		269,787
7.50% 9/15/29		175,000		265,773
Province of Saskatchewan Canada 8.50% 7/15/22		100,000		135,382
				7,056,857
Japan–0.00%
Japan Finance Organization for Municipalities 4.00% 1/13/21		100,000		109,975
				109,975
Total Regional Bonds (Cost $6,810,661)				7,166,832
DSOVEREIGN BONDS–1.53%
Canada–0.09%
Canada Government International Bond 1.625% 2/27/19		1,000,000		1,022,106
Export Development Canada
0.75% 12/15/17		200,000		200,102
1.25% 12/10/18		80,000		80,676
1.50% 5/26/21		200,000		202,966
1.75% 7/21/20		1,000,000		1,027,310
				2,533,160
Chile–0.03%
Chile Government International Bonds 2.25% 10/30/22		100,000		101,050

LVIP SSGA Bond Index Fund–53

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Chile (continued)
Chile Government International Bonds (continued)
3.125% 1/21/26		826,000	$	854,910
				955,960
Colombia–0.12%
Colombia Government International Bonds
2.625% 3/15/23		700,000		678,300
4.00% 2/26/24		250,000		261,750
5.00% 6/15/45		500,000		521,250
6.125% 1/18/41		200,000		232,000
7.375% 3/18/19		700,000		799,750
7.375% 9/18/37		500,000		651,875
8.125% 5/21/24		250,000		323,125
				3,468,050
Germany–0.04%
FMS Wertmanagement
1.00% 11/21/17		250,000		250,805
1.375% 6/8/21		500,000		503,567
1.625% 11/20/18		500,000		508,724
				1,263,096
Israel–0.04%
Israel Government AID Bond 5.50% 4/26/24		200,000		253,552
Israel Government International Bonds
2.875% 3/16/26		200,000		206,624
3.15% 6/30/23		200,000		213,463
4.00% 6/30/22		150,000		166,837
4.50% 1/30/43		200,000		224,968
5.125% 3/26/19		175,000		192,969
				1,258,413
Italy–0.05%
Italy Government International Bonds
5.375% 6/15/33		800,000		952,382
6.875% 9/27/23		350,000		441,000
				1,393,382
Japan–0.10%
Japan Bank for International Cooperation
1.125% 7/19/17		250,000		250,126
1.75% 7/31/18		500,000		505,220
1.75% 11/13/18		500,000		505,366
1.75% 5/29/19		200,000		202,132
1.875% 4/20/21		300,000		304,805
2.375% 4/20/26		300,000		313,570
2.50% 5/28/25		700,000		735,605
3.375% 7/31/23		200,000		221,111
				3,037,935
Mexico–0.23%
Mexico Government International Bonds
3.50% 1/21/21		420,000		444,150

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Mexico (continued)
Mexico Government International Bonds (continued)
3.60% 1/30/25		1,400,000	$	1,466,500
3.625% 3/15/22		868,000		917,042
4.00% 10/2/23		550,000		593,477
4.75% 3/8/44		1,000,000		1,080,000
5.75% 10/12/10		800,000		888,000
6.05% 1/11/40		475,000		599,094
6.75% 9/27/34		500,000		678,750
				6,667,013
Panama–0.07%
Panama Government International Bonds
3.875% 3/17/28		300,000		318,000
5.20% 1/30/20		800,000		888,000
6.70% 1/26/36		200,000		266,500
7.125% 1/29/26		100,000		132,000
8.875% 9/30/27		100,000		147,500
9.375% 4/1/29		100,000		153,000
				1,905,000
Peru–0.06%
Peruvian Government International Bonds
4.125% 8/25/27		350,000		385,875
5.625% 11/18/50		100,000		124,250
6.55% 3/14/37		500,000		676,250
7.125% 3/30/19		225,000		259,313
7.35% 7/21/25		100,000		136,250
8.75% 11/21/33		200,000		314,250
				1,896,188
Philippines–0.15%
Philippine Government International Bonds
3.95% 1/20/40		500,000		577,749
5.00% 1/13/37		500,000		646,530
7.75% 1/14/31		1,000,000		1,557,023
8.375% 6/17/19		1,000,000		1,198,369
9.50% 2/2/30		300,000		514,287
				4,493,958
Poland–0.08%
Poland Government International Bonds
3.00% 3/17/23		250,000		254,763
3.25% 4/6/26		400,000		408,504
5.00% 3/23/22		500,000		563,493
5.125% 4/21/21		700,000		787,436
6.375% 7/15/19		380,000		431,053
				2,445,249
Republic of Korea–0.02%
Korea International Bonds
3.875% 9/11/23		200,000		229,510
7.125% 4/16/19		200,000		232,780
				462,290

LVIP SSGA Bond Index Fund–54

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
South Africa–0.06%
South Africa Government International Bonds
4.665% 1/17/24		250,000	$	258,835
5.375% 7/24/44		500,000		524,470
5.875% 5/30/22		100,000		111,450
5.875% 9/16/25		200,000		223,090
6.25% 3/8/41		100,000		116,027
6.875% 5/27/19		500,000		557,800
				1,791,672
Sweden–0.05%
Svensk Exportkredit
1.125% 4/5/18		300,000		300,956
1.25% 4/12/19		600,000		604,009
1.875% 6/23/20		400,000		407,680
				1,312,645
Turkey–0.26%
Turkey Government International Bonds
4.875% 10/9/26		1,000,000		1,055,895
4.875% 4/16/43		500,000		489,737
5.75% 3/22/24		200,000		223,502
6.00% 1/14/41		1,100,000		1,234,181
6.25% 9/26/22		400,000		453,202
6.625% 2/17/45		800,000		973,294
6.75% 4/3/18		1,300,000		1,401,400
7.375% 2/5/25		1,500,000		1,855,297
				7,686,508
Ukraine–0.03%
Ukraine Government AID Bond
1.847% 5/29/20		753,000		773,633
				773,633
Uruguay–0.05%
Uruguay Government International Bonds
5.10% 6/18/50		1,000,000		997,500
7.625% 3/21/36		250,000		339,063
8.00% 11/18/22		200,000		254,000
				1,590,563
Total Sovereign Bonds (Cost $42,378,917)				44,934,715
SUPRANATIONAL BANKS–1.57%
African Development Bank
0.875% 3/15/18		250,000		250,352
1.00% 5/15/19		400,000		401,756
1.125% 3/4/19		600,000		604,504
1.375% 12/17/18		129,000		130,773
Andina de Fomento
2.00% 5/10/19		300,000		303,726
4.375% 6/15/22		250,000		279,723
8.125% 6/4/19		140,000		165,388

	Principal Amount°		Value (U.S. $)
SUPRANATIONAL BANKS (continued)
Asian Development Bank
0.75% 7/28/17		500,000	$	500,315
1.375% 1/15/19		800,000		810,458
1.375% 3/23/20		200,000		202,292
1.50% 9/28/18		400,000		406,135
1.625% 3/16/21		400,000		407,824
1.75% 9/11/18		500,000		510,353
1.75% 3/21/19		350,000		358,213
1.875% 4/12/19		300,000		308,137
1.875% 2/18/22		600,000		616,337
2.00% 4/24/26		600,000		615,283
5.593% 7/16/18		700,000		766,124
Council of Europe Development Bank
1.125% 5/31/18		300,000		301,487
1.75% 11/14/19		400,000		408,493
European Bank for Reconstruction & Development
1.00% 6/15/18		250,000		250,717
1.00% 9/17/18		150,000		150,430
1.50% 3/16/20		250,000		253,811
1.625% 4/10/18		250,000		252,935
1.625% 11/15/18		500,000		508,793
1.875% 2/23/22		400,000		410,740
European Investment Bank
1.00% 3/15/18		1,000,000		1,003,388
1.00% 6/15/18		1,000,000		1,002,713
1.125% 9/15/17		200,000		200,851
1.125% 8/15/19		200,000		200,494
1.25% 5/15/19		500,000		503,527
1.625% 3/16/20		1,500,000		1,527,279
1.625% 6/15/21		600,000		610,336
1.75% 6/17/19		1,500,000		1,532,475
1.875% 3/15/19		500,000		512,261
2.00% 3/15/21		800,000		827,215
2.25% 8/15/22		1,000,000		1,043,950
2.50% 4/15/21		1,500,000		1,583,043
2.875% 9/15/20		350,000		373,619
3.25% 1/29/24		1,400,000		1,567,922
4.00% 2/16/21		400,000		449,308
4.875% 2/15/36		700,000		944,329
Inter-American Development Bank
0.875% 3/15/18		500,000		501,545
1.00% 7/14/17		800,000		802,444
1.00% 5/13/19		300,000		301,155
1.25% 1/16/18		900,000		907,500
1.375% 7/15/20		1,250,000		1,262,161
1.75% 8/24/18		500,000		511,119
1.875% 3/15/21		500,000		514,107
2.00% 6/2/26		250,000		256,790
2.125% 11/9/20		400,000		416,318
3.00% 10/4/23		500,000		548,801
3.00% 2/21/24		400,000		441,960
3.20% 8/7/42		100,000		109,854
3.875% 2/14/20		200,000		219,839

LVIP SSGA Bond Index Fund–55

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
SUPRANATIONAL BANKS (continued)
Inter-American Development Bank (continued)
3.875% 10/28/41		100,000	$	123,403
4.375% 1/24/44		56,000		74,343
International Bank for Reconstruction & Development
0.875% 7/19/18		2,000,000		2,005,816
1.00% 10/5/18		1,400,000		1,406,657
1.125% 7/18/17		150,000		150,739
1.25% 7/26/19		500,000		506,153
1.375% 5/24/21		300,000		302,089
1.625% 3/9/21		1,000,000		1,019,979
1.625% 2/10/22		600,000		609,526
1.875% 3/15/19		1,000,000		1,027,897
1.875% 10/7/19		700,000		720,283
2.125% 11/1/20		1,000,000		1,042,020
2.125% 2/13/23		100,000		104,428
2.50% 11/25/24		900,000		961,488
2.50% 7/29/25		1,200,000		1,285,272
4.75% 2/15/35		50,000		67,374
7.625% 1/19/23		100,000		138,648
International Finance
0.625% 12/21/17		200,000		199,796
0.875% 6/15/18		1,000,000		1,001,418
1.25% 11/27/18		156,000		157,469
1.625% 7/16/20		700,000		714,391
1.75% 9/16/19		400,000		409,793
2.125% 11/17/17		200,000		203,868
Nordic Investment Bank
1.125% 2/25/19		600,000		603,827
2.25% 9/30/21		200,000		209,536
North American Development Bank 4.375% 2/11/20		100,000		109,223
Total Supranational Banks (Cost $44,633,326)				46,006,838
U.S. TREASURY OBLIGATIONS–36.43%
U.S. Treasury Bonds
2.50% 2/15/45		12,900,000		13,434,899
2.50% 2/15/46		4,950,000		5,154,574
2.50% 5/15/46		4,700,000		4,897,912
2.75% 8/15/42		2,600,000		2,865,689
2.75% 11/15/42		3,500,000		3,851,505
2.875% 5/15/43		13,500,000		15,185,394
2.875% 8/15/45		1,200,000		1,347,516
3.00% 5/15/42		2,850,000		3,293,198
3.00% 11/15/45		8,100,000		9,314,052
3.125% 11/15/41		4,000,000		4,725,236
3.125% 2/15/42		3,050,000		3,605,493
3.125% 2/15/43		9,000,000		10,612,269
3.125% 8/15/44		21,000,000		24,726,261
3.50% 2/15/39		2,650,000		3,345,678
3.625% 8/15/43		5,000,000		6,452,635

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Bonds (continued)
3.625% 2/15/44		3,000,000	$	3,869,181
3.75% 8/15/41		3,850,000		5,023,723
3.875% 8/15/40		3,750,000		4,979,077
4.25% 11/15/40		4,000,000		5,603,124
4.375% 5/15/40		2,500,000		3,558,203
4.375% 5/15/41		2,750,000		3,928,042
4.50% 8/15/39		3,350,000		4,844,740
4.625% 2/15/40		4,100,000		6,029,645
4.75% 2/15/41		3,750,000		5,628,367
5.00% 5/15/37		3,000,000		4,613,319
5.25% 11/15/28		500,000		704,053
5.375% 2/15/31		500,000		741,895
5.50% 8/15/28		500,000		715,049
6.125% 11/15/27		800,000		1,181,359
6.125% 8/15/29		300,000		459,129
6.625% 2/15/27		750,000		1,127,959
6.75% 8/15/26		500,000		749,043
U.S. Treasury Notes
0.625% 8/31/17		19,600,000		19,620,678
0.625% 9/30/17		15,500,000		15,516,957
0.625% 11/30/17		2,250,000		2,252,065
0.625% 4/30/18		500,000		500,410
0.625% 6/30/18		2,000,000		2,001,290
0.75% 10/31/17		9,000,000		9,023,031
0.75% 12/31/17		4,000,000		4,010,860
0.75% 1/31/18		17,000,000		17,046,478
0.75% 2/28/18		9,500,000		9,526,343
0.75% 3/31/18		20,000,000		20,057,040
0.75% 4/30/18		10,000,000		10,029,300
0.875% 11/30/17		15,000,000		15,063,870
0.875% 1/31/18		32,500,000		32,654,895
0.875% 7/31/19		6,000,000		6,025,662
1.00% 5/31/18		2,300,000		2,318,193
1.00% 11/30/19		28,500,000		28,690,380
1.125% 5/31/19		2,000,000		2,024,960
1.125% 4/30/20		17,000,000		17,170,000
1.125% 6/30/21		7,000,000		7,036,911
1.25% 11/30/18		3,000,000		3,043,185
1.25% 3/31/21		10,000,000		10,116,800
1.375% 6/30/18		3,000,000		3,046,056
1.375% 7/31/18		32,000,000		32,508,128
1.375% 9/30/18		2,000,000		2,033,438
1.375% 11/30/18		3,000,000		3,052,500
1.375% 12/31/18		3,500,000		3,562,482
1.375% 1/31/20		23,000,000		23,443,371
1.375% 2/29/20		10,000,000		10,190,230
1.375% 3/31/20		18,000,000		18,343,476
1.375% 8/31/20		15,000,000		15,277,155
1.375% 1/31/21		14,000,000		14,248,276
1.50% 8/31/18		6,000,000		6,114,372
1.50% 12/31/18		18,300,000		18,681,006

LVIP SSGA Bond Index Fund–56

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
1.50% 5/31/20		7,000,000	$	7,163,926
1.50% 2/28/23		12,000,000		12,174,840
1.50% 3/31/23		4,500,000		4,565,039
1.625% 6/30/19		16,000,000		16,430,320
1.625% 8/31/19		11,000,000		11,300,135
1.625% 11/30/20		11,000,000		11,323,774
1.625% 11/15/22		16,750,000		17,147,813
1.625% 5/31/23		16,000,000		16,361,872
1.625% 2/15/26		11,000,000		11,124,179
1.625% 5/15/26		6,500,000		6,579,729
1.75% 10/31/18		2,000,000		2,051,290
1.75% 12/31/20		8,000,000		8,275,624
1.75% 5/15/22		9,000,000		9,301,815
1.75% 5/15/23		25,000,000		25,794,925
1.875% 9/30/17		2,000,000		2,033,046
1.875% 10/31/17		2,000,000		2,034,726
2.00% 9/30/20		14,000,000		14,624,806
2.00% 8/31/21		5,000,000		5,237,205
2.00% 11/15/21		4,700,000		4,927,659
2.00% 2/15/22		8,000,000		8,381,560
2.00% 2/15/23		14,150,000		14,824,064
2.00% 2/15/25		11,000,000		11,511,115
2.125% 8/31/20		19,000,000		19,931,437
2.125% 8/15/21		7,500,000		7,905,323
2.125% 12/31/22		3,000,000		3,163,125
2.25% 11/30/17		3,750,000		3,839,137
2.25% 7/31/18		3,000,000		3,102,363
2.25% 3/31/21		7,700,000		8,149,364
2.25% 4/30/21		10,000,000		10,585,940
2.25% 11/15/25		15,000,000		16,003,710
2.375% 5/31/18		4,000,000		4,136,328
2.375% 6/30/18		3,000,000		3,105,936
2.375% 8/15/24		35,000,000		37,681,057
2.50% 8/15/23		18,250,000		19,774,167
2.625% 1/31/18		2,000,000		2,064,570
2.625% 4/30/18		3,000,000		3,111,564
2.625% 8/15/20		6,000,000		6,415,662
2.625% 11/15/20		6,500,000		6,965,667
2.75% 12/31/17		2,000,000		2,064,648
2.75% 2/28/18		2,500,000		2,589,943
2.75% 2/15/19		5,000,000		5,272,070
2.75% 11/15/23		5,000,000		5,512,695
2.75% 2/15/24		31,000,000		34,226,542
2.875% 3/31/18		3,000,000		3,119,064
3.125% 5/15/19		4,000,000		4,276,720
3.125% 5/15/21		3,500,000		3,851,505

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
3.375% 11/15/19		6,500,000	$	7,064,687
3.50% 2/15/18		4,100,000		4,293,471
3.50% 5/15/20		4,000,000		4,397,580
3.625% 8/15/19		5,500,000		5,991,887
3.625% 2/15/20		6,000,000		6,603,984
3.625% 2/15/21		9,000,000		10,074,726
3.75% 11/15/18		3,630,000		3,897,429
3.875% 5/15/18		4,850,000		5,153,125
4.00% 8/15/18		5,550,000		5,956,604
4.25% 11/15/17		2,500,000		2,626,563
4.75% 8/15/17		2,500,000		2,617,627
6.00% 2/15/26		750,000		1,056,577
6.25% 8/15/23		1,600,000		2,145,501
6.875% 8/15/25		1,000,000		1,467,598
7.125% 2/15/23		1,000,000		1,377,012
7.25% 8/15/22		500,000		681,074
7.50% 11/15/24		500,000		743,857
7.625% 11/15/22		500,000		698,193
7.625% 2/15/25		500,000		754,424
7.875% 2/15/21		750,000		984,141
8.00% 11/15/21		1,700,000		2,315,487
8.125% 8/15/19		750,000		921,211
8.125% 5/15/21		500,000		669,863
8.125% 8/15/21		700,000		948,063
8.50% 2/15/20		150,000		191,297
8.75% 5/15/20		900,000		1,169,947
8.75% 8/15/20		800,000		1,055,172
8.875% 2/15/19		750,000		911,382
9.125% 5/15/18		250,000		290,098
Total U.S. Treasury Obligations (Cost $1,007,025,455)				1,067,874,596
	Number of Shares
MONEY MARKET FUND–1.68%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		49,375,299		49,375,299
Total Money Market Fund (Cost $49,375,299)				49,375,299

TOTAL VALUE OF SECURITIES–101.10% (Cost $2,820,730,132)		2,963,128,957
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.10%)		(32,242,299	)
NET ASSETS APPLICABLE TO 249,685,282 SHARES OUTSTANDING–100.00%	$	2,930,886,658

LVIP SSGA Bond Index Fund–57

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

NET ASSET VALUE PER SHARE–LVIP SSGA BOND INDEX FUND STANDARD CLASS ($1,899,283,069 / 161,744,234 Shares)	$	11.743
NET ASSET VALUE PER SHARE–LVIP SSGA BOND INDEX FUND SERVICE CLASS ($1,031,603,589 / 87,941,048 Shares)	$	11.731
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	2,754,752,759
Undistributed net investment income		33,101,132
Accumulated net realized gain on investments		633,942
Net unrealized appreciation of investments		142,398,825
Total net assets	$	2,930,886,658

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $20,237,507, which represents 0.69% of the Fund’s net assets. See Note 5 in “Notes to financial statements.”

D Securities have been classified by country of origin.

• Variable rate security. The rate shown is the rate as of June 30, 2016. Interest rates reset periodically.

« Includes $61,953,729 payable for securities purchased, $1,620,801 payable for fund shares redeemed and $868,925 due to manager and affiliates as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $405,239, which represents 0.01% of the Fund’s net assets. See Note 5 in “Notes to financial statements.”

^ Zero coupon security. The rate shown is the yield at the time of purchase.

t Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

* Considered an affiliated company. See Note 2 in “Notes to Financial Statements.”

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2016.

Summary of Abbreviations:

AGM–Insured by Assured Guaranty Municipal Corporation

GNMA–Government National Mortgage Association

GS–Goldman Sachs

IT–Information Technology

LB–Lehman Brothers

ML-CFC–Merrill Lynch Commercial Finance Corporation

NATL–Insured by the National Public Finance Guarantee Corporation

PSF-GTD–Permanent School Fund Guaranteed

REIT–Real Estate Investment Trust

S.F.–Single Family

TBA–To Be Announced

yr–year

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

LVIP SSGA Bond Index Fund–58

LVIP SSGA Bond Index Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

LVIP SSGA Bond Index Fund

Statements of Changes in Net Assets

INVESTMENT INCOME:
Interest from affiliated investment companies	$	9,003
Interest from unaffiliated investment companies		35,612,866
Dividends from affiliated investment companies		43,416
		35,665,285
EXPENSES:
Management fees		5,624,309
Distribution fees-Service Class		1,238,172
Accounting and administration expenses		352,587
Pricing fees		98,104
Reports and statements to shareholders		76,846
Professional fees		56,843
Trustees’ fees and expenses		36,538
Custodian fees		26,095
Consulting fees		1,927
Other		14,709
		7,526,130
Less management fees waived		(1,710,555	)
Total operating expenses		5,815,575
NET INVESTMENT INCOME		29,849,710
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on:
Sale of investments in unaffiliated investment companies		2,009,448
Net realized gain on investments		2,009,448
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		7,832
Investments in unaffiliated investment companies		110,218,773
Net change in unrealized appreciation (depreciation)		110,226,605
NET REALIZED AND UNREALIZED GAIN		112,236,053
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	142,085,763

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

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	29,849,710		$	54,982,302
Net realized gain		2,009,448			4,731,784
Net change in unrealized appreciation (depreciation)		110,226,605			(56,193,229	)
Net increase in net assets resulting from operations		142,085,763			3,520,857
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(45,474,897	)
Service Class		—			(22,568,966	)
Net realized gain:
Standard Class		—			—
Service Class		—			—
		—			(68,043,863	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		174,899,937			587,945,737
Service Class		94,427,365			108,936,818
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			45,474,897
Service Class		—			22,568,966
		269,327,302			764,926,418
Cost of shares redeemed:
Standard Class		(164,744,527	)		(229,679,362	)
Service Class		(91,585,863	)		(155,780,471	)
		(256,330,390	)		(385,459,833	)
Increase in net assets derived from capital share transactions		12,996,912			379,466,585
NET INCREASE IN NET ASSETS		155,082,675			314,943,579
NET ASSETS:
Beginning of period		2,775,803,983			2,460,860,404
End of period	$	2,930,886,658		$	2,775,803,983
Undistributed net investment income	$	33,101,132		$	3,251,422

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

LVIP SSGA Bond Index Fund–59

LVIP SSGA Bond Index Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Bond Index Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	11.163	$	11.425		$	11.012		$	11.571		$	11.420		$	10.975
Income (loss) from investment operations:
Net investment income2		0.126		0.246			0.248			0.227			0.251			0.299
Net realized and unrealized gain (loss)		0.454		(0.217	)		0.385			(0.524	)		0.189			0.510
Total from investment operations		0.580		0.029			0.633			(0.297	)		0.440			0.809
Less dividends and distributions from:
Net investment income		—		(0.291	)		(0.214	)		(0.225	)		(0.288	)		(0.362	)
Net realized gain		—		—			(0.006	)		(0.037	)		(0.001	)		(0.002	)
Total dividends and distributions		—		(0.291	)		(0.220	)		(0.262	)		(0.289	)		(0.364	)
Net asset value, end of period	$	11.743	$	11.163		$	11.425		$	11.012		$	11.571		$	11.420
Total return3		5.20%		0.25%			5.75%			(2.57%	)		3.86%			7.40%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,899,283	$	1,796,385		$	1,434,764		$	1,255,800		$	721,970		$	665,296
Ratio of expenses to average net assets		0.33%		0.33%			0.33%			0.38%			0.38%			0.39%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.45%		0.45%			0.45%			0.49%			0.49%			0.49%
Ratio of net investment income to average net assets		2.21%		2.15%			2.18%			2.00%			2.16%			2.63%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.09%		2.03%			2.06%			1.89%			2.05%			2.53%
Portfolio turnover		31%		76%			63%			55%			70%			79%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Bond Index Fund–60

LVIP SSGA Bond Index Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

			LVIP SSGA Bond Index Fund Service Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	11.165	$	11.427		$	11.015		$	11.574		$	11.423		$	10.979
Income (loss) from investment operations:
Net investment income2		0.112		0.218			0.219			0.199			0.222			0.269
Net realized and unrealized gain (loss)		0.454		(0.218	)		0.385			(0.524	)		0.189			0.512
Total from investment operations		0.566		—			0.604			(0.325	)		0.411			0.781
Less dividends and distributions from:
Net investment income		—		(0.262	)		(0.186	)		(0.197	)		(0.259	)		(0.335	)
Net realized gain		—		—			(0.006	)		(0.037	)		(0.001	)		(0.002	)
Total dividends and distributions		—		(0.262	)		(0.192	)		(0.234	)		(0.260	)		(0.337	)
Net asset value, end of period	$	11.731	$	11.165		$	11.427		$	11.015		$	11.574		$	11.423
Total return3		5.07%		0.00%			5.49%			(2.81%	)		3.60%			7.13%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,031,604	$	979,419		$	1,026,096		$	1,031,366		$	1,037,599		$	987,782
Ratio of expenses to average net assets		0.58%		0.58%			0.58%			0.63%			0.63%			0.64%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.70%		0.70%			0.70%			0.74%			0.74%			0.74%
Ratio of net investment income to average net assets		1.96%		1.90%			1.93%			1.75%			1.91%			2.38%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.84%		1.78%			1.81%			1.64%			1.80%			2.28%
Portfolio turnover		31%		76%			63%			55%			70%			79%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Bond Index Fund–61

LVIP SSGA Bond Index Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Bond 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 match as closely as practicable, before fees and expenses, the performance of the Barclays Capital U.S. Aggregate Index.

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–U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities, including short-term debt securities, utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value. 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 the policies adopted by the Fund’s Board of Trustees (the “Board”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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.

To Be Announced Trades–The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., “when issued”, “delayed delivery”, “forward commitment”, or “TBA transactions”) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares and pays 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.

LVIP SSGA Bond Index Fund–62

LVIP SSGA Bond Index Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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. Effective April 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee as follows: 0.08% of the first $500 million of average daily net assets of the Fund; 0.122% of the next $1.5 billion of average daily net assets of the Fund; and 0.152% in excess of $2 billion of average daily net assets of the Fund. This agreement will continue through at least April 30, 2017 and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to April 1, 2016, LIAC had contractually agreed to waive a portion of its advisory fee as follows: 0.07% of the first $500 million of average daily net assets of the Fund; 0.12% of the next $1.5 billion of average daily net assets of the Fund; and 0.15% in excess of $2 billion of average daily net assets of the Fund.

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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	73,580
Legal		20,246

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $55,659 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Broad. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	655,418
Distribution fees payable to LFD		210,570
Printing and mailing fees payble to Lincoln Life		2,937

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.

Affiliated investments, for purposes of the 1940 Act are investments that have a common investment adviser. Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15	Purchases	Sales	Net Realized Gain (Loss)	Value 6/30/16	Interest Income
Lincoln National	$512,793	$—	$—	$—	$520,625	$9,003

LVIP SSGA Bond Index Fund–63

LVIP SSGA Bond Index Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	765,858,128
Purchases of U.S. government securities		165,185,836
Sales other than U.S. government securities		727,378,423
Sales of U.S. government securities		148,493,327

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	2,820,730,132
Aggregate unrealized appreciation	$	144,666,941
Aggregate unrealized depreciation		(2,268,116	)
Net unrealized appreciation	$	142,398,825

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$826,848	$59,932	$886,780

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 Bond Index Fund–64

LVIP SSGA Bond Index Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Total
Agency Commercial Mortgage-Backed Securities	$	—	$	19,252,612	$	19,252,612
Agency Mortgage-Backed Securities		—		809,726,451		809,726,451
Agency Obligations		—		70,809,266		70,809,266
Corporate Bonds		—		778,611,306		778,611,306
Municipal Bonds		—		25,685,399		25,685,399
Non-Agency Asset-Backed Securities		—		13,220,061		13,220,061
Non-Agency Commercial Mortgage-Backed Securities		—		30,465,582		30,465,582
Regional Bonds		—		7,166,832		7,166,832
Sovereign Bonds		—		44,934,715		44,934,715
Supranational Banks		—		46,006,838		46,006,838
U.S. Treasury Obligations		—		1,067,874,596		1,067,874,596
Money Market Fund		49,375,299		—		49,375,299
Total	$	49,375,299	$	2,913,753,658	$	2,963,128,957

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		15,238,262			51,304,220
Service Class		8,243,521			9,491,075
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			4,059,597
Service Class		—			2,013,671
		23,481,783			66,868,563
Shares redeemed:
Standard Class		(14,420,549	)		(20,021,719	)
Service Class		(8,021,968	)		(13,579,789	)
		(22,442,517	)		(33,601,508	)
Net increase		1,039,266			33,267,055

5. Credit and Market Risk

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.

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 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.

The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s Financial Services LLC or Ba or lower by Moody’s Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization.

LVIP SSGA Bond Index Fund–65

LVIP SSGA Bond Index Fund

Notes to Financial Statements (continued)

5. Credit and Market Risk (continued)

Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

The Fund invests in fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market’s perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (“CMOs”). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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 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. Rule 144A and illiquid securities are identified on the Statement of Net Assets.

6. 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.

7. 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 Bond Index Fund–66

        LVIP SSGA Funds   LVIP SSGA Developed International 150 Fund LVIP SSGA Emerging Markets 100 Fund LVIP SSGA Large Cap 100 Fund LVIP SSGA Small-Mid Cap 200 Fund   each a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP SSGA Funds

Index

Disclosure of Fund Expenses	1
Security Type/Country and Sector Allocations and Top 10 Equity Holdings	3
Statements of Net Assets	7
Statements of Operations	22
Statements of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	32

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Funds

Disclosure

      OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”), and to unaffiliated companies. Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis tables. The Expense Analysis tables does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur transaction costs, including sales charges (loads) on purchase payments, reinvested dividends or other distributions, redemption fees, and exchange fees. These Expense Analyses are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Analyses are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2016 to June 30, 2016.

Actual Expenses

The first section of the tables, “Actual”, provides information about actual account values and actual expenses. You may use the information in this section of the tables, 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 tables, “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses can not 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 Funds 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 Funds do not charge transaction fees such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. The Funds’ actual expenses shown in the tables reflect fee waivers in effect.

LVIP SSGA Developed International 150 Fund Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	972.70		0.38%		$1.86
Service Class Shares		1,000.00		971.60		0.63%		3.09
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.97		0.38%		$1.91
Service Class Shares		1,000.00		1,021.73		0.63%		3.17

LVIP SSGA Emerging Markets 100 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,062.00		0.44%		$2.26
Service Class Shares		1,000.00		1,060.70		0.69%		3.54
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.68		0.44%		$2.21
Service Class Shares		1,000.00		1,021.43		0.69%		3.47

LVIP SSGA Large Cap 100 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,042.40		0.34%		$1.73
Service Class Shares		1,000.00		1,041.10		0.59%		2.99
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.17		0.34%		$1.71
Service Class Shares		1,000.00		1,021.93		0.59%		2.97

LVIP SSGA Funds–1

LVIP SSGA Funds

Disclosure

      OF FUND EXPENSES (continued)

LVIP SSGA Small-Mid Cap 200 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,076.20		0.41%		$2.12
Service Class Shares		1,000.00		1,074.90		0.66%		3.40
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,022.82		0.41%		$2.06
Service Class Shares		1,000.00		1,021.58		0.66%		3.32

* “Expenses Paid During Period” are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP SSGA Funds–2

LVIP SSGA Developed International 150 Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

	Percentage
Security Type/Country	of Net Assets
Common Stock		96.99%
Australia		7.11%
Austria		1.39%
Belgium		0.59%
Canada		1.26%
Denmark		1.32%
Finland		2.02%
France		6.67%
Germany		5.73%
Hong Kong		6.83%
Israel		1.19%
Japan		34.18%
Netherlands		0.77%
Norway		2.61%
Portugal		0.59%
Singapore		1.30%
Spain		4.55%
Sweden		2.45%
Switzerland		4.49%
United Kingdom		11.94%
Preferred Stock		0.59%
Rights		0.04%
Money Market Fund		1.17%
Total Value of Securities		98.79%
Receivables and Other Assets Net of Liabilities		1.21%
Total Net Assets		100.00%

Sector designations may be different than the sector designations presented in other Fund materials.

	Percentage
Sector	of Net Assets
Aerospace & Defense		1.85%
Air Freight & Logistics		0.66%
Airlines		0.57%
Auto Components		1.75%
Automobiles		7.25%
Banks		10.81%
Building Products		0.67%
Capital Markets		1.58%
Chemicals		3.15%
Construction & Engineering		0.65%
Construction Materials		0.63%
Diversified Financial Services		0.59%
Diversified Telecommunication Services		3.18%
Electric Utilities		3.25%
Electrical Equipment		1.39%
Electronic Equipment, Instruments & Components		1.30%

	Percentage
Sector	of Net Assets
Food & Staples Retailing		3.75%
Food Products		3.39%
Gas Utilities		0.66%
Health Care Providers & Services		0.76%
Household Durables		1.81%
Industrial Conglomerates		2.57%
Insurance		5.48%
IT Services		0.66%
Machinery		3.19%
Marine		0.65%
Media		0.70%
Metals & Mining		4.51%
Multiline Retail		0.52%
Multi-Utilities		1.58%
Oil, Gas & Consumable Fuels		5.17%
Paper & Forest Products		1.27%
Pharmaceuticals		5.76%
Real Estate Investment Trusts		1.49%
Real Estate Management & Development		2.84%
Road & Rail		1.49%
Semiconductors & Semiconductor Equipment		1.46%
Technology Hardware, Storage & Peripherals		2.99%
Textiles, Apparel & Luxury Goods		0.57%
Tobacco		0.65%
Trading Companies & Distributors		3.16%
Transportation Infrastructure		0.64%
Wireless Telecommunication Services		0.65%
Total		97.62%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 Equity Holdings	of Net Assets
Anglo American		0.91%
RWE		0.87%
Tokyo Electron		0.86%
Otsuka Holdings		0.82%
Standard Chartered		0.80%
Aurizon Holdings		0.80%
Link REIT		0.78%
Santos		0.77%
Royal Dutch Shell		0.76%
Repsol		0.76%
Total		8.13%

IT–Information Technology

LVIP SSGA Funds–3

LVIP SSGA Emerging Markets 100 Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

	Percentage
Security Type/Country	of Net Assets
Common Stock		95.80%
Brazil		2.00%
Czech Republic		0.97%
Greece		0.97%
Hong Kong		41.12%
Hungary		1.06%
India		0.96%
Indonesia		1.99%
Malaysia		0.95%
Philippines		1.02%
Poland		1.65%
Qatar		0.98%
Republic of Korea		12.68%
Russia		2.98%
South Africa		4.03%
Taiwan		17.44%
Thailand		1.26%
Turkey		2.80%
United Arab Emirates		0.94%
Preferred Stock		2.29%
Money Market Fund		0.59%
Total Value of Securities		98.68%
Receivables and Other Assets Net of Liabilities		1.32%
Total Net Assets		100.00%

Sector designations may be different than the sector designations presented in other Fund materials.

	Percentage
Sector	of Net Assets
Auto Components		2.11%
Automobiles		5.86%
Banks		17.52%
Capital Markets		2.70%
Chemicals		0.90%
Construction & Engineering		3.09%
Construction Materials		1.93%
Distributors		1.03%
Diversified Financial Services		0.91%
Diversified Telecommunication Services		0.98%
Electric Utilities		1.77%
Electronic Equipment, Instruments & Components		4.15%

	Percentage
Sector	of Net Assets
Food & Staples Retailing		2.98%
Food Products		6.41%
Health Care Providers & Services		2.11%
Hotels, Restaurants & Leisure		0.97%
Independent Power & Renewable Electricity Producers		2.24%
Industrial Conglomerates		2.85%
Insurance		0.89%
Machinery		1.06%
Metals & Mining		4.78%
Oil, Gas & Consumable Fuels		7.03%
Personal Products		0.99%
Pharmaceuticals		2.13%
Real Estate Management & Development		4.98%
Semiconductors & Semiconductor Equipment		1.90%
Specialty Retail		0.82%
Technology Hardware, Storage & Peripherals		3.97%
Textiles, Apparel & Luxury Goods		1.94%
Tobacco		1.30%
Transportation Infrastructure		1.78%
Wireless Telecommunication Services		4.01%
Total		98.09%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 Equity Holdings	of Net Assets
KT&G		1.30%
Vale		1.26%
Charoen Pokphand Foods-Foreign		1.26%
Guangzhou Automobile Group		1.22%
Sinopharm Group		1.22%
Dalian Wanda Commercial Properties		1.21%
China Mengniu Dairy		1.19%
Country Garden Holdings		1.13%
AU Optronics		1.13%
MTN Group		1.12%
Total		12.04%

LVIP SSGA Funds–4

LVIP SSGA Large Cap 100 Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

	Percentage
Security Type/Sector	of Net Assets
Common Stock		98.29%
Auto Components		2.76%
Automobiles		2.71%
Banks		7.91%
Biotechnology		0.98%
Capital Markets		0.81%
Chemicals		2.72%
Communications Equipment		0.99%
Construction & Engineering		0.88%
Consumer Finance		1.77%
Containers & Packaging		1.98%
Diversified Telecommunication Services		0.89%
Electric Utilities		3.02%
Electrical Equipment		1.84%
Electronic Equipment, Instruments & Components		0.98%
Energy Equipment & Services		1.04%
Food & Staples Retailing		2.92%
Food Products		4.46%
Health Care Equipment & Supplies		3.44%
Health Care Providers & Services		4.93%
Hotels, Restaurants & Leisure		0.87%
Household Durables		2.91%
Household Products		0.99%
Independent Power & Renewable Electricity Producers		1.03%
Insurance		5.65%
Internet Software & Services		1.04%
IT Services		0.86%
Machinery		5.99%
Media		2.02%
Multiline Retail		2.35%
Multi-Utilities		3.04%
Oil, Gas & Consumable Fuels		5.48%

	Percentage
Security Type/Sector	of Net Assets
Pharmaceuticals		2.21%
Real Estate Investment Trusts		1.05%
Road & Rail		2.98%
Semiconductors & Semiconductor Equipment		4.30%
Software		2.08%
Specialty Retail		1.65%
Technology Hardware, Storage & Peripherals		3.84%
Thrifts & Mortgage Finance		0.92%
Money Market Fund		1.54%
Short-Term Investment		0.10%
Total Value of Securities		99.93%
Receivables and Other Assets Net of Liabilities		0.07%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 Equity Holdings	of Net Assets
St. Jude Medical		1.39%
Williams		1.36%
Devon Energy		1.32%
Micron Technology		1.26%
Ingredion		1.19%
Archer-Daniels-Midland		1.14%
Medtronic		1.13%
Pfizer		1.13%
Quest Diagnostics		1.13%
Johnson Controls		1.11%
Total		12.16%

IT–Information Technology

LVIP SSGA Funds–5

LVIP SSGA Small-Mid Cap 200 Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

	Percentage
Security Type/Sector	of Net Assets
Common Stock		98.48%
Aerospace & Defense		1.02%
Air Freight & Logistics		0.47%
Auto Components		0.43%
Banks		4.92%
Biotechnology		3.12%
Chemicals		1.81%
Commercial Services & Supplies		2.32%
Communications Equipment		1.70%
Construction & Engineering		1.18%
Consumer Finance		0.98%
Containers & Packaging		0.54%
Diversified Consumer Services		0.96%
Diversified Financial Services		0.46%
Diversified Telecommunication Services		0.58%
Electric Utilities		2.13%
Electronic Equipment, Instruments & Components		8.57%
Energy Equipment & Services		2.86%
Food & Staples Retailing		1.05%
Food Products		0.93%
Health Care Equipment & Supplies		2.68%
Health Care Providers & Services		5.42%
Hotels, Restaurants & Leisure		1.55%
Household Durables		4.44%
Insurance		2.79%
Internet Software & Services		1.56%
IT Services		0.57%
Life Sciences Tools & Services		1.02%
Machinery		5.67%
Media		1.43%
Metals & Mining		0.98%
Multi-Utilities		0.59%
Oil, Gas & Consumable Fuels		2.28%
Paper & Forest Products		1.44%
Personal Products		0.58%
Pharmaceuticals		3.14%
Real Estate Investment Trusts		14.32%
Road & Rail		1.39%
Semiconductors & Semiconductor Equipment		2.64%
Software		0.50%
Specialty Retail		3.72%
Textiles, Apparel & Luxury Goods		0.40%
Tobacco		0.48%

	Percentage
Security Type/Sector	of Net Assets
Trading Companies & Distributors		1.89%
Wireless Telecommunication Services		0.97%
Money Market Fund		1.11%
Short-Term Investment		0.12%
Total Value of Securities		99.71%
Receivables and Other Assets Net of Liabilities		0.29%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 Equity Holdings	of Net Assets
Blucora		0.99%
Quad/Graphics		0.85%
ANI Pharmaceuticals		0.80%
CorEnergy Infrastructure Trust		0.77%
Tutor Perini		0.72%
Olin		0.71%
Atwood Oceanics		0.69%
Depomed		0.69%
SM Energy		0.68%
Innophos Holdings		0.68%
Total		7.58%

IT–Information Technology

LVIP SSGA Funds–6

LVIP SSGA Developed International 150 Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–96.99%
Australia–7.11%
Aurizon Holdings		1,897,894		$      6,886,107
Australia & New Zealand Banking Group		314,357		5,727,600
Mirvac Group REIT		4,006,128		6,092,703
Origin Energy		1,492,836		6,522,389
Rio Tinto		178,527		6,175,353
Santos		1,874,380		6,634,905
Sonic Healthcare		401,778		6,515,683
Wesfarmers		181,630		5,477,395
Woodside Petroleum		280,284		5,683,389
Woolworths		340,525		5,355,967
				61,071,491
Austria–1.39%
OMV		205,071		5,764,689
voestalpine		184,124		6,196,740
				11,961,429
Belgium–0.59%
Ageas		146,288		5,084,865
				5,084,865
Canada–1.26%
Potash Corp of Saskatchewan		332,787		5,409,286
Power Corp of Canada		253,333		5,392,358
				10,801,644
Denmark–1.32%
AP Moeller - Maersk Class B		4,295		5,609,935
TDC		1,173,094		5,748,713
				11,358,648
Finland–2.02%
Fortum		397,549		6,387,198
Stora Enso Class R		650,411		5,230,659
UPM-Kymmene		310,574		5,705,483
				17,323,340
France–6.67%
AXA		246,309		4,870,173
BNP Paribas		117,093		5,135,175
Carrefour		216,235		5,318,438
Credit Agricole		532,095		4,473,288
Engie		378,564		6,078,474
Renault		60,833		4,592,741
Rexel		429,462		5,399,365
Sanofi		73,659		6,119,791
Schneider Electric		94,922		5,537,816
SCOR		167,636		4,956,166
Societe Generale		154,649		4,838,335
				57,319,762
Germany–5.73%
Allianz		35,646		5,085,168

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
Bayerische Motoren Werke		64,669		$      4,706,294
Daimler		78,142		4,675,888
K+S		244,881		5,013,255
METRO		206,702		6,357,350
Muenchener Rueckversicherungs-Gesellschaft in Muenchen Class R		29,133		4,885,460
†RWE		468,756		7,465,034
Siemens		55,930		5,739,604
Volkswagen		40,208		5,330,082
				49,258,135
nHong Kong–6.83%
BOC Hong Kong Holdings		1,984,000		5,978,496
Cheung Kong Property Holdings		1		5
CK Hutchison Holdings		444,515		4,889,868
Hang Lung Properties		3,017,000		6,095,245
Jardine Matheson Holdings		100,800		5,893,143
Li & Fung		10,040,000		4,868,351
Link REIT		982,087		6,715,714
MTR		1,172,845		5,950,129
New World Development		6,023,930		6,134,559
Sino Land		3,670,324		6,043,138
Swire Pacific Class A		540,876		6,112,566
				58,681,214
Israel–1.19%
Bezeq The Israeli Telecommunication		2,515,558		4,983,142
Teva Pharmaceutical Industries		104,072		5,267,108
				10,250,250
Japan–34.18%
Asahi Glass		1,060,000		5,752,506
Asahi Kasei		888,000		6,179,623
Astellas Pharma		411,500		6,453,284
Bridgestone		153,988		4,948,704
Canon		189,544		5,411,521
Chiba Bank		1,162,000		5,491,333
Chubu Electric Power		410,178		5,837,254
Dai-ichi Life Insurance		457,600		5,122,555
Daiichi Sankyo		252,563		6,136,046
Daiwa Securities Group		919,000		4,841,632
Denso		143,200		5,038,539
Fuji Heavy Industries		157,500		5,413,809
Fujitsu		1,533,000		5,637,329
Hitachi		1,223,631		5,126,837
Honda Motor		209,200		5,247,837
Isuzu Motors		529,100		6,516,915
ITOCHU		442,917		5,418,298
Japan Airlines		153,440		4,936,566
Japan Tobacco		138,146		5,567,588
Kawasaki Heavy Industries		1,986,000		5,599,811
Komatsu		333,200		5,788,243
Konica Minolta		648,900		4,726,953

LVIP SSGA Funds–7

LVIP SSGA Developed International 150 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Kuraray		481,500	$	5,745,008
Kyocera		126,900		6,038,260
Marubeni		1,087,016		4,910,850
Mazda Motor		368,400		4,875,143
Mitsubishi		324,233		5,708,879
Mitsubishi Electric		540,000		6,446,712
Mitsubishi Heavy Industries		1,485,000		5,971,514
Mitsubishi Tanabe Pharma		323,121		5,838,211
Mitsubishi UFJ Financial Group Class F		1,193,532		5,350,429
Mitsui		478,100		5,707,164
Mizuho Financial Group		3,695,200		5,317,610
NEC.		2,290,000		5,335,389
NH Foods		251,000		6,147,992
Nippon Telegraph & Telephone		130,900		6,138,544
Nissan Motor		587,562		5,243,591
Nomura Holdings		1,255,500		4,465,260
NSK.		625,900		4,581,545
Otsuka Holdings		153,779		7,086,579
Panasonic		639,600		5,502,825
Resona Holdings		1,586,434		5,798,277
Ricoh		548,483		4,754,517
Rohm.		130,400		5,146,901
Seiko Epson		340,427		5,457,598
Sekisui House		329,255		5,765,941
Sumitomo Mitsui Financial Group		181,000		5,226,386
Sumitomo Mitsui Trust Holdings		1,912,000		6,221,290
†Tokyo Electric Power Holdings		1,104,400		4,677,178
Tokyo Electron		87,500		7,394,511
Toyota Industries		127,100		5,053,482
Toyota Motor		104,682		5,160,670
Yamaha Motor		354,200		5,403,219
				293,664,658
Netherlands–0.77%
Royal Dutch Shell Class B		237,649		6,565,906
				6,565,906
Norway–2.61%
DNB		477,400		5,714,381
Orkla		636,201		5,658,090
Statoil		367,824		6,355,432
Yara International		148,224		4,708,605
				22,436,508
Portugal–0.59%
EDP - Energias de Portugal		1,659,452		5,080,531
				5,080,531
Singapore–1.30%
Keppel		1,341,600		5,534,513
Wilmar International		2,314,900		5,635,168
				11,169,681

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Spain–4.55%
Abertis Infraestructuras		372,188	$	5,500,042
ACS Actividades de Construccion y Servicios		199,416		5,469,818
Banco Santander		1,274,064		4,944,232
Endesa		294,393		5,907,140
Gas Natural SDG		285,820		5,681,425
Repsol		511,283		6,554,075
Telefonica		529,685		5,028,731
				39,085,463
Sweden–2.45%
†Kinnevik Class B		212,031		5,068,526
Nordea Bank		608,065		5,158,609
Telia		1,138,588		5,391,758
Volvo Class B		545,840		5,422,547
				21,041,440
Switzerland–4.49%
†Aryzta		142,221		5,255,902
†Credit Suisse Group		402,228		4,284,702
†Glencore		2,686,329		5,536,849
†LafargeHolcim		129,717		5,427,039
Novartis		77,586		6,403,836
Swiss Re		62,725		5,478,428
†Zurich Insurance Group		25,092		6,207,328
				38,594,084
United Kingdom–11.94%
Anglo American		801,787		7,859,311
AstraZeneca		102,695		6,139,469
Barclays		2,630,177		4,891,831
Berkeley Group Holdings		125,692		4,244,329
BHP Billiton		515,617		6,526,134
Cobham		2,226,123		4,690,067
HSBC Holdings		915,385		5,671,317
J Sainsbury		1,473,777		4,591,096
Marks & Spencer Group		1,034,836		4,431,712
Meggitt.		1,017,725		5,531,782
Melrose Industries		1		4
Pearson		459,992		5,983,632
Rio Tinto.		207,098		6,433,818
†Rolls-Royce Holdings		598,634		5,713,944
Royal Dutch Shell Class A		4,605		126,477
Royal Mail		845,435		5,680,094
Standard Chartered		911,190		6,913,177
Tate & Lyle		716,666		6,407,681
Vodafone Group		1,837,678		5,602,822
Wm Morrison Supermarkets		2,030,865		5,098,293
				102,536,990
Total Common Stock (Cost $914,421,840)				833,286,039

LVIP SSGA Funds–8

LVIP SSGA Developed International 150 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
PREFERRED STOCK–0.59%
Germany–0.59%
Porsche Automobil Holding 2.30%		110,524	$	5,108,625
Total Preferred Stock (Cost $5,742,889)				5,108,625
RIGHTS–0.04%
†ACS Actividades de Construccion y Servicios, expiration date 7/11/16		199,416		140,084
†Repsol, expiration date 7/1/16		511,283		166,247
Total Rights (Cost $295,670)				306,331

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–1.17%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		10,022,408	$	10,022,408
Total Money Market Fund (Cost $10,022,408)				10,022,408

TOTAL VALUE OF SECURITIES–98.79% (Cost $930,482,807)		848,723,403
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.21%		10,388,108
NET ASSETS APPLICABLE TO 115,260,959 SHARES OUTSTANDING–100.00%	$	859,111,511

NET ASSET VALUE PER SHARE–LVIP SSGA DEVELOPED INTERNATIONAL 150 FUND STANDARD CLASS ($722,770,141 / 96,960,087 Shares)	$	7.454
NET ASSET VALUE PER SHARE–LVIP SSGA DEVELOPED INTERNATIONAL 150 FUND SERVICE CLASS ($136,341,370 / 18,300,872 Shares)	$	7.450

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	957,372,903
Undistributed net investment income		24,398,779
Accumulated net realized loss on investments		(40,521,731	)
Net unrealized depreciation of investments and derivatives.		(82,138,440	)
TOTAL NET ASSETS		$859,111,511

D Securities have been classified by country of origin. Classification by type of business has been presented on page 3.

n Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

† Non-income producing for the period.

« Includes $1,770,447 cash collateral held at broker for futures contracts, $258,530 due to manager and affiliates and $339,821 payable for fund shares redeemed as of June 30, 2016.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

	Contracts to Buy (Sell)	Notional Cost (Proceeds)	Notional Value	Expiration Date	Unrealized Appreciation (Depreciation)
258	E-mini MSCI EAFE Index	$21,012,087	$20,836,080	9/19/16	$(176,007)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 5 in “Notes to Financial Statements.”

REIT–Real Estate Investment Trust

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

LVIP SSGA Funds–9

LVIP SSGA Emerging Markets 100 Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–95.80%
Brazil–2.00%
Banco do Brasil		896,026	$	4,741,911
JBS		1,573,300		4,897,737
				9,639,648
Czech Republic–0.97%
CEZ		272,375		4,646,726
				4,646,726
Greece–0.97%
OPAP		666,329		4,643,995
				4,643,995
nHong Kong–41.12%
Agricultural Bank of China		12,870,000		4,728,755
Anhui Conch Cement		1,846,000		4,469,585
Bank of China		11,486,100		4,616,355
Beijing Enterprises Holdings		885,000		5,017,222
Belle International Holdings		7,657,000		4,506,635
Brilliance China Automotive Holdings		5,056,000		5,220,203
China Cinda Asset Management		13,450,000		4,560,809
China Communications Construction		4,412,000		4,783,001
China Conch Venture Holdings		2,572,000		5,114,528
China Construction Bank		7,384,000		4,922,456
China Everbright		2,168,000		4,206,615
China Everbright Bank		9,985,000		4,586,858
China Medical System Holdings		3,381,100		5,181,966
China Mengniu Dairy		3,265,000		5,711,832
China Merchants Bank		2,258,000		5,094,323
China Merchants Holdings International		1,702,000		4,556,255
China Minsheng Banking		5,001,500		4,858,661
China Power International Development		9,848,000		3,635,258
China Railway Construction		4,157,000		5,236,960
†China Railway Group		6,435,000		4,836,467
China Resources Power Holdings		2,576,238		3,866,290
China Shenhua Energy		2,831,000		5,265,380
CITIC		3,151,000		4,606,212
CNOOC		4,024,000		5,022,836
COSCO Pacific		4,010,000		4,003,676
Country Garden Holdings		12,885,733		5,449,502
#Dalian Wanda Commercial Properties 144A		943,000		5,836,167
Dongfeng Motor Group		3,776,000		3,980,101
GOME Electrical Appliances Holding		32,808,000		3,923,901
Great Wall Motor		5,503,000		4,600,891
Guangzhou Automobile Group		4,898,000		5,877,596
Hengan International Group		570,000		4,774,169
Huaneng Power International		5,246,000		3,258,398
Industrial & Commercial Bank of China		8,486,000		4,732,378
Jiangxi Copper		3,684,000		4,134,349
Longfor Properties		3,611,500		4,711,925

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
nHong Kong (continued)
†@=Qinqin Foodstuffs Group Cayman		114,000	$	161,641
Shimao Property Holdings		2,961,000		3,764,631
Sino-Ocean Land Holdings		9,625,500		4,190,500
Sinopharm Group		1,221,600		5,868,187
Sun Art Retail Group		6,816,500		4,793,263
Tingyi Cayman Islands Holding		4,582,000		4,350,903
Want Want China Holdings		6,529,000		4,622,014
				197,639,654
Hungary–1.06%
Richter Gedeon		255,291		5,077,763
				5,077,763
India–0.96%
Oil & Natural Gas Corp		1,440,585		4,634,111
				4,634,111
Indonesia–1.99%
Indofood Sukses Makmur		9,147,500		5,033,127
United Tractors		4,016,500		4,531,687
				9,564,814
Malaysia–0.95%
AMMB Holdings		4,139,100		4,568,045
				4,568,045
Philippines–1.02%
Philippine Long Distance Telephone		107,740		4,924,462
				4,924,462
Poland–1.65%
†KGHM Polska Miedz		239,019		4,033,863
PGE Polska Grupa Energetyczna		1,286,719		3,875,785
				7,909,648
Qatar–0.98%
Ooredoo		194,672		4,726,126
				4,726,126
Republic of Korea–12.68%
BNK Financial Group		600,160		4,229,530
E-MART		30,037		4,532,671
Hana Financial Group		230,980		4,696,029
Hyundai Mobis		22,504		4,950,957
Hyundai Motor		34,899		4,128,255
Hyundai Steel		97,065		3,905,587
Industrial Bank of Korea		461,310		4,494,772
KB Financial Group		168,414		4,789,014
Kia Motors		116,373		4,384,865
KT&G		52,581		6,227,433
LG Display		210,680		4,877,989
SK Telecom		25,818		4,850,347
Woori Bank ADR		588,789		4,895,410
				60,962,859

LVIP SSGA Funds–10

LVIP SSGA Emerging Markets 100 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Russia–2.98%
Gazprom ADR		1,155,123		$        4,991,249
Lukoil ADR		122,112		5,110,831
Surgutneftegas ADR		826,671		4,218,344
				14,320,424
South Africa–4.03%
Imperial Holdings		487,181		4,974,960
MTN Group		554,584		5,389,661
Nedbank Group		372,960		4,734,431
Netcare		2,010,504		4,269,478
				19,368,530
Taiwan–17.44%
Asustek Computer		522,000		4,320,515
AU Optronics		15,683,000		5,429,263
Cathay Financial Holding		3,913,000		4,288,942
Cheng Shin Rubber Industry		2,455,000		5,176,195
†Compal Electronics		7,414,000		4,690,145
Far Eastern New Century		5,446,480		4,075,842
Foxconn Technology		2,124,000		5,017,316
Fubon Financial Holding		3,712,000		4,376,564
Innolux		13,342,000		4,508,073
Inventec		7,044,000		5,036,530
Lite-On Technology		1		1
MediaTek		613,000		4,684,275
Nan Ya Plastics		2,266,000		4,316,785
Pou Chen		3,563,000		4,795,839
SinoPac Financial Holdings		15,298,702		4,540,213
Taiwan Cement		4,785,000		4,785,902
United Microelectronics		11,320,000		4,439,497
WPG Holdings		4,397,000		5,135,296
Yuanta Financial Holding		13,023,934		4,229,088
				83,846,281

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Thailand–1.26%
Charoen Pokphand Foods-Foreign		7,384,726		$        6,041,858
				6,041,858
Turkey–2.80%
Eregli Demir ve Celik Fabrikalari		3,448,441		4,878,134
†Turkcell Iletisim Hizmetleri		1,114,879		4,098,862
Turkiye Is Bankasi Class C		2,808,822		4,462,003
				13,438,999
United Arab Emirates–0.94%
Dubai Islamic Bank		3,239,506		4,527,063
				4,527,063
Total Common Stock (Cost $499,903,768)				460,481,006
DPREFERRED STOCK–2.29%
Brazil–2.29%
Cia Brasileira de Distribuicao 0.64%		343,000		4,974,744
Vale 2.78%		1,496,500		6,042,276
Total Preferred Stock (Cost $9,658,812)				11,017,020
MONEY MARKET FUND–0.59%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		2,837,607		2,837,607
Total Money Market Fund (Cost $2,837,607)				2,837,607

TOTAL VALUE OF SECURITIES–98.68% (Cost $512,400,187)	474,335,633
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.32%	6,355,314
NET ASSETS APPLICABLE TO 61,805,904 SHARES OUTSTANDING–100.00%	$480,690,947

NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS 100 FUND STANDARD CLASS ($306,055,947 / 39,341,720 Shares)	$	7.779
NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS 100 FUND SERVICE CLASS ($174,635,000 / 22,464,184 Shares)	$	7.774

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$653,789,603
Undistributed net investment income	8,965,640
Accumulated net realized loss on investments	(144,107,658	)
Net unrealized depreciation of investments and derivatives.	(37,956,638	)
TOTAL NET ASSETS	$480,690,947

LVIP SSGA Funds–11

LVIP SSGA Emerging Markets 100 Fund

Statement of Net Assets (continued)

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $5,836,167, which represents 1.21% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin. Classification by type of business has been presented on page 4.

n Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

† Non-income producing for the period.

« Includes $2 cash due to custodian, $486,184 cash collateral held at broker for future contracts, $163,756 due to manager and affiliates, $134,994 payable for securities purchased and $177,682 payable for fund shares redeemed as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $161,641, which represents 0.03% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $161,641, which represents 0.03% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

	Contracts to Buy (Sell)	Notional Cost (Proceeds)	Notional Value	Expiration Date	Unrealized Appreciation (Depreciation)
223	E-mini MSCI Emerging Markets Index	$9,190,989	$9,306,905	9/19/16	$115,916

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The foreign currency exchange contracts and notional values 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 5 in “Notes to Financial Statements.”

ADR–American Depositary Receipt

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

LVIP SSGA Funds–12

LVIP SSGA Large Cap 100 Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK–98.29%
Auto Components–2.76%
BorgWarner		316,546	$	9,344,438
Johnson Controls		306,877		13,582,376
Lear		105,811		10,767,327
				33,694,141
Automobiles–2.71%
Ford Motor		895,003		11,250,188
General Motors		377,548		10,684,608
Harley-Davidson		244,203		11,062,396
				32,997,192
Banks–7.91%
Bank of America		859,994		11,412,120
BB&T		349,191		12,434,692
Fifth Third Bancorp		687,895		12,100,073
Huntington Bancshares		1,226,681		10,966,528
JPMorgan Chase		197,749		12,288,123
KeyCorp		1,051,174		11,615,473
Regions Financial		1,459,070		12,416,686
SunTrust Banks		321,303		13,199,127
				96,432,822
Biotechnology–0.98%
Amgen		78,827		11,993,528
				11,993,528
Capital Markets–0.81%
Invesco.		385,411		9,843,397
				9,843,397
Chemicals–2.72%
CF Industries Holdings		365,965		8,819,757
Dow Chemical		229,186		11,392,836
†Ingevity		50,561		1,721,096
Mosaic		428,783		11,225,539
				33,159,228
Communications Equipment–0.99%
Cisco Systems		420,709		12,070,141
				12,070,141
Construction & Engineering–0.88%
Fluor		217,426		10,714,753
				10,714,753
Consumer Finance–1.77%
†Ally Financial		637,329		10,879,206
Capital One Financial		168,642		10,710,453
				21,589,659
Containers & Packaging–1.98%
International Paper		288,381		12,221,587
WestRock		305,339		11,868,527
				24,090,114

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Diversified Telecommunication Services–0.89%
CenturyLink		375,097	$	10,881,564
				10,881,564
Electric Utilities–3.02%
Duke Energy		147,518		12,655,569
Entergy		149,211		12,138,315
Exelon		331,060		12,037,342
				36,831,226
Electrical Equipment–1.84%
Eaton.		187,408		11,193,880
Emerson Electric		214,874		11,207,828
				22,401,708
Electronic Equipment, Instruments & Components–0.98%
Corning		581,005		11,898,982
				11,898,982
Energy Equipment & Services–1.04%
National Oilwell Varco		377,604		12,706,375
				12,706,375
Food & Staples Retailing–2.92%
CVS Health		115,999		11,105,744
Walgreens Boots Alliance		141,973		11,822,092
Wal-Mart Stores		172,991		12,631,803
				35,559,639
Food Products–4.46%
Archer-Daniels-Midland		322,513		13,832,582
Bunge		210,587		12,456,221
Ingredion		112,221		14,522,520
Mondelez International		297,682		13,547,508
				54,358,831
Health Care Equipment & Supplies–3.44%
Abbott Laboratories		286,831		11,275,327
Medtronic		158,996		13,796,083
St. Jude Medical		216,631		16,897,218
				41,968,628
Health Care Providers & Services–4.93%
Aetna.		104,607		12,775,653
Anthem		83,508		10,967,941
Cardinal Health		143,447		11,190,300
Humana		63,871		11,489,115
@Quest Diagnostics		168,577		13,723,854
				60,146,863
Hotels, Restaurants & Leisure–0.87%
Carnival		238,905		10,559,601
				10,559,601
Household Durables–2.91%
DR Horton		400,132		12,596,155

LVIP SSGA Funds–13

LVIP SSGA Large Cap 100 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Household Durables (continued)
Lennar		253,867	$	11,703,269
Whirlpool		66,762		11,125,220
				35,424,644
Household Products–0.99%
Procter & Gamble		141,981		12,021,531
				12,021,531
Independent Power & Renewable Electricity Producers–1.03%
AES		1,010,219		12,607,533
				12,607,533
Insurance–5.65%
American International Group		220,651		11,670,231
Everest Re Group		61,124		11,165,521
MetLife		278,101		11,076,763
Principal Financial Group		302,340		12,429,197
Prudential Financial		166,240		11,859,562
XL Group		319,225		10,633,385
				68,834,659
Internet Software & Services–1.04%
†Yahoo		337,454		12,674,772
				12,674,772
IT Services–0.86%
@Xerox		1,099,624		10,435,432
				10,435,432
Machinery–5.99%
Caterpillar		156,217		11,842,811
Cummins		109,513		12,313,642
Deere & Co		145,714		11,808,663
Dover.		182,098		12,623,033
PACCAR		218,729		11,345,473
Pentair		223,394		13,021,636
				72,955,258
Media–2.02%
Time Warner		168,011		12,355,529
Viacom Class B		296,497		12,295,731
				24,651,260
Multiline Retail–2.35%
Kohl’s		254,514		9,651,171
Macy’s		268,843		9,035,813
Target		142,478		9,947,814
				28,634,798
Multi-Utilities–3.04%
Ameren		238,885		12,799,458
Consolidated Edison		154,724		12,445,998
Public Service Enterprise Group		253,873		11,833,021
				37,078,477

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels–5.48%
Chevron		123,996	$	12,998,501
Devon Energy		444,198		16,102,177
Marathon Petroleum		317,022		12,034,155
Valero Energy		177,497		9,052,347
Williams		765,874		16,565,855
				66,753,035
Pharmaceuticals–2.21%
Johnson & Johnson		108,601		13,173,301
Pfizer		390,954		13,765,491
				26,938,792
Real Estate Investment Trusts–1.05%
Macerich		149,796		12,791,080
				12,791,080
Road & Rail–2.98%
CSX		449,492		11,722,752
Norfolk Southern		140,318		11,945,271
Union Pacific		145,328		12,679,868
				36,347,891
Semiconductors & Semiconductor Equipment–4.30%
Intel		366,677		12,027,006
Lam Research		149,144		12,537,045
†Micron Technology		1,120,110		15,412,713
QUALCOMM		231,315		12,391,544
				52,368,308
Software–2.08%
@CA		382,757		12,565,912
Symantec		624,681		12,830,948
				25,396,860
Specialty Retail–1.65%
Best Buy		373,514		11,429,528
Gap		406,386		8,623,511
				20,053,039
Technology Hardware, Storage & Peripherals–3.84%
Hewlett Packard Enterprise		669,473		12,231,272
HP		974,473		12,229,636
NetApp		443,733		10,911,395
Western Digital		242,932		11,480,966
				46,853,269
Thrifts & Mortgage Finance–0.92%
New York Community Bancorp		745,447		11,174,251
				11,174,251
Total Common Stock (Cost $1,162,301,899)				1,197,893,281

LVIP SSGA Funds–14

LVIP SSGA Large Cap 100 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
MONEY MARKET FUND–1.54%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		18,754,589	$	18,754,589
Total Money Market Fund (Cost $18,754,589)				18,754,589

	Principal		Value
	Amount°		(U.S. $)
SHORT-TERM INVESTMENT–0.10%
≠U.S. Treasury Obligations–0.10%
U.S. Treasury Bill
¥  0.467% 9/8/16		1,270,000	$	1,269,522
Total Short-Term Investment (Cost $1,268,864)				1,269,522

TOTAL VALUE OF SECURITIES–99.93% (Cost $1,182,325,352)		1,217,917,392
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.07%		868,492
NET ASSETS APPLICABLE TO 90,834,988 SHARES OUTSTANDING–100.00%	$	1,218,785,884

NET ASSET VALUE PER SHARE–LVIP SSGA LARGE CAP 100 FUND STANDARD CLASS ($923,058,744 / 68,763,956 Shares)	$	13.424
NET ASSET VALUE PER SHARE–LVIP SSGA LARGE CAP 100 FUND SERVICE CLASS ($295,727,140 / 22,071,032 Shares)	$	13.399

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	1,013,468,427
Undistributed net investment income		15,630,744
Accumulated net realized gain on investments		153,878,714
Net unrealized appreciation of investments and derivatives		35,807,999
TOTAL NET ASSETS	$	1,218,785,884

† Non-income producing for the period.

« Includes $22,721 cash collateral held at broker for futures contracts, $345,120 due to manager and affiliates, and $506,673 payable for fund shares redeemed as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $36,725,198, which represents 3.01% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

¥ Fully or partially pledged as collateral for futures contracts.

LVIP SSGA Funds–15

LVIP SSGA Large Cap 100 Fund

Statement of Net Assets (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

				Unrealized
	Notional	Notional	Expiration	Appreciation
Contracts to Buy (Sell)	Cost (Proceeds)	Value	Date	(Depreciation)
204     E-mini S&P 500 Index	$21,104,081	$21,320,040	9/19/16	$215,959

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional value presented above represents 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 5 in “Notes to Financial Statements.”

IT - Information Technology

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

LVIP SSGA Funds–16

LVIP SSGA Small-Mid Cap 200 Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK–98.48%
Aerospace & Defense–1.02%
National Presto Industries		12,509		$        1,180,224
Triumph Group		33,544		1,190,812
				2,371,036
Air Freight & Logistics–0.47%
†Atlas Air Worldwide Holdings		26,508		1,097,961
				1,097,961
Auto Components–0.43%
Metaldyne Performance Group		72,151		992,076
				992,076
Banks–4.92%
CIT Group		32,070		1,023,354
Hancock Holding		45,329		1,183,540
Old National Bancorp		89,297		1,118,891
PacWest Bancorp		29,296		1,165,395
Popular		38,585		1,130,541
Prosperity Bancshares		23,693		1,208,106
Trustmark		47,292		1,175,206
Umpqua Holdings		67,502		1,044,256
Univest of Pennsylvania		56,700		1,191,834
WesBanco		37,005		1,149,005
				11,390,128
Biotechnology–3.12%
†AMAG Pharmaceuticals		50,390		1,205,329
†Concert Pharmaceuticals		81,875		919,456
†Emergent BioSolutions		31,489		885,471
†Enanta Pharmaceuticals		39,194		864,228
†NewLink Genetics		61,571		693,289
PDL BioPharma		340,970		1,070,646
†Vanda Pharmaceuticals		140,458		1,571,725
				7,210,144
Chemicals–1.81%
FutureFuel		90,694		986,751
Innophos Holdings		37,241		1,571,942
Olin		65,987		1,639,117
				4,197,810
Commercial Services & Supplies–2.32%
†ARC Document Solutions		257,120		1,000,197
Essendant		34,488		1,053,953
McGrath RentCorp		43,798		1,339,781
Quad/Graphics		84,992		1,979,464
				5,373,395
Communications Equipment–1.70%
Brocade Communications Systems		103,956		954,316
Comtech Telecommunications		46,832		601,323
†Digi International		121,800		1,306,914
†NetScout Systems		48,377		1,076,388
				3,938,941

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Construction & Engineering–1.18%
†Great Lakes Dredge & Dock		244,075		$        1,064,167
†Tutor Perini		70,838		1,668,235
				2,732,402
Consumer Finance–0.98%
Navient		88,699		1,059,953
†Santander Consumer USA Holdings		117,859		1,217,483
				2,277,436
Containers & Packaging–0.54%
Greif Class A		33,673		1,254,993
				1,254,993
Diversified Consumer Services–0.96%
†Apollo Education Group Class A		130,708		1,192,057
DeVry Education Group		58,082		1,036,183
				2,228,240
Diversified Financial Services–0.46%
GAIN Capital Holdings		169,977		1,074,255
				1,074,255
Diversified Telecommunication Services–0.58%
†Iridium Communications		150,428		1,335,801
				1,335,801
Electric Utilities–2.13%
ALLETE		18,663		1,206,190
OGE Energy		38,335		1,255,471
Otter Tail		37,833		1,267,027
Portland General Electric		27,000		1,191,240
				4,919,928
Electronic Equipment, Instruments & Components–8.57%
†Anixter International		21,125		1,125,540
†Arrow Electronics		17,177		1,063,256
Avnet		24,509		992,860
AVX		87,936		1,194,171
†Benchmark Electronics		47,791		1,010,780
CTS		70,513		1,263,593
Ingram Micro		29,298		1,018,984
†Insight Enterprises		38,224		993,824
Jabil Circuit		55,993		1,034,191
Methode Electronics		38,428		1,315,390
†Multi-Fineline Electronix		47,271		1,096,687
Park Electrochemical		71,319		1,036,265
PC Connection		45,125		1,073,975
†Plexus		28,174		1,217,117
†Sanmina		47,623		1,276,773
†ScanSource		26,937		999,632
†Tech Data		13,990		1,005,181
Vishay Intertechnology		88,746		1,099,563
				19,817,782

LVIP SSGA Funds–17

LVIP SSGA Small-Mid Cap 200 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Energy Equipment & Services–2.86%
Archrock		156,243		$    1,471,809
Atwood Oceanics		127,770		1,599,680
†Hornbeck Offshore Services		111,499		929,902
Noble		102,773		846,849
†PHI		56,925		1,017,819
Tidewater		168,534		743,235
				6,609,294
Food & Staples Retailing–1.05%
Andersons		36,469		1,296,108
Ingles Markets Class A		30,337		1,131,570
				2,427,678
Food Products–0.93%
Cal-Maine Foods		21,577		956,293
†Seneca Foods Class A		32,757		1,186,131
				2,142,424
Health Care Equipment & Supplies–2.68%
Analogic		14,344		1,139,487
†AngioDynamics		92,200		1,324,914
†Exactech		58,206		1,556,429
†Integer Holdings		31,540		975,532
†Merit Medical Systems		60,407		1,197,871
				6,194,233
Health Care Providers & Services–5.42%
Aceto		48,652		1,064,992
†Almost Family		30,900		1,316,649
†Community Health Systems		61,773		744,365
Kindred Healthcare		91,958		1,038,206
†LHC Group		31,571		1,366,393
†LifePoint Health		16,215		1,059,974
†MEDNAX		16,761		1,213,999
National HealthCare		17,860		1,156,256
†PharMerica		52,692		1,299,385
†Quorum Health		15,793		169,146
†Select Medical Holdings		96,417		1,048,053
†Triple-S Management Class B		43,692		1,067,396
				12,544,814
Hotels, Restaurants & Leisure–1.55%
†Caesars Entertainment		173,270		1,332,446
Interval Leisure Group		77,415		1,230,899
Speedway Motorsports		57,000		1,011,750
				3,575,095
Household Durables–4.44%
†Beazer Homes USA		128,526		996,077
CalAtlantic Group		33,955		1,246,488
†Century Communities		68,177		1,182,189
CSS Industries		38,953		1,044,330
†M/I Homes		59,188		1,114,510
MDC Holdings		44,590		1,085,321

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Household Durables (continued)
NACCO Industries Class A		19,231		$        1,076,936
PulteGroup		60,222		1,173,727
†William Lyon Homes Class A		83,374		1,343,989
				10,263,567
Insurance–2.79%
American Equity Investment Life Holding.		67,230		958,027
American National Insurance		9,507		1,075,717
Assured Guaranty		42,530		1,078,986
Maiden Holdings		84,702		1,036,752
Old Republic International		60,188		1,161,027
Validus Holdings		23,359		1,135,014
				6,445,523
Internet Software & Services–1.56%
†Blucora		220,600		2,285,416
InterActiveCorp		23,588		1,328,004
				3,613,420
IT Services–0.57%
ManTech International Class A		34,623		1,309,442
				1,309,442
Life Sciences Tools & Services–1.02%
†Bio-Rad Laboratories Class A		8,088		1,156,746
†VWR		41,606		1,202,413
				2,359,159
Machinery–5.67%
American Railcar Industries		26,033		1,027,523
†Chart Industries		51,463		1,241,802
Douglas Dynamics		48,150		1,238,900
Federal Signal		82,930		1,068,138
FreightCar America		69,407		975,168
Greenbrier		38,743		1,128,584
LB Foster Class A		64,429		701,632
Miller Industries		55,025		1,132,965
NN		83,851		1,173,075
Oshkosh		26,695		1,273,618
†SPX FLOW		41,529		1,082,661
Trinity Industries		57,306		1,064,172
				13,108,238
Media–1.43%
Gannett		70,043		967,294
New Media Investment Group		66,357		1,199,071
Tribune Media Class A		29,306		1,148,209
				3,314,574
Metals & Mining–0.98%
Commercial Metals		63,401		1,071,477
Reliance Steel & Aluminum		15,545		1,195,410
				2,266,887

LVIP SSGA Funds–18

LVIP SSGA Small-Mid Cap 200 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Multi-Utilities–0.59%
MDU Resources Group		56,893		$        1,365,432
				1,365,432
Oil, Gas & Consumable Fuels–2.28%
†Gener8 Maritime		159,553		1,021,139
†Oasis Petroleum		150,870		1,409,126
†Pacific Ethanol		233,924		1,274,886
SM Energy		58,315		1,574,505
				5,279,656
Paper & Forest Products–1.44%
Domtar.		28,826		1,009,198
KapStone Paper and Packaging		81,605		1,061,681
Schweitzer-Mauduit International		35,469		1,251,347
				3,322,226
Personal Products–0.58%
Nu Skin Enterprises Class A		29,280		1,352,443
				1,352,443
Pharmaceuticals–3.14%
†ANI Pharmaceuticals		33,087		1,846,916
†Depomed		80,981		1,588,847
†Lannett		58,859		1,400,256
†Mallinckrodt		17,658		1,073,253
†Sagent Pharmaceuticals		90,813		1,360,379
				7,269,651
Real Estate Investment Trusts–14.32%
AG Mortgage Investment Trust		84,461		1,219,617
Altisource Residential		93,091		855,506
Apollo Commercial Real Estate Finance		65,156		1,047,057
Ares Commercial Real Estate		100,599		1,236,362
Ashford Hospitality Trust		183,963		987,881
Capstead Mortgage		107,281		1,040,626
Chimera Investment		78,227		1,228,164
Colony Capital		65,637		1,007,528
CorEnergy Infrastructure Trust		61,872		1,785,007
CYS Investments		133,575		1,118,023
DiamondRock Hospitality		109,961		992,948
Independence Realty Trust		161,218		1,318,763
Invesco Mortgage Capital		91,031		1,246,214
Ladder Capital Class A		92,230		1,125,206
MFA Financial		162,086		1,178,365
New Residential Investment		93,691		1,296,683
New York Mortgage Trust		239,412		1,460,413
Orchid Island Capital		102,747		1,057,267
Paramount Group		69,197		1,103,000
Parkway Properties		72,887		1,219,400
PennyMac Mortgage Investment Trust		80,611		1,308,317
Redwood Trust		87,573		1,209,383
Resource Capital		94,400		1,213,984

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Select Income REIT		48,670		$        1,264,933
Starwood Property Trust		57,046		1,181,993
Summit Hotel Properties		95,112		1,259,283
Two Harbors Investment		135,446		1,159,418
Western Asset Mortgage Capital		106,359		998,711
				33,120,052
Road & Rail–1.39%
ArcBest		46,777		760,126
Celadon Group		97,928		800,072
†Roadrunner Transportation Systems		84,892		633,294
Ryder System		16,637		1,017,186
				3,210,678
Semiconductors & Semiconductor Equipment–2.64%
†Amkor Technology		188,459		1,083,639
†First Solar		15,616		757,064
Marvell Technology Group		103,579		987,108
MKS Instruments		29,807		1,283,489
†Photronics		106,049		944,897
†Xcerra		182,612		1,050,019
				6,106,216
Software–0.50%
Mentor Graphics		54,311		1,154,652
				1,154,652
Specialty Retail–3.72%
Big 5 Sporting Goods		99,081		918,481
GameStop Class A		35,624		946,886
Group 1 Automotive		18,521		914,197
Guess		57,525		865,751
Penske Automotive Group		27,969		879,905
Pier 1 Imports		163,936		842,631
Rent-A-Center		70,207		862,142
Stage Stores		138,466		675,714
Staples		100,652		867,620
Tailored Brands		65,003		822,938
				8,596,265
Textiles, Apparel & Luxury Goods–0.40%
†Iconix Brand Group		135,624		916,818
				916,818
Tobacco–0.48%
Universal		19,243		1,111,091
				1,111,091
Trading Companies & Distributors–1.89%
Aircastle		49,490		968,024
GATX		22,920		1,007,792
†Rush Enterprises Class A		61,265		1,320,261
TAL International Group		80,773		1,083,166
				4,379,243

LVIP SSGA Funds–19

LVIP SSGA Small-Mid Cap 200 Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Wireless Telecommunication Services–0.97%
Spok Holdings		64,393		$        1,234,092
†United States Cellular		25,504		1,001,542
				2,235,634
Total Common Stock (Cost $232,974,908)				227,806,733
MONEY MARKET FUND–1.11%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		2,567,511		2,567,511
Total Money Market Fund (Cost $2,567,511)				2,567,511

	Principal		Value
	Amount°		(U.S. $)
SHORT-TERM INVESTMENT–0.12%
≠U.S. Treasury Obligations–0.12%
¥ 0.331% 12/8/16		280,000	$	279,650
Total Short-Term Investment (Cost $279,589)				279,650

TOTAL VALUE OF SECURITIES–99.71% (Cost $235,822,008)		230,653,894
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.29%		682,045
NET ASSETS APPLICABLE TO 18,390,627 SHARES OUTSTANDING–100.00%	$	231,335,939

NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-MID CAP 200 FUND STANDARD CLASS ($114,915,918 / 9,127,913 Shares)	$	12.590
NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-MID CAP 200 FUND SERVICE CLASS ($116,420,021 / 9,262,714 Shares)	$	12.569

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	225,677,477
Undistributed net investment income		3,181,224
Accumulated net realized gain on investments.		7,631,833
Net unrealized depreciation of investments and derivatives.		(5,154,595	)
TOTAL NET ASSETS	$	231,335,939

† Non-income producing for the period.

« Includes $45,881 cash collateral held at broker for futures contracts, $88,516 due to manager and affiliates, and $82,971 payable for fund shares redeemed as of June 30, 2016.

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

¥ Fully or partially pledged as collateral for futures contracts.

LVIP SSGA Funds–20

LVIP SSGA Small-Mid Cap 200 Fund

Statement of Net Assets (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

				Unrealized
	Notional	Notional	Expiration	Appreciation
Contracts to Buy (Sell)	Cost (Proceeds)	Value	Date	(Depreciation)
20    E-mini Russell 2000 Index	$2,288,443	$2,294,800	9/19/16		$  6,357
8    E-mini S&P MidCap 400 Index	1,187,238	1,194,400	9/19/16		7,162
					$13,519

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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 Notes 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

IT–Information Technology

REIT–Real Estate Investment Trust

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

LVIP SSGA Funds–21

LVIP SSGA Funds

Statements of Operations

Six Months Ended June 30, 2016 (unaudited)

	LVIP SSGA Developed International 150 Fund			LVIP SSGA Emerging Markets 100 Fund			LVIP SSGA Large Cap 100 Fund			LVIP SSGA Small-Mid Cap 200 Fund
INVESTMENT INCOME:
Dividends		$  27,899,870			$  10,327,463			$17,738,679			$  3,857,171
Interest		—			18,376			2,677			938
Foreign tax withheld		(1,941,363	)		(822,197	)		—			—
		25,958,507			9,523,642			17,741,356			3,858,109
EXPENSES:
Management fees		1,368,356			853,223			1,574,968			380,332
Distribution expenses-Service Class		171,920			208,202			362,550			138,814
Accounting and administration expenses		103,712			63,044			126,876			27,671
Custodian fees		52,420			114,071			6,672			3,110
Professional fees		41,432			28,625			26,508			18,564
Pricing fees		10,960			8,099			250			336
Trustees’ fees and expenses		10,909			6,987			13,166			2,925
Reports and statements to shareholders		8,157			28,453			13,081			23,861
Consulting fees		1,055			991			869			909
Other		8,436			4,223			12,401			2,556
		1,777,357			1,315,918			2,137,341			599,078
Less management fees waived		(19,891	)		(15,766	)		(26,729	)		(8,081	)
Total operating expenses		1,757,466			1,300,152			2,110,612			590,997
NET INVESTMENT INCOME		24,201,041			8,223,490			15,630,744			3,267,112
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(49,338,376	)		(92,581,122	)		33,976,286			(3,743,405	)
Foreign currencies		(704,674	)		88,316			—			—
Foreign currency exchange contracts		983,716			(217,694	)		—			—
Futures contracts		(717,622	)		2,038,140			453,433			250,999
Net realized gain (loss)		(49,776,956	)		(90,672,360	)		34,429,719			(3,492,406	)
Net change in unrealized appreciation (depreciation) of:
Investments		1,561,213			112,479,727			(7,951,045	)		16,749,377
Foreign currencies		(46,306	)		28,154			—			—
Futures contracts		(281,888	)		86,360			74,950			(109,872	)
Net change in unrealized appreciation (depreciation)		1,233,019			112,594,241			(7,876,095	)		16,639,505
NET REALIZED AND UNREALIZED GAIN (LOSS)		(48,543,937	)		21,921,881			26,553,624			13,147,099
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$(24,342,896	)		$  30,145,371			$42,184,368			$16,414,211

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

LVIP SSGA Funds–22

LVIP SSGA Funds

Statements of Changes in Net Assets

	LVIP						LVIP						LVIP						LVIP
	SSGA Developed						SSGA Emerging						SSGA Large Cap						SSGA Small-Mid
	International 150 Fund						Markets 100 Fund						100 Fund						Cap 200 Fund
	Six Months						Six Months						Six Months						Six Months
	Ended						Ended						Ended						Ended
	6/30/16			Year Ended			6/30/16			Year Ended			6/30/16			Year Ended			6/30/16			Year Ended
	(unaudited)			12/31/15			(unaudited)			12/31/15			(unaudited)			12/31/15			(unaudited)			12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	24,201,041		$	26,041,790		$	8,223,490		$	26,824,166		$	15,630,744		$	26,954,532		$	3,267,112		$	5,096,418
Net realized gain (loss)		(49,776,956	)		31,039,019			(90,672,360	)		(13,376,346	)		34,429,719			161,795,410			(3,492,406	)		17,990,793
Net change in unrealized appreciation (depreciation)		1,233,019			(88,831,894	)		112,594,241			(135,320,003	)		(7,876,095	)		(238,655,797	)		16,639,505			(38,097,240	)
Net increase (decrease) in net assets resulting from operations		(24,342,896	)		(31,751,085	)		30,145,371			(121,872,183	)		42,184,368			(49,905,855	)		16,414,211			(15,010,029	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(21,832,768	)		—			(20,899,946	)		—			(19,032,160	)		—			(2,842,781	)
Service Class		—			(4,182,232	)		—			(7,712,612	)		—			(7,695,764	)		—			(2,700,546	)
Net realized gain:
Standard Class		—			(60,041,271	)		—			—			—			(93,336,666	)		—			(13,319,809	)
Service Class		—			(12,735,819	)		—			—			—			(39,116,210	)		—			(15,492,877	)
		—			(98,792,090	)		—			(28,612,558	)		—			(159,180,800	)		—			(34,356,013	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		128,655,216			143,294,286			38,508,584			142,573,066			266,161,403			110,738,217			11,451,671			31,941,810
Service Class		9,387,070			30,818,723			14,356,634			40,386,615			15,445,622			41,077,352			10,316,316			28,777,274
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			81,874,040			—			20,899,946			—			112,368,826			—			16,162,590
Service Class		—			16,918,051			—			7,712,612			—			46,811,975			—			18,193,423
		138,042,286			272,905,100			52,865,218			211,572,239			281,607,025			310,996,370			21,767,987			95,075,097
Cost of shares redeemed:
Standard Class		(67,978,238	)		(184,021,653	)		(173,024,167	)		(123,504,068	)		(47,681,399	)		(433,144,799	)		(12,493,431	)		(35,297,669	)
Service Class		(12,222,418	)		(32,967,647	)		(16,696,188	)		(27,304,156	)		(31,341,911	)		(65,917,583	)		(15,241,982	)		(22,775,425	)
		(80,200,656	)		(216,989,300	)		(189,720,355	)		(150,808,224	)		(79,023,310	)		(499,062,382	)		(27,735,413	)		(58,073,094	)
Increase (Decrease) in net assets derived from capital share transactions		57,841,630			55,915,800			(136,855,137	)		60,764,015			202,583,715			(188,066,012	)		(5,967,426	)		37,002,003
NET INCREASE (DECREASE) IN NET ASSETS		33,498,734			(74,627,375	)		(106,709,766	)		(89,720,726	)		244,768,083			(397,152,667	)		10,446,785			(12,364,039	)
NET ASSETS:
Beginning of period		825,612,777			900,240,152			587,400,713			677,121,439			974,017,801			1,371,170,468			220,889,154			233,253,193
End of period	$	859,111,511		$	825,612,777		$	480,690,947		$	587,400,713		$	1,218,785,884		$	974,017,801		$	231,335,939		$	220,889,154
Undistributed (distribution in excess of) net investment income	$	24,398,779		$	197,738		$	8,965,640		$	742,150		$	15,630,744		$	—		$	3,181,224		$	(85,888	)

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

LVIP SSGA Funds–23

LVIP SSGA Developed International 150 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Developed International 150 Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	7.663			$	9.077			$	9.491			$	8.097			$	7.314			$	8.551
Income (loss) from investment operations:
Net investment income2			0.217				0.278				0.302				0.294				0.275				0.316
Net realized and unrealized gain (loss)			(0.426	)			(0.676	)			(0.209	)			1.344				0.714				(1.349	)
Total from investment operations			(0.209	)			(0.398	)			0.093				1.638				0.989				(1.033	)
Less dividends and distributions from:
Net investment income			—				(0.259	)			(0.318	)			(0.244	)			(0.206	)			(0.204	)
Net realized gain.			—				(0.757	)			(0.189	)			—				—				—
Total dividends and distributions			—				(1.016	)			(0.507	)			(0.244	)			(0.206	)			(0.204	)
Net asset value, end of period		$	7.454			$	7.663			$	9.077			$	9.491			$	8.097			$	7.314
Total return3			(2.73%)				(4.30%)				0.91%				20.31%				13.64%				(12.13%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	722,770			$	682,486			$	748,475			$	643,792			$	418,262			$	174,904
Ratio of expenses to average net assets			0.38%				0.39%				0.38%				0.41%				0.44%				0.47%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.39%				0.39%				0.51%				0.83%				0.85%				0.87%
Ratio of net investment income to average net assets			5.87%				3.03%				3.04%				3.37%				3.66%				3.83%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			5.86%				3.03%				2.91%				2.95%				3.25%				3.43%
Portfolio turnover			54%				57%				53%				58%				53%				60%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Funds–24

LVIP SSGA Developed International 150 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Developed International 150 Fund Service Class
	Six Months
	Ended
	6/30/161												Year Ended
	(unaudited)				12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	7.668			$	9.080			$	9.494			$	8.101			$	7.319			$	8.554
Income (loss) from investment operations:
Net investment income2			0.207				0.255				0.277				0.271				0.255				0.299
Net realized and unrealized gain (loss)			(0.425	)			(0.674	)			(0.209	)			1.344				0.714				(1.351	)
Total from investment operations			(0.218	)			(0.419	)			0.068				1.615				0.969				(1.052	)
Less dividends and distributions from:
Net investment income			—				(0.236	)			(0.293	)			(0.222	)			(0.187	)			(0.183	)
Net realized gain.			—				(0.757	)			(0.189	)			—				—				—
Total dividends and distributions			—				(0.993	)			(0.482	)			(0.222	)			(0.187	)			(0.183	)
Net asset value, end of period.		$	7.450			$	7.668			$	9.080			$	9.494			$	8.101			$	7.319
Total return3			(2.84%	)			(4.53%	)			0.65%				20.01%				13.37%				(12.35%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	136,341			$	143,127			$	151,765			$	154,865			$	146,696			$	141,980
Ratio of expenses to average net assets			0.63%				0.64%				0.63%				0.66%				0.69%				0.72%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.64%				0.64%				0.76%				1.08%				1.10%				1.12%
Ratio of net investment income to average net assets			5.62%				2.78%				2.79%				3.12%				3.41%				3.58%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			5.61%				2.78%				2.66%				2.70%				3.00%				3.18%
Portfolio turnover			54%				57%				53%				58%				53%				60%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Funds–25

LVIP SSGA Emerging Markets 100 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Emerging Markets 100 Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	7.325		$	9.288			$	9.917			$	10.447			$	10.564			$	13.963
Income (loss) from investment operations:
Net investment income2			0.123			0.357				0.322				0.253				0.327				0.397
Net realized and unrealized gain (loss)			0.331			(1.940	)			(0.658	)			(0.553	)			0.899				(2.406	)
Total from investment operations			0.454			(1.583	)			(0.336	)			(0.300	)			1.226				(2.009	)
Less dividends and distributions from:
Net investment income			—			(0.380	)			(0.293	)			(0.230	)			(0.273	)			(0.323	)
Net realized gain			—			—				—				—				(1.070	)			(1.067	)
Total dividends and distributions			—			(0.380	)			(0.293	)			(0.230	)			(1.343	)			(1.390	)
Net asset value, end of period		$	7.779		$	7.325			$	9.288			$	9.917			$	10.447			$	10.564
Total return3			6.20%			(17.04%)				(3.37%)				(2.83%)				12.66%				(14.93%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)			$306,056			$421,228				$492,713				$478,730				$280,612				$124,765
Ratio of expenses to average net assets			0.44%			0.46%				0.44%				0.49%				0.51%				0.52%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.45%			0.46%				0.69%				1.24%				1.25%				1.26%
Ratio of net investment income to average net assets			3.40%			3.99%				3.28%				2.58%				3.05%				3.10%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			3.39%			3.99%				3.03%				1.83%				2.31%				2.36%
Portfolio turnover			49%			51%				84%				39%				61%				58%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Funds– 26

LVIP SSGA Emerging Markets 100 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Emerging Markets 100 Fund Service Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	7.329		$	9.289			$	9.917			$	10.448			$	10.564			$	13.961
Income (loss) from investment operations:
Net investment income2			0.115			0.334				0.297				0.229				0.303				0.370
Net realized and unrealized gain (loss)			0.330			(1.936	)			(0.657	)			(0.554	)			0.897				(2.410	)
Total from investment operations			0.445			(1.602	)			(0.360	)			(0.325	)			1.200				(2.040	)
Less dividends and distributions from:
Net investment income			—			(0.358	)			(0.268	)			(0.206	)			(0.246	)			(0.290	)
Net realized gain			—			—				—				—				(1.070	)			(1.067	)
Total dividends and distributions			—			(0.358	)			(0.268	)			(0.206	)			(1.316	)			(1.357	)
Net asset value, end of period		$	7.774		$	7.329			$	9.289			$	9.917			$	10.448			$	10.564
Total return3			6.07%			(17.25%)				(3.61%)				(3.08%)				12.39%				(15.15%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	174,635		$	166,173			$	184,408			$	191,838			$	189,969			$	165,869
Ratio of expenses to average net assets			0.69%			0.71%				0.69%				0.74%				0.76%				0.77%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.70%			0.71%				0.94%				1.49%				1.50%				1.51%
Ratio of net investment income to average net assets			3.15%			3.74%				3.03%				2.33%				2.80%				2.85%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			3.14%			3.74%				2.78%				1.58%				2.06%				2.11%
Portfolio turnover			49%			51%				84%				39%				61%				58%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Funds–27

LVIP SSGA Large Cap 100 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Large Cap 100 Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.878		$	15.954			$	14.468			$	11.492			$	10.408			$	10.340
Income (loss) from investment operations:
Net investment income2			0.201			0.359				0.365				0.332				0.313				0.252
Net realized and unrealized gain (loss)			0.345			(1.141	)			2.044				3.736				0.954				(0.012	)
Total from investment operations			0.546			(0.782	)			2.409				4.068				1.267				0.240
Less dividends and distributions from:
Net investment income			—			(0.391	)			(0.393	)			(0.310	)			(0.183	)			(0.172	)
Net realized gain			—			(1.903	)			(0.530	)			(0.782	)			—				—
Total dividends and distributions			—			(2.294	)			(0.923	)			(1.092	)			(0.183	)			(0.172	)
Net asset value, end of period		$	13.424		$	12.878			$	15.954			$	14.468			$	11.492			$	10.408
Total return3			4.24%			(4.67%)				16.73%				35.85%				12.22%				2.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	923,059		$	674,162			$	1,031,276			$	813,764			$	428,018			$	232,306
Ratio of expenses to average net assets			0.34%			0.34%				0.34%				0.36%				0.38%				0.39%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.35%			0.34%				0.41%				0.57%				0.58%				0.59%
Ratio of net investment income to average net assets			3.14%			2.32%				2.37%				2.43%				2.80%				2.39%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			3.13%			2.32%				2.30%				2.22%				2.60%				2.19%
Portfolio turnover			51%			61%				44%				44%				43%				45%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Funds–28

LVIP SSGA Large Cap 100 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Large Cap 100 Fund Service Class
	Six Months
	Ended
	6/30/161											Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	12.870		$	15.944			$	14.463			$	11.492			$	10.408			$	10.340
Income (loss) from investment operations:
Net investment income2			0.184			0.318				0.325				0.294				0.284				0.227
Net realized and unrealized gain (loss)			0.345			(1.137	)			2.041				3.735				0.956				(0.013	)
Total from investment operations			0.529			(0.819	)			2.366				4.029				1.240				0.214
Less dividends and distributions from:
Net investment income			—			(0.352	)			(0.355	)			(0.276	)			(0.156	)			(0.146	)
Net realized gain			—			(1.903	)			(0.530	)			(0.782	)			—				—
Total dividends and distributions			—			(2.255	)			(0.885	)			(1.058	)			(0.156	)			(0.146	)
Net asset value, end of period		$	13.399		$	12.870			$	15.944			$	14.463			$	11.492			$	10.408
Total return3			4.11%			(4.91%	)			16.44%				35.50%				11.95%				2.07%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	295,727		$	299,856			$	339,894			$	329,982			$	290,205			$	292,682
Ratio of expenses to average net assets			0.59%			0.59%				0.59%				0.61%				0.63%				0.64%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.60%			0.59%				0.66%				0.82%				0.83%				0.84%
Ratio of net investment income to average net assets			2.89%			2.07%				2.12%				2.18%				2.55%				2.14%
Ratio of net investment income to average net assets
prior to expenses waived/reimbursed			2.88%			2.07%				2.05%				1.97%				2.35%				1.94%
Portfolio turnover			51%			61%				44%				44%				43%				45%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Funds–29

LVIP SSGA Small-Mid Cap 200 Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Small-Mid Cap 200 Fund Standard Class
	Six Months
	Ended
	6/30/161											Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.701		$	14.908			$	15.394			$	12.629			$	12.366			$	12.858
Income (loss) from investment operations:
Net investment income2			0.182			0.344				0.432				0.412				0.500				0.343
Net realized and unrealized gain (loss)			0.707			(1.347	)			0.204				3.884				1.166				(0.627	)
Total from investment operations			0.889			(1.003	)			0.636				4.296				1.666				(0.284	)
Less dividends and distributions from:
Net investment income			—			(0.330	)			(0.516	)			(0.398	)			(0.319	)			(0.208	)
Net realized gain			—			(1.874	)			(0.606	)			(1.133	)			(1.084	)			—
Total dividends and distributions			—			(2.204	)			(1.122	)			(1.531	)			(1.403	)			(0.208	)
Net asset value, end of period		$	12.590		$	11.701			$	14.908			$	15.394			$	12.629			$	12.366
Total return3			7.62%			(6.84%	)			4.30%				34.49%				13.83%				(2.21%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	114,916		$	107,473			$	117,200			$	100,958			$	64,409			$	37,326
Ratio of expenses to average net assets			0.41%			0.41%				0.41%				0.42%				0.45%				0.48%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.42%			0.41%				0.52%				0.76%				0.77%				0.79%
Ratio of net investment income to average net assets			3.09%			2.39%				2.83%				2.80%				3.92%				2.76%
Ratio of net investment income to average net assets
prior to expenses waived/reimbursed			3.08%			2.39%				2.72%				2.46%				3.60%				2.45%
Portfolio turnover			73%			70%				56%				55%				64%				55%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Funds–30

LVIP SSGA Small-Mid Cap 200 Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Small-Mid Cap 200 Fund Service Class
	Six Months
	Ended
	6/30/161											Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	11.696		$	14.901			$	15.388			$	12.628			$	12.366			$	12.858
Income (loss) from investment operations:
Net investment income2			0.167			0.306				0.393				0.373				0.469				0.316
Net realized and unrealized gain (loss)			0.706			(1.343	)			0.203				3.881				1.164				(0.631	)
Total from investment operations			0.873			(1.037	)			0.596				4.254				1.633				(0.315	)
Less dividends and distributions from:
Net investment income			—			(0.294	)			(0.477	)			(0.361	)			(0.287	)			(0.177	)
Net realized gain			—			(1.874	)			(0.606	)			(1.133	)			(1.084	)			—
Total dividends and distributions			—			(2.168	)			(1.083	)			(1.494	)			(1.371	)			(0.177	)
Net asset value, end of period		$	12.569		$	11.696			$	14.901			$	15.388			$	12.628			$	12.366
Total return3			7.49%			(7.08%	)			4.04%				34.16%				13.55%				(2.45%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	116,420		$	113,416			$	116,053			$	115,941			$	97,729			$	93,454
Ratio of expenses to average net assets			0.66%			0.66%				0.66%				0.67%				0.70%				0.73%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.67%			0.66%				0.77%				1.01%				1.02%				1.04%
Ratio of net investment income to average net assets			2.84%			2.14%				2.58%				2.55%				3.67%				2.51%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.83%			2.14%				2.47%				2.21%				3.35%				2.20%
Portfolio turnover			73%			70%				56%				55%				64%				55%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Funds–31

LVIP SSGA Funds

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the “1940 Act”) and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP SSGA Developed International 150 Fund, LVIP SSGA Emerging Markets 100 Fund, LVIP SSGA Large Cap 100 Fund, and LVIP SSGA Small-Mid Cap 200 Fund (each, a “Fund”, and collectively, the “Funds”). The financial statements of the other Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are a diversified management investment company registered under the 1940 Act. Each Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life & Annuity Company of New York (“LNY”), and to unaffiliated insurance companies. Lincoln Life and LNY hold each Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts.

The investment objective of each Fund is to seek to maximize long-term capital appreciation.

1. Significant Accounting Policies

The Fund is an investment company inconformity 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 Funds.

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. U.S. government and agency securities are valued at the mean between their bid and ask prices, which approximates fair value. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees ( the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

Federal Income Taxes–No provision for federal income taxes has been made because each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the tax positions taken or to be taken on the Funds’ federal income tax returns through the six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statements of Operations. During the six months ended June 30, 2016, the Funds did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with each Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally do not separate that portion of realized gains and losses on investments resulting from changes in the foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

LVIP SSGA Funds–32

LVIP SSGA Funds

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholding not eligible for rebates. Discounts and premiums on non-convertible bonds are amortized to interest income over the lives of the respective securities using the effective interest method. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Withholding taxes on foreign dividends are recorded in accordance with each Fund’s understanding of the applicable country’s tax rules and rates. In addition, the Funds may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Funds accrue such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Funds declare and distribute dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Funds may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Funds in cash. Commission rebates are included in “Net realized gain (loss) from investments” on the Statement of Operations. 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. For the six months ended June 30, 2016, the brokerage commissions for LVIP SSGA Small-Mid Cap 200 Fund was $4. For the six months ended June 30, 2016, there were no brokerage commissions for LVIP SSGA Developed International 150 Fund, LVIP SSGA Emerging Markets 100 Fund and LVIP SSGA Large Cap 100 Fund.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 each Fund’s investment portfolio, including monitoring of the Funds’ investment sub-adviser, and providing certain administrative services to each Fund. For its services, LIAC receives a management fee at an annual rate of each Fund’s average daily net assets as follows:

	LVIP SSGA	LVIP SSGA
	Developed	Emerging	LVIP SSGA	LVIP SSGA
	International	Markets	Large Cap	Small-Mid Cap
	150 Fund	100 Fund	100 Fund	200 Fund
On the first $100 million	0.40%	0.40%	0.40%	0.40%
In excess of $100 million	0.32%	0.33%	0.30%	0.30%

Effective April 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee. This agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. The waiver amount of each Fund’s average daily net assets are as follows:

	LVIP SSGA	LVIP SSGA
	Developed	Emerging	LVIP SSGA	LVIP SSGA
	International	Markets	Large Cap	Small-Mid Cap
	150 Fund	100 Fund	100 Fund	200 Fund
On the first $50 million	0.070%	0.065%	0.080%	0.065%
On the next $50 million	0.010%	0.025%	0.015%	—
On the next $400 million	0.010%	0.005%	0.015%	—

SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for the day-to-day management of each Fund’s investment portfolio. For these services, LIAC, not the Funds, pays the Sub-Adviser an annual fee based on each Fund’s average daily net assets.

LVIP SSGA Funds–33

LVIP SSGA Funds

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of the 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 Statements of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

	LVIP SSGA	LVIP SSGA
	Developed	Emerging	LVIP SSGA	LVIP SSGA
	International	Markets	Large Cap	Small-Mid Cap
	150 Fund	100 Fund	100 Fund	200 Fund
Administrative	$21,658	$13,612	$26,083	$5,800
Legal	5,953	3,755	7,170	1,594

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2016, these fees were as follows:

	LVIP SSGA	LVIP SSGA
	Developed	Emerging	LVIP SSGA	LVIP SSGA
	International	Markets	Large Cap	Small-Mid Cap
	150 Fund	100 Fund	100 Fund	200 Fund
Printing and mailing	$2,773	$24,565	$6,157	$20,073

The Fund offers Standard Class and Service Class shares. Pursuant to its distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Funds had liabilities payable to affiliates as follows:

	LVIP SSGA	LVIP SSGA
	Developed	Emerging	LVIP SSGA	LVIP SSGA
	International	Markets	Large Cap	Small-Mid Cap
	150 Fund	100 Fund	100 Fund	200 Fund
Management fees payable to LIAC	$228,986	$126,328	$283,451	$63,125
Distribution fees payable to LFD	28,419	34,686	61,024	24,100
Printing and mailing fees payable to Lincoln Life	1,125	2,742	645	1,291

Certain officers and trustees of the Funds are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Funds. The Funds pay compensation to unaffiliated trustees.

3. Investments

For the six months ended June 30, 2016, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	LVIP SSGA	LVIP SSGA
	Developed	Emerging	LVIP SSGA	LVIP SSGA
	International	Markets	Large Cap	Small-Mid Cap
	150 Fund	100 Fund	100 Fund	200 Fund
Purchases	$522,064,361	$249,570,680	$733,289,283	$161,203,189
Sales	443,776,749	377,773,232	519,494,161	160,434,364

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Funds were as follows:

LVIP SSGA Funds–34

LVIP SSGA Funds

Notes to Financial Statements (continued)

3. Investments (continued)

	LVIP SSGA				LVIP SSGA
	Developed				Emerging			LVIP SSGA			LVIP SSGA
	International				Markets			Large Cap			Small-Mid Cap
	150 Fund				100 Fund			100 Fund			200 Fund
Cost of investments		$	930,482,807			$512,400,187			$1,182,325,352			$235,822,008
Aggregate unrealized appreciation		$	58,054,001			$  26,094,653			$   104,686,266			$  17,397,401
Aggregate unrealized depreciation			(139,813,405	)		(64,159,207	)		(69,094,226	)		(22,565,515	)
Net unrealized appreciation (depreciation)		$	(81,759,404	)		$ (38,064,554	)		$     35,592,040			$   (5,168,114	)

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, 2015, the LVIP SSGA Emerging Markets 100 Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$12,591,716	$37,341,448	$49,933,164

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment, in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)
Level 2–	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
Level 3–	inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

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 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 the 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 received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2016:

LVIP SSGA Developed International 150 Fund

	Level 1		Level 2		Total
Common Stock
Australia	$	—	$	61,071,491	$	61,071,491
Austria		—		11,961,429		11,961,429
Belgium		—		5,084,865		5,084,865
Canada		10,801,644		—		10,801,644
Denmark		—		11,358,648		11,358,648
Finland		—		17,323,340		17,323,340
France		—		57,319,762		57,319,762

LVIP SSGA Funds–35

LVIP SSGA Funds

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2		Total
Germany	$	—		$	49,258,135	$	49,258,135
Hong Kong		—			58,681,214		58,681,214
Israel		—			10,250,250		10,250,250
Japan		—			293,664,658		293,664,658
Netherlands		—			6,565,906		6,565,906
Norway		—			22,436,508		22,436,508
Portugal		—			5,080,531		5,080,531
Singapore		—			11,169,681		11,169,681
Spain		—			39,085,463		39,085,463
Sweden		—			21,041,440		21,041,440
Switzerland		—			38,594,084		38,594,084
United Kingdom		—			102,536,990		102,536,990
Money Market Fund		10,022,408			—		10,022,408
Preferred Stock		—			5,108,625		5,108,625
Right		306,331			—		306,331
Total	$	21,130,383		$	827,593,020	$	848,723,403
Futures Contracts	$	(176,007	)	$	—	$	(176,007	)

There were no Level 3 investments at the end of the period.

As a result of utilizing international fair value pricing at June 30, 2016, a majority of the portfolio was categorized as Level 2.

LVIP SSGA Emerging Markets 100 Fund

	Level 1		Level 2		Level 3		Total
Common Stock
Brazil	$	9,639,648	$	—	$	—	$	9,639,648
Czech Republic		—		4,646,726		—		4,646,726
Greece		—		4,643,995		—		4,643,995
Hong Kong		—		197,478,013		161,641		197,639,654
Hungary		—		5,077,763		—		5,077,763
India		—		4,634,111		—		4,634,111
Indonesia		—		9,564,814		—		9,564,814
Malaysia		—		4,568,045		—		4,568,045
Philippines		—		4,924,462		—		4,924,462
Poland		—		7,909,648		—		7,909,648
Qatar		4,726,126		—		—		4,726,126
Republic of Korea		—		60,962,859		—		60,962,859
Russia		—		14,320,424		—		14,320,424
South Africa		—		19,368,530		—		19,368,530
Taiwan		—		83,846,281		—		83,846,281
Thailand		—		6,041,858		—		6,041,858
Turkey		—		13,438,999		—		13,438,999
United Arab Emirates		—		4,527,063		—		4,527,063
Money Market Fund		2,837,607		—		—		2,837,607
Preferred Stock		11,017,020		—		—		11,017,020
Total	$	28,220,401	$	445,953,591	$	161,641	$	474,335,633
Futures Contracts	$	115,916	$	—	$	—	$	115,916

As a result of utilizing international fair value pricing at June 30, 2016, a majority of the portfolio was categorized as Level 2.

LVIP SSGA Funds–36

LVIP SSGA Funds

Notes to Financial Statements (continued)

3. Investments (continued)

LVIP SSGA Large Cap 100 Fund

	Level 1		Level 2		Total
Common Stock
Auto Components	$	33,694,141	$	—	$	33,694,141
Automobiles		32,997,192		—		32,997,192
Banks		96,432,822		—		96,432,822
Biotechnology		11,993,528		—		11,993,528
Capital Markets		9,843,397		—		9,843,397
Chemicals		33,159,228		—		33,159,228
Communications Equipment		12,070,141		—		12,070,141
Construction & Engineering		10,714,753		—		10,714,753
Consumer Finance		21,589,659		—		21,589,659
Containers & Packaging		24,090,114		—		24,090,114
Diversified Telecommunication Services		10,881,564		—		10,881,564
Electric Utilities		36,831,226		—		36,831,226
Electrical Equipment		22,401,708		—		22,401,708
Electronic Equipment, Instruments & Components		11,898,982		—		11,898,982
Energy Equipment & Services		12,706,375		—		12,706,375
Food & Staples Retailing		35,559,639		—		35,559,639
Food Products		54,358,831		—		54,358,831
Health Care Equipment & Supplies		41,968,628		—		41,968,628
Health Care Providers & Services		46,423,009		13,723,854		60,146,863
Hotels, Restaurants & Leisure		10,559,601		—		10,559,601
Household Durables		35,424,644		—		35,424,644
Household Products		12,021,531		—		12,021,531
Independent Power & Renewable Electricity Producers		12,607,533		—		12,607,533
Insurance		68,834,659		—		68,834,659
Internet Software & Services		12,674,772		—		12,674,772
IT Services		—		10,435,432		10,435,432
Machinery		72,955,258		—		72,955,258
Media		24,651,260		—		24,651,260
Multiline Retail		28,634,798		—		28,634,798
Multi-Utilities		37,078,477		—		37,078,477
Oil, Gas & Consumable Fuels		66,753,035		—		66,753,035
Pharmaceuticals		26,938,792		—		26,938,792
Real Estate Investment Trusts		12,791,080		—		12,791,080
Road & Rail		36,347,891		—		36,347,891
Semiconductors & Semiconductor Equipment		52,368,308		—		52,368,308
Software		12,830,948		12,565,912		25,396,860
Specialty Retail		20,053,039		—		20,053,039
Technology Hardware, Storage & Peripherals		46,853,269		—		46,853,269
Thrifts & Mortgage Finance		11,174,251		—		11,174,251
Money Market Fund		18,754,589		—		18,754,589
Short-Term Investments		—		1,269,522		1,269,522
Total	$	1,179,922,672	$	37,994,720	$	1,217,917,392
Futures Contracts	$	215,959	$	—	$	215,959

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

LVIP SSGA Funds–37

LVIP SSGA Funds

Notes to Financial Statements (continued)

3. Investments (continued)

LVIP SSGA Small-Mid Cap 200 Fund

	Level 1		Level 2		Total
Common Stock	$	227,806,733	$	—	$	227,806,733
Money Market Fund		2,567,511		—		2,567,511
Short-Term Investments		—		279,650		279,650
Total	$	230,374,244	$	279,650	$	230,653,894
Futures Contracts	$	13,519	$	—	$	13,519

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Funds. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the LVIP SSGA Emerging Markets 100 Fund and the LVIP SSGA Developed International 150 Fund use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Funds’ policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	LVIP SSGA						LVIP SSGA						LVIP SSGA						LVIP SSGA
	Developed International						Emerging Markets						Large Cap						Small-Mid Cap
	150 Fund						100 Fund						100 Fund						200 Fund
	Six Months			Year			Six Months			Year			Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
	6/30/16			12/31/15			6/30/16			12/31/15			6/30/16			12/31/15			6/30/16			12/31/15
Shares sold:
Standard Class		17,151,337			15,578,895			5,145,901			16,218,961			20,107,074			7,169,534			969,430			2,348,715
Service Class		1,284,406			3,360,659			2,010,244			4,710,554			1,224,108			2,665,789			871,774			2,000,036
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			10,455,337			—			2,839,560			—			8,504,573			—			1,323,913
Service Class		—			2,160,437			—			1,047,156			—			3,550,693			—			1,489,807
		18,435,743			31,555,328			7,156,145			24,816,231			21,331,182			21,890,589			1,841,204			7,162,471
Shares redeemed:
Standard Class		(9,254,150	)		(19,432,662	)		(23,308,975	)		(14,602,135	)		(3,693,084	)		(27,963,615	)		(1,026,705	)		(2,348,863	)
Service Class		(1,648,767	)		(3,569,601	)		(2,218,836	)		(2,937,522	)		(2,451,455	)		(4,235,431	)		(1,306,218	)		(1,581,189	)
		(10,902,917	)		(23,002,263	)		(25,527,811	)		(17,539,657	)		(6,144,539	)		(32,199,046	)		(2,332,923	)		(3,930,052	)
Net increase (decrease)		7,532,826			8,553,065			(18,371,666	)		7,276,574			15,186,643			(10,308,457	)		(491,719	)		3,232,419

5. 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.

Foreign Currency Exchange Contracts–Each Fund enters into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. Each Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts and foreign cross currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Funds could be exposed to the risk

LVIP SSGA Funds–38

LVIP SSGA Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

that counterparties to the contracts may be unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016.

Futures Contracts–Each Fund may use futures in the normal course of pursuing its investment objectives and strategies. Each Fund may use 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, each Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

Fair values of derivative instruments as of June 30, 2016 were as follows:

LVIP SSGA Developed International 150 Fund
	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities	$—	Receivables and other assets net of liabilities	$176,007
LVIP SSGA Emerging Markets 100 Fund
	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities	$115,916	Receivables and other assets net of liabilities	$—
LVIP SSGA Large Cap 100 Fund
	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities	$215,959	Receivables and other assets net of liabilities	$—
LVIP SSGA Small-Mid Cap 200 Fund
	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities	$13,519	Receivables and other assets net of liabilities	$—

LVIP SSGA Funds–39

LVIP SSGA Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2016 was as follows:

LVIP SSGA Developed International 150 Fund
					Change in Unrealized
					Appreciation
		Realized Gain			(Depreciation) on
		(Loss) on Derivatives			Derivatives
	Location of Gain or Loss on Derivatives	Recognized in			Recognized in
	Recognized in Income	Income			Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$  983,716			$          —
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(717,622	)		(281,888	)
Total			$  266,094			$(281,888	)
LVIP SSGA Emerging Markets 100 Fund
					Change in Unrealized
					Appreciation
		Realized Gain			(Depreciation) on
		(Loss) on Derivatives			Derivatives
	Location of Gain or Loss on Derivatives	Recognized in			Recognized in
	Recognized in Income	Income			Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$  (217,694	)		$       —
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		2,038,140			86,360
Total			$1,820,446			$86,360
LVIP SSGA Large Cap 100 Fund
					Change in Unrealized
					Appreciation
		Realized Gain			(Depreciation) on
		(Loss) on Derivatives			Derivatives
	Location of Gain or Loss on Derivatives	Recognized in			Recognized in
	Recognized in Income	Income			Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$453,433			$74,950
LVIP SSGA Small-Mid Cap 200 Fund
					Change in Unrealized
					Appreciation
		Realized Gain			(Depreciation) on
		(Loss) on Derivatives			Derivatives
	Location of Gain or Loss on Derivatives	Recognized in			Recognized in
	Recognized in Income	Income			Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$250,999			$(109,872	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by each Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

LVIP SSGA Funds–40

LVIP SSGA Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

	Asset Derivative Volume				Liability Derivative Volume
	Foreign Currency		Future		Foreign Currency		Future
	Exchange Contracts		Contracts		Exchange Contracts		Contracts
	(Average Cost)		(Average Notional Value)		(Average Cost)		(Average Notional Value)
LVIP SSGA Developed International 150 Fund		$2,229,981		$16,603,602		$1,805,836		$—
LVIP SSGA Emerging Markets 100 Fund		1,430,952		9,475,780		1,461,066		—
LVIP SSGA Large Cap 100 Fund		—		18,158,516		—		—
LVIP SSGA Small-Mid Cap 200 Fund		—		4,942,053		—		—

In order to better define its contractual rights and to secure rights to help the Funds mitigate its counterparty risk, the LVIP SSGA Developed International 150 Fund and the LVIP SSGA Emerging Markets 100 Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

At June 30, 2016, the LVIP SSGA Developed International 150 Fund and the LVIP SSGA Emerging Markets 100 Fund held no assets or liabilities that are subject to the offsetting provisions.

At June 30, 2016, LVIP SSGA Large Cap 100 Fund and LVIP SSGA Small-Mid Cap 200 Fund posted collateral for futures contracts as follows:

	LVIP SSGA		LVIP SSGA
	Large Cap		Small-Mid Cap
	100 Fund		200 Fund
U.S. Treasury Obligations, at value	$	1,269,522		$279,650

6. Market Risk

Some countries in which the LVIP SSGA Developed International 150 Fund and the LVIP SSGA Emerging Markets 100 Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets are held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.

Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments 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 LVIP SSGA Small-Mid Cap 200 Fund may invest its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

The Funds invest in REITs and are subject to the risks associated with that industry. If the Funds acquires a direct interest in real estate directly as a result of defaults or receive rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Funds had no direct real estate holdings during the six months ended June 30, 2016. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Funds may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Funds’ Board has delegated to LIAC the day-to-day functions of determining whether individual securities are illiquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which

LVIP SSGA Funds–41

LVIP SSGA Funds

Notes to Financial Statements (continued)

are determined to be liquid, are not subject to the Fund’s limit on investments in illiquid securities. As of June 30, 2016, there were no Rule 144A securities for LVIP SSGA Developed International 150 Fund, LVIP SSGA Large Cap 100 Fund and LVIP SSGA Small-Mid Cap Fund. Rule 144A securities for LVIP SSGA Emerging Markets 100 Fund have been identified on the Statement of Net Assets. As of June 30, 2016, there were no illiquid securities for LVIP SSGA Developed International 150 Fund and LVIP SSGA Small-Mid Cap 200 Fund. As of June 30, 2016, illiquid securities for LVIP SSGA Emerging Markets 100 Fund and LVIP SSGA Large Cap 100 Fund have been identified on the Statement of Net Assets.

7. Contractual Obligations

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

8. Subsequent Events

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

LVIP SSGA Funds–42

      LVIP SSGA Global Tactical Allocation Managed Volatility Fund a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016  

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	5
Statement of Operations	6
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9
Other Fund Information	15

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Global Tactical Allocation Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,019.10		0.33%		$1.66
Service Class Shares		1,000.00		1,017.90		0.58%		2.91
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.22		0.33%		$1.66
Service Class Shares		1,000.00		1,021.98		0.58%		2.92

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests a significant portion of its assets in other investment companies, including exchange-traded funds (collectively, the Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–1

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		68.83%
Equity Funds		20.69%
Fixed Income Funds		33.89%
International Equity Funds		14.25%
Unaffiliated Investment Companies		29.19%
Commodity Fund		3.10%
Equity Funds		11.97%
Fixed Income Funds		3.04%
International Equity Funds		4.67%
Money Market Fund		6.41%
Total Value of Securities		98.02%
Receivables and Other Assets Net of Liabilities		1.98%
Total Net Assets		100.00%

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–2

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–68.83%
Equity Funds–20.69%
SPDR® S&P 500 Growth ETF		380,954	$	38,442,068
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		9,152,661		122,865,325
LVIP SSGA S&P 500 Index Fund		651,939		9,732,793
LVIP SSGA Small-Cap Index Fund		199,208		5,003,904
LVIP SSGA Small-Mid Cap 200 Fund		2,216,211		27,908,741
				203,952,831
Fixed Income Funds–33.89%
SPDR® Barclays Aggregate Bond ETF		1,154,665		68,598,648
SPDR® Barclays TIPS ETF		1,515,563		88,129,988
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		15,105,106		177,379,260
				334,107,896
International Equity Funds–14.25%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		11,172,599		83,280,552
LVIP SSGA Emerging Markets 100 Fund		3,737,505		29,066,575
LVIP SSGA International Index Fund		3,498,227		28,132,742
				140,479,869
Total Affiliated Investment Companies (Cost $646,193,844)				678,540,596

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–29.19%
Commodity Fund–3.10%
†SPDR® Gold Trust ETF		241,341	$	30,534,463
				30,534,463
Equity Funds–11.97%
Consumer Discretionary Select Sector SPDR® Fund		237,691		18,551,783
Consumer Staples Select Sector SPDR® Fund		357,044		19,690,977
Industrial Select Sector SPDR® Fund		340,186		19,036,809
SPDR® Dow Jones REIT ETF		276,378		27,480,265
SPDR® S&P 500 ETF Trust		91,381		19,147,061
SPDR® S&P 600 Small Cap ETF		135,495		14,152,453
				118,059,348
Fixed Income Funds–3.04%
SPDR® Barclays High Yield Bond ETF		557,260		19,894,182
SPDR® Barclays Long Term Treasury ETF		126,377		10,087,412
				29,981,594
International Equity Funds–4.67%
SPDR® S&P Emerging Markets ETF		153,225		8,513,181
SPDR® S&P World ex-US ETF		1,098,423		27,383,685
WisdomTree Europe Hedged Equity Fund		201,106		10,161,886
				46,058,752
Money Market Fund–6.41%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		63,180,448		63,180,448
				63,180,448
Total Unaffiliated Investment Companies (Cost $273,767,195)				287,814,605

TOTAL VALUE OF SECURITIES–98.02% (Cost $919,961,039)		966,355,201
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.98%		19,560,211
NET ASSETS APPLICABLE TO 89,329,388 SHARES OUTSTANDING–100.00%	$	985,915,412

† Non-income producing for the period.

* Standard Class shares.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–3

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

	Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional         Value		Expiration     Date		Unrealized Appreciation (Depreciation)
(234)	British Pound Currency	$	(19,557,673)	$	(19,375,200)		9/20/16	$	182,473
(195)	E-mini MSCI Emerging Markets Index		(7,828,414)		(8,138,325)		9/19/16		(309,911	)
(659)	E-mini S&P 500 Index		(66,593,533)		(68,872,090)		9/19/16		(2,278,557	)
(69)	E-mini S&P MidCap 400 Index		(9,903,026)		(10,301,700)		9/19/16		(398,674	)
(233)	Euro Currency		(32,307,654)		(32,350,594)		9/20/16		(42,940	)
(1,065)	Euro STOXX 50 Index		(32,618,972)		(33,742,781)		9/19/16		(1,123,809	)
(241)	FTSE 100 Index		(19,593,357)		(20,605,387)		9/19/16		(1,012,030	)
(191)	Japanese Yen Currency		(23,380,857)		(23,175,463)		9/20/16		205,394
(156)	Nikkei 225 Index (OSE)		(23,395,404)		(23,521,232)		9/9/16		(125,828	)
								$	(4,903,882	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 7 in “Notes to Financial Statements.”

Summary of Abbreviations:

ETF–Exchange-Traded Fund

OSE–Osaka Securities Exchange

REIT–Real Estate Investment Trust

SPDR–Standard & Poor’s Depositary Receipt

TIPS–Treasury Inflation–Protected Securities

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

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–4

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	678,540,596
Investments in unaffiliated investment companies, at value		287,814,605
Total investments, at value		966,355,201
Cash		31
Cash collateral held at broker for futures contracts		23,281,650
Receivables for investment companies shares sold		10,302,524
Dividends receivable from investment companies		112,639
Receivables for fund shares sold		16,269
TOTAL ASSETS		1,000,068,314
LIABILITIES:
Foreign currencies collateral due to broker for futures contracts		7,801,581
Net unrealized depreciation on futures contracts		4,903,882
Payables for fund shares redeemed		986,173
Due to manager and affiliates		441,998
Other accrued expenses payable		19,268
TOTAL LIABILITIES		14,152,902
TOTAL NET ASSETS	$	985,915,412
Investments in affiliated investment companies, at cost	$	646,193,844
Investments in unaffiliated investment companies, at cost		273,767,195
Total investments, at cost	$	919,961,039
Standard Class:
Net Assets	$	47,476,800
Shares Outstanding		4,296,992
Net Asset Value Per Share	$	11.049
Service Class:
Net Assets	$	938,438,612
Shares Outstanding		85,032,396
Net Asset Value Per Share	$	11.036
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	1,034,119,696
Undistributed net investment income		1,422,349
Accumulated net realized loss on investments		(91,116,913	)
Net unrealized appreciation of investments and derivatives.		41,490,280
TOTAL NET ASSETS	$	985,915,412

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

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–5

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	3,160,228
Dividends from affiliated investment companies		1,058,918
		4,219,146
EXPENSES:
Management fees		1,956,442
Distribution fees-Service Class		1,164,255
Accounting and administration expenses		68,631
Reports and statements to shareholders		49,283
Professional fees		22,261
Trustees’ fees and expenses		12,994
Custodian fees		5,665
Consulting fees		2,073
Pricing fees		203
Other		4,101
		3,285,908
Less management fees waived		(489,111	)
Total operating expenses		2,796,797
NET INVESTMENT INCOME		1,422,349
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of investments in unaffiliated investment companies		(17,999,263	)
Sale of investments in affiliated investment companies		(12,297,274	)
Foreign currencies		85,130
Futures contracts		(1,804,270	)
Net realized loss		(32,015,677	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		32,916,772
Investments in unaffiliated investment companies		19,178,244
Futures contracts		(4,279,767	)
Net change in unrealized appreciation (depreciation)		47,815,249
NET REALIZED AND UNREALIZED GAIN		15,799,572
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,221,921

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

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,422,349		$	16,892,480
Net realized gain (loss)		(32,015,677	)		10,449,959
Net change in unrealized appreciation (depreciation)		47,815,249			(100,374,005	)
Net increase (decrease) in net assets resulting from operations		17,221,921			(73,031,566	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,503,270	)
Service Class		—			(28,109,073	)
		—			(29,612,343	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,262,784			7,336,346
Service Class		38,075,806			166,817,671
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,503,270
Service Class		—			28,109,073
		41,338,590			203,766,360
Cost of shares redeemed:
Standard Class		(3,632,471	)		(6,214,896	)
Service Class		(69,091,460	)		(117,727,274	)
		(72,723,931	)		(123,942,170	)
Increase (decrease) in net assets derived from capital share transactions		(31,385,341	)		79,824,190
NET DECREASE IN NET ASSETS		(14,163,420	)		(22,819,719	)
NET ASSETS:
Beginning of period		1,000,078,832			1,022,898,551
End of period	$	985,915,412		$	1,000,078,832
Undistributed net investment income	$	1,422,349		$	—

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

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–6

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSgA Global Tactical Allocation Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	10.841	$	11.979		$	11.784		$	10.951		$	10.193		$	10.313
Income (loss) from investment operations:
Net investment income3		0.028		0.220			0.234			0.227			0.198			0.272
Net realized and unrealized gain (loss)		0.180		(1.000	)		0.236			0.846			0.931			(0.252	)
Total from investment operations		0.208		(0.780	)		0.470			1.073			1.129			0.020
Less dividends and distributions from:
Net investment income		—		(0.358	)		(0.275	)		(0.240	)		(0.371	)		(0.140	)
Total dividends and distributions		—		(0.358	)		(0.275	)		(0.240	)		(0.371	)		(0.140	)
Net asset value, end of period	$	11.049	$	10.841		$	11.979		$	11.784		$	10.951		$	10.193
Total return4		1.91%		(6.52%	)		3.97%			9.81%			11.15%			0.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	47,477	$	46,949		$	49,090		$	45,331		$	40,440		$	37,603
Ratio of expenses to average net assets5		0.33%		0.33%			0.34%			0.30%			0.30%			0.33%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5		0.43%		0.43%			0.44%			0.33%			0.30%			0.33%
Ratio of net investment income to average net assets		0.53%		1.86%			1.94%			1.99%			1.85%			2.61%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.43%		1.76%			1.84%			1.96%			1.85%			2.61%
Portfolio turnover		35%		58%			53%			70%			41%			46%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–7

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSgA Global Tactical Allocation Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)								Year Ended
			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	10.843	$	11.978		$	11.784		$	10.953		$	10.195		$	10.315
Income (loss) from investment operations:
Net investment income3		0.015		0.190			0.204			0.198			0.171			0.244
Net realized and unrealized gain (loss)		0.178		(0.996	)		0.234			0.845			0.932			(0.251	)
Total from investment operations		0.193		(0.806	)		0.438			1.043			1.103			(0.007	)
Less dividends and distributions from:
Net investment income		—		(0.329	)		(0.244	)		(0.212	)		(0.345	)		(0.113	)
Total dividends and distributions		—		(0.329	)		(0.244	)		(0.212	)		(0.345	)		(0.113	)
Net asset value, end of period	$	11.036	$	10.843		$	11.978		$	11.784		$	10.953		$	10.195
Total return4		1.79%		(6.75%	)		3.71%			9.54%			10.88%			(0.04%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	938,438	$	953,130		$	973,809		$	807,031		$	419,366		$	269,222
Ratio of expenses to average net assets5		0.58%		0.58%			0.59%			0.55%			0.55%			0.58%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5		0.68%		0.68%			0.69%			0.58%			0.55%			0.58%
Ratio of net investment income to average net assets		0.28%		1.61%			1.69%			1.74%			1.60%			2.36%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.18%		1.51%			1.59%			1.71%			1.60%			2.36%
Portfolio turnover		35%		58%			53%			70%			41%			46%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  The average shares outstanding method has been applied for per share information.

⁴  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁵  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–8

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Global Tactical Allocation Managed Volatility 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”). 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 operates under a fund of funds structure and invests a significant portion of its assets in open-end investment companies, including exchange-traded funds (“ETFs”) that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek long-term growth of capital. Current income is not a consideration.

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–ETFs, 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 (“NYSE”) on the valuation date. ETFs 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 ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the NYSE on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the 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.

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.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–9

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gains distributions from the Underlying Funds are recorded on the ex-dividend date. 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 accorded the order, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC). LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.10% of average daily net assets of the Fund. This agreement will continue through at least April 30, 2017 and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s investment portfolio. Effective May 1, 2016 SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for the day-to-day management of the Fund’s volatility management overlay. For these services, LIAC, not the Fund, pays the Sub-Adviser(s) 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	25,846
Legal		7,113

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $20,170 for the six months ended June 30, 2016.

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 $41,941 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds and ETFs in which it invests. Because each of the Underlying Funds and ETFs has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds and ETFs at different times, the amount of fees and expenses incurred indirectly will vary.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–10

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	243,743
Distribution fees payable to LFD		193,257
Printing and mailing fees payable to Lincoln Life		4,998

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.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds or ETFs). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value						Net Realized		Value				Capital Gain
	12/31/15		Purchases		Sales		Gain (Loss)		6/30/16		Dividends		Distributions
LVIP SSGA Bond Index Fund	$	159,457,603	$	28,638,983	$	19,476,354	$	(38,891)	$	177,379,260	$	—	$—
LVIP SSGA Developed International 150 Fund		121,026,725		5,092,644		38,640,192		(11,307,775)		83,280,552		—	—
LVIP SSGA Emerging Markets 100 Fund		9,477,379		19,692,044		1,109,632		(269,985)		29,066,575		—	—
LVIP SSGA International Index Fund		48,056,172		1,800,000		20,560,000		(393,207)		28,132,742		—	—
LVIP SSGA Large Cap 100 Fund		125,782,124		6,917,406		15,251,457		(2,104,762)		122,865,325		—	—
LVIP SSGA S&P 500 Index Fund		19,207,038		60,000		9,040,951		3,308,165		9,732,793		—	—
LVIP SSGA Small-Cap Index Fund		4,909,081		—		—		—		5,003,904		—	—
LVIP SSGA Small-Mid Cap 200 Fund		29,025,221		950,000		4,320,426		(954,108)		27,908,741		—	—
SPDR® Barclays Aggregated Bond ETF1		—		22,071,448		4,635,410		(108,581)		68,598,648		598,975	—
SPDR® Barclays TIPS ETF		77,762,418		11,255,059		6,054,118		(430,508)		88,129,988		240,629	—
SPDR® S&P 500 Growth ETF		—		37,565,083		885,608		2,378		38,442,068		219,314	—
Total	$	594,703,761	$	134,042,667	$	119,974,148	$	(12,297,274)	$	678,540,596	$	1,058,918	$—

¹  The Fund was not deemed to be an affiliate at 12/31/15.

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	318,862,485
Sales		310,981,453

A June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	919,961,039
Aggregate unrealized appreciation	$	51,764,075
Aggregate unrealized depreciation		(5,369,913	)
Net unrealized appreciation	$	46,394,162

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–11

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	966,355,201
Futures Contracts	$	(4,903,882	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

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; however, there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized, due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

As of December 31, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Pre-Enactment Short-Term Capital Losses Expiring In
2017	2018		Total
$27,955,233	$	3,265,118	$	31,220,351

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–12

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		300,858			617,995
Service Class		3,514,609			14,040,137
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			137,970
Service Class		—			2,579,542
		3,815,467			17,375,644
Shares redeemed:
Standard Class		(334,409	)		(523,498	)
Service Class		(6,388,867	)		(10,009,939	)
		(6,723,276	)		(10,533,437	)
Net increase (decrease)		(2,907,809	)		6,842,207

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts	$	—	Net unrealized depreciation from futures contracts	$	(5,248,809	)
Currency contracts (Futures contracts)	Net unrealized depreciation on futures contracts		387,867	Net unrealized depreciation from futures contracts		(42,940	)
Total		$	387,867		$	(5,291,749	)

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–13

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$(1,044,698	)		$(4,284,182	)
Currency contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(759,572	)		4,415
Total			$(1,804,270	)		$(4,279,767	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (average notional value)	$53,501,794	$85,585,082

6. Credit and Market Risk

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.

7. 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 loss to be remote.

8. 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 Global Tactical Allocation Managed Volatility Fund–14

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP SSGA Global Tactical Allocation Managed Volatility Fund–15

        LVIP SSGA International Index Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP SSGA International Index Fund

Index

Disclosure of Expenses	1
Security Type/Country and Sector Allocations and Top 10 Equity Holdings	2
Statement of Net Assets	4
Statement of Operations	16
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	19

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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

Disclosure

      OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

The Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”), 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. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) Fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	965.90		0.41	%		$2.00
Service Class Shares		1,000.00		964.70		0.66	%		3.22
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.82		0.41	%		$2.06
Service Class Shares		1,000.00		1,021.58		0.66	%		3.32

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP SSGA International Index Fund—1

LVIP SSGA International Index Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Security Type/Country	Percentage of Net Assets
Common Stock		97.76%
Australia		7.18%
Austria		0.17%
Belgium		1.48%
China		0.01%
Denmark		1.93%
Finland		0.97%
France		9.32%
Germany		7.97%
Hong Kong		3.29%
Ireland		0.68%
Israel		0.74%
Italy		1.87%
Japan		22.90%
Netherlands		4.00%
New Zealand		0.20%
Norway		0.64%
Portugal		0.14%
Singapore		1.33%
South Africa		0.04%
Spain		2.87%
Sweden		2.76%
Switzerland		9.34%
United Kingdom		17.93%
Preferred Stock		0.51%
Rights		0.01%
Money Market Fund		0.72%
Total Value of Securities		99.00%
Receivables and Other Assets Net of Liabilities		1.00%
Total Net Assets		100.00%

Sector designations may be different than the sector designations presented in other Fund materials.

Sector	Percentage of Net Assets
Aerospace & Defense		1.05%
Air Freight & Logistics		0.37%
Airlines		0.24%
Auto Components		1.15%
Automobiles		3.34%
Banks		10.25%
Beverages		2.91%
Biotechnology		1.07%
Building Products		0.57%
Capital Markets		1.47%
Chemicals		3.50%
Commercial Services & Supplies		0.62%
Communications Equipment		0.48%
Construction & Engineering		0.89%

Sector	Percentage of Net Assets
Construction Materials		0.61%
Consumer Finance		0.09%
Containers & Packaging		0.15%
Distributors		0.02%
Diversified Consumer Services		0.01%
Diversified Financial Services		1.22%
Diversified Telecommunication Services		3.09%
Electric Utilities		1.82%
Electrical Equipment		1.30%
Electronic Equipment, Instruments & Components		1.16%
Energy Equipment & Services		0.16%
Food & Staples Retailing		1.70%
Food Products		3.52%
Gas Utilities		0.58%
Health Care Equipment & Supplies		1.05%
Health Care Providers & Services		0.71%
Health Care Technology		0.05%
Hotels, Restaurants & Leisure		1.30%
Household Durables		1.03%
Household Products		1.04%
Independent Power & Renewable Electricity Producers		0.05%
Industrial Conglomerates		1.57%
Insurance		5.04%
Internet & Catalog Retail		0.13%
Internet Software & Services		0.18%
IT Services		0.61%
Leisure Products		0.20%
Life Sciences Tools & Services		0.29%
Machinery		2.34%
Marine		0.23%
Media		1.79%
Metals & Mining		2.28%
Multiline Retail		0.33%
Multi-Utilities		1.25%
Oil, Gas & Consumable Fuels		4.95%
Paper & Forest Products		0.22%
Personal Products		1.97%
Pharmaceuticals		9.10%
Professional Services		0.66%
Real Estate Investment Trusts		1.96%
Real Estate Management & Development		2.01%
Road & Rail		1.36%
Semiconductors & Semiconductor Equipment		0.98%
Software		1.23%
Specialty Retail		1.03%
Technology Hardware, Storage & Peripherals		0.61%
Textiles, Apparel & Luxury Goods		1.56%
Tobacco		1.86%
Trading Companies & Distributors		1.19%
Transportation Infrastructure		0.63%

LVIP SSGA International Index Fund—2

LVIP SSGA International Index Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (continued)

Sector	Percentage of Net Assets
Water Utilities		0.15%
Wireless Telecommunication Services		2.00%
Total		98.28%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Nestle		2.06%
Novartis		1.56%
Roche Holding		1.54%
Toyota Motor		1.10%
HSBC Holdings		1.02%
British American Tobacco		1.01%
Royal Dutch Shell Class A		0.96%
BP		0.90%
TOTAL		0.90%
Anheuser-Busch InBev		0.88%
Total		11.93%

IT–Information Technology

LVIP SSGA International Index Fund—3

LVIP SSGA International Index Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–97.76%
Australia–7.18%
AGL Energy		120,964	$	1,756,774
Alumina		468,716		460,734
Amcor		211,257		2,375,289
AMP		553,041		2,155,316
APA Group		208,320		1,448,941
Aristocrat Leisure		93,145		968,992
Asciano		124,214		824,133
ASX		33,852		1,165,545
Aurizon Holdings		441,176		1,600,714
AusNet Services		266,873		328,686
Australia & New Zealand Banking Group		546,651		9,960,008
Bank of Queensland		90,905		725,263
Bendigo & Adelaide Bank		75,933		549,792
BHP Billiton		600,927		8,374,660
Boral		130,004		610,346
Brambles		288,768		2,696,051
Caltex Australia		51,069		1,231,272
Challenger		110,690		723,164
CIMIC Group		17,957		484,797
Coca-Cola Amatil		104,489		645,011
Cochlear		9,787		892,960
Commonwealth Bank of Australia		321,272		18,033,055
Computershare		76,199		526,909
Crown Resorts		59,112		562,243
CSL		86,459		7,291,310
Dexus Property Group		168,997		1,146,753
Domino’s Pizza Enterprises		10,560		543,391
DUET Group		450,982		845,864
Flight Centre Travel Group		8,399		199,816
Fortescue Metals Group		243,687		652,117
Goodman Group		319,093		1,711,459
GPT Group		384,790		1,564,806
†@=GPT Group In-Specie		160,069		0
Harvey Norman Holdings		112,540		391,593
Healthscope		409,322		880,833
Incitec Pivot		288,379		647,789
Insurance Australia Group		485,234		1,998,809
James Hardie Industries CDI		88,731		1,374,210
LendLease Group		95,238		904,681
Macquarie Group		60,461		3,147,265
Medibank Pvt		527,768		1,170,357
Mirvac Group		820,320		1,247,580
National Australia Bank		494,098		9,486,397
†Newcrest Mining		143,432		2,485,941
Oil Search		266,255		1,344,472
Orica		87,186		811,049
Origin Energy		368,835		1,611,487
Platinum Asset Management		40,363		175,300
Qantas Airways		88,434		187,332
QBE Insurance Group		278,027		2,196,303
Ramsay Health Care		26,696		1,442,799

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Australia (continued)
REA Group		8,246	$	370,062
Rio Tinto		85,597		2,960,850
Santos		277,924		983,792
Scentre Group		980,146		3,630,421
SEEK		55,169		633,320
Sonic Healthcare		83,995		1,362,157
†South32		560,274		657,082
†South32		368,248		440,024
Stockland		461,051		1,634,657
Suncorp Group		262,253		2,404,839
Sydney Airport		239,685		1,251,550
Tabcorp Holdings		157,922		544,005
Tatts Group		245,023		705,111
Telstra		786,447		3,287,139
TPG Telecom		75,861		680,235
Transurban Group		374,405		3,372,179
Treasury Wine Estates		143,353		996,142
Vicinity Centres		648,595		1,618,147
=Vocus Communications		109,131		693,442
Wesfarmers		217,826		6,568,954
Westfield		361,570		2,904,376
Westpac Banking		626,706		13,897,549
Woodside Petroleum		135,708		2,751,785
Woolworths		234,547		3,689,086
				162,597,272
Austria–0.17%
ANDRITZ		13,432		636,907
Erste Group Bank		57,792		1,315,807
=IMMOEAST		13,053		0
OMV		33,207		933,472
†Raiffeisen Bank International		19,247		243,137
voestalpine		18,936		637,296
				3,766,619
Belgium–1.48%
Ageas		37,789		1,313,518
Anheuser-Busch InBev		151,346		20,013,456
Colruyt		11,289		624,710
Delhaize Group		19,434		2,052,898
Groupe Bruxelles Lambert		15,148		1,242,223
†KBC Group		50,425		2,479,947
Proximus SADP		32,355		1,028,193
Solvay Class A		13,770		1,286,227
†Telenet Group Holding		13,118		599,839
UCB		25,888		1,943,862
Umicore		16,260		839,898
				33,424,771
¨China–0.01%
Yangzijiang Shipbuilding Holdings		294,000		197,188
				197,188

LVIP SSGA International Index Fund—4

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Denmark–1.93%
AP Moeller - Maersk Class A		810	$	1,020,892
AP Moeller - Maersk Class B		1,170		1,528,201
Carlsberg Class B		19,275		1,838,989
Chr Hansen Holding		19,213		1,261,820
Coloplast Class B		24,283		1,817,695
Danske Bank		130,301		3,429,572
DSV		36,826		1,548,465
†Genmab		10,466		1,908,446
ISS		29,033		1,091,940
Novo Nordisk Class B		349,390		18,815,664
Novozymes Class B		44,811		2,151,864
Pandora		22,318		3,039,699
TDC		153,000		749,772
Tryg		16,350		292,739
Vestas Wind Systems		41,063		2,791,030
†William Demant Holding		19,495		379,486
				43,666,274
Finland–0.97%
Elisa		25,308		972,414
Fortum		92,610		1,487,913
Kone Class B		61,733		2,849,000
Metso		28,365		666,858
Neste		23,689		849,462
Nokia		825,094		4,699,273
Nokia Oyj		290,364		1,634,401
Nokian Renkaat		19,229		689,204
Orion Class B		16,843		654,010
Sampo Class A		82,479		3,373,087
Stora Enso Class R		118,253		951,000
UPM-Kymmene		109,992		2,020,638
Wartsila		28,764		1,173,608
				22,020,868
France–9.32%
Accor		33,632		1,288,649
Aeroports de Paris		6,640		727,549
Air Liquide		66,694		6,948,291
Airbus Group		114,047		6,537,167
†Alstom		29,964		691,825
Arkema		13,177		1,007,418
Atos		17,163		1,415,071
AXA		363,271		7,182,818
BNP Paribas		198,570		8,708,392
Bollore		175,057		589,332
Bouygues		44,548		1,276,225
Bureau Veritas		50,866		1,067,934
Cap Gemini		31,007		2,675,681
Carrefour		101,366		2,493,162
Casino Guichard Perrachon		8,803		488,641
Christian Dior		9,766		1,564,433
Cie de Saint-Gobain		88,080		3,338,725

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
France (continued)
Cie Generale des Etablissements Michelin		33,520	$	3,158,946
CNP Assurances		27,678		408,355
Credit Agricole		208,477		1,752,652
Danone		110,167		7,709,777
Dassault Systemes		23,272		1,754,616
Edenred		34,384		704,050
Eiffage		10,346		735,498
Electricite de France		47,707		578,458
Engie		270,576		4,344,547
Essilor International		39,615		5,206,564
Eurazeo		6,240		370,193
Eutelsat Communications		37,881		715,007
Fonciere Des Regions		7,556		667,846
Gecina		7,061		956,400
Groupe Eurotunnel		98,043		1,035,599
Hermes International		4,881		1,819,531
ICADE		5,292		371,871
Iliad		5,154		1,040,408
Imerys		5,370		342,638
Ingenico Group		9,830		1,139,346
JCDecaux		16,700		563,071
Kering		13,796		2,220,908
Klepierre		39,647		1,749,434
Lagardere		28,268		614,887
Legrand		53,637		2,745,750
L’Oreal		47,421		9,078,912
LVMH Moet Hennessy Louis Vuitton		52,173		7,864,284
Natixis		171,606		645,731
Numericable-SFR		25,589		639,465
Orange		384,506		6,252,263
Pernod Ricard		39,313		4,352,593
†Peugeot		94,157		1,128,574
Publicis Groupe		38,146		2,552,060
Remy Cointreau		3,794		326,592
Renault		35,342		2,668,234
Rexel		60,653		762,553
Safran		57,808		3,892,895
Sanofi		221,088		18,368,595
Schneider Electric		108,103		6,306,805
SCOR		30,627		905,489
SES FDR		65,835		1,409,366
Societe BIC		6,223		876,786
Societe Generale		142,490		4,457,929
Sodexo		19,513		2,090,417
STMicroelectronics		123,283		719,776
Suez		63,390		988,727
Technip		21,169		1,145,772
Thales		21,829		1,812,773
TOTAL		422,874		20,279,357
Unibail-Rodamco		18,992		4,913,118
Valeo		43,302		1,922,353

LVIP SSGA International Index Fund—5

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
France (continued)
Veolia Environnement		81,238	$	1,754,304
Vinci		93,486		6,597,014
Vivendi		222,813		4,168,546
Wendel		4,961		512,886
Zodiac Aerospace		34,874		813,557
				210,915,391
Germany–7.97%
adidas		34,920		5,012,740
Allianz		85,845		12,246,430
Axel Springer		6,481		340,276
BASF		172,516		13,228,311
Bayer		155,481		15,615,720
Bayerische Motoren Werke		63,783		4,641,815
Beiersdorf		18,583		1,759,337
Brenntag		34,031		1,648,528
Commerzbank		216,629		1,410,765
Continental		20,368		3,854,170
#Covestro 144A		11,960		532,703
Daimler		180,700		10,812,788
†Deutsche Bank		264,736		3,659,477
Deutsche Boerse		35,459		2,913,126
Deutsche Lufthansa		55,272		649,862
Deutsche Post		180,373		5,081,560
Deutsche Telekom		604,491		10,307,946
Deutsche Wohnen		61,036		2,078,159
E.ON		369,646		3,731,509
Evonik Industries		24,763		738,150
Fraport Frankfurt Airport Services Worldwide		6,547		350,532
Fresenius		76,163		5,596,269
Fresenius Medical Care		40,342		3,514,048
GEA Group		32,686		1,542,824
Hannover Rueck		11,597		1,215,104
HeidelbergCement		25,568		1,926,090
Henkel		18,782		2,031,610
HOCHTIEF		3,454		445,949
HUGO BOSS		12,561		714,119
Infineon Technologies		207,794		3,008,112
K+S		39,878		816,391
LANXESS		17,878		784,360
Linde		35,790		4,986,858
MAN		6,236		636,441
Merck		23,535		2,392,169
METRO		31,210		959,898
Muenchener Rueckversicherungs- Gesellschaft in Muenchen Class R		32,211		5,401,625
OSRAM Licht		17,561		912,415
ProSiebenSat.1 Media		40,756		1,782,752
†QIAGEN		44,456		968,797
RTL Group		9,289		758,623
†RWE		86,364		1,375,364

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
SAP		184,704	$	13,872,225
Siemens		143,810		14,757,955
Symrise		26,033		1,775,741
Telefonica Deutschland Holding		131,416		541,314
thyssenkrupp		76,387		1,535,406
United Internet		25,977		1,079,837
Volkswagen		6,585		872,926
Vonovia		85,567		3,124,391
#†Zalando 144A		16,782		444,160
				180,387,677
nHong Kong–3.29%
AIA Group		2,262,800		13,607,857
ASM Pacific Technology		34,000		244,475
Bank of East Asia		212,355		821,219
BOC Hong Kong Holdings		754,000		2,272,069
Cathay Pacific Airways		188,000		275,808
Cheung Kong Infrastructure Holdings		126,000		1,086,380
Cheung Kong Property Holdings		496,240		3,126,636
CK Hutchison Holdings		503,160		5,534,992
CLP Holdings		323,000		3,299,506
First Pacific		369,750		268,436
Galaxy Entertainment Group		414,000		1,238,696
Hang Lung Properties		388,000		783,876
Hang Seng Bank		154,600		2,651,825
Henderson Land Development		238,575		1,347,652
#HK Electric Investments 144A		515,027		480,581
HKT Trust		626,592		902,966
Hong Kong & China Gas		1,405,471		2,568,105
Hong Kong Exchanges and Clearing		213,349		5,198,369
Hongkong Land Holdings		223,000		1,364,819
Hysan Development		120,850		538,933
Jardine Matheson Holdings		48,000		2,806,258
Kerry Properties		101,531		251,372
Li & Fung		1,312,000		636,183
Link REIT		410,715		2,808,554
Melco Crown Entertainment ADR		18,484		232,529
MGM China Holdings		135,995		177,569
MTR		308,071		1,562,919
New World Development		1,219,388		1,241,782
NWS Holdings		291,809		461,894
PCCW		636,596		427,761
Power Assets Holdings		253,000		2,326,214
Sands China		499,868		1,691,511
Shangri-La Asia		254,166		255,183
Sino Land		595,996		981,299
SJM Holdings		287,591		176,091
Sun Hung Kai Properties		285,005		3,439,694
Swire Pacific Class A		117,000		1,322,244
Swire Properties		261,361		696,371
Techtronic Industries		269,000		1,123,344
#WH Group 144A		1,166,139		923,576

LVIP SSGA International Index Fund—6

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
nHong Kong (continued)
Wharf Holdings		268,000	$	1,635,477
Wheelock		155,000		728,135
Wynn Macau		271,153		392,923
Yue Yuen Industrial Holdings		118,500		469,653
				74,381,736
Ireland–0.68%
†@=Anglo Irish Bank		3,965		0
†Bank of Ireland		5,615,268		1,157,590
CRH		152,652		4,448,334
Kerry Group Class A		29,883		2,650,287
Paddy Power Betfair		15,801		1,660,628
Ryanair Holdings ADR		6,300		438,102
WPP		240,824		5,019,112
				15,374,053
Israel–0.74%
Azrieli Group		6,290		267,478
Bank Hapoalim		182,788		920,866
†Bank Leumi Le-Israel		297,767		1,045,508
Bezeq The Israeli Telecommunication		354,913		703,058
†Check Point Software Technologies		25,483		2,030,485
Israel Chemicals		104,489		407,097
Mizrahi Tefahot Bank		17,430		200,982
†Mobileye		32,999		1,522,574
NICE Systems		11,008		700,472
†Taro Pharmaceutical Industries		1,467		213,595
Teva Pharmaceutical Industries		172,109		8,710,477
				16,722,592
Italy–1.87%
Assicurazioni Generali		214,471		2,529,125
Atlantia		84,183		2,103,308
Enel		1,422,012		6,312,949
Eni		475,253		7,654,982
EXOR		21,295		786,116
Ferrari		21,087		865,671
Fiat Chrysler Automobiles		166,585		1,025,407
Intesa Sanpaolo		2,451,978		4,670,311
Intesa Sanpaolo RSP		202,428		362,385
†Leonardo-Finmeccanica		88,350		893,455
Luxottica Group		34,359		1,674,577
Mediobanca		113,127		651,815
#Poste Italiane Spa 144A		93,206		618,882
Prysmian		33,255		729,919
†Saipem		1,526,238		610,235
Snam		481,078		2,876,091
†Telecom Italia		1,870,878		1,536,570
Telecom Italia RSP		1,266,912		815,104
Tenaris		85,654		1,237,967
Terna Rete Elettrica Nazionale		283,703		1,578,836
UniCredit		990,745		2,178,900
Unione di Banche Italiane SCpA		170,261		470,185

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Italy (continued)
UnipolSai		165,713	$	250,081
				42,432,871
Japan–22.90%
ABC-Mart		4,800		322,136
†Acom		83,400		404,035
Aeon		121,100		1,880,268
AEON Financial Service		19,500		422,232
Aeon Mall		16,390		214,447
Air Water		24,000		353,132
Aisin Seiki		36,500		1,486,765
Ajinomoto		100,900		2,377,301
Alfresa Holdings		29,600		618,406
Alps Electric		30,600		581,348
Amada Holdings		72,900		740,091
ANA Holdings		199,000		567,072
Aozora Bank		189,000		655,639
Asahi Glass		218,000		1,183,063
Asahi Group Holdings		70,400		2,276,370
Asahi Kasei		225,000		1,565,783
Asics		29,200		493,331
Astellas Pharma		407,300		6,387,418
Bandai Namco Holdings		38,800		1,001,293
Bank of Kyoto		61,000		374,156
Benesse Holdings		10,300		241,800
Bridgestone		120,300		3,866,074
Brother Industries		58,700		629,636
Calbee		12,400		518,766
Canon		206,100		5,884,198
Casio Computer		39,300		565,929
Central Japan Railway		26,800		4,766,744
Chiba Bank		128,000		604,897
Chubu Electric Power		115,400		1,642,260
Chugai Pharmaceutical		42,700		1,521,752
Chugoku Bank		25,500		260,184
Chugoku Electric Power		64,500		819,998
†Concordia Financial Group		236,000		911,410
Credit Saison		24,400		409,883
†Cyberdyne		16,000		360,646
Dai Nippon Printing		94,000		1,047,624
Daicel		64,700		670,426
Daihatsu Motor		31,800		414,227
Dai-ichi Life Insurance		216,100		2,419,109
Daiichi Sankyo		118,300		2,874,112
Daikin Industries		43,200		3,630,734
Daito Trust Construction		12,900		2,094,475
Daiwa House Industry		107,500		3,156,953
Daiwa Securities Group		339,000		1,785,978
Denso		89,400		3,145,569
Dentsu		40,200		1,884,409
Don Quijote Holdings		21,600		802,715
East Japan Railway		64,400		5,968,163

LVIP SSGA International Index Fund—7

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Eisai		46,100	$	2,574,044
Electric Power Development		28,300		659,341
FamilyMart		8,400		511,907
FANUC		37,800		6,149,049
Fast Retailing		10,600		2,845,893
Fuji Electric		83,000		345,573
Fuji Heavy Industries		108,500		3,729,513
FUJIFILM Holdings		83,200		3,228,195
Fujitsu		383,000		1,408,413
Fukuoka Financial Group		136,000		448,426
GungHo Online Entertainment		59,000		159,869
Hachijuni Bank		58,000		252,606
Hakuhodo DY Holdings		32,700		391,936
Hamamatsu Photonics		25,800		723,925
Hankyu Hanshin Holdings		223,000		1,662,810
Hikari Tsushin		2,400		201,056
Hino Motors		47,200		470,110
Hirose Electric		5,040		619,748
Hiroshima Bank		75,000		250,603
Hisamitsu Pharmaceutical		8,900		513,187
Hitachi		894,000		3,745,731
Hitachi Chemical		21,400		399,675
Hitachi Construction Machinery		14,900		217,481
Hitachi High-Technologies		9,200		251,784
Hitachi Metals		34,000		345,412
Hokuriku Electric Power		42,200		522,907
Honda Motor		304,900		7,648,497
Hoshizaki Electric		7,700		753,785
Hoya		76,300		2,725,130
Hulic		62,200		655,438
Idemitsu Kosan		14,400		312,625
IHI		260,000		700,828
Iida Group Holdings		25,000		511,977
Inpex		168,500		1,317,771
Isetan Mitsukoshi Holdings		68,300		607,925
Isuzu Motors		110,500		1,361,026
ITOCHU		285,000		3,486,466
Iyo Bank		38,000		232,737
J Front Retailing		43,000		445,839
Japan Airlines		28,000		900,833
Japan Airport Terminal		7,300		264,853
Japan Exchange Group		93,100		1,071,905
Japan Post Bank		79,000		928,933
Japan Post Holdings		88,000		1,070,554
Japan Prime Realty Investment		192		823,903
Japan Real Estate Investment		232		1,432,966
Japan Retail Fund Investment		528		1,348,231
Japan Tobacco		205,800		8,294,194
JFE Holdings		91,900		1,198,854
JGC		50,000		715,781
Joyo Bank		119,000		444,873
JSR		31,300		414,510

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
JTEKT		50,700	$	574,658
JX Holdings		387,810		1,513,747
Kajima		170,000		1,180,944
Kakaku.com		22,800		453,029
Kamigumi		41,000		378,956
Kaneka		43,000		286,907
†Kansai Electric Power		132,000		1,285,581
Kansai Paint		36,800		742,980
Kao		93,700		5,457,290
Kawasaki Heavy Industries		244,000		687,993
KDDI		353,000		10,734,637
Keihan Electric Railway		102,000		706,794
Keikyu		79,000		794,984
Keio		126,000		1,188,541
Keisei Electric Railway		63,000		812,056
Keyence		8,444		5,761,582
Kikkoman		30,000		1,107,000
Kintetsu Group Holdings		353,000		1,510,642
Kirin Holdings		154,900		2,612,570
Kobe Steel		596,000		489,837
Koito Manufacturing		21,100		971,538
Komatsu		169,600		2,946,236
Konami Holdings		15,200		579,878
Konica Minolta		98,900		720,443
Kose		5,400		457,595
Kubota		200,100		2,706,418
Kuraray		75,500		900,827
Kurita Water Industries		16,000		356,668
Kyocera		58,800		2,797,870
Kyowa Hakko Kirin		54,600		931,245
Kyushu Electric Power		84,700		849,491
Kyushu Financial Group		68,000		337,050
Lawson		11,200		894,150
LIXIL Group		50,900		835,872
M3		35,600		1,242,439
Mabuchi Motor		9,800		415,076
Makita		23,200		1,540,412
Marubeni		313,100		1,414,503
Marui Group		39,100		526,360
Maruichi Steel Tube		7,000		244,651
Mazda Motor		102,300		1,353,765
McDonald’s Holdings		13,100		355,832
Medipal Holdings		20,600		338,681
MEIJI Holdings		22,168		2,277,880
Minebea		60,000		407,634
Miraca Holdings		8,200		355,618
Mitsubishi		280,600		4,940,618
Mitsubishi Chemical Holdings		254,300		1,165,709
Mitsubishi Electric		358,000		4,273,932
Mitsubishi Estate		232,000		4,255,528
Mitsubishi Gas Chemical		61,000		318,232
Mitsubishi Heavy Industries		614,000		2,469,030

LVIP SSGA International Index Fund—8

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Mitsubishi Logistics		25,000	$	349,758
Mitsubishi Materials		268,000		641,688
Mitsubishi Motors		121,700		561,808
Mitsubishi Tanabe Pharma		39,700		717,307
Mitsubishi UFJ Financial Group		2,393,100		10,727,917
Mitsubishi UFJ Lease & Finance		127,300		489,160
Mitsui		315,100		3,761,404
Mitsui Chemicals		129,000		474,044
Mitsui Fudosan		171,000		3,924,584
Mitsui OSK Lines		258,000		548,638
Mixi		8,300		343,167
Mizuho Financial Group		4,581,320		6,592,789
MS&AD Insurance Group Holdings		101,954		2,641,641
Murata Manufacturing		35,400		3,968,859
Nabtesco		22,000		524,924
Nagoya Railroad		184,000		1,036,736
NEC		484,000		1,127,654
Nexon		30,200		446,961
NGK Insulators		51,000		1,031,080
NGK Spark Plug		30,000		452,843
NH Foods		34,000		832,796
NHK Spring		23,500		190,723
Nidec		47,200		3,593,007
Nikon		69,100		935,601
Nintendo		21,200		3,046,423
Nippon Building Fund		251		1,546,170
Nippon Electric Glass		61,000		254,644
Nippon Express		166,000		758,573
Nippon Paint Holdings		30,000		741,653
Nippon Prologis REIT		358		874,585
Nippon Steel & Sumitomo Metal		153,122		2,964,386
Nippon Telegraph & Telephone		133,600		6,265,161
Nippon Yusen		352,000		619,251
Nissan Motor		460,900		4,113,219
Nisshin Seifun Group		31,765		510,619
Nissin Foods Holdings		13,800		753,631
Nitori Holdings		14,400		1,746,491
Nitto Denko		33,700		2,137,733
NOK		14,100		239,779
Nomura Holdings		725,000		2,578,505
Nomura Real Estate Holdings		25,100		438,601
Nomura Real Estate Master Fund		690		1,090,763
Nomura Research Institute		25,190		923,851
NSK		90,000		658,794
NTT Data		24,900		1,175,987
NTT DOCOMO		277,100		7,472,985
NTT Urban Development		13,800		148,359
Obayashi		113,700		1,210,553
Obic		12,600		693,584
Odakyu Electric Railway		103,000		1,207,772
Oji Holdings		181,000		694,861
Olympus		56,300		2,102,332

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Omron		33,500	$	1,093,466
Ono Pharmaceutical		78,600		3,423,900
Oracle Japan		5,900		314,606
Oriental Land		40,800		2,641,775
ORIX		243,600		3,152,298
Osaka Gas		391,000		1,503,196
Otsuka		13,100		612,574
Otsuka Holdings		71,700		3,304,143
Panasonic		407,400		3,505,082
Park24		17,800		611,687
Pola Orbis Holdings		3,500		329,386
Rakuten		172,200		1,868,945
Recruit Holdings		55,000		2,009,377
Resona Holdings		392,900		1,436,015
Ricoh		136,800		1,185,849
Rinnai		5,400		477,160
Rohm		18,800		742,038
Ryohin Keikaku		4,100		999,160
Sankyo		7,600		284,947
Santen Pharmaceutical		72,100		1,133,209
SBI Holdings		44,870		446,821
Secom		38,500		2,846,413
Sega Sammy Holdings		31,700		341,412
Seibu Holdings		30,000		508,119
Seiko Epson		60,700		973,120
Sekisui Chemical		82,000		1,010,306
Sekisui House		108,900		1,907,066
Seven & i Holdings		145,700		6,108,926
Seven Bank		91,400		283,698
Shikoku Electric Power		27,900		330,486
Shimadzu		39,000		586,298
Shimamura		3,500		520,754
Shimano		13,800		2,109,986
Shimizu		118,000		1,105,543
Shin-Etsu Chemical		74,500		4,364,843
Shinsei Bank		369,000		537,626
Shionogi		56,600		3,094,100
Shiseido		68,700		1,790,168
Shizuoka Bank		104,000		732,432
Showa Shell Sekiyu		36,300		338,812
SMC		10,900		2,681,685
SoftBank Group		180,000		10,179,373
Sohgo Security Services		11,900		588,277
Sompo Japan Nipponkoa Holdings		71,975		1,915,413
Sony		244,500		7,203,454
Sony Financial Holdings		36,800		416,093
Stanley Electric		30,300		647,096
Start Today		9,800		518,015
Sumitomo		228,900		2,307,289
Sumitomo Chemical		278,000		1,147,045
Sumitomo Dainippon Pharma		22,500		389,988
Sumitomo Electric Industries		140,200		1,855,609

LVIP SSGA International Index Fund—9

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Sumitomo Heavy Industries		140,000	$	615,006
Sumitomo Metal Mining		104,000		1,057,928
Sumitomo Mitsui Financial Group		251,100		7,250,527
Sumitomo Mitsui Trust Holdings		672,460		2,188,059
Sumitomo Realty & Development		73,000		1,979,568
Sumitomo Rubber Industries		43,000		575,680
Sundrug		6,300		591,538
Suntory Beverage & Food		26,800		1,212,730
Suruga Bank		29,100		657,635
Suzuken Aichi		19,250		605,918
Suzuki Motor		74,100		2,006,475
Sysmex		31,700		2,182,814
T&D Holdings		107,900		916,290
Taiheiyo Cement		198,000		468,976
Taisei		192,000		1,577,606
Taisho Pharmaceutical Holdings		4,800		505,104
Taiyo Nippon Sanso		34,000		312,493
Takashimaya		42,000		300,827
Takeda Pharmaceutical		132,300		5,705,859
TDK		25,600		1,432,993
Teijin		220,000		728,981
Terumo		65,600		2,799,504
THK		31,300		533,490
Tobu Railway		167,000		916,584
Toho Gas		60,000		490,963
Toho Tokyo		27,900		772,589
Tohoku Electric Power		86,900		1,096,724
Tokio Marine Holdings		130,700		4,351,145
†Tokyo Electric Power Holdings		273,200		1,157,013
Tokyo Electron		30,500		2,577,515
Tokyo Gas		372,000		1,535,899
Tokyo Tatemono		32,000		383,753
Tokyu		218,000		1,913,973
Tokyu Fudosan Holdings		103,800		647,563
TonenGeneral Sekiyu		65,000		592,119
Toppan Printing		89,000		765,287
Toray Industries		298,000		2,542,803
†Toshiba		818,000		2,228,234
TOTO		31,400		1,254,720
Toyo Seikan Group Holdings		35,600		680,247
Toyo Suisan Kaisha		21,300		863,993
Toyoda Gosei		15,200		270,702
Toyota Industries		28,600		1,137,133
Toyota Motor		503,200		24,807,024
Toyota Tsusho		36,000		775,057
Trend Micro		18,500		661,633
Tsuruha Holdings		6,500		787,076
Unicharm		81,400		1,828,861
United Urban Investment		606		1,091,625
USS		37,900		626,358
West Japan Railway		29,700		1,882,187
Yahoo Japan		279,600		1,239,848

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Yakult Honsha		17,100	$	888,741
Yamada Denki		149,900		791,295
Yamaguchi Financial Group		32,000		302,601
Yamaha		28,600		770,868
Yamaha Motor		56,700		864,942
Yamato Holdings		67,600		1,552,163
Yamazaki Baking		17,000		474,600
Yaskawa Electric		59,100		771,634
Yokogawa Electric		58,800		663,093
Yokohama Rubber		16,000		200,672
				518,229,165
Netherlands–4.00%
#ABN Amro Group CVA 144A		42,692		701,885
Aegon		365,592		1,448,595
†AerCap Holdings		31,996		1,074,746
Akzo Nobel		45,493		2,826,062
†Altice Class A		71,927		1,073,974
†Altice Class B-W/I		16,305		245,654
†ArcelorMittal		318,307		1,451,226
ASML Holding		68,723		6,764,971
Boskalis Westminster		15,767		538,012
CNH Industrial		212,183		1,539,102
Gemalto		14,967		906,760
Heineken		42,585		3,905,974
Heineken Holding		19,553		1,584,217
ING Groep CVA		724,225		7,492,769
Koninklijke Ahold		159,170		3,514,883
Koninklijke DSM		32,866		1,896,054
Koninklijke KPN		649,552		2,315,288
Koninklijke Philips		179,471		4,457,391
Koninklijke Vopak		11,600		577,442
NN Group		63,873		1,758,323
†NXP Semiconductors		54,582		4,275,954
†OCI		15,255		206,657
Randstad Holding		20,765		830,413
RELX		182,771		3,162,055
Royal Dutch Shell Class B		704,721		19,470,444
Unilever CVA		306,027		14,233,200
Wolters Kluwer		54,785		2,218,312
				90,470,363
New Zealand–0.20%
Auckland International Airport		168,953		785,950
Contact Energy		130,095		482,977
Fletcher Building		159,658		982,063
Meridian Energy		274,764		518,552
Mighty River Power		154,373		333,168
Ryman Healthcare		58,695		391,770
Spark New Zealand		417,153		1,060,256
				4,554,736

LVIP SSGA International Index Fund—10

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Norway–0.64%
DNB		197,618	$	2,365,447
Gjensidige Forsikring		32,572		542,678
Marine Harvest		71,658		1,208,674
Norsk Hydro		250,639		917,547
Orkla		155,897		1,386,479
Schibsted		14,689		440,315
Schibsted Class B		17,312		495,297
Statoil		207,957		3,593,177
Telenor		151,396		2,506,061
Yara International		31,230		992,078
				14,447,753
Portugal–0.14%
EDP		410,717		1,257,440
Galp Energia		90,387		1,257,132
Jeronimo Martins		41,950		661,625
				3,176,197
Singapore–1.33%
Ascendas Real Estate Investment Trust		504,187		933,110
CapitaLand		485,000		1,113,550
CapitaLand Commercial Trust		294,000		323,365
CapitaLand Mall Trust		584,000		928,573
City Developments		63,000		382,841
ComfortDelGro		432,000		887,168
DBS Group Holdings		324,892		3,830,776
Genting Singapore		1,456,800		790,250
Global Logistic Properties		614,000		828,931
Golden Agri-Resources		1,199,480		313,845
Hutchison Port Holdings Trust		909,400		416,114
Jardine Cycle & Carriage		14,888		407,274
Keppel		252,815		1,042,940
†Noble Group		676,155		102,390
Oversea-Chinese Banking		569,855		3,705,218
Sembcorp Industries		151,000		319,768
Sembcorp Marine		131,000		152,438
Singapore Airlines		119,000		944,969
Singapore Exchange		175,000		996,854
Singapore Press Holdings		347,000		1,022,533
Singapore Technologies Engineering		256,000		602,596
Singapore Telecommunications		1,476,000		4,558,801
StarHub		118,000		332,959
Suntec Real Estate Investment Trust		451,000		595,939
United Overseas Bank		238,397		3,284,623
UOL Group		75,308		306,975
Wilmar International		434,000		1,056,488
				30,181,288
South Africa–0.04%
Mediclinic International		62,675		917,552
				917,552

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Spain–2.87%
Abertis Infraestructuras		96,951	$	1,432,702
ACS Actividades de Construccion y Servicios		37,711		1,034,382
#Aena 144A		12,851		1,703,407
Amadeus IT Holding		80,990		3,568,318
Banco Bilbao Vizcaya Argentaria		1,215,537		6,964,363
Banco de Sabadell		951,380		1,259,870
Banco Popular Espanol		633,179		822,852
Banco Santander		2,709,486		10,514,643
Bankia		835,065		607,903
Bankinter		120,397		777,179
CaixaBank		549,141		1,210,292
Distribuidora Internacional de Alimentacion		136,635		797,524
Enagas		48,186		1,472,096
Endesa		66,548		1,335,318
Ferrovial		93,585		1,832,204
Gas Natural SDG		61,664		1,225,734
Grifols		58,698		1,333,406
Iberdrola		1,014,704		6,921,872
Industria de Diseno Textil		211,316		7,098,942
Mapfre		219,475		482,003
Red Electrica		19,445		1,737,484
Repsol		197,598		2,532,985
Telefonica		837,731		7,953,263
Zardoya Otis		25,718		242,863
				64,861,605
Sweden–2.76%
Alfa Laval		49,739		783,927
Assa Abloy Class B		185,103		3,792,936
Atlas Copco Class A		123,493		3,207,378
Atlas Copco Class B		80,409		1,905,880
Boliden		53,928		1,053,974
Electrolux Class B		50,300		1,371,422
Getinge Class B		35,029		723,209
Hennes & Mauritz Class B		183,202		5,389,952
Hexagon Class B		53,370		1,953,126
Husqvarna Class B		76,246		567,764
ICA Gruppen		14,943		500,817
Industrivarden Class C		25,640		417,150
Investor Class B		83,481		2,804,611
†Kinnevik Class B		43,919		1,049,868
†Lundin Petroleum		36,176		659,240
Millicom International Cellular SDR		14,382		882,182
Nordea Bank		586,216		4,973,250
Sandvik		218,537		2,187,977
Securitas Class B		53,264		822,280
Skandinaviska Enskilda Banken Class A		304,923		2,663,710
Skanska Class B		64,492		1,350,397
SKF Class B		82,698		1,325,068

LVIP SSGA International Index Fund—11

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Sweden (continued)
Svenska Cellulosa Class B		115,600	$	3,714,305
Svenska Handelsbanken Class A		275,900		3,349,568
Swedbank Class A		167,109		3,509,805
Swedish Match		34,486		1,203,496
Tele2 Class B		49,952		438,546
Telefonaktiebolaget LM Ericsson Class B		583,982		4,486,474
Telia		524,364		2,483,114
Volvo Class B		283,530		2,816,677
				62,388,103
Switzerland–9.34%
†ABB		367,718		7,277,911
Actelion		18,883		3,179,852
Adecco		29,842		1,505,173
†Aryzta		18,855		696,803
Baloise Holding		10,554		1,175,508
†Barry Callebaut		344		423,550
Chocoladefabriken Lindt & Spruengli
Class R		20		1,429,268
Chocoladefabriken Lindt & Spruengli
PC		184		1,097,398
Cie Financiere Richemont Class A		100,904		5,906,386
†Credit Suisse Group		344,683		3,671,708
†Dufry		9,378		1,121,638
EMS-Chemie Holding		1,816		937,615
Galenica		758		1,021,845
Geberit		6,913		2,618,385
Givaudan		1,698		3,418,964
†Glencore		2,351,017		4,845,731
†Julius Baer Group		41,390		1,665,878
Kuehne + Nagel International Class R		10,068		1,410,624
†LafargeHolcim		87,050		3,641,957
†Lonza Group		11,031		1,832,379
Nestle		601,705		46,619,101
Novartis		429,140		35,420,594
Pargesa Holding Bearer Shares		4,834		319,620
Partners Group Holding		3,596		1,541,122
Roche Holding		132,506		34,965,660
Schindler Holding		4,023		732,132
Schindler Holding PC		7,877		1,426,115
SGS		1,025		2,348,020
Sika Bearer Shares		416		1,744,313
Sonova Holding		11,219		1,489,044
Swatch Group		6,269		1,824,291
Swatch Group Bearer Shares		11,832		677,591
Swiss Life Holding		5,704		1,318,182
Swiss Prime Site		12,045		1,090,418
Swiss Re		62,059		5,420,259
Swisscom		5,236		2,601,275
Syngenta		18,014		6,914,649
UBS Group		685,429		8,893,848

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Switzerland (continued)
†Zurich Insurance Group		29,132	$	7,206,754
				211,431,561
United Kingdom–17.93%
3i Group		181,648		1,332,770
Aberdeen Asset Management		174,782		655,763
Admiral Group		41,278		1,122,352
Aggreko		48,532		830,044
Anglo American		282,904		2,773,094
Antofagasta		80,124		501,016
ARM Holdings		259,913		3,948,008
Ashtead Group		104,586		1,493,899
Associated British Foods		71,565		2,607,711
AstraZeneca		237,474		14,197,032
#Auto Trader Group Class WI 144A		217,981		1,030,458
Aviva		778,846		4,105,523
Babcock International Group		41,546		502,300
BAE Systems		585,798		4,100,916
Barclays		3,142,146		5,844,036
Barratt Developments		203,483		1,105,732
Berkeley Group Holdings		25,361		856,383
BHP Billiton		406,632		5,146,717
BP		3,478,631		20,362,230
British American Tobacco		351,024		22,756,552
British Land		198,392		1,610,803
BT Group		1,586,034		8,717,794
Bunzl		60,289		1,855,005
Burberry Group		91,399		1,421,751
Capita		134,893		1,738,166
Capital Shopping Centres Group		156,819		609,679
Carnival		33,928		1,505,039
Centrica		1,039,749		3,144,194
Cobham		365,943		770,981
Coca-Cola European Partners		43,938		1,574,467
Coca-Cola HBC		29,789		602,766
Compass Group		305,980		5,821,390
Croda International		25,041		1,051,168
DCC		16,953		1,491,858
Diageo		472,437		13,197,841
Direct Line Insurance Group		242,254		1,119,978
Dixons Carphone		189,776		814,532
easyJet		38,055		553,001
Experian		176,663		3,351,663
Fresnillo		36,441		802,485
G4S		301,072		737,735
GKN		301,284		1,089,279
GlaxoSmithKline		916,506		19,681,976
Hammerson		149,169		1,074,401
Hargreaves Lansdown		51,064		851,800
Hikma Pharmaceuticals		26,275		865,262
HSBC Holdings		3,708,318		22,975,085
ICAP		121,426		683,228

LVIP SSGA International Index Fund—12

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
IMI		52,372	$	678,705
Imperial Tobacco Group		179,594		9,739,882
Inmarsat		85,313		919,407
Intercontinental Hotels Group		33,771		1,245,484
International Consolidated Airlines Group		102,223		506,995
International Consolidated Airlines Group		60,078		297,463
Intertek Group		30,680		1,429,483
Investec		120,039		746,134
ITV		655,356		1,571,331
Johnson Matthey		35,423		1,328,619
Kingfisher		413,877		1,777,637
Land Securities Group		159,451		2,218,838
Legal & General Group		1,097,520		2,809,758
Lloyds Banking Group		12,055,200		8,731,467
London Stock Exchange Group		56,855		1,931,846
Marks & Spencer Group		334,222		1,431,314
Meggitt		166,452		904,740
#Merlin Entertainments 144A		139,155		819,481
Mondi		75,922		1,421,448
National Grid		701,788		10,320,023
Next		29,177		1,927,896
Old Mutual		995,410		2,689,067
Pearson		165,705		2,155,511
Persimmon		54,990		1,066,349
Petrofac		57,908		601,931
Provident Financial		28,555		880,461
Prudential		481,593		8,172,108
Randgold Resources		16,696		1,873,583
Reckitt Benckiser Group		119,314		11,963,814
RELX		204,272		3,761,552
=Rexam		34,803		303,546
Rio Tinto		230,704		7,167,175
†Rolls-Royce Holdings		367,709		3,509,772
†Royal Bank of Scotland Group		650,794		1,474,800
Royal Dutch Shell Class A		792,478		21,765,541
Royal Mail		174,858		1,174,791
RSA Insurance Group		189,977		1,273,296
SABMiller		182,418		10,638,459
Sage Group		199,413		1,723,638
Sainsbury (J.)		260,765		812,333
Schroders		23,299		736,264
Segro		164,187		910,063
Severn Trent		44,502		1,452,066
Shire		168,183		10,394,132
Sky		207,708		2,360,279
Smith & Nephew		180,017		3,056,900
Smiths Group		76,336		1,179,636
SSE		192,786		4,012,485
St. James’s Place		92,031		970,539
Standard Chartered		608,127		4,613,845

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Standard Life		399,719	$	1,577,035
Tate & Lyle		91,019		813,797
Taylor Wimpey		666,549		1,182,515
†Tesco		1,499,488		3,521,692
Travis Perkins		46,274		912,984
TUI Class DI		102,628		1,168,105
Unilever		240,716		11,533,945
United Utilities Group		141,571		1,962,221
Vodafone Group		4,993,974		15,225,924
Weir Group		42,786		826,346
Whitbread		36,806		1,722,126
William Hill		169,832		584,995
Wm Morrison Supermarkets		425,505		1,068,190
Wolseley		46,532		2,409,596
#†Worldpay Group 144A		214,879		782,095
				405,729,316
Total Common Stock (Cost $2,178,586,971)				2,212,274,951
DPREFERRED STOCK–0.51%
Germany–0.51%
Bayerische Motoren Werke 5.35%		12,748		812,642
FUCHS PETROLUB 2.27%		12,670		498,450
Henkel 1.33%		32,904		4,021,216
Porsche Automobil Holding 2.30%		31,297		1,446,606
Schaeffler 4.03%		27,682		365,638
Volkswagen 0.15%		35,763		4,331,627
Total Preferred Stock (Cost $13,043,432)				11,476,179
DRIGHTS–0.01%
Singapore–0.00%
†@Noble Group, expiration date 7/15/16		676,155		45,174
				45,174
Spain–0.01%
†ACS Actividades de Construccion y Servicios, expiration date 7/11/16		37,711		26,491
†Repsol, expiration date 7/1/16		197,598		64,250
				90,741
Total Rights (Cost $86,804)				135,915

LVIP SSGA International Index Fund—13

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–0.72%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		16,388,431	$	16,388,431
Total Money Market Fund   (Cost $16,388,431)				16,388,431

TOTAL VALUE OF SECURITIES–99.00% (Cost $2,208,105,638)	$	2,240,275,476
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.00%		22,640,747
NET ASSETS APPLICABLE TO 281,395,675 SHARES OUTSTANDING–100.00%	$	2,262,916,223

NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND STANDARD CLASS ($2,003,174,006 /249,074,593 Shares)	$	8.042
NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND SERVICE CLASS ($259,742,217 /32,321,082 Shares)	$	8.036

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	2,317,826,416
Undistributed net investment income		51,786,763
Accumulated net realized loss on investments		(137,896,180	)
Net unrealized appreciation of investments and derivatives.		31,199,224
Total net assets	$	2,262,916,223

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2016, the aggregate value of Rule 144A securities was $8,037,228, which represents 0.36% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

D Securities have been classified by country of origin. Classification by type of business has been presented on page 2.

n Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

† Non-income producing for the period.

« Includes $3,693,672 cash collateral held at broker for futures contracts, $1,107,274 payable for fund shares redeemed, $675,483 due to manager and affiliates, and $72 due to custodian as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $45,174, which represents 0.00% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $996,988, which represents 0.04% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

¨ Securities listed and traded on the Hong Kong Stock Exchange.

The following futures contract was outstanding at June 30, 2016:1

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)	Notional Value	Expiration Date	Unrealized Appreciation (Depreciation)
527     E-mini MSCI EAFE Index	$42,997,332	$42,560,520	9/19/16	$(436,812)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 5 in “Notes to Financial Statements.”

LVIP SSGA International Index Fund—14

LVIP SSGA International Index Fund

Statement of Net Assets (continued)

Summary of Abbreviations:

ADR–American Depositary Receipt

CDI–Chess Depository Interest

CVA–Dutch Certificate

FDR–Fiduciary Depositary Receipt

PC–Participation Certificate

REIT–Real Estate Investment Trust

RSP–Risparmio Italian Savings Shares

SCpA–Italian Consortium Joint-Stock Company

SDR–Special Drawing Right

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

LVIP SSGA International Index Fund—15

LVIP SSGA International Index Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	59,139,571
Foreign tax withheld		(5,202,071	)
		53,937,500
EXPENSES:
Management fees		4,738,622
Index fees		386,260
Distribution fees-Service Class		322,859
Accounting and administration expenses		298,010
Custodian fees.		94,108
Professional fees		74,198
Pricing fees		50,467
Reports and statements to shareholders		36,681
Trustees’ fees and expenses		31,698
Consulting fees		1,830
Other		14,047
		6,048,780
Less management fees waived		(916,131	)
Total operating expenses		5,132,649
NET INVESTMENT INCOME		48,804,851
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(59,647,566	)
Foreign currencies		(13,599	)
Foreign currency exchange contracts		479,118
Futures contracts		(2,368,436	)
Net realized loss		(61,550,483	)
Net change in unrealized appreciation (depreciation) of:
Investments		(67,517,501	)
Foreign currencies		(236,849	)
Futures contracts		(655,217	)
Net change in unrealized appreciation (depreciation)		(68,409,567	)
NET REALIZED AND UNREALIZED LOSS		(129,960,050	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(81,155,199	)

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

LVIP SSGA International Index Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	48,804,851		$	58,249,824
Net realized loss		(61,550,483	)		(17,544,167	)
Net change in unrealized appreciation (depreciation)		(68,409,567	)		(78,508,834	)
Net decrease in net assets resulting from operations		(81,155,199	)		(37,803,177	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(57,007,876	)
Service Class		—			(6,418,441	)
		—			(63,426,317	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		188,950,163			561,499,408
Service Class		15,957,802			35,094,770
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			57,007,876
Service Class		—			6,418,441
		204,907,965			660,020,495
Cost of shares redeemed:
Standard Class		(287,767,647	)		(213,686,793	)
Service Class		(17,380,159	)		(50,274,191	)
		(305,147,806	)		(263,960,984	)
Increase (Decrease) in net assets derived from capital share transactions		(100,239,841	)		396,059,511
NET INCREASE (DECREASE) IN NET ASSETS		(181,395,040	)		294,830,017
NET ASSETS:
Beginning of period		2,444,311,263			2,149,481,246
End of period	$	2,262,916,223		$	2,444,311,263
Undistributed net investment income	$	51,786,763		$	2,981,912

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

LVIP SSGA International Index Fund–16

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
	Six Months Ended 6/30/161									Year Ended
	(unaudited)			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	8.326		$	8.657		$	9.458		$	7.942		$	6.851		$	7.932
Income (loss) from investment operations:
Net investment income2		0.164			0.222			0.300			0.202			0.206			0.201
Net realized and unrealized gain (loss)		(0.448	)		(0.329	)		(0.849	)		1.461			1.031			(1.180	)
Total from investment operations		(0.284	)		(0.107	)		(0.549	)		1.663			1.237			(0.979	)
Less dividends and distributions from:
Net investment income		—			(0.224	)		(0.252	)		(0.147	)		(0.146	)		(0.102	)
Total dividends and distributions		—			(0.224	)		(0.252	)		(0.147	)		(0.146	)		(0.102	)
Net asset value, end of period	$	8.042		$	8.326		$	8.657		$	9.458		$	7.942		$	6.851
Total return3		(3.41%	)		(1.22%	)		(5.84%	)		20.98%			18.13%			(12.38%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,003,174		$	2,173,659		$	1,861,073		$	1,552,699		$	800,954		$	497,414
Ratio of expenses to average net assets		0.41%			0.41%			0.43%			0.47%			0.50%			0.54%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.48%			0.48%			0.48%			0.51%			0.54%			0.58%
Ratio of net investment income to average net assets		4.14%			2.48%			3.18%			2.32%			2.80%			2.71%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		4.07%			2.41%			3.13%			2.28%			2.76%			2.67%
Portfolio turnover		7%			1%			2%			6%			11%			19%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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 (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA International Index Fund Service Class
	Six Months Ended 6/30/161			Year Ended
	(unaudited)			12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	8.330		$	8.660		$	9.460		$	7.944		$	6.855		$	7.934
Income (loss) from investment operations:
Net investment income2		0.154			0.200			0.276			0.180			0.187			0.189
Net realized and unrealized gain (loss)		(0.448	)		(0.329	)		(0.847	)		1.461			1.030			(1.186	)
Total from investment operations		(0.294	)		(0.129	)		(0.571	)		1.641			1.217			(0.997	)
Less dividends and distributions from:
Net investment income		—			(0.201	)		(0.229	)		(0.125	)		(0.128	)		(0.082	)
Total dividends and distributions		—			(0.201	)		(0.229	)		(0.125	)		(0.128	)		(0.082	)
Net asset value, end of period.	$	8.036		$	8.330		$	8.660		$	9.460		$	7.944		$	6.855
Total return3		(3.53%	)		(1.46%	)		(6.08%	)		20.69%			17.82%			(12.59%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	259,742		$	270,652		$	288,408		$	315,299		$	217,638		$	213,401
Ratio of expenses to average net assets		0.66%			0.66%			0.68%			0.72%			0.75%			0.79%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.73%			0.73%			0.73%			0.76%			0.79%			0.83%
Ratio of net investment income to average net assets		3.89%			2.23%			2.93%			2.07%			2.55%			2.46%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		3.82%			2.16%			2.88%			2.03%			2.51%			2.42%
Portfolio turnover		7%			1%			2%			6%			11%			19%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA International Index Fund–18

LVIP SSGA International Index Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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”), 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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

LVIP SSGA International Index Fund–19

LVIP SSGA International Index Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. 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 addtion, 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 average daily net assets of the Fund. Effective April 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee as follows: 0.052% of the first $1 billion of the average daily net assets of the Fund and 0.10% of the average daily net assets of the Fund in excess of $1 billion. Prior to April 1, 2016, the waiver amount was 0.03% of the first $500 million of average daily net assets of the Fund; 0.05% of the next $500 million and 0.10% of the average daily net assets of the Fund in excess of $1 billion. This agreement will continue at least through April 30, 2017 and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	62,835
Legal		17,284

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 $23,055 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP SSGA International Index Fund–20

LVIP SSGA International Index Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	618,199
Distribution fees payable to LFD		53,823
Printing and mailing fees payable to Lincoln Life		3,461

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	160,805,288
Sales		210,539,717

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	2,208,105,638
Aggregate unrealized appreciation	$	420,829,351
Aggregate unrealized depreciation		(388,659,513	)
Net unrealized appreciation	$	32,169,838

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; however, there may be a greater likelihood that all or a portion of the Fund’s pre-enactment capital loss carryovers, if any, may expire without being utilized, due to the fact that post-enactment capital losses must be utilized before pre-enactment capital loss carryovers. The Act also provides that each capital loss carryforward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

As of December 31, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Pre-Enactment Short-Term Capital Losses Expiring In	Post-Enactment Losses (No Expiration)*
2018	Short-Term	Long-Term	Total
$56,183	$7,582,791	$29,893,991	$37,532,965

*Capital Loss Carryovers with no expiration must be utilized first.

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–21

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 June 30, 2016:

	Level 1			Level 2		Level 3		Total
Common Stock
Australia	$	—		$	161,903,830	$	693,442	$	162,597,272
Austria		—			3,766,619		—		3,766,619
Belgium.		—			33,424,771		—		33,424,771
China		—			197,188		—		197,188
Denmark		—			43,666,274		—		43,666,274
Finland		—			22,020,868		—		22,020,868
France		—			210,915,391		—		210,915,391
Germany		—			180,387,677		—		180,387,677
Hong Kong		1,135,495			73,246,241		—		74,381,736
Ireland		438,102			14,935,951		—		15,374,053
Israel		3,766,654			12,955,938		—		16,722,592
Italy		—			42,432,871		—		42,432,871
Japan		911,410			517,317,755		—		518,229,165
Netherlands		19,583,900			70,886,463		—		90,470,363
New Zealand		—			4,554,736		—		4,554,736
Norway		—			14,447,753		—		14,447,753
Portugal		—			3,176,197		—		3,176,197
Singapore		—			30,181,288		—		30,181,288
South Africa		—			917,552		—		917,552
Spain		—			64,861,605		—		64,861,605
Sweden		—			62,388,103		—		62,388,103
Switzerland		—			211,431,561		—		211,431,561
United Kingdom		1,574,467			403,851,303		303,546		405,729,316
Preferred Stock		—			11,476,179		—		11,476,179
Rights		90,741			—		45,174		135,915
Money Market Fund		16,388,431			—		—		16,388,431
Total	$	43,889,200		$	2,195,344,114	$	1,042,162	$	2,240,275,476
Futures Contracts	$	(436,812	)	$	—	$	—	$	(436,812	)

As a result of utilizing international fair value pricing at June 30, 2016, the majority of the Fund’s common stock was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP SSGA International Index Fund–22

LVIP SSGA International Index Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		23,728,042			63,152,961
Service Class		2,018,526			3,935,396
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			6,874,127
Service Class		—			774,076
		25,746,568			74,736,560
Shares redeemed:
Standard Class		(35,731,323	)		(23,938,931	)
Service Class		(2,189,690	)		(5,522,569	)
		(37,921,013	)		(29,461,500	)
Net increase (decrease)		(12,174,445	)		45,275,060

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that the counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

No foreign currency exchange contracts were outstanding at June 30, 2016.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. 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 control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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.

LVIP SSGA International Index Fund–23

LVIP SSGA International Index Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Equity contracts (Futures   contracts)	Receivables and other assets net of liabilities	$—	Receivables and other assets net of liabilities	$(436,812)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts   (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$	(2,368,436	)	$	(655,217	)
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts contracts		479,118			—
Total		$	(1,889,318	)	$	(655,217	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume		Liability Derivative Volume
Foreign currency exchange contracts (average cost)	$	811,800	$	1,088,000
Futures contracts (average notional value)		47,478,642		—

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 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 counter party 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 June 30, 2016, the Fund had no open derivatives subject to the offsetting provisions.

6. Credit and Market Risk

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.

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.

LVIP SSGA International Index Fund–24

LVIP SSGA International Index Fund

Notes to Financial Statements (continued)

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 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. Rule 144A and illiquid securities are identified on the Statement of Net Assets.

7. 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.

8. 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–25

                 LVIP SSGA International Managed Volatility Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP SSGA International Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16
Actual*
Standard Class Shares	$	1,000.00	$	957.00		0.25%		$1.22
Service Class Shares		1,000.00		956.00		0.50%		2.43
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.62		0.25%		$1.26
Service Class Shares		1,000.00		1,022.38		0.50%		2.51

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests significantly all of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP SSGA International Managed Volatility Fund–1

LVIP SSGA International Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company		92.96%
International Equity Fund		92.96%
Unaffiliated Investment Company		1.21%
Money Market Fund		1.21%
Total Value of Securities		94.17%
Receivables and Other Assets Net of Liabilities		5.83%
Total Net Assets		100.00%

LVIP SSGA International Managed Volatility Fund–2

LVIP SSGA International Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–92.96%
International Equity Fund–92.96%
*Lincoln Variable Insurance Products Trust– LVIP SSGA International Index Fund		12,415,826	$	99,848,069
Total Affiliated Investment Company (Cost $108,028,188)				99,848,069

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANY–1.21%
Money Market Fund–1.21%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		1,303,983		$        1,303,983
Total Unaffiliated Investment Company (Cost $1,303,983)				1,303,983

TOTAL VALUE OF SECURITIES–94.17% (Cost $109,332,171)		101,152,052
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–5.83%		6,264,411
NET ASSETS APPLICABLE TO 13,045,546 SHARES OUTSTANDING–100.00%	$	107,416,463

* Standard Class shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(176)	British Pound Currency	$	(15,383,509	)	$	(14,572,800	)		9/20/16	$	810,709
(175)	Euro Currency		(24,536,913	)		(24,297,656	)		9/20/16		239,257
(788)	Euro STOXX 50 Index		(24,689,819	)		(24,966,490	)		9/19/16		(276,671	)
(177)	FTSE 100 Index		(14,227,698	)		(15,133,417	)		9/19/16		(905,719	)
(144)	Japanese Yen Currency		(17,335,660	)		(17,472,600	)		9/20/16		(136,940	)
(114)	Nikkei 225 Index (OSE)		(17,307,816	)		(17,188,593	)		9/9/16		119,223
										$	(150,141	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

OSE–Osaka Securities Exchange

¹ See Note 5 in “Notes to Financial Statements.”

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

LVIP SSGA International Managed Volatility Fund–3

LVIP SSGA International Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	99,848,069
Investments in unaffiliated investment companies, at value		1,303,983
Total investments, at value		101,152,052
Cash		6,139,763
Receivable for fund shares sold		205,795
Foreign currencies collateral, at value		149,900
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		9,434
Dividends receivable from investment companies		943
Cash collateral		246
TOTAL ASSETS		107,658,133
LIABILITIES:
Net unrealized depreciation from open futures contracts		150,141
Due to manager and affiliates		41,689
Payable for investment companies purchased		32,857
Other accrued expenses payable		15,994
Payable for fund shares redeemed		989
TOTAL LIABILITIES		241,670
TOTAL NET ASSETS	$	107,416,463
Investments in affiliated investment companies, at cost	$	108,028,188
Investments in unaffiliated investment companies, at cost		1,303,983
Total investments, at cost	$	109,332,171
Standard Class:
Net Assets	$	8,629
Shares Outstanding		1,047
Net Asset Value Per Share	$	8.242
Service Class:
Net Assets	$	107,407,834
Shares Outstanding		13,044,499
Net Asset Value Per Share	$	8.234
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	119,236,739
Accumulated net investment loss		(229,826	)
Accumulated net realized loss on investments		(3,260,190	)
Net unrealized depreciation of investments and derivatives		(8,330,260	)
TOTAL NET ASSETS	$	107,416,463

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

LVIP SSGA International Managed Volatility Fund–4

LVIP SSGA International Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	4,315
EXPENSES:
Management fees		355,910
Distribution fees-Service Class		117,065
Accounting and administration expenses		29,361
Professional fees		14,650
Reports and statements to shareholders		7,678
Consulting fees		1,849
Trustees’ fees and expenses		1,158
Custodian fees		1,151
Pricing fees		77
Other		267
		529,166
Less management fees waived		(257,056	)
Less expenses reimbursed		(37,969	)
Total operating expenses		234,141
NET INVESTMENT LOSS		(229,826	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of investments in affiliated investment companies		(505,660	)
Foreign currencies		(8,089	)
Foreign currency exchange contracts		9,519
Futures contracts		(881,529	)
Net realized loss		(1,385,759	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		(1,898,588	)
Futures contracts		(150,141	)
Net change in unrealized appreciation (depreciation)		(2,048,729	)
NET REALIZED AND UNREALIZED LOSS		(3,434,488	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,664,314	)

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

LVIP SSGA International Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(229,826	)	$	1,665,273
Net realized loss		(1,385,759	)		(1,522,362	)
Net change in unrealized appreciation (depreciation)		(2,048,729	)		(5,189,673	)
Net decrease in net assets resulting from operations		(3,664,314	)		(5,046,762	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(199	)
Service Class		—			(1,644,145	)
Return of capital:
Standard Class		—			(1	)
Service Class		—			(9,495	)
		—			(1,653,840	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Service Class		32,885,660			80,068,443
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			200
Service Class		—			1,653,640
		32,885,660			81,722,283
Cost of shares redeemed:
Service Class		(6,393,378	)		(7,026,333	)
		(6,393,378	)		(7,026,333	)
Increase in net assets derived from capital share transactions		26,492,282			74,695,950
NET INCREASE IN NET ASSETS		22,827,968			67,995,348
NET ASSETS:
Beginning of period		84,588,495			16,593,147
End of period	$	107,416,463		$	84,588,495
Accumulated net investment loss	$	(229,826	)	$	—

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

LVIP SSGA International Managed Volatility Fund–5

LVIP SSGA International Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA International Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)			Year Ended 12/31/15			1/2/143 to 12/31/14
Net asset value, beginning of period	$	8.611		$	9.123		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.010	)		0.328			0.334
Net realized and unrealized loss		(0.359	)		(0.645	)		(0.989	)
Total from investment operations		(0.369	)		(0.317	)		(0.655	)
Less dividends and distributions from:
Net investment income		—			(0.194	)		(0.222	)
Return of capital		—			(0.001	)		—
Total dividends and distributions		—			(0.195	)		(0.222	)
Net asset value, end of period	$	8.242		$	8.611		$	9.123
Total return5		(4.30%	)		(3.50%	)		(6.57%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9		$	9		$	9
Ratio of expenses to average net assets6		0.25%			0.25%			0.25%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.88%			0.92%			1.26%
Ratio of net investment income (loss) to average net assets		(0.24%	)		3.52%			3.27%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.87%	)		2.85%			2.26%
Portfolio turnover		3%			7%			46%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA International Managed Volatility Fund–6

LVIP SSGA International Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA International Managed Volatility Fund Service Class
	Six Months Ended 6/30/161, 2 (unaudited)			Year Ended 12/31/15			1/2/143 to 12/31/14
Net asset value, beginning of period	$	8.613		$	9.125		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.020	)		0.301			0.302
Net realized and unrealized loss		(0.359	)		(0.641	)		(0.981	)
Total from investment operations		(0.379	)		(0.340	)		(0.679	)
Less dividends and distributions from:
Net investment income		—			(0.171	)		(0.196	)
Return of capital		—			(0.001	)		—
Total dividends and distributions		—			(0.172	)		(0.196	)
Net asset value, end of period	$	8.234		$	8.613		$	9.125
Total return5		(4.40%	)		(3.76%	)		(6.80%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	107,408		$	84,579		$	16,584
Ratio of expenses to average net assets6		0.50%			0.50%			0.50%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		1.13%			1.17%			1.51%
Ratio of net investment income (loss) to average net assets		(0.49%	)		3.27%			3.02%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(1.12%	)		2.60%			2.01%
Portfolio turnover		3%			7%			46%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA International Managed Volatility Fund–7

LVIP SSGA International Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, primarily the LVIP SSGA International Index Fund (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The LVIP SSGA International Index Fund, which is advised by an unaffiliated sub-adviser, invests primarily in the securities of companies located in developed countries outside of the United States. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end Funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of the open-end Underlying Fund are valued under the valuation policy of the Underlying Fund. For information regarding the determination of the Underlying Fund’s NAV, see the Underlying Fund’s prospectus and statement of additional information. 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 return 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 is recorded as a tax benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014–December 31, 2015), 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 six months ended June 30, 2016, 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 generally does not separate the portion of realized gains and losses on investments resulting from changes in the foreign exchange rates from that which is due to changes in market prices. The 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.

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. The

LVIP SSGA International Managed Volatility Fund–8

LVIP SSGA International Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 0.76% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment adviser of the Underlying Fund (including LIAC). LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.53% of the average daily net assets of the Fund. This agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, the waiver was 0.56% of the average daily net assets of the Fund.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.25% of the average daily net assets for the Standard Class and 0.50% for the Service Class. The agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety 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 six months ended June 30, 2016, fees for the administrative and legal services were as follows:

Administrative	$	2,528
Legal		651

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $2,289 for the six months ended June 30, 2016.

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 $4,724 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because the Underlying Funds have varied expense and fee levels, and the Fund may own different amounts of shares at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	9,434
Management fees payable to LIAC		19,946
Distribution fees payable to LFD		21,679
Printing and mailing fees payable to Lincoln Life		64

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.

At June 30, 2016, Lincoln Life directly owned 100% of the Standard Class shares of the Fund.

LVIP SSGA International Managed Volatility Fund–9

LVIP SSGA International Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15		Purchases		Sales		Net Realized Gain (Loss)	Value 6/30/16		Dividends	Capital Gain Distributions
LVIP SSGA International Index Fund	$	78,322,388	$	26,702,175	$	2,772,246	$(505,660)	$	99,848,069	$—	$—

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	26,702,175
Sales		2,772,246

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	109,332,171
Aggregate unrealized appreciation	$	—
Aggregate unrealized depreciation		(8,180,119	)
Net unrealized depreciation	$	(8,180,119	)

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$908,759	$504,966	$1,413,725

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	101,152,052

LVIP SSGA International Managed Volatility Fund–10

LVIP SSGA International Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1
Futures Contracts	$	(150,141	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Service Class		3,994,090			8,587,667
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			23
Service Class		—			190,183
		3,994,090			8,777,873
Shares redeemed:
Service Class		(769,886	)		(775,033	)
		(769,886	)		(775,033	)
Net increase		3,224,204			8,002,840

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Currency contracts (Futures contracts)	Net unrealized depreciation from open futures contracts	$	1,049,966	Net unrealized depreciation from open futures contracts	$	(136,940	)
Equity contracts (Futures contracts)	Net unrealized depreciation from open futures contracts	$	119,223	Net unrealized depreciation from open futures contracts	$	(1,182,390	)
Total		$	1,169,189		$	(1,319,330	)

LVIP SSGA International Managed Volatility Fund–11

LVIP SSGA International Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income			Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Forward currency exchange contracts (Foreign currency exchange contracts)	Net realized loss on foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$	9,519		$	—
Currency contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		897,955			913,026
Equity contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(1,779,484	)		(1,063,167	)
Total		$	(872,010	)	$	(150,141	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (average notional value)	$1,147,867	$41,530,583

6. Market Risk

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

7. 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.

8. Subsequent Events

Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund’s financial statements except as disclosed above.

LVIP SSGA International Managed Volatility Fund–12

LVIP SSGA International Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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 allow a particular weight to any one factor or group of factors.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions. Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP SSGA International Managed Volatility Fund–13

                   LVIP SSGA Large Cap Managed Volatility Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report   June 30, 2016

LVIP SSGA Large Cap Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Large Cap Managed Volatility Fund

Disclosure

      OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,018.10		0.25%	$	1.25
Service Class Shares		1,000.00		1,016.70		0.50%		2.51
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.62		0.25%	$	1.26
Service Class Shares		1,000.00		1,022.38		0.50%		2.51

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all of its assets in other investment companies (“Underlying Funds”). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP SSGA Large Cap Managed Volatility Fund–1

LVIP SSGA Large Cap Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Company		93.92%
Equity Fund		93.92%
Unaffiliated Investment Company		5.49%
Money Market Fund		5.49%
Total Value of Securities		99.41%
Receivables and Other Assets Net of Liabilities		0.59%
Total Net Assets		100.00%

LVIP SSGA Large Cap Managed Volatility Fund–2

LVIP SSGA Large Cap Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANY–93.92%
Equity Fund–93.92%
*Lincoln Variable Insurance Products Trust– LVIP SSGA S&P 500 Index Fund		14,820,656	$	221,257,577
Total Affiliated Investment Company (Cost $208,294,959)				221,257,577

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANY–5.49%
Money Market Fund–5.49%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		12,923,184	$	12,923,184
Total Unaffiliated Investment Company (Cost $12,923,184)				12,923,184

TOTAL VALUE OF SECURITIES–99.41% (Cost $221,218,143)		234,180,761
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.59%		1,397,886
NET ASSETS APPLICABLE TO 21,276,027 SHARES OUTSTANDING–100.00%	$	235,578,647

* Standard Class shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional         Value		Expiration     Date		Unrealized Appreciation (Depreciation)
(535)	E-mini S&P 500 Index		$(54,187,464)		$(55,912,850)		9/19/16		$(1,725,386)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 5 in “Notes to Financial Statements.”

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

LVIP SSGA Large Cap Managed Volatility Fund–3

LVIP SSGA Large Cap Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment company, at value	$	221,257,577
Investments in unaffiliated investment company, at value		12,923,184
Total investments, at value		234,180,761
Cash collateral held at broker for futures contracts		3,346,436
Receivable for fund shares sold		222,518
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		6,034
Dividends receivable from investment company		2,616
Prepaid printing and mailing fees to Lincoln Life		938
TOTAL ASSETS		237,759,303
LIABILITIES:
Net unrealized depreciation on futures contracts		1,725,386
Payable for investment company purchased		269,385
Due to manager and affiliates		91,249
Payable for fund shares redeemed		78,862
Other accrued expenses payable		15,774
TOTAL LIABILITIES		2,180,656
TOTAL NET ASSETS	$	235,578,647
Investments in affiliated investment company, at cost	$	208,294,959
Investments in unaffiliated investment company, at cost		12,923,184
Total investments, at cost	$	221,218,143
Standard Class:
Net Assets	$	42,950
Shares Outstanding		3,874
Net Asset Value Per Share	$	11.087
Service Class:
Net Assets	$	235,535,697
Shares Outstanding		21,272,153
Net Asset Value Per Share	$	11.072
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	238,736,567
Accumulated net investment loss		(484,326	)
Accumulated net realized loss on investments		(13,910,826	)
Net unrealized appreciation of investments and derivatives		11,237,232
TOTAL NET ASSETS	$	235,578,647

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

LVIP SSGA Large Cap Managed Volatility Fund–4

LVIP SSgA Large Cap Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment company	$	11,741
EXPENSES:
Management fees		721,183
Distribution fees-Service Class		257,513
Accounting and administration expenses		46,766
Reports and statements to shareholders		17,469
Professional fees		12,314
Trustees’ fees and expenses		2,575
Consulting fees		1,900
Custodian fees		1,496
Pricing fees		36
Other		522
		1,061,774
Less management fees waived		(503,781	)
Less expenses reimbursed		(42,914	)
Total operating expenses		515,079
NET INVESTMENT LOSS		(503,338	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss from:
Sale of investments in affiliated investment company		(203,032	)
Futures contracts		(2,413,297	)
Net realized loss		(2,616,329	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment company		8,589,885
Futures contracts		(1,261,109	)
Net change in unrealized appreciation (depreciation)		7,328,776
NET REALIZED AND UNREALIZED GAIN		4,712,447
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,209,109

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

LVIP SSgA Large Cap Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(503,338	)	$	2,548,928
Net realized loss		(2,616,329	)		(7,794,141	)
Net change in unrealized appreciation (depreciation)		7,328,776			(3,346,452	)
Net increase (decrease) in net assets resulting from operations		4,209,109			(8,591,665	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(701	)
Service Class		—			(2,630,221	)
		—			(2,630,922	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		—			28,708
Service Class		54,083,364			118,048,304
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			701
Service Class		—			2,630,221
		54,083,364			120,707,934
Cost of shares redeemed:
Standard Class		(169	)		(105	)
Service Class		(9,884,337	)		(28,587,776	)
		(9,884,506	)		(28,587,881	)
Increase in net assets derived from capital share transactions		44,198,858			92,120,053
NET INCREASE IN NET ASSETS		48,407,967			80,897,466
NET ASSETS:
Beginning of period		187,170,680			106,273,214
End of period	$	235,578,647		$	187,170,680
Undistributed (Accumulated) net investment income (loss)	$	(484,326	)	$	19,012

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

LVIP SSGA Large Cap Managed Volatility Fund–5

LVIP SSGA Large Cap Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Large Cap Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161,2			Year Ended						5/1/133 to
	(unaudited)			12/31/15			12/31/14			12/31/13
Net asset value, beginning of period	$	10.890		$	11.676		$	11.194		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.013	)		0.221			0.287			0.310
Net realized and unrealized gain (loss)		0.210			(0.822	)		0.442			1.032
Total from investment operations		0.197			(0.601	)		0.729			1.342
Less dividends and distributions from:
Net investment income		—			(0.185	)		(0.247	)		(0.148	)
Return of capital		—			—			—			—	5
Total dividends and distributions		—			(0.185	)		(0.247	)		(0.148	)
Net asset value, end of period	$	11.087		$	10.890		$	11.676		$	11.194
Total return6		1.81%			(5.16%	)		6.49%			13.43%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	43		$	43		$	13		$	115
Ratio of expenses to average net assets7		0.25%			0.25%			0.25%			0.25%
Ratio of expenses to average net assets prior to expenses waived/reimbursed7		0.78%			0.79%			0.83%			1.41%
Ratio of net investment income (loss) to average net assets		(0.24%	)		1.96%			2.54%			4.37%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.77%	)		1.42%			1.96%			3.21%
Portfolio turnover		2%			12%			8%			8%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Return of capital distributions of $2 were made by the Fund’s Standard Class, which calculated to de minimus amounts of $0.000 per share.

⁶  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁷  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Large Cap Managed Volatility Fund–6

LVIP SSGA Large Cap Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Large Cap Managed Volatility Fund Service Class
	Six Months Ended 6/30/161,2			Year Ended						5/1/133 to
	(unaudited)			12/31/15			12/31/14			12/31/13
Net asset value, beginning of period	$	10.890		$	11.675		$	11.193		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.026	)		0.195			0.265			0.298
Net realized and unrealized gain (loss)		0.208			(0.824	)		0.435			1.025
Total from investment operations		0.182			(0.629	)		0.700			1.323
Less dividends and distributions from:
Net investment income		—			(0.156	)		(0.218	)		(0.130	)
Return of capital		—			—			—			—	5
Total dividends and distributions		—			(0.156	)		(0.218	)		(0.130	)
Net asset value, end of period	$	11.072		$	10.890		$	11.675		$	11.193
Total return6		1.67%			(5.39%	)		6.23%			13.23%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	235,536		$	187,128		$	106,260		$	27,652
Ratio of expenses to average net assets7		0.50%			0.50%			0.50%			0.50%
Ratio of expenses to average net assets prior to expenses waived/reimbursed7		1.03%			1.04%			1.08%			1.66%
Ratio of net investment income (loss) to average net assets		(0.49%	)		1.71%			2.29%			4.13%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(1.02%	)		1.17%			1.71%			2.97%
Portfolio turnover		2%			12%			8%			8%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Return of capital distributions of $514 were made by the Fund’s Service Class, which calculated to de minimus amounts of $0.000 per share.

⁶  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁷  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA Large Cap Managed Volatility Fund–7

LVIP SSGA Large Cap Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Large Cap Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the LVIP SSGA S&P 500 Index Fund (collectively, “the Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The LVIP SSGA S&P 500 Index Fund, which is sub-advised by an unaffiliated adviser, invests primarily in stocks that make up the S&P 500 Index and money market instruments. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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 guidlines for investment companies. The following accounting policies are in accordance U.S. GAAP and are consistently followed by the Fund.

Security Valuation–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2013-December 31, 2015), 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 six months ended June 30, 2016, 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.

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

LVIP SSGA Large Cap Managed Volatility Fund–8

LVIP SSGA Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates

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 0.70% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC). LIAC has contractually agreed to waive a portion of its advisory fee. Effective May 1, 2016, the waiver amount is 0.47% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, the waiver amount was 0.50% of the Fund’s average daily net assets.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for the day-to-day management of the entirety 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.

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.25% of the average daily net assets for the Standard Class and 0.50% for the Service Class. The agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	5,604
Legal		1,443

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $5,073 for the six months ended June 30, 2016.

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 $14,171 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class Shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from, liabilities payable, and prepaid expenses to affiliates as follows:

Expense reimbursement receivable from LIAC	$	6,034
Management fees payable to LIAC		43,728
Distribution fees payable to LFD		47,521
Prepaid printing and mailing fees to Lincoln Life		938

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.

At June 30, 2016, Lincoln Life directly owned 26.80% of the Standard Class shares of the Fund.

LVIP SSGA Large Cap Managed Volatility Fund–9

LVIP SSGA Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15		Purchases		Sales		Net Realized Gain (Loss)			Value 6/30/16		Dividends	Capital Gain Distributions
LVIP SSGA S&P 500 Index Fund	$	174,435,535	$	43,268,838	$	4,833,650	$	(203,032	)	$	221,257,577	$—	$—

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	43,268,838
Sales		4,833,650

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	221,218,143
Aggregate unrealized appreciation	$	12,962,618
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	12,962,618

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$3,352,442	$3,631,289	$6,983,731

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 Large Cap Managed Volatility Fund–10

LVIP SSGA Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	234,180,761
Futures Contracts	$	(1,725,386	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		—			2,693
Service Class		5,002,554			10,337,292
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			64
Service Class		—			240,042
		5,002,554			10,580,091
Shares redeemed:
Standard Class		(16	)		(9	)
Service Class		(914,332	)		(2,494,840	)
		(914,348	)		(2,494,849	)
Net increase		4,088,206			8,085,242

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts	$—	Net unrealized depreciation on futures contracts	$	(1,725,386	)

LVIP SSGA Large Cap Managed Volatility Fund–11

LVIP SSGA Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized loss from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$(2,413,297)	$(1,261,109)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (average notional value)	$4,657,422	$33,583,132

6. 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.

7. 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 Large Cap Managed Volatility Fund–12

LVIP SSGA Large Cap Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP SSGA Large Cap Managed Volatility Fund–13

        LVIP SSGA Mid-Cap Index Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016  

LVIP SSGA Mid-Cap Index Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	10
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Mid-Cap Index Fund

Disclosure

      OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect the waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,077.50		0.33%		$1.70
Service Class Shares		1,000.00		1,076.10		0.58%		2.99
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.22		0.33%		$1.66
Service Class Shares		1,000.00		1,021.98		0.58%		2.92

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP SSGA Mid-Cap Index Fund–1

LVIP SSGA Mid-Cap Index Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage   of Net Assets
Common Stock		97.72%
Aerospace & Defense		1.99%
Airlines		0.36%
Auto Components		0.40%
Automobiles		0.20%
Banks		5.49%
Beverages		0.11%
Biotechnology		0.32%
Building Products		0.81%
Capital Markets		1.75%
Chemicals		2.94%
Commercial Services & Supplies		1.51%
Communications Equipment		1.37%
Construction & Engineering		0.97%
Construction Materials		0.25%
Consumer Finance		0.17%
Containers & Packaging		1.61%
Distributors		0.26%
Diversified Consumer Services		0.65%
Diversified Financial Services		1.62%
Electric Utilities		1.98%
Electrical Equipment		0.53%
Electronic Equipment, Instruments & Components		3.97%
Energy Equipment & Services		1.51%
Food & Staples Retailing		0.80%
Food Products		3.00%
Gas Utilities		2.63%
Health Care Equipment & Supplies		4.11%
Health Care Providers & Services		2.17%
Health Care Technology		0.16%
Hotels, Restaurants & Leisure		2.47%
Household Durables		1.71%
Household Products		0.21%
Independent Power & Renewable Electricity Producers		0.06%
Industrial Conglomerates		0.45%
Insurance		4.89%
Internet & Catalog Retail		0.10%
Internet Software & Services		0.57%
IT Services		3.64%
Leisure Products		0.79%
Life Sciences Tools & Services		1.61%
Machinery		4.25%
Marine		0.22%
Media		1.58%

Security Type/Sector	Percentage   of Net Assets
Metals & Mining		1.87%
Multiline Retail		0.33%
Multi-Utilities		0.82%
Oil, Gas & Consumable Fuels		2.08%
Paper & Forest Products		0.31%
Personal Products		0.44%
Pharmaceuticals		0.52%
Professional Services		0.55%
Real Estate Investment Trusts		11.51%
Real Estate Management & Development		0.40%
Road & Rail		0.76%
Semiconductors & Semiconductor Equipment		1.86%
Software		4.46%
Specialty Retail		2.06%
Technology Hardware, Storage & Peripherals		0.59%
Textiles, Apparel & Luxury Goods		1.00%
Thrifts & Mortgage Finance		0.64%
Trading Companies & Distributors		0.72%
Water Utilities		0.42%
Wireless Telecommunication Services		0.19%
Money Market Fund		2.01%
Total Value of Securities		99.73%
Receivables and Other Assets Net of Liabilities		0.27%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage   of Net Assets
Mettler-Toledo International		0.65%
Ingredion		0.62%
Duke Realty		0.62%
ResMed		0.59%
CDK Global		0.58%
Alleghany		0.57%
IDEXX Laboratories		0.56%
Atmos Energy		0.56%
Cooper		0.56%
WhiteWave Foods		0.55%
Total		5.86%

IT–Information Technology

LVIP SSGA Mid-Cap Index Fund–2

LVIP SSGA Mid-Cap Index Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–97.72%
Aerospace & Defense–1.99%
B/E Aerospace		67,792	$	3,130,296
Curtiss-Wright		29,600		2,493,800
†Esterline Technologies		19,650		1,219,086
Huntington Ingalls Industries		31,513		5,295,129
†KLX		35,050		1,086,550
Orbital ATK		39,083		3,327,527
†Teledyne Technologies		22,892		2,267,453
Triumph Group		32,784		1,163,832
				19,983,673
Airlines–0.36%
†JetBlue Airways		216,606		3,586,995
				3,586,995
Auto Components–0.40%
Dana Holding		99,160		1,047,130
Gentex		191,834		2,963,835
				4,010,965
Automobiles–0.20%
Thor Industries		30,359		1,965,442
				1,965,442
Banks–5.49%
Associated Banc-Corp		99,424		1,705,122
BancorpSouth		56,349		1,278,559
Bank of Hawaii		28,606		1,968,093
Bank of the Ozarks		54,200		2,033,584
Cathay General Bancorp		49,178		1,386,820
Commerce Bancshares		55,243		2,646,140
Cullen/Frost Bankers		36,187		2,306,197
East West Bancorp		96,894		3,311,837
First Horizon National		157,918		2,176,110
First Niagara Financial Group		235,651		2,295,241
FirstMerit		110,119		2,232,112
FNB.		139,100		1,744,314
Fulton Financial		115,270		1,556,145
Hancock Holding		51,516		1,345,083
International Bancshares		36,768		959,277
PacWest Bancorp		75,984		3,022,644
Private Bancorp		52,700		2,320,381
Prosperity Bancshares		43,580		2,222,144
†Signature Bank		36,036		4,501,617
†SVB Financial Group		34,836		3,314,994
Synovus Financial		83,858		2,431,043
TCF Financial		113,333		1,433,662
Trustmark		44,885		1,115,392
Umpqua Holdings		146,362		2,264,220
Valley National Bancorp		148,514		1,354,448
Webster Financial		60,733		2,061,885
				54,987,064

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Beverages–0.11%
†Boston Beer Class A		6,336	$	1,083,646
				1,083,646
Biotechnology–0.32%
†United Therapeutics		30,130		3,191,370
				3,191,370
Building Products–0.81%
AO Smith		49,627		4,372,635
Lennox International		26,067		3,717,154
				8,089,789
Capital Markets–1.75%
Eaton Vance		76,186		2,692,413
Federated Investors Class B		62,754		1,806,060
Janus Capital Group		97,554		1,357,952
Raymond James Financial		84,631		4,172,308
SEI Investments		91,290		4,391,962
†Stifel Financial		45,025		1,416,036
Waddell & Reed Financial Class A		54,331		935,580
WisdomTree Investments		75,173		735,944
				17,508,255
Chemicals–2.94%
Ashland		41,707		4,786,712
Cabot.		41,465		1,893,292
Minerals Technologies		23,146		1,314,693
NewMarket		6,610		2,739,052
Olin		109,637		2,723,383
PolyOne		56,659		1,996,663
RPM International		89,172		4,454,141
Scotts Miracle-Gro Class A		30,220		2,112,680
Sensient Technologies		29,909		2,124,735
Valspar		48,895		5,282,127
				29,427,478
Commercial Services & Supplies–1.51%
†Clean Harbors		34,821		1,814,522
†Copart		66,982		3,282,788
Deluxe		32,569		2,161,605
Herman Miller		39,750		1,188,127
HNI		29,348		1,364,389
MSA Safety		21,147		1,110,852
R.R. Donnelley & Sons		138,632		2,345,653
Rollins		62,440		1,827,619
				15,095,555
Communications Equipment–1.37%
†ARRIS International		117,767		2,468,396
Brocade Communications Systems		310,900		2,854,062
†Ciena		85,796		1,608,675
InterDigital		23,232		1,293,558
†NetScout Systems		63,587		1,414,811
Plantronics		22,278		980,232

LVIP SSGA Mid-Cap Index Fund–3

LVIP SSGA Mid-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Communications Equipment (continued)
†Polycom		88,926	$	1,000,417
†ViaSat		29,900		2,134,860
				13,755,011
Construction & Engineering–0.97%
†AECOM		103,140		3,276,758
EMCOR Group		40,200		1,980,252
Granite Construction		26,147		1,190,996
KBR		94,418		1,250,094
Valmont Industries		15,094		2,041,765
				9,739,865
Construction Materials–0.25%
Eagle Materials		32,792		2,529,903
				2,529,903
Consumer Finance–0.17%
†SLM		283,129		1,749,737
				1,749,737
Containers & Packaging–1.61%
AptarGroup		42,524		3,364,924
Bemis		62,851		3,236,198
Greif Class A		17,073		636,311
Packaging Corp of America		62,555		4,186,806
Silgan Holdings		26,833		1,380,826
Sonoco Products		67,105		3,332,434
				16,137,499
Distributors–0.26%
Pool		27,900		2,623,437
				2,623,437
Diversified Consumer Services–0.65%
DeVry Education Group		37,746		673,389
Graham Holdings		2,873		1,406,448
Service International		129,422		3,499,571
Sotheby’s		34,566		947,108
				6,526,516
Diversified Financial Services–1.62%
CBOE Holdings		54,337		3,619,931
FactSet Research Systems		27,382		4,420,002
MarketAxess Holdings		25,300		3,678,620
MSCI		58,316		4,497,330
				16,215,883
Electric Utilities–1.98%
Great Plains Energy		103,905		3,158,712
Hawaiian Electric Industries		71,518		2,345,075
IDACORP		33,977		2,764,029
OGE Energy		134,167		4,393,969
PNM Resources		52,917		1,875,378

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electric Utilities (continued)
Westar Energy		95,102	$	5,334,271
				19,871,434
Electrical Equipment–0.53%
Hubbell		35,004		3,691,872
Regal Beloit		29,686		1,634,214
				5,326,086
Electronic Equipment, Instruments & Components–3.97%
†Arrow Electronics		61,553		3,810,131
Avnet		86,393		3,499,780
Belden		27,892		1,683,840
Cognex		56,336		2,428,082
FEI		27,188		2,905,853
Ingram Micro		98,581		3,428,647
†IPG Photonics		24,226		1,938,080
Jabil Circuit		126,576		2,337,859
†Keysight Technologies		113,741		3,308,726
†Knowles		58,742		803,591
National Instruments		67,057		1,837,362
SYNNEX		19,200		1,820,544
†Tech Data		23,331		1,676,332
†Trimble Navigation		168,686		4,109,191
†VeriFone Systems		73,195		1,357,035
Vishay Intertechnology		90,050		1,115,719
†Zebra Technologies		34,594		1,733,159
				39,793,931
Energy Equipment & Services–1.51%
†Dril-Quip		25,160		1,470,099
Ensco Class A		203,400		1,975,014
Nabors Industries		186,998		1,879,330
Noble		161,568		1,331,320
Oceaneering International		65,013		1,941,288
†Oil States International		34,196		1,124,364
Patterson-UTI Energy		97,700		2,082,964
Rowan		82,926		1,464,473
Superior Energy Services		100,596		1,851,972
				15,120,824
Food & Staples Retailing–0.80%
Casey’s General Stores		26,298		3,458,450
†Sprouts Farmers Market		93,900		2,150,310
†SUPERVALU		176,613		833,613
†United Natural Foods		33,376		1,561,997
				8,004,370
Food Products–3.00%
Dean Foods		60,874		1,101,211
Flowers Foods		124,108		2,327,025
†Hain Celestial Group		69,560		3,460,610
Ingredion		48,332		6,254,644
Lancaster Colony		12,942		1,651,529

LVIP SSGA Mid-Cap Index Fund–4

LVIP SSGA Mid-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Food Products (continued)
†Post Holdings		43,217	$	3,573,614
Snyders-Lance		52,500		1,779,225
Tootsie Roll Industries		11,925		459,470
†TreeHouse Foods		37,959		3,896,491
†WhiteWave Foods		118,708		5,572,154
				30,075,973
Gas Utilities–2.63%
Atmos Energy		68,593		5,577,983
National Fuel Gas		56,336		3,204,392
New Jersey Resources		57,100		2,201,205
ONE Gas		34,736		2,313,070
Questar		118,046		2,994,827
Southwest Gas		31,400		2,471,494
UGI		115,874		5,243,299
WGL Holdings		33,920		2,401,197
				26,407,467
Health Care Equipment & Supplies–4.11%
†ABIOMED		26,500		2,896,185
†Align Technology		49,064		3,952,105
Cooper		32,479		5,572,422
†Halyard Health		30,963		1,006,917
Hill-Rom Holdings		37,738		1,903,882
†IDEXX Laboratories		60,109		5,581,722
†LivaNova		28,200		1,416,486
ResMed		94,158		5,953,610
STERIS		57,801		3,973,819
Teleflex		29,265		5,188,977
West Pharmaceutical Services		49,127		3,727,757
				41,173,882
Health Care Providers & Services–2.17%
†Amsurg		36,400		2,822,456
†Community Health Systems		74,857		902,027
†LifePoint Health		29,317		1,916,452
†MEDNAX		62,263		4,509,709
†Molina Healthcare		27,218		1,358,178
Owens & Minor		41,619		1,555,718
†Tenet Healthcare		67,100		1,854,644
†VCA		53,669		3,628,561
†WellCare Health Plans		29,721		3,188,469
				21,736,214
Health Care Technology–0.16%
†Allscripts Healthcare Solutions		125,748		1,597,000
				1,597,000
Hotels, Restaurants & Leisure–2.47%
Brinker International		37,943		1,727,545
†Buffalo Wild Wings		12,526		1,740,488
Cheesecake Factory		29,987		1,443,574
Churchill Downs		8,000		1,010,880

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store		15,891	$	2,724,830
Domino’s Pizza		33,655		4,421,594
Dunkin’ Brands Group		60,861		2,654,757
International Speedway Class A		17,738		593,336
Jack in the Box		21,602		1,856,044
†Panera Bread Class A		15,231		3,228,058
Texas Roadhouse		41,900		1,910,640
Wendy’s		145,301		1,397,796
				24,709,542
Household Durables–1.71%
CalAtlantic Group		50,800		1,864,868
†Helen of Troy		18,800		1,933,392
KB Home		56,222		855,137
†NVR.		2,452		4,365,394
†Tempur Sealy International		41,461		2,293,623
†Toll Brothers		102,933		2,769,927
†TRI Pointe Homes		96,817		1,144,377
Tupperware Brands		33,505		1,885,661
				17,112,379
Household Products–0.21%
Energizer Holdings		41,021		2,112,171
				2,112,171
Independent Power & Renewable Electricity Producers–0.06%
†Talen Energy		42,662		578,070
				578,070
Industrial Conglomerates–0.45%
Carlisle		43,141		4,559,141
				4,559,141
Insurance–4.89%
†Alleghany		10,360		5,693,649
American Financial Group		47,827		3,535,850
Aspen Insurance Holdings		40,499		1,878,344
Brown & Brown		78,282		2,933,227
CNO Financial Group		119,321		2,083,345
Endurance Specialty Holdings		41,723		2,802,117
Everest Re Group		28,308		5,171,022
First American Financial		73,741		2,965,863
†Genworth Financial		330,600		852,948
Hanover Insurance Group		28,451		2,407,524
Kemper		32,056		993,095
Mercury General		24,178		1,285,302
Old Republic International		161,823		3,121,566
Primerica		31,943		1,828,417
Reinsurance Group of America		43,080		4,178,329
RenaissanceRe Holdings		28,705		3,371,115
W.R. Berkley		65,146		3,903,548
				49,005,261

LVIP SSGA Mid-Cap Index Fund–5

LVIP SSGA Mid-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet & Catalog Retail–0.10%
HSN		21,222	$	1,038,392
				1,038,392
Internet Software & Services–0.57%
†comScore		31,200		745,056
j2 Global		30,700		1,939,319
†Rackspace Hosting		73,930		1,542,180
†WebMD Health		26,200		1,522,482
				5,749,037
IT Services–3.64%
†Acxiom		51,624		1,135,212
Broadridge Financial Solutions		78,917		5,145,388
Computer Sciences		93,100		4,622,415
Convergys		64,178		1,604,450
†CoreLogic		59,913		2,305,452
DST Systems		21,066		2,452,714
†Gartner		55,407		5,397,196
Jack Henry & Associates		52,984		4,623,914
Leidos Holdings		43,642		2,089,143
MAXIMUS		43,055		2,383,955
†NeuStar Class A		35,684		838,931
Science Applications International		27,430		1,600,541
†WEX		25,639		2,273,410
				36,472,721
Leisure Products–0.79%
Brunswick		60,450		2,739,594
Polaris Industries		40,148		3,282,500
†Vista Outdoor		40,572		1,936,502
				7,958,596
Life Sciences Tools & Services–1.61%
†Bio-Rad Laboratories Class A		13,874		1,984,259
Bio-Techne		24,734		2,789,253
†Charles River Laboratories International		31,771		2,619,201
†Mettler-Toledo International		17,952		6,551,044
†PAREXEL International		35,637		2,240,855
				16,184,612
Machinery–4.25%
AGCO		47,067		2,218,268
CLARCOR		32,339		1,967,181
Crane		32,874		1,864,613
Donaldson		81,963		2,816,249
Graco		37,428		2,956,438
IDEX		50,454		4,142,273
ITT		59,466		1,901,723
Joy Global		65,000		1,374,100
Kennametal		52,938		1,170,459
Lincoln Electric Holdings		42,214		2,494,003
Nordson		35,575		2,974,426

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
Oshkosh		48,551	$	2,316,368
Terex		72,107		1,464,493
Timken		46,287		1,419,159
Toro		37,000		3,263,400
Trinity Industries		101,511		1,885,059
Wabtec		60,541		4,251,794
Woodward		37,028		2,134,294
				42,614,300
Marine–0.22%
†Kirby		35,696		2,227,073
				2,227,073
Media–1.58%
†AMC Networks Class A		41,266		2,493,292
Cable One		2,873		1,469,281
Cinemark Holdings		70,091		2,555,518
†DreamWorks Animation SKG Class A		47,477		1,940,385
John Wiley & Sons Class A		32,253		1,682,962
†Live Nation Entertainment		96,849		2,275,951
Meredith		25,098		1,302,837
New York Times Class A		81,559		986,864
Time		69,672		1,146,801
				15,853,891
Metals & Mining–1.87%
Allegheny Technologies		72,345		922,399
Carpenter Technology		31,119		1,024,749
Commercial Metals		77,155		1,303,919
Compass Minerals International		22,459		1,666,233
Reliance Steel & Aluminum		48,654		3,741,493
Royal Gold		43,338		3,121,203
Steel Dynamics		163,650		4,009,425
United States Steel		97,171		1,638,303
Worthington Industries		30,217		1,278,179
				18,705,903
Multiline Retail–0.33%
Big Lots		29,524		1,479,448
†J.C. Penney		203,331		1,805,579
				3,285,027
Multi-Utilities–0.82%
Black Hills		34,797		2,193,603
MDU Resources Group		129,721		3,113,304
Vectren		55,014		2,897,587
				8,204,494
Oil, Gas & Consumable Fuels–2.08%
CONSOL Energy		152,100		2,447,289
Denbury Resources		233,029		836,574
Energen		64,477		3,108,436
†Gulfport Energy		84,456		2,640,095
HollyFrontier		117,224		2,786,414

LVIP SSGA Mid-Cap Index Fund–6

LVIP SSGA Mid-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
QEP Resources		157,112	$	2,769,885
SM Energy		45,216		1,220,832
Western Refining		53,293		1,099,435
World Fuel Services		47,003		2,232,172
†WPX Energy		183,436		1,707,789
				20,848,921
Paper & Forest Products–0.31%
Domtar		41,566		1,455,226
†Louisiana-Pacific		95,087		1,649,759
				3,104,985
Personal Products–0.44%
Avon Products		289,269		1,093,437
†Edgewell Personal Care		39,421		3,327,527
				4,420,964
Pharmaceuticals–0.52%
†Akorn		56,604		1,612,365
†Catalent		71,301		1,639,210
†Prestige Brands Holdings		35,000		1,939,000
				5,190,575
Professional Services–0.55%
CEB		21,707		1,338,888
†FTI Consulting		27,416		1,115,283
ManpowerGroup		48,061		3,092,245
				5,546,416
Real Estate Investment Trusts–11.51%
Alexandria Real Estate Equities		49,595		5,134,074
American Campus Communities		87,633		4,633,157
Camden Property Trust		58,426		5,166,027
Care Capital Properties		55,682		1,459,425
†Communications Sales & Leasing		90,607		2,618,542
Corporate Office Properties Trust		62,807		1,857,203
Corrections of America		77,911		2,728,443
DCT Industrial Trust		58,700		2,819,948
Douglas Emmett		94,444		3,354,651
Duke Realty		232,087		6,187,439
Education Realty Trust		44,600		2,057,844
EPR Properties		42,800		3,453,104
Equity One		60,268		1,939,424
First Industrial Realty Trust		77,300		2,150,486
Healthcare Realty Trust		76,000		2,659,240
Highwoods Properties		65,549		3,460,987
Hospitality Properties Trust		100,632		2,898,202
Kilroy Realty		61,918		4,104,544
Lamar Advertising		55,444		3,675,937
LaSalle Hotel Properties		75,013		1,768,807
Liberty Property Trust		98,571		3,915,240
Mack-Cali Realty		59,465		1,605,555
Medical Properties Trust		158,000		2,403,180

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Mid-America Apartment Communities		50,637	$	5,387,777
National Retail Properties		96,653		4,998,893
Omega Healthcare Investors		111,336		3,779,854
Post Properties		35,600		2,173,380
Potlatch		27,036		921,928
Rayonier		81,567		2,140,318
Regency Centers		65,450		5,480,129
Senior Housing Properties Trust		157,735		3,285,620
Sovran Self Storage		31,189		3,272,350
Tanger Factory Outlet Centers		62,966		2,529,974
Taubman Centers		40,040		2,970,968
Urban Edge Properties		61,365		1,832,359
Weingarten Realty Investors		77,673		3,170,612
WP Glimcher		123,047		1,376,896
				115,372,517
Real Estate Management & Development–0.40%
Alexander & Baldwin		30,548		1,104,005
Jones Lang LaSalle		29,924		2,916,094
				4,020,099
Road & Rail–0.76%
†Genesee & Wyoming		37,794		2,227,956
Landstar System		28,193		1,935,731
†Old Dominion Freight Line		45,630		2,751,945
Werner Enterprises		29,708		682,393
				7,598,025
Semiconductors & Semiconductor Equipment–1.86%
†Advanced Micro Devices		426,766		2,193,577
†Cree		67,073		1,639,264
Cypress Semiconductor		208,885		2,203,737
†Fairchild Semiconductor International		91,475		1,815,779
†Integrated Device Technology		89,947		1,810,633
Intersil Class A		91,744		1,242,214
†Microsemi		76,200		2,490,216
†Silicon Laboratories		25,630		1,249,206
†Synaptics		24,397		1,311,339
Teradyne		135,719		2,672,307
				18,628,272
Software–4.46%
†ACI Worldwide		79,108		1,543,397
†ANSYS		58,588		5,316,861
†Cadence Design Systems		202,012		4,908,892
CDK Global		104,179		5,780,893
†CommVault Systems		27,895		1,204,785
Fair Isaac		20,829		2,353,885
†Fortinet		96,874		3,060,250
†Manhattan Associates		48,482		3,109,151
Mentor Graphics		66,768		1,419,488
†PTC		76,111		2,860,251
†Synopsys		101,918		5,511,725

LVIP SSGA Mid-Cap Index Fund–7

LVIP SSGA Mid-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software (continued)
†Tyler Technologies		21,864	$	3,644,947
†Ultimate Software Group		19,204		4,038,409
				44,752,934
Specialty Retail–2.06%
Aaron’s		42,894		938,950
Abercrombie & Fitch		44,670		795,573
American Eagle Outfitters		110,370		1,758,194
†Ascena Retail Group		113,433		792,897
†Cabela’s		32,015		1,602,671
Chico’s FAS		88,755		950,566
CST Brands		50,188		2,162,099
Dick’s Sporting Goods		59,823		2,695,624
GameStop Class A		69,500		1,847,310
Guess		42,257		635,968
†Murphy USA		24,617		1,825,597
†Office Depot		328,187		1,086,299
†Restoration Hardware Holdings		24,800		711,264
Williams-Sonoma		54,934		2,863,709
				20,666,721
Technology Hardware, Storage & Peripherals–0.59%
†3D Systems		70,699		967,869
Diebold		43,283		1,074,717
Lexmark International Class A		42,363		1,599,203
†NCR		82,960		2,303,799
				5,945,588
Textiles, Apparel & Luxury Goods–1.00%
Carter’s		34,095		3,630,095
†Deckers Outdoor		21,587		1,241,684
†Fossil Group		27,500		784,575
†Kate Spade & Co		85,062		1,753,128
†Skechers U.S.A. Class A		89,553		2,661,515
				10,070,997

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Thrifts & Mortgage Finance–0.64%
New York Community Bancorp		326,958	$	4,901,100
Washington Federal		60,825		1,475,615
				6,376,715
Trading Companies & Distributors–0.72%
GATX		27,916		1,227,467
MSC Industrial Direct		32,056		2,261,871
†NOW		71,242		1,292,330
Watsco		17,075		2,402,282
				7,183,950
Water Utilities–0.42%
Aqua America		119,050		4,245,323
				4,245,323
Wireless Telecommunication Services–0.19%
Telephone & Data Systems		62,798		1,862,589
				1,862,589
Total Common Stock (Cost $942,679,341)				979,521,465
MONEY MARKET FUND–2.01%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		20,149,868		20,149,868
Total Money Market Fund (Cost $20,149,868)				20,149,868

TOTAL VALUE OF SECURITIES–99.73% (Cost $962,829,209)		999,671,333
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.27%		2,702,044
NET ASSETS APPLICABLE TO 96,090,372 SHARES OUTSTANDING–100.00%	$	1,002,373,377

NET ASSET VALUE PER SHARE–LVIP SSGA MID-CAP INDEX FUND STANDARD CLASS ($1,002,362,769 / 96,089,354 Shares)	$	10.432
NET ASSET VALUE PER SHARE–LVIP SSGA MID-CAP INDEX FUND SERVICE CLASS ($10,608 / 1,018 Shares)	$	10.420

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	963,427,266
Undistributed net investment income		8,825,123
Accumulated net realized loss on investments		(6,743,426	)
Net unrealized appreciation of investments and derivatives		36,864,414
Total net assets	$	1,002,373,377

†  Non-income producing for the period.

LVIP SSGA Mid-Cap Index Fund–8

LVIP SSGA Mid-Cap Index Fund

Statement of Net Assets (continued)

« Includes $1,416,660 cash collateral held at broker for futures contracts, $10,999,375 payable for securities purchased $241,484 due to manager and affiliates, $39 prepaid printing and mailing fees to Lincoln Life and $390,155 payable for fund shares redeemed as of June 30, 2016.

The following futures contract was outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation (Depreciation)
159	E-mini S&P MidCap 400 Index		$23,716,410	$	23,738,700		9/19/16	$22,290

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 5 in “Notes to Financial Statements.”

IT–Information Technology

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

LVIP SSGA Mid-Cap Index Fund–9

LVIP SSGA Mid-Cap Index Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	9,385,436
EXPENSES:
Management fees		1,517,176
Accounting and administration expenses		141,302
Index fees		114,041
Professional fees		29,057
Trustees’ fees and expenses		14,990
Reports and statements to shareholders		8,906
Custodian fees		8,822
Consulting fees		1,760
Pricing fees		615
Distribution fees-Service Class		12
Other		5,406
		1,842,087
Less management fees waived		(4,960	)
Total operating expenses		1,837,127
NET INVESTMENT INCOME		7,548,309
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(8,088,604	)
Futures contracts		2,079,183
Net realized loss		(6,009,421	)
Net change in unrealized appreciation (depreciation) of:
Investments		91,176,512
Futures contracts		(95,885	)
Net change in unrealized appreciation (depreciation)		91,080,627
NET REALIZED AND UNREALIZED GAIN		85,071,206
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	92,619,515

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

LVIP SSGA Mid-Cap Index Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	7,548,309		$	11,794,592
Net realized gain (loss)		(6,009,421	)		9,271,270
Net change in unrealized appreciation (depreciation)		91,080,627			(62,290,659	)
Net increase (decrease) in net assets resulting from operations		92,619,515			(41,224,797	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(10,408,877	)
Service Class		—			(66	)
Net realized gain:
Standard Class		—			(9,702,881	)
Service Class		—			(86	)
		—			(20,111,910	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		76,159,389			527,108,136
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			20,111,758
Service Class		—			152
		76,159,389			547,220,046
Cost of shares redeemed:
Standard Class		(287,738,085	)		(58,224,798	)
		(287,738,085	)		(58,224,798	)
Increase (Decrease) in net assets derived from capital share transactions		(211,578,696	)		488,995,248
NET DECREASE IN NET ASSETS		(118,959,181	)		427,658,541
NET ASSETS:
Beginning of period		1,121,332,558			693,674,017
End of period	$	1,002,373,377		$	1,121,332,558
Undistributed (Distributions in excess of) net investment income	$	8,825,123		$	1,276,814

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

LVIP SSGA Mid-Cap Index Fund–10

LVIP SSGA Mid-Cap Index Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Mid-Cap Index Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)		Year Ended 12/31/15			9/2/142 to 12/31/14
Net asset value, beginning of period	$	9.682	$	10.107		$	10.000
Income (loss) from investment operations:
Net investment income3		0.065		0.123			0.043
Net realized and unrealized gain (loss)		0.685		(0.371	)		0.091
Total from investment operations		0.750		(0.248	)		0.134
Less dividends and distributions from:
Net investment income		—		(0.092	)		(0.027	)
Net realized gain		—		(0.085	)		—
Total dividends and distributions		—		(0.177	)		(0.027	)
Net asset value, end of period	$	10.432	$	9.682		$	10.107
Total return4		7.75%		(2.48%	)		1.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,002,363	$	1,121,323		$	693,664
Ratio of expenses to average net assets		0.33%		0.32%			0.33%
Ratio of net investment income to average net assets		1.34%		1.20%			1.33%
Portfolio turnover		16%		20%			4%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  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.

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

LVIP SSGA Mid-Cap Index Fund–11

LVIP SSGA Mid-Cap Index Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA Mid-Cap Index Fund Service Class
	Six Months Ended 6/30/161 (unaudited)		Year Ended 12/31/15			9/2/142 to 12/31/14
Net asset value, beginning of period	$	9.683	$	10.106		$	10.000
Income (loss) from investment operations:
Net investment income3		0.053		0.098			0.035
Net realized and unrealized gain (loss)		0.684		(0.370)			0.090
Total from investment operations.		0.737		(0.272)			0.125
Less dividends and distributions from:
Net investment income		—		(0.066)			(0.019)
Net realized gain		—		(0.085)			—
Total dividends and distributions		—		(0.151)			(0.019)
Net asset value, end of period	$	10.420	$	9.683		$	10.106
Total return4		7.61%		(2.72%	)		1.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10	$	10		$	10
Ratio of expenses to average net assets		0.58%		0.57%			0.58%
Ratio of net investment income to average net assets		1.09%		0.95%			1.08%
Portfolio turnover		16%		20%			4%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  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.

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

LVIP SSGA Mid-Cap Index Fund–12

LVIP SSGA Mid-Cap Index Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Mid-Cap 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”). 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 that emphasizes stocks of mid-sized U.S. companies.

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. Open-end investment companies are valued at their published net asset value. Futures contracts are valued at the daily quoted settlement prices. 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 closure 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014 - December 31, 2015), 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 six months ended June 30, 2016, 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.

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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. 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.

LVIP SSGA Mid-Cap Index Fund–13

LVIP SSGA Mid-Cap Index Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.27% of the average daily net assets of the Fund. Effective April 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.002% of the first $1 billion of the average daily net assets of the Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	29,789
Legal		8,189

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 $689 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	241,482
Distribution fees payable to LFD		2
Prepaid printing and mailing fees to Lincoln Life		39

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.

At June 30, 2016, Lincoln Life directly owned 100.00% of the Service Class shares of the Fund.

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	173,486,998
Sales		373,331,455

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	962,829,209
Aggregate unrealized appreciation	$	111,079,742
Aggregate unrealized depreciation		(74,237,618	)
Net unrealized appreciation	$	36,842,124

LVIP SSGA Mid-Cap Index Fund–14

LVIP SSGA Mid-Cap Index Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Common Stock.	$	979,521,465
Money Market Fund		20,149,868
Total	$	999,671,333
Futures Contracts	$	22,290

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		8,275,142			50,830,721
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,059,605
Service Class		—			16
		8,275,142			52,890,342
Shares redeemed:
Standard Class		(27,999,535	)		(5,706,238	)
		(27,999,535	)		(5,706,238	)
Net increase (decrease)		(19,724,393	)		47,184,104

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 Fund deposits

LVIP SSGA Mid-Cap Index Fund–15

LVIP SSGA Mid-Cap Index Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities	$22,290	Receivables and other assets net of liabilities	$—

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$2,079,183	$(95,885)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (average notional value)	$29,432,128	$—

6. Market Risk

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

7. 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.

8. 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 Mid-Cap Index Fund–16

        LVIP SSGA S&P 500 Index Fund     a series of Lincoln Variable
Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP SSGA S&P 500 Index Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	11
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	14

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 S&P 500 Index Fund

Disclosure

      OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,037.10		0.22%		$1.11
Service Class Shares		1,000.00		1,035.80		0.47%		2.38
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.77		0.22%		$1.11
Service Class Shares		1,000.00		1,022.53		0.47%		2.36

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP SSGA S&P 500 Index Fund–1

LVIP SSGA S&P 500 Index Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		98.41%
Aerospace & Defense		2.60%
Air Freight & Logistics		0.72%
Airlines		0.49%
Auto Components		0.32%
Automobiles		0.53%
Banks		5.13%
Beverages		2.31%
Biotechnology		2.86%
Building Products		0.14%
Capital Markets		1.75%
Chemicals		2.02%
Commercial Services & Supplies		0.63%
Communications Equipment		0.97%
Construction & Engineering		0.09%
Construction Materials		0.15%
Consumer Finance		0.70%
Containers & Packaging		0.30%
Distributors		0.13%
Diversified Consumer Services		0.03%
Diversified Financial Services		1.96%
Diversified Telecommunication Services		2.87%
Electric Utilities		2.02%
Electrical Equipment		0.53%
Electronic Equipment, Instruments & Components		0.35%
Energy Equipment & Services		1.07%
Food & Staples Retailing		2.32%
Food Products		1.83%
Gas Utilities		0.04%
Health Care Equipment & Supplies		2.40%
Health Care Providers & Services		2.72%
Health Care Technology		0.10%
Hotels, Restaurants & Leisure		1.71%
Household Durables		0.47%
Household Products		2.01%
Independent Power & Renewable Electricity Producers		0.07%
Industrial Conglomerates		2.56%
Insurance		2.65%
Internet & Catalog Retail		2.15%
Internet Software & Services		4.06%
IT Services		3.62%
Leisure Products		0.11%
Life Sciences Tools & Services		0.60%
Machinery		1.25%

Security Type/Sector	Percentage of Net Assets
Media		2.68%
Metals & Mining		0.34%
Multiline Retail		0.62%
Multi-Utilities		1.34%
Oil, Gas & Consumable Fuels		6.17%
Personal Products		0.11%
Pharmaceuticals		5.72%
Professional Services		0.30%
Real Estate Investment Trusts		3.05%
Real Estate Management & Development		0.04%
Road & Rail		0.78%
Semiconductors & Semiconductor Equipment		2.79%
Software		4.11%
Specialty Retail		2.56%
Technology Hardware, Storage & Peripherals		3.56%
Textiles, Apparel & Luxury Goods		0.82%
Tobacco		1.82%
Trading Companies & Distributors		0.18%
Water Utilities		0.08%
Money Market Fund		1.39%
Short-Term Investment		0.17%
Total Value of Securities		99.97%
Receivables and Other Assets Net of Liabilities		0.03%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Apple		2.83%
Microsoft		2.18%
Exxon Mobil		2.10%
Johnson & Johnson		1.80%
General Electric		1.56%
Amazon.com		1.50%
Berkshire Hathaway Class B		1.47%
AT&T		1.44%
Facebook Class A		1.43%
Verizon Communications		1.23%
Total		17.54%

IT–Information Technology

LVIP SSGA S&P 500 Index Fund–2

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK–98.41%
Aerospace & Defense–2.60%
Boeing		216,489		$        28,115,426
General Dynamics		106,380		14,812,351
Honeywell International		279,272		32,484,919
L-3 Communications Holdings		28,676		4,206,482
Lockheed Martin		94,403		23,427,992
Northrop Grumman		65,733		14,611,131
Raytheon		107,501		14,614,761
Rockwell Collins		47,305		4,027,548
Textron		97,822		3,576,372
†TransDigm Group		19,400		5,115,586
United Technologies		282,459		28,966,170
				173,958,738
Air Freight & Logistics–0.72%
CH Robinson Worldwide		51,527		3,825,880
Expeditors International of Washington		67,776		3,323,735
FedEx		92,103		13,979,393
United Parcel Service Class B		249,524		26,878,725
				48,007,733
Airlines–0.49%
Alaska Air Group		44,700		2,605,563
American Airlines Group		209,000		5,916,790
Delta Air Lines		282,000		10,273,260
Southwest Airlines		232,481		9,115,580
†United Continental Holdings		119,700		4,912,488
				32,823,681
Auto Components–0.32%
BorgWarner		79,998		2,361,541
Delphi Automotive		101,424		6,349,142
Goodyear Tire & Rubber		96,337		2,472,007
Johnson Controls		233,837		10,349,626
				21,532,316
Automobiles–0.53%
Ford Motor		1,417,102		17,812,972
General Motors		505,306		14,300,160
Harley-Davidson		68,393		3,098,203
				35,211,335
Banks–5.13%
Bank of America		3,709,101		49,219,770
BB&T		295,926		10,537,925
Citigroup		1,058,862		44,885,160
Citizens Financial Group		187,100		3,738,258
Comerica		63,052		2,593,329
Fifth Third Bancorp		286,512		5,039,746
Huntington Bancshares		285,820		2,555,231
JPMorgan Chase		1,319,060		81,966,388
KeyCorp		307,095		3,393,400
M&T Bank		57,085		6,749,160

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Banks (continued)
People’s United Financial		108,817		$        1,595,257
PNC Financial Services Group		180,046		14,653,944
Regions Financial		472,614		4,021,945
SunTrust Banks		184,764		7,590,105
U.S. Bancorp		593,056		23,917,948
Wells Fargo		1,660,282		78,581,147
Zions Bancorporation		71,242		1,790,311
				342,829,024
Beverages–2.31%
Brown-Forman Class B		37,670		3,757,959
Coca-Cola		1,399,997		63,461,864
Constellation Brands Class A		64,135		10,607,929
Dr Pepper Snapple Group		68,258		6,595,771
Molson Coors Brewing Class B		64,517		6,524,604
†Monster Beverage		51,017		8,198,942
PepsiCo		519,275		55,011,993
				154,159,062
Biotechnology–2.86%
AbbVie		580,210		35,920,801
†Alexion Pharmaceuticals		82,005		9,574,904
Amgen		270,057		41,089,173
†Biogen		78,849		19,067,265
†Celgene		281,240		27,738,701
Gilead Sciences		481,549		40,170,818
†Regeneron Pharmaceuticals		28,462		9,939,784
†Vertex Pharmaceuticals		87,300		7,509,546
				191,010,992
Building Products–0.14%
Allegion		33,625		2,334,584
Fortune Brands Home & Security		55,400		3,211,538
Masco		122,721		3,796,988
				9,343,110
Capital Markets–1.75%
†Affiliated Managers Group		19,500		2,745,015
Ameriprise Financial		63,582		5,712,843
Bank of New York Mellon		391,203		15,198,237
BlackRock		45,891		15,719,044
Charles Schwab		437,425		11,071,227
†E*TRADE Financial		101,343		2,380,547
Franklin Resources		137,656		4,593,581
Goldman Sachs Group		141,086		20,962,558
Invesco		151,239		3,862,644
Legg Mason		36,847		1,086,618
Morgan Stanley		555,720		14,437,606
Northern Trust		77,684		5,147,342
State Street		143,090		7,715,413
T. Rowe Price Group		91,435		6,672,012
				117,304,687

LVIP SSGA S&P 500 Index Fund–3

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Chemicals–2.02%
Air Products & Chemicals		68,999		$        9,800,618
Albemarle		40,600		3,219,986
CF Industries Holdings		80,590		1,942,219
Dow Chemical		405,857		20,175,151
Eastman Chemical		52,227		3,546,213
Ecolab		94,159		11,167,257
EI du Pont de Nemours		316,660		20,519,568
FMC		46,801		2,167,354
International Flavors & Fragrances		28,420		3,582,909
LyondellBasell Industries Class A		123,860		9,217,661
Monsanto		160,052		16,550,977
Mosaic		123,247		3,226,606
PPG Industries		96,256		10,025,062
Praxair		102,284		11,495,699
Sherwin-Williams		28,016		8,227,459
				134,864,739
Commercial Services & Supplies–0.63%
Cintas		31,808		3,121,319
Iron Mountain		89,100		3,548,853
Pitney Bowes		70,554		1,255,861
Republic Services		85,837		4,404,296
S&P Global		97,179		10,423,420
†Stericycle		29,701		3,092,468
Tyco International		155,363		6,618,464
Waste Management		150,071		9,945,205
				42,409,886
Communications Equipment–0.97%
Cisco Systems		1,807,624		51,860,733
†F5 Networks		25,896		2,948,001
Harris		43,458		3,626,136
Juniper Networks		127,104		2,858,569
Motorola Solutions		57,102		3,767,019
				65,060,458
Construction & Engineering–0.09%
Fluor		51,837		2,554,527
†Jacobs Engineering Group		45,834		2,282,992
†Quanta Services		58,087		1,342,971
				6,180,490
Construction Materials–0.15%
Martin Marietta Materials		24,500		4,704,000
Vulcan Materials		46,963		5,652,467
				10,356,467
Consumer Finance–0.70%
American Express		293,750		17,848,250
Capital One Financial		190,130		12,075,156
Discover Financial Services		147,811		7,921,191
Navient		133,464		1,594,895

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Consumer Finance (continued)
†Synchrony Financial		297,368		$        7,517,463
				46,956,955
Containers & Packaging–0.30%
Avery Dennison		31,943		2,387,739
Ball		48,478		3,504,475
International Paper		148,701		6,301,948
†Owens-Illinois		57,882		1,042,455
Sealed Air		74,097		3,406,239
WestRock		92,018		3,576,740
				20,219,596
Distributors–0.13%
Genuine Parts		53,641		5,431,151
†LKQ		109,600		3,474,320
				8,905,471
Diversified Consumer Services–0.03%
H&R Block		84,114		1,934,622
				1,934,622
Diversified Financial Services–1.96%
†Berkshire Hathaway Class B		677,469		98,090,736
CME Group		119,753		11,663,942
Intercontinental Exchange		42,126		10,782,571
Leucadia National		111,225		1,927,529
Moody’s		62,142		5,823,327
Nasdaq		41,177		2,662,917
				130,951,022
Diversified Telecommunication Services–2.87%
AT&T		2,225,635		96,169,688
CenturyLink		200,303		5,810,790
Frontier Communications		416,649		2,058,246
†Level 3 Communications		104,700		5,391,003
Verizon Communications		1,473,758		82,294,647
				191,724,374
Electric Utilities–2.02%
Alliant Energy		82,000		3,255,400
American Electric Power		178,878		12,537,559
Duke Energy		247,148		21,202,827
Edison International		114,304		8,877,992
Entergy		63,372		5,155,312
Eversource Energy		111,174		6,659,323
Exelon		327,956		11,924,480
FirstEnergy		147,706		5,156,416
NextEra Energy		167,358		21,823,483
Pinnacle West Capital		39,983		3,241,022
PPL		240,298		9,071,249
Southern		339,326		18,198,053
Xcel Energy		177,477		7,947,420
				135,050,536

LVIP SSGA S&P 500 Index Fund–4

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Electrical Equipment–0.53%
Acuity Brands		15,700		$        3,892,972
AMETEK		86,300		3,989,649
Eaton		166,017		9,916,195
Emerson Electric		233,230		12,165,277
Rockwell Automation		48,290		5,544,658
				35,508,751
Electronic Equipment, Instruments & Components–0.35%
Amphenol Class A		109,832		6,296,669
Corning		398,560		8,162,509
FLIR Systems		49,450		1,530,477
TE Connectivity		132,411		7,561,992
				23,551,647
Energy Equipment & Services–1.07%
Baker Hughes		156,297		7,053,684
Diamond Offshore Drilling		23,552		573,020
†FMC Technologies		82,116		2,190,034
Halliburton		304,837		13,806,068
Helmerich & Payne		38,008		2,551,477
National Oilwell Varco		135,690		4,565,969
Schlumberger		499,273		39,482,509
Transocean		119,500		1,420,855
				71,643,616
Food & Staples Retailing–2.32%
Costco Wholesale		159,748		25,086,826
CVS Health		388,321		37,177,853
Kroger		354,946		13,058,463
Sysco		187,218		9,499,441
Walgreens Boots Alliance		312,162		25,993,730
Wal-Mart Stores		552,095		40,313,977
Whole Foods Market		126,300		4,044,126
				155,174,416
Food Products–1.83%
Archer-Daniels-Midland		215,923		9,260,937
Campbell Soup		62,850		4,181,411
ConAgra Foods		153,952		7,360,445
General Mills		216,012		15,405,976
Hershey		51,930		5,893,536
Hormel Foods		94,272		3,450,355
JM Smucker		42,547		6,484,588
Kellogg		89,577		7,313,962
Kraft Heinz		216,124		19,122,652
McCormick & Co		41,319		4,407,498
Mead Johnson Nutrition		66,259		6,013,004
Mondelez International		569,708		25,927,411
Tyson Foods Class A		108,550		7,250,055
				122,071,830

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Gas Utilities–0.04%
AGL Resources		41,983		$        2,769,618
				2,769,618
Health Care Equipment & Supplies–2.40%
Abbott Laboratories		526,903		20,712,557
Baxter International		192,522		8,705,845
Becton Dickinson		77,101		13,075,559
†Boston Scientific		479,187		11,198,600
C.R. Bard		26,337		6,193,409
DENTSPLY SIRONA		86,375		5,358,705
†Edwards Lifesciences		76,616		7,640,914
†Hologic		88,400		3,058,640
†Intuitive Surgical		13,223		8,745,824
Medtronic		504,996		43,818,503
St. Jude Medical		100,342		7,826,676
Stryker		112,412		13,470,330
†Varian Medical Systems		35,132		2,888,904
Zimmer Biomet Holdings		65,390		7,871,648
				160,566,114
Health Care Providers & Services–2.72%
Aetna		127,244		15,540,310
AmerisourceBergen		66,378		5,265,103
Anthem		93,288		12,252,446
Cardinal Health		120,161		9,373,760
†Centene		60,800		4,339,296
Cigna		93,156		11,923,036
†DaVita HealthCare Partners		60,328		4,664,561
†Express Scripts Holding		226,732		17,186,286
†HCA Holdings		113,400		8,732,934
†Henry Schein		29,500		5,215,600
Humana		52,332		9,413,480
†Laboratory Corp of America Holdings		34,947		4,552,546
McKesson		81,487		15,209,549
Patterson		30,024		1,437,849
@Quest Diagnostics		50,611		4,120,242
UnitedHealth Group		341,446		48,212,175
Universal Health Services Class B		32,000		4,291,200
				181,730,373
Health Care Technology–0.10%
†Cerner		109,929		6,441,839
				6,441,839
Hotels, Restaurants & Leisure–1.71%
Carnival		162,391		7,177,682
†Chipotle Mexican Grill		10,922		4,398,945
Darden Restaurants		40,630		2,573,504
Marriott International Class A		71,083		4,724,176
McDonald’s		317,418		38,198,082
Royal Caribbean Cruises		61,200		4,109,580
Starbucks		536,606		30,650,935
Starwood Hotels & Resorts Worldwide		60,805		4,496,530

LVIP SSGA S&P 500 Index Fund–5

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Wyndham Worldwide		42,173		$        3,003,983
Wynn Resorts		28,350		2,569,644
Yum Brands		146,424		12,141,478
				114,044,539
Household Durables–0.47%
DR Horton		116,474		3,666,602
Garmin		42,324		1,795,384
Harman International Industries		24,006		1,724,111
Leggett & Platt		48,336		2,470,453
Lennar		62,643		2,887,842
†Mohawk Industries		21,700		4,117,792
Newell Brands		163,503		7,941,341
PulteGroup		117,141		2,283,078
Whirlpool		27,308		4,550,605
				31,437,208
Household Products–2.01%
Church & Dwight		46,500		4,784,385
Clorox		45,885		6,350,025
Colgate-Palmolive		324,352		23,742,566
Kimberly-Clark		131,231		18,041,638
Procter & Gamble		962,368		81,483,699
				134,402,313
Independent Power & Renewable Electricity Producers–0.07%
AES		248,815		3,105,211
NRG Energy		118,655		1,778,638
				4,883,849
Industrial Conglomerates–2.56%
3M		218,971		38,346,202
Danaher		217,201		21,937,301
General Electric		3,324,583		104,657,873
Roper Technologies		35,164		5,997,572
				170,938,948
Insurance–2.65%
Aflac		153,511		11,077,354
Allstate		135,072		9,448,286
American International Group		404,544		21,396,332
Aon		100,096		10,933,486
Arthur J. Gallagher & Co		63,400		3,017,840
Assurant		23,816		2,055,559
Chubb		167,446		21,886,867
Cincinnati Financial		52,875		3,959,809
Hartford Financial Services Group		147,989		6,567,752
*Lincoln National		91,136		3,533,343
Loews		105,008		4,314,779
Marsh & McLennan		188,469		12,902,588
MetLife		394,915		15,729,464
Principal Financial Group		95,833		3,939,695
Progressive		207,718		6,958,553

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Insurance (continued)
Prudential Financial		158,125		$        11,280,637
Torchmark		41,479		2,564,232
Travelers		109,106		12,987,978
Unum Group		89,211		2,836,018
Willis Towers Watson		48,773		6,062,972
XL Group		109,742		3,655,506
				177,109,050
Internet & Catalog Retail–2.15%
†Amazon.com		139,858		100,085,182
Expedia		41,749		4,437,919
†Netflix		155,700		14,243,436
†Priceline Group		17,775		22,190,488
†TripAdvisor		39,134		2,516,316
				143,473,341
Internet Software & Services–4.06%
†Akamai Technologies		62,403		3,490,200
†Alphabet Class A Class A		106,220		74,728,957
†Alphabet Class C Class C		106,798		73,914,896
†eBay		399,744		9,358,007
†Facebook Class A		835,800		95,515,224
†VeriSign		35,587		3,076,852
†Yahoo		309,223		11,614,416
				271,698,552
IT Services–3.62%
Accenture Class A		227,967		25,826,381
†Alliance Data Systems		21,900		4,290,648
Automatic Data Processing		163,268		14,999,431
†Cognizant Technology Solutions Class A		221,716		12,691,024
CSRA		49,285		1,154,748
Fidelity National Information Services		100,489		7,404,030
†Fiserv		79,612		8,656,213
Global Payments		55,226		3,942,032
International Business Machines		319,063		48,427,382
MasterCard Class A		355,820		31,333,509
Paychex		114,576		6,817,272
†PayPal Holdings		400,044		14,605,606
†Teradata		47,428		1,189,020
Total System Services		58,068		3,083,991
Visa Class A		689,428		51,134,875
Western Union		183,387		3,517,363
@Xerox		339,485		3,221,713
				242,295,238
Leisure Products–0.11%
Hasbro		39,684		3,333,059
Mattel		118,368		3,703,735
				7,036,794

LVIP SSGA S&P 500 Index Fund–6

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Life Sciences Tools & Services–0.60%
Agilent Technologies		117,037		$        5,191,761
†Illumina		51,400		7,215,532
PerkinElmer		39,675		2,079,763
Thermo Fisher Scientific		143,953		21,270,495
†Waters		29,216		4,109,230
				39,866,781
Machinery–1.25%
Caterpillar		211,281		16,017,213
Cummins		59,629		6,704,685
Deere & Co		110,500		8,954,920
Dover		55,851		3,871,591
Flowserve		47,884		2,162,920
Illinois Tool Works		117,519		12,240,779
Ingersoll-Rand		93,175		5,933,384
PACCAR		127,655		6,621,465
Parker-Hannifin		47,582		5,141,235
Pentair		65,594		3,823,474
Snap-on		20,375		3,215,583
Stanley Black & Decker		54,640		6,077,061
Xylem		63,873		2,851,929
				83,616,239
Media–2.68%
CBS Class B		155,803		8,481,915
†Charter Communications Class A		1		219
Comcast Class A		873,972		56,974,235
†Discovery Communications Class A		52,143		1,315,568
†Discovery Communications Class C		91,943		2,192,841
Interpublic Group		147,580		3,409,098
News Class A		135,890		1,542,351
News Class B		38,200		445,794
Omnicom Group		87,097		7,097,535
Scripps Networks Interactive Class A		33,553		2,089,345
TEGNA		79,305		1,837,497
Time Warner		285,933		21,027,513
Twenty-First Century Fox Class A		400,357		10,829,657
Twenty-First Century Fox Class B		152,900		4,166,525
Viacom Class B		123,923		5,139,087
Walt Disney		539,190		52,743,566
				179,292,746
Metals & Mining–0.34%
Alcoa		483,181		4,479,088
Freeport-McMoRan		459,061		5,113,940
Newmont Mining		193,932		7,586,620
Nucor		111,943		5,531,104
				22,710,752
Multiline Retail–0.62%
Dollar General		102,929		9,675,326
†Dollar Tree		83,683		7,886,286
Kohl’s		70,903		2,688,642

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Multiline Retail (continued)
Macy’s		112,117		$        3,768,252
Nordstrom		49,411		1,880,089
Target		220,338		15,383,999
				41,282,594
Multi-Utilities–1.34%
Ameren		85,201		4,565,070
CenterPoint Energy		150,835		3,620,040
CMS Energy		96,538		4,427,233
Consolidated Edison		110,012		8,849,365
Dominion Resources		217,010		16,911,589
DTE Energy		62,092		6,154,559
NiSource		110,795		2,938,283
PG&E		174,473		11,152,314
Public Service Enterprise Group		182,489		8,505,812
SCANA		49,706		3,760,756
Sempra Energy		83,388		9,507,900
TECO Energy		78,862		2,179,746
WEC Energy Group		110,658		7,225,967
				89,798,634
Oil, Gas & Consumable Fuels–6.17%
Anadarko Petroleum		181,227		9,650,338
Apache		135,726		7,555,866
Cabot Oil & Gas		168,696		4,342,235
†Chesapeake Energy		182,105		779,409
Chevron		676,634		70,931,542
Cimarex Energy		33,700		4,021,084
Columbia Pipeline Group		137,895		3,514,944
†Concho Resources		45,900		5,474,493
ConocoPhillips		449,210		19,585,556
Devon Energy		186,614		6,764,757
EOG Resources		200,002		16,684,167
EQT		62,607		4,847,660
Exxon Mobil		1,499,110		140,526,571
Hess		96,620		5,806,862
Kinder Morgan		660,081		12,356,716
Marathon Oil		302,129		4,534,956
Marathon Petroleum		189,020		7,175,199
Murphy Oil		58,565		1,859,439
†Newfield Exploration		73,397		3,242,679
Noble Energy		151,585		5,437,354
Occidental Petroleum		277,498		20,967,749
ONEOK		73,077		3,467,504
Phillips 66		169,771		13,469,631
Pioneer Natural Resources		59,514		8,999,112
Range Resources		59,106		2,549,833
†Southwestern Energy		133,050		1,673,769
Spectra Energy		241,690		8,853,105
Tesoro		43,861		3,286,066
Valero Energy		174,245		8,886,4.95

LVIP SSGA S&P 500 Index Fund–7

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
Williams		243,318		$        5,262,968
				412,508,059
Personal Products–0.11%
Estee Lauder Class A		78,567		7,151,168
				7,151,168
Pharmaceuticals–5.72%
†Allergan		143,303		33,115,890
Bristol-Myers Squibb		599,526		44,095,137
Eli Lilly & Co		353,452		27,834,345
†Endo International		71,500		1,114,685
Johnson & Johnson		991,881		120,315,165
†Mallinckrodt		40,800		2,479,824
Merck		996,981		57,436,075
†Mylan		147,305		6,369,468
Perrigo		52,151		4,728,531
Pfizer		2,192,648		77,203,136
Zoetis		162,721		7,722,739
				382,414,995
Professional Services–0.30%
Dun & Bradstreet		13,178		1,605,608
Equifax		42,618		5,472,151
Nielsen Holdings		130,900		6,802,873
Robert Half International		47,717		1,820,881
†Verisk Analytics Class A		55,000		4,459,400
				20,160,913
Real Estate Investment Trusts–3.05%
American Tower		154,203		17,519,003
Apartment Investment & Management		56,213		2,482,366
AvalonBay Communities		49,948		9,010,120
Boston Properties		55,212		7,282,463
Crown Castle International		117,965		11,965,190
Digital Realty Trust		52,400		5,711,076
Equinix		24,342		9,438,124
Equity Residential		128,742		8,867,749
Essex Property Trust		23,600		5,382,924
Extra Space Storage		43,800		4,053,252
Federal Realty Investment Trust		24,600		4,072,530
Four Corners Property Trust		1		21
General Growth Properties		208,500		6,217,470
HCP		166,323		5,884,508
Host Hotels & Resorts		265,751		4,307,824
Kimco Realty		143,945		4,516,994
Macerich		48,010		4,099,574
Prologis		185,389		9,091,477
Public Storage		53,651		13,712,659
Realty Income		91,000		6,311,760
Simon Property Group		112,448		24,389,971
SL Green Realty		34,900		3,715,803
UDR		93,300		3,444,636

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Ventas		119,495		$        8,701,626
Vornado Realty Trust		63,174		6,324,981
Welltower		126,101		9,605,113
Weyerhaeuser		266,507		7,933,913
				204,043,127
Real Estate Management & Development–0.04%
†CBRE Group Class A		98,176		2,599,700
				2,599,700
Road & Rail–0.78%
CSX		346,504		9,036,824
JB Hunt Transport Services		32,400		2,622,132
Kansas City Southern		38,738		3,489,906
Norfolk Southern		107,532		9,154,199
Ryder System		18,586		1,136,348
Union Pacific		304,202		26,541,625
				51,981,034
Semiconductors & Semiconductor Equipment–2.79%
Analog Devices		112,422		6,367,582
Applied Materials		403,953		9,682,753
Broadcom		132,785		20,634,789
†First Solar		26,332		1,276,575
Intel		1,697,028		55,662,518
KLA-Tencor		56,221		4,118,188
Lam Research		56,750		4,770,405
Linear Technology		83,733		3,896,096
Microchip Technology		77,303		3,923,900
†Micron Technology		376,759		5,184,204
NVIDIA		180,310		8,476,373
†Qorvo		52,100		2,879,046
QUALCOMM		531,024		28,446,956
Skyworks Solutions		66,900		4,233,432
Texas Instruments		362,924		22,737,189
Xilinx		92,855		4,283,401
				186,573,407
Software–4.11%
Activision Blizzard		177,800		7,046,214
†Adobe Systems		181,200		17,357,148
†Autodesk		79,903		4,325,948
@CA		112,419		3,690,716
†Citrix Systems		56,456		4,521,561
†Electronic Arts		109,179		8,271,401
Intuit		93,540		10,439,999
Microsoft		2,843,388		145,496,163
Oracle		1,125,278		46,057,629
†Red Hat		65,903		4,784,558
†salesforce.com		229,236		18,203,631
Symantec		215,525		4,426,883
				274,621,851

LVIP SSGA S&P 500 Index Fund–8

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Specialty Retail–2.56%
Advance Auto Parts		25,800		$        4,170,054
†AutoNation		26,206		1,231,158
†AutoZone		11,027		8,753,674
Bed Bath & Beyond		60,526		2,615,934
Best Buy		112,377		3,438,736
†CarMax		74,209		3,638,467
Foot Locker		49,100		2,693,626
Gap		84,850		1,800,517
Home Depot		449,785		57,433,047
L Brands		91,643		6,151,995
Lowe’s		320,397		25,365,830
†O’Reilly Automotive		35,057		9,503,953
Ross Stores		147,226		8,346,242
Signet Jewelers		28,300		2,332,203
Staples		224,535		1,935,492
Tiffany & Co		39,515		2,396,190
TJX		243,346		18,793,612
Tractor Supply		47,700		4,349,286
†Ulta Salon Cosmetics & Fragrance		22,700		5,530,628
†Urban Outfitters		35,117		965,718
				171,446,362
Technology Hardware, Storage & Peripherals–3.56%
Apple		1,980,289		189,315,628
EMC		707,667		19,227,312
Hewlett Packard Enterprise		613,976		11,217,342
HP		635,676		7,977,734
NetApp		107,043		2,632,187
Seagate Technology		109,172		2,659,430
Western Digital		99,035		4,680,372
				237,710,005
Textiles, Apparel & Luxury Goods–0.82%
Coach		96,734		3,940,943
Hanesbrands		141,900		3,565,947
†Michael Kors Holdings		69,000		3,414,120
NIKE Class B		490,168		27,057,274
PVH		28,933		2,726,357
Ralph Lauren		21,272		1,906,397
†Under Armour Class A		63,800		2,560,294
†Under Armour Class C		64,253		2,338,804
VF		121,252		7,455,785
				54,965,921

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Tobacco–1.82%
Altria Group		703,201		$        48,492,741
Philip Morris International		556,616		56,618,980
Reynolds American		301,202		16,243,824
				121,355,545
Trading Companies & Distributors–0.18%
Fastenal		106,003		4,705,473
†United Rentals		34,000		2,281,400
WW Grainger		21,253		4,829,744
				11,816,617
Water Utilities–0.08%
American Water Works		63,900		5,400,189
				5,400,189
Total Common Stock (Cost $4,406,981,284)				6,578,889,969
MONEY MARKET FUND–1.39%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		93,043,016		93,043,016
Total Money Market Fund (Cost $93,043,016)				93,043,016
	Principal
	Amount°
SHORT-TERM INVESTMENT–0.17%
≠U.S. Treasury Obligations–0.17%
U.S. Treasury Bill
¥0.467% 9/8/16		11,395,000		11,390,715
Total Short-Term Investment (Cost $11,384,932)				11,390,715

LVIP SSGA S&P 500 Index Fund–9

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–99.97% (Cost $4,511,409,232)	$	6,683,323,700
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.03%		1,717,128
NET ASSETS APPLICABLE TO 447,870,677 SHARES OUTSTANDING–100.00%	$	6,685,040,828

NET ASSET VALUE PER SHARE –LVIP SSGA S&P 500 INDEX FUND STANDARD CLASS ($5,712,369,099 / 382,639,608 Shares)	$	14.929
NET ASSET VALUE PER SHARE –LVIP SSGA S&P 500 INDEX FUND SERVICE CLASS ($972,671,729 / 65,231,069 Shares)	$	14.911

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	4,419,590,381
Undistributed net investment income		68,620,380
Accumulated net realized gain on investments		24,005,132
Net unrealized appreciation of investments and derivatives		2,172,824,935
TOTAL NET ASSETS	$	6,685,040,828

† Non-income producing for the period.

« Includes $412,803 cash pledged as collateral for futures contracts, $1,121,898 due to manager and affiliates, $6,475,693 payable for securities purchased, and $3,195,605 payable for fund shares redeemed as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $11,032,671, which represents 0.17% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

* Considered an affiliated company. See Note 2 in “Notes to Financial Statements.”

≠ The rate shown is the effective yield at the time of purchase.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

¥ Fully or partially pledged as collateral for derivatives.

The following futures contracts were outstanding at June 30, 2016:¹ 

Futures Contracts

							Unrealized
	Notional		Notional		Expiration		Appreciation
Contracts to Buy (Sell)	Cost (Proceeds)		Value		Date		(Depreciation)
1,131    E-mini S&P 500 Index		$117,290,343		$118,200,810		9/19/16		$910,467

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional value presented above represents 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 5 in “Notes to Financial Statements.”

IT–Information Technology

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

LVIP SSGA S&P 500 Index Fund–10

LVIP SSGA S&P 500 Index Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	73,046,070
Interest		24,249
		73,070,319
EXPENSES:
Management fees		5,424,402
Distribution fees-Service Class		1,162,646
Accounting and administration expenses		804,224
Index fees.		319,118
Reports and statements to shareholders		115,651
Professional fees		88,073
Trustees’ fees and expenses		84,855
Custodian fees		33,876
Consulting fees		2,443
Pricing fees		1,153
Other		37,387
		8,073,828
Less management fees waived		(4,972	)
Total operating expenses		8,068,856
NET INVESTMENT INCOME		65,001,463
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Sale of investments in unaffiliated investment companies		36,739,617
Foreign currencies		(853	)
Futures contracts		6,774,703
Net realized gain		43,513,467
Net change in unrealized appreciation (depreciation) of:
Investments		131,705,344
Futures contracts		(711,196	)
Net change in unrealized appreciation (depreciation)		130,994,148
NET REALIZED AND UNREALIZED GAIN		174,507,615
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	239,509,078

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

LVIP SSGA S&P 500 Index Fund

Statements of Changes in Net Assets

	Six Months
	Ended
	6/30/16			Year Ended
	(unaudited)			12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	65,001,463		$	127,163,781
Net realized gain		43,513,467			89,506,379
Net change in unrealized appreciation (depreciation)		130,994,148			(140,065,276	)
Net increase in net assets resulting from operations		239,509,078			76,604,884
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(107,310,468	)
Service Class		—			(16,225,340	)
Net realized gain on investments:
Standard Class		—			(52,832,633	)
Service Class		—			(9,063,544	)
		—			(185,431,985	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		315,498,132			844,170,892
Service Class		67,076,874			172,098,541
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			160,143,100
Service Class		—			25,288,885
		382,575,006			1,201,701,418
Cost of shares redeemed:
Standard Class		(377,265,778	)		(1,015,483,930	)
Service Class		(86,388,148	)		(179,918,266	)
		(463,653,926	)		(1,195,402,196	)
Increase (decrease) in net assets derived from capital share transactions		(81,078,920	)		6,299,222
NET INCREASE (DECREASE) IN NET ASSETS		158,430,158			(102,527,879	)
NET ASSETS:
Beginning of period		6,526,610,670			6,629,138,549
End of period	$	6,685,040,828		$	6,526,610,670
Undistributed net investment income	$	68,620,380		$	3,618,917

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

LVIP SSGA S&P 500 Index Fund–11

LVIP SSGA S&P 500 Index Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

			LVIP SSGA S&P 500 Index Fund Standard Class
	Six Months
	Ended
	6/30/161								Year Ended
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	14.395	$	14.651		$	13.259		$	10.191		$	8.896		$	8.815
Income (loss) from investment operations:
Net investment income2		0.146		0.288			0.243			0.220			0.202			0.164
Net realized and unrealized gain (loss)		0.388		(0.121	)		1.538			3.038			1.189			(0.001	)
Total from investment operations		0.534		0.167			1.781			3.258			1.391			0.163
Less dividends and distributions from:
Net investment income		—		(0.284	)		(0.275	)		(0.190	)		(0.096	)		(0.082	)
Net realized gain		—		(0.139	)		(0.114	)		—			—			—
Total dividends and distributions		—		(0.423	)		(0.389	)		(0.190	)		(0.096	)		(0.082	)
Net asset value, end of period	$	14.929	$	14.395		$	14.651		$	13.259		$	10.191		$	8.896
Total return3		3.71%		1.17%			13.43%			32.00%			15.65%			1.85%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,712,369	$	5,567,596		$	5,672,744		$	5,143,799		$	2,396,852		$	1,332,511
Ratio of expenses to average net assets		0.22%		0.21%			0.21%			0.23%			0.25%			0.28%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.22%		0.21%			0.21%			0.23%			0.25%			0.28%
Ratio of net investment income to average net assets		2.06%		1.95%			1.74%			1.84%			2.04%			1.85%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.06%		1.95%			1.74%			1.84%			2.04%			1.85%
Portfolio turnover		2%		10%			11%			8%			14%			11%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA S&P 500 Index Fund–12

LVIP SSGA S&P 500 Index Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

			LVIP SSGA S&P 500 Index Fund Service Class
	Six Months
	Ended
	6/30/161								Year Ended
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	14.396	$	14.653		$	13.263		$	10.196		$	8.901		$	8.820
Income (loss) from investment operations:
Net investment income2		0.129		0.251			0.208			0.190			0.177			0.143
Net realized and unrealized gain (loss)		0.386		(0.122	)		1.536			3.037			1.189			(0.002	)
Total from investment operations		0.515		0.129			1.744			3.227			1.366			0.141
Less dividends and distributions from:
Net investment income		—		(0.247	)		(0.240	)		(0.160	)		(0.071	)		(0.060	)
Net realized gain		—		(0.139	)		(0.114	)		—			—			—
Total dividends and distributions		—		(0.386	)		(0.354	)		(0.160	)		(0.071	)		(0.060	)
Net asset value, end of period	$	14.911	$	14.396		$	14.653		$	13.263		$	10.196		$	8.901
Total return3		3.58%		0.92%			13.15%			31.68%			15.36%			1.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	972,672	$	959,015		$	956,395		$	926,536		$	528,207		$	442,467
Ratio of expenses to average net assets		0.47%		0.46%			0.46%			0.48%			0.50%			0.53%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.47%		0.46%			0.46%			0.48%			0.50%			0.53%
Ratio of net investment income to average net assets		1.81%		1.70%			1.49%			1.59%			1.79%			1.60%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.81%		1.70%			1.49%			1.59%			1.79%			1.60%
Portfolio turnover		2%		10%			11%			8%			14%			11%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA S&P 500 Index Fund–13

LVIP SSGA S&P 500 Index Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is as a Delaware statutory trust. The Trust consists of 93 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 S&P 500 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”). 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 total rate of return of common stocks publicly traded in the United States, as represented by the S&P 500^® Index.

“Standard & Poor’s^®”, “S&P 500^®”, “Standard & Poor’s 500^®” and “500^®” are trademarks of Standard & Poor’s Financial Services, LLC, a subsidiary of The McGraw-Hill Companies, Inc., and have been licensed for use by Lincoln Variable Insurance Products Trust and its affiliates. The product is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of purchasing the product.

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 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 (NYSE) 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. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value, which approximates fair value. Futures contracts are valued at the daily quoted settlement prices. 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.

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015) 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 six months ended June 30, 2016, 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 generally does not separate the portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. For foreign securities, these changes are included in the 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.

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.

LVIP SSGA S&P 500 Index Fund–14

LVIP SSGA S&P 500 Index Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. 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. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Distributions received from investments in Real Estate Investment Trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. Withholding taxes 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 commission 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 six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.24% of the first $500 million of the average daily net assets of the Fund; 0.20% of the next $500 million; and 0.16% of the average daily net assets in excess of $1 billion. Effective April 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.002% of the first $1 billion of the average daily net assets of the Fund. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board and LIAC.

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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	168,368
Legal		46,313

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 $83,558 for the six months ended June 30, 2016.

LVIP SSGA S&P 500 Index Fund–15

LVIP SSGA S&P 500 Index Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	921,320
Distribution fees payable to LFD		198,612
Printing and mailing fees payable to Lincoln Life		1,966

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.

The Fund has investments in Lincoln National Corporation, the parent company of LIAC. Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value				Net Realized	Value		Dividends
	12/31/15		Purchases	Sales	Gain (Loss)	6/30/16		Received
Lincoln National		$4,580,495	$—	$—	$—		$3,533,343	$—

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	209,062,718
Sales		158,233,510

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated because final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	4,511,409,232
Aggregate unrealized appreciation	$	2,295,083,913
Aggregate unrealized depreciation		(123,169,445	)
Net unrealized appreciation	$	2,171,914,468

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

LVIP SSGA S&P 500 Index Fund–16

LVIP SSGA S&P 500 Index Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Total
Common Stock.	$	6,567,857,298	$	11,032,671	$	6,578,889,969
Money Market Fund		93,043,016		—		93,043,016
Short-Term Investments		—		11,390,715		11,390,715
Total	$	6,660,900,314	$	22,423,386	$	6,683,323,700
Futures Contracts	$	910,467	$	—	$	910,467

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months
	Ended			Year Ended
	6/30/16			12/31/15
Shares sold:
Standard Class		22,135,485			57,074,265
Service Class		4,707,976			11,769,617
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			11,162,872
Service Class		—			1,766,360
		26,843,461			81,773,114
Shares redeemed:
Standard Class		(26,272,895	)		(68,644,880	)
Service Class		(6,095,137	)		(12,189,087	)
		(32,368,032	)		(80,833,967	)
Net increase(decrease)		(5,524,571	)		939,147

5. Derivatives

U.S. GAAP requires disclosures that enable investors 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 in the normal course of pursuing its investment objectives and strategies. 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. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Equity contracts (Futures contracts)	Receivables and other assets net of liabilities		$910,467	Receivables and other assets net of liabilities	$—

LVIP SSGA S&P 500 Index Fund–17

LVIP SSGA S&P 500 Index Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

			Unrealized
			Appreciation
		Realized Gain	(Depreciation) on
		(Loss) on Derivatives	Derivatives
	Location of Gain (Loss) on Derivatives	Recognized in	Recognized in
	Recognized in Income	Income	Income
Equity contracts (Futures contracts)	Net realized gain on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$6,774,703	$(711,196)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (average notional value)	$156,415,940	$—

At June 30, 2016, the Fund pledged U.S. Treasury obligations with a value of $11,390,715 as collateral for futures contracts.

6. Credit and Market Risk

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities have been identified on the Statement of Net Assets.

7. 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.

8. 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 S&P 500 Index Fund–18

          LVIP SSGA Small-Cap Index Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP SSGA Small-Cap Index Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	26
Statements of Changes in Net Assets	26
Financial Highlights	27
Notes to Financial Statements	29

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Small-Cap Index Fund

Disclosure

      OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 fund. The Fund’s actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,019.30		0.37%		$1.86
Service Class Shares		1,000.00		1,018.10		0.62%		3.11
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.02		0.37%		$1.86
Service Class Shares		1,000.00		1,021.78		0.62%		3.12

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP SSGA Small-Cap Index Fund–1

LVIP SSGA Small-Cap Index Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

	Percentage
Security Type/Sector	of Net Assets
Common Stock		98.03%
Aerospace & Defense		1.46%
Air Freight & Logistics		0.48%
Airlines		0.39%
Auto Components		1.06%
Automobiles		0.03%
Banks		9.56%
Beverages		0.22%
Biotechnology		4.48%
Building Products		1.18%
Capital Markets		1.32%
Chemicals		2.37%
Commercial Services & Supplies		2.33%
Communications Equipment		1.66%
Construction & Engineering		0.88%
Construction Materials		0.22%
Consumer Finance		0.51%
Containers & Packaging		0.14%
Distributors		0.14%
Diversified Consumer Services		0.96%
Diversified Financial Services		0.13%
Diversified Telecommunication Services		0.78%
Electric Utilities		1.26%
Electrical Equipment		0.68%
Electronic Equipment, Instruments & Components		2.68%
Energy Equipment & Services		1.03%
Food & Staples Retailing		0.63%
Food Products		1.43%
Gas Utilities		1.36%
Health Care Equipment & Supplies		3.16%
Health Care Providers & Services		2.40%
Health Care Technology		0.54%
Hotels, Restaurants & Leisure		3.21%
Household Durables		1.31%
Household Products		0.29%
Independent Power & Renewable Electricity Producers		0.63%
Industrial Conglomerates		0.04%
Insurance		2.29%
Internet & Catalog Retail		0.59%
Internet Software & Services		2.61%
IT Services		2.05%
Leisure Products		0.32%
Life Sciences Tools & Services		0.65%
Machinery		3.19%
Marine		0.10%
Media		1.84%
Metals & Mining		1.16%
Multiline Retail		0.25%

	Percentage
Security Type/Sector	of Net Assets
Multi-Utilities		0.58%
Oil, Gas & Consumable Fuels		1.96%
Paper & Forest Products		0.56%
Personal Products		0.27%
Pharmaceuticals		1.90%
Professional Services		1.33%
Real Estate Investment Trusts		9.20%
Real Estate Management & Development		0.45%
Road & Rail		0.44%
Semiconductors & Semiconductor Equipment		3.22%
Software		4.07%
Specialty Retail		2.62%
Technology Hardware, Storage & Peripherals		0.63%
Textiles, Apparel & Luxury Goods		1.00%
Thrifts & Mortgage Finance		1.98%
Tobacco		0.20%
Trading Companies & Distributors		1.03%
Transportation Infrastructure		0.05%
Water Utilities		0.37%
Wireless Telecommunication Services		0.17%
Rights		0.01%
Warrants		0.00%
Money Market Fund		1.71%
Short-Term Investment		0.17%
Total Value of Securities		99.92%
Receivables and Other Assets Net of Liabilities		0.08%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 Equity Holdings	of Net Assets
IDACORP		0.25%
Olin		0.25%
Portland General Electric		0.24%
Gramercy Property Trust		0.23%
Curtiss-Wright		0.22%
Southwest Gas		0.22%
Microsemi		0.22%
Healthcare Realty Trust		0.22%
Medical Properties Trust		0.22%
WGL Holdings		0.22%
Total		2.29%

IT–Information Technology

LVIP SSGA Small-Cap Index Fund–2

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK–98.03%
Aerospace & Defense–1.46%
AAR		31,098	$	725,827
†Aerojet Rocketdyne Holdings		50,368		920,727
†Aerovironment		18,081		502,652
American Science & Engineering		6,301		235,720
†Astronics		17,567		584,278
Cubic		21,917		880,187
Curtiss-Wright		38,544		3,247,332
†DigitalGlobe		55,666		1,190,696
†Ducommun		10,800		213,624
†Engility Holdings		16,600		350,592
†Esterline Technologies		25,422		1,577,181
†KEYW Holding		32,908		327,106
†KLX		43,800		1,357,800
†Kratos Defense & Security Solutions		39,750		162,975
†Mercury Systems		36,451		906,172
†Moog Class A		27,781		1,497,952
National Presto Industries		4,172		393,628
†Sparton		9,383		204,268
†TASER International		43,045		1,070,960
†Teledyne Technologies		30,164		2,987,744
Triumph Group		42,900		1,522,950
†Vectrus		9,000		256,410
				21,116,781
Air Freight & Logistics–0.48%
†Air Transport Services Group		48,276		625,657
†Atlas Air Worldwide Holdings		22,420		928,636
†Echo Global Logistics		26,791		600,654
Forward Air		27,439		1,221,859
†Hub Group Class A		28,244		1,083,722
Park-Ohio Holdings		7,516		212,552
†Radiant Logistics		22,700		68,100
†XPO Logistics		85,118		2,235,199
				6,976,379
Airlines–0.39%
Allegiant Travel		11,184		1,694,376
†Hawaiian Holdings		45,825		1,739,517
SkyWest		45,292		1,198,426
†Virgin America		18,500		1,039,885
				5,672,204
Auto Components–1.06%
†American Axle & Manufacturing Holdings		62,281		901,829
Cooper Tire & Rubber		49,417		1,473,615
†Cooper-Standard Holding		12,900		1,018,971
Dana Holding		133,772		1,412,632
†Dorman Products		23,673		1,354,096
Drew Industries		20,104		1,705,623
†Federal-Mogul Holdings Class A		31,134		258,724
†Fox Factory Holding		19,400		336,978
†Gentherm		31,706		1,085,931

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Auto Components (continued)
†Horizon Global		17,970	$	203,959
Metaldyne Performance Group		10,000		137,500
†Modine Manufacturing		35,764		314,723
†Motorcar Parts of America		15,900		432,162
Spartan Motors		28,900		180,914
Standard Motor Products		18,151		722,047
†Stoneridge		20,431		305,239
Strattec Security		2,500		101,925
Superior Industries International		21,807		583,991
†Tenneco		48,477		2,259,513
Tower International		19,420		399,664
Unique Fabricating		5,700		76,323
				15,266,359
Automobiles–0.03%
Winnebago Industries		21,173		485,285
				485,285
Banks–9.56%
1st Source		12,434		402,737
Access National		4,700		91,697
ACNB		5,200		130,572
†Allegiance Bancshares		9,500		236,360
American National Bankshares		5,995		150,954
Ameris Bancorp		27,879		828,006
Ames National		6,665		178,755
Arrow Financial		10,521		318,681
†Atlantic Capital Bancshares		15,100		218,346
†Avenue Financial Holdings		7,200		141,480
Banc of California		42,438		768,128
BancFirst		6,793		409,754
Banco Latinoamericano de Exportacions		26,658		706,437
†Bancorp		26,347		158,609
BancorpSouth		75,231		1,706,991
Bank of Marin Bancorp		5,149		249,057
Bank of the Ozarks		73,120		2,743,462
Bankwell Financial Group		5,000		110,300
Banner		26,119		1,111,102
Bar Harbor Bankshares		5,000		175,500
BBCN Bancorp		68,333		1,019,528
Berkshire Hills Bancorp		26,565		715,130
Blue Hills Bancorp		24,053		355,022
BNC Bancorp		32,900		747,159
Boston Private Financial Holdings		67,638		796,776
Bridge Bancorp		14,492		411,573
Brookline Bancorp		61,519		678,555
Bryn Mawr Bank		13,464		393,149
C&F Financial		2,800		125,328
†C1 Financial		5,320		124,116
Camden National		8,837		371,154
Capital Bank Financial		17,570		506,016

LVIP SSGA Small-Cap Index Fund–3

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Banks (continued)
Capital City Bank Group		6,384	$	88,865
Cardinal Financial		24,921		546,767
Carolina Financial		8,900		166,252
†Cascade Bancorp		24,543		135,968
Cathay General Bancorp		67,903		1,914,865
CenterState Banks of Florida		41,005		645,829
Central Pacific Financial		26,330		621,388
Central Valley Community Bancorp		7,600		106,400
Century Bancorp Class A		2,361		99,941
Chemical Financial		33,212		1,238,475
Chemung Financial		2,700		79,245
Citizens & Northern		12,361		249,939
@City Holding		11,897		540,957
CNB Financial		12,991		231,240
@CoBiz Financial		29,853		349,280
Codorus Valley Bancorp		6,700		136,479
Columbia Banking System		50,783		1,424,971
Community Bank System		36,546		1,501,675
Community Trust Bancorp		13,930		482,814
†CommunityOne Bancorp		8,005		101,183
ConnectOne Bancorp		22,969		360,384
County Bancorp		4,200		86,604
†CU Bancorp		15,260		346,860
†Customers Bancorp		20,780		522,201
CVB Financial		93,459		1,531,793
†Eagle Bancorp		25,609		1,232,049
Enterprise Bancorp		7,060		169,373
Enterprise Financial Services		15,038		419,410
†Equity Bancshares Class A		4,400		97,416
Farmers Capital Bank		6,300		172,305
Farmers National Banc		21,600		190,080
†FCB Financial Holdings Class A		24,300		826,200
Fidelity Southern		18,015		282,295
Financial Institutions		11,888		309,920
First Bancorp (Maine)		9,411		202,713
First Bancorp (North Carolina)		19,585		344,304
†First Bancorp (Puerto Rico)		107,135		425,326
First Busey		25,963		555,349
First Business Financial Services		5,800		136,126
First Citizens BancShares Class A		6,400		1,657,024
First Commonwealth Financial		70,039		644,359
First Community Bancshares		14,263		320,062
†First Community Financial Partners		11,800		103,840
First Connecticut Bancorp		16,728		277,016
First Financial		8,459		309,769
First Financial Bancorp		54,973		1,069,225
First Financial Bankshares		53,414		1,751,445
First Financial Northwest		7,900		104,912
†First Foundation		11,500		247,250
First Internet Bancorp		4,500		107,190
First Interstate BancSystem Class A		17,198		483,264
First Merchants		33,083		824,759

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Banks (continued)
First Mid-Illinois Bancshares		5,000	$	125,000
First Midwest Bancorp		68,955		1,210,850
†First NBC Bank Holding		14,200		238,418
†First Northwest Bancorp		9,600		122,304
First of Long Island		12,036		345,072
FirstMerit		143,907		2,916,995
@Flushing Financial		22,430		445,908
FNB		182,715		2,291,246
†Franklin Financial Network		6,200		194,432
Fulton Financial		150,300		2,029,050
German American Bancorp		12,385		395,948
Glacier Bancorp		66,274		1,761,563
Great Southern Bancorp		7,870		290,954
Great Western Bancorp		51,300		1,618,002
†Green Bancorp		11,200		97,664
Guaranty Bancorp		15,168		253,306
†Hampton Roads Bankshares		28,680		51,337
Hancock Holding		64,864		1,693,599
Hanmi Financial		24,920		585,371
Heartland Financial USA		19,038		671,851
Heritage Commerce		23,138		243,643
Heritage Financial		28,555		501,997
Heritage Oaks Bancorp		19,116		151,781
†Hilltop Holdings		63,049		1,323,398
Home BancShares		105,228		2,082,462
†HomeTrust Bancshares		14,677		271,525
Horizon Bancorp		8,337		209,592
IBERIABANK		35,604		2,126,627
Independent Bank		21,509		312,096
Independent Bank (Massachusetts)		23,184		1,059,509
Independent Bank Group		8,800		377,608
International Bancshares		47,964		1,251,381
Investors Bancorp		258,686		2,866,241
Lakeland Bancorp		33,778		384,394
Lakeland Financial		14,878		699,415
LCNB		7,700		121,660
LegacyTexas Financial Group		38,327		1,031,380
Live Oak Bancshares		17,000		239,870
Macatawa Bank		23,000		170,660
MainSource Financial Group		19,820		437,031
MB Financial		60,826		2,206,767
MBT Financial		15,500		124,000
Mercantile Bank		15,733		375,389
Merchants Bancshares		3,925		119,634
Middleburg Financial		4,100		111,520
MidWestOne Financial Group		6,142		175,416
MutualFirst Financial		4,700		128,545
National Bank Holdings Class A		27,052		550,779
National Bankshares		5,608		195,831
†National Commerce		7,400		172,568
NBT Bancorp		39,139		1,120,550
†Nicolet Bankshares		5,100		194,208

LVIP SSGA Small-Cap Index Fund–4

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Banks (continued)
Northrim BanCorp		5,900	$	155,111
OFG Bancorp		41,388		343,520
Old Line Bancshares		7,300		131,400
Old National Bancorp		117,517		1,472,488
Old Second Bancorp		29,100		198,753
Opus Bank		14,900		503,620
Orrstown Financial Services		6,400		115,520
Pacific Continental		18,080		284,037
†Pacific Mercantile Bancorp		13,300		94,430
†Pacific Premier Bancorp		25,167		604,008
Park National		11,576		1,062,445
Park Sterling		38,052		269,789
Peapack Gladstone Financial		15,091		279,334
Penns Woods Bancorp		5,076		213,141
Peoples Bancorp		15,340		334,259
Peoples Financial Services		5,300		207,442
People’s Utah Bancorp		11,300		187,580
Pinnacle Financial Partners		34,904		1,705,060
Preferred Bank		10,329		298,250
Premier Financial Bancorp		7,400		124,690
PrivateBancorp		68,305		3,007,469
Prosperity Bancshares		59,851		3,051,802
QCR Holdings		10,000		271,900
Renasant		35,608		1,151,207
Republic Bancorp Class A		8,430		232,921
†Republic First Bancorp		29,200		125,852
S&T Bancorp		27,756		678,634
Sandy Spring Bancorp		19,113		555,424
†Seacoast Banking of Florida		25,744		418,083
ServisFirst Bancshares		19,700		972,983
Shore Bancshares		10,900		128,075
Sierra Bancorp		8,220		137,192
Simmons First National Class A		25,541		1,179,611
South State		21,291		1,448,853
†Southern First Bancshares		5,000		120,500
Southern National Bancorp of Virginia		9,700		117,855
Southside Bancshares		20,749		641,561
Southwest Bancorp		13,798		233,600
State Bank Financial		32,428		659,910
Sterling Bancorp		110,161		1,729,528
Stock Yards Bancorp		19,582		552,800
Stonegate Bank		9,581		309,179
Suffolk Bancorp		11,049		345,944
Summit Financial Group		7,200		126,000
†Sun Bancorp		6,881		142,161
Talmer Bancorp Class A		50,800		973,836
†Texas Capital Bancshares		40,115		1,875,777
Tompkins Financial		13,497		877,305
TowneBank		37,090		802,999
TriCo Bancshares		17,453		481,703
†TriState Capital Holdings		14,800		203,204
†Triumph Bancorp		14,300		228,800

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Banks (continued)
Trustmark		59,579	$	1,480,538
UMB Financial		38,982		2,074,232
Umpqua Holdings		187,781		2,904,972
Union Bankshares Corp		40,231		994,108
Union Bankshares Inc		3,400		123,624
United Bankshares		59,535		2,233,158
United Community Banks		60,956		1,114,885
Univest Corp of Pennsylvania		14,932		313,871
Valley National Bancorp		215,299		1,963,527
†Veritex Holdings		7,200		115,344
Washington Trust Bancorp		12,675		480,636
WashingtonFirst Bankshares		7,000		151,270
Webster Financial		79,753		2,707,614
WesBanco		31,510		978,386
West Bancorporation		14,073		261,617
Westamerica Bancorporation		22,681		1,117,266
Wilshire Bancorp		62,447		650,698
Wintrust Financial		42,107		2,147,457
Yadkin Financial		43,386		1,088,555
Your Community Bankshares		4,300		159,788
				137,959,228
Beverages–0.22%
†Boston Beer Class A		8,016		1,370,976
Coca-Cola Bottling Consolidated		4,013		591,797
†Craft Brewers Alliance		6,450		74,304
MGP Ingredients		10,900		416,707
†National Beverage		9,067		569,498
†Primo Water		18,400		217,304
				3,240,586
Biotechnology–4.48%
†Acceleron Pharma		23,800		808,724
†Achillion Pharmaceuticals		101,672		793,042
†Acorda Therapeutics		36,571		932,743
†Adamas Pharmaceuticals		11,600		175,624
†Aduro Biotech		30,800		348,348
†Advaxis		27,200		220,048
†Adverum Biotechnologies		22,100		69,836
†Agenus		58,000		234,900
†Aimmune Therapeutics		22,800		246,696
†Akebia Therapeutics		24,700		184,756
†Alder Biopharmaceuticals		40,700		1,016,279
†AMAG Pharmaceuticals		28,029		670,454
†Amicus Therapeutics		110,700		604,422
†Anavex Life Sciences		5,300		32,383
†Anthera Pharmaceuticals		31,200		96,408
†Applied Genetic Technologies		11,000		155,430
†Ardelyx		21,800		190,314
†Arena Pharmaceuticals		222,943		381,233
†ARIAD Pharmaceuticals		153,800		1,136,582
†Array BioPharma		111,333		396,345

LVIP SSGA Small-Cap Index Fund–5

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†Arrowhead Pharmaceuticals		52,400	$	278,768
†Asterias Biotherapeutics		12,000		28,800
†Atara Biotherapeutics		20,200		454,702
†Athersys		66,200		143,654
†AveXis		3,200		121,664
†Axovant Sciences		21,200		272,208
†Bellicum Pharmaceuticals		18,200		235,872
†BioCryst Pharmaceuticals		64,700		183,748
†BioSpecifics Technologies		3,700		147,778
†Biotime		49,144		128,266
†Bluebird Bio		32,200		1,393,938
†Blueprint Medicines		17,400		352,350
†Cara Therapeutics		19,600		94,276
†Celator Pharmaceuticals		28,400		857,112
†Celldex Therapeutics		79,540		349,181
†Cellular Biomedicine Group		8,600		103,114
†Cepheid		62,806		1,931,285
†ChemoCentryx		26,545		119,187
†Chimerix		37,300		146,589
†Cidara Therapeutics		3,300		34,023
†Clovis Oncology		22,735		311,924
†Coherus Biosciences		21,200		358,068
†Concert Pharmaceuticals		13,100		147,113
†Curis		97,400		151,944
†Cytokinetics		32,466		308,102
†CytomX Therapeutics		17,700		180,805
†CytRx		72,400		161,452
†Dimension Therapeutics		7,500		45,000
†=Durata Therapeutics		14,227		0
†Dynavax Technologies		31,857		464,475
†Eagle Pharmaceuticals		7,700		298,683
†Edge Therapeutics		9,800		99,078
†Editas Medicine		6,838		166,847
†Emergent BioSolutions		28,248		794,334
†Enanta Pharmaceuticals		14,400		317,520
†Epizyme		37,400		382,976
†Esperion Therapeutics		11,900		117,572
†Exact Sciences		78,150		957,337
†Exelixis		197,568		1,543,006
†FibroGen		45,500		746,655
†Five Prime Therapeutics		23,400		967,590
†Flexion Therapeutics		16,100		240,937
†Fortress Biotech		29,600		79,624
†Foundation Medicine		8,285		154,598
†Galena Biopharma		156,200		72,805
†Genomic Health		15,677		405,956
†Geron		139,744		374,514
†Global Blood Therapeutics		12,200		202,398
†Halozyme Therapeutic		95,243		821,947
†Heron Therapeutics		27,600		498,180
†Idera Pharmaceuticals		82,800		126,684
†Ignyta		15,900		86,178

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†Immune Design		11,600	$	94,656
†ImmunoGen		69,093		212,806
†Immunomedics		94,626		219,532
†Infinity Pharmaceuticals		45,524		60,547
†Inotek Pharmaceuticals		15,200		113,088
†Inovio Pharmaceuticals		57,700		533,148
†Insmed		49,800		491,028
†Insys Therapeutics		20,900		270,446
†Intellia Therapeutics		6,100		130,235
†Invitae		19,800		146,322
†Ironwood Pharmaceuticals		112,472		1,470,571
†Karyopharm Therapeutics		20,700		138,897
†Keryx Biopharmaceuticals		68,587		454,046
†Kite Pharma		34,100		1,705,000
†La Jolla Pharmaceutical		9,900		158,400
†Lexicon Pharmaceuticals		35,616		511,090
†Ligand Pharmaceuticals Class B		16,565		1,975,708
†Lion Biotechnologies		39,800		322,380
†Loxo Oncology		11,600		268,888
†MacroGenics		24,900		672,051
†MannKind		281,836		326,930
†Medgenics		16,305		90,493
†MediciNova		25,800		194,790
†Merrimack Pharmaceuticals		100,970		544,228
†MiMedx Group		87,000		694,260
†Minerva Neurosciences		13,900		141,919
†Mirati Therapeutics		10,900		59,514
†Momenta Pharmaceuticals		56,482		610,006
†Myriad Genetics		58,900		1,802,340
†Nantkwest		8,300		51,626
†Natera		22,700		273,875
†NewLink Genetics		18,347		206,587
†Novavax		234,636		1,705,804
†OncoMed Pharmaceuticals		17,100		210,501
†Ophthotech		26,500		1,352,295
†Organovo Holdings		90,700		337,404
Osiris Therapeutics		13,947		70,990
†Otonomy		20,900		331,892
†OvaScience		21,200		110,452
PDL BioPharma		129,781		407,512
†Pfenex		14,100		118,017
†PharmAthene		54,100		132,004
†Portola Pharmaceuticals		41,500		979,400
†Progenics Pharmaceuticals		66,198		279,356
†Proteostasis Therapeutics		5,500		66,715
†Prothena		29,300		1,024,328
†PTC Therapeutics		27,300		191,646
†Puma Biotechnology		21,500		640,485
†Radius Health		28,200		1,036,350
†Raptor Pharmaceutical		64,230		344,915
†REGENXBIO		17,600		140,800
†Regulus Therapeutics		29,027		83,888

LVIP SSGA Small-Cap Index Fund–6

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†Repligen		29,825	$	816,012
†Retrophin		27,600		491,556
†Rigel Pharmaceuticals		85,774		191,276
†Sage Therapeutics		23,000		692,990
†Sangamo Biosciences		61,289		354,863
†Sarepta Therapeutics		38,400		732,288
†Seres Therapeutics		15,500		450,275
†Sorrento Therapeutics		25,200		141,120
†Spark Therapeutics		14,900		761,837
†Spectrum Pharmaceuticals		63,225		415,388
†Stemline Therapeutics		14,700		99,519
†Synergy Pharmaceuticals		157,618		598,948
†Synthetic Biologics		65,800		118,440
†T2 Biosystems		5,900		46,551
†TESARO		21,004		1,765,386
†TG Therapeutics		34,700		210,282
†Tobira Therapeutics		7,700		96,712
†Tokai Pharmaceuticals		10,900		60,059
†Trevena		38,900		245,070
†Trovagene		20,900		94,677
†Ultragenyx Pharmaceutical		32,100		1,570,011
†Vanda Pharmaceuticals		31,981		357,867
†Versartis		19,700		217,882
†Vitae Pharmaceuticals		22,800		246,012
†Vital Therapies		14,700		91,140
†Voyager Therapeutics		6,400		70,336
†vTv Therapeutics Class A		11,300		65,540
†XBiotech		15,200		317,984
†Xencor		26,400		501,336
†Zafgen		14,800		88,652
†ZIOPHARM Oncology		102,184		560,990
				64,636,544
Building Products–1.18%
AAON		36,517		1,004,583
Advanced Drainage Systems		30,200		826,574
†American Woodmark		11,375		755,073
Apogee Enterprises		24,047		1,114,578
†Armstrong Flooring		20,300		344,085
†Builders FirstSource		72,866		819,743
†Caesarstone		20,700		719,532
†Continental Building Products		30,600		680,238
†CSW Industrials		12,500		407,625
†Gibraltar Industries		27,361		863,787
Griffon		26,264		442,811
Insteel Industries		15,439		441,401
†Masonite International		26,400		1,746,096
†NCI Building Systems		19,391		310,062
†Nortek		8,476		502,712
†Patrick Industries		12,614		760,498
†PGT		43,195		444,909
†Ply Gem Holdings		19,100		278,287

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Building Products (continued)
Quanex Building Products		26,152	$	486,166
Simpson Manufacturing		34,889		1,394,513
†Trex		25,094		1,127,222
Universal Forest Products		16,670		1,545,142
				17,015,637
Capital Markets–1.32%
Arlington Asset Investment Class A		20,885		271,714
Associated Capital Group Class A		5,496		157,625
B. Riley Financial		8,100		77,598
BGC Partners Class A		189,209		1,648,010
Calamos Asset Management Class A		11,459		83,765
Cohen & Steers		17,769		718,578
†Cowen Group Class A		84,835		251,112
Diamond Hill Investment Group		2,332		439,395
Evercore Partners Class A		33,892		1,497,687
FBR		5,400		80,622
Fifth Street Asset Management		5,200		21,008
Financial Engines		44,322		1,146,610
GAMCO Investors Class A		5,496		180,104
Greenhill & Co		23,290		374,969
Hennessy Advisors		2,500		83,675
HFF Class A		30,481		880,291
Houlihan Lokey		11,500		257,255
†INTL. FCStone		14,724		401,818
Investment Technology Group		30,142		503,974
Janus Capital Group		122,400		1,703,808
†KCG Holdings Class A		45,556		605,895
†Ladenburg Thalmann Financial Services		83,408		196,843
Manning & Napier		13,000		123,500
Medley Management Class A		4,197		24,678
Moelis & Co Class A		15,700		353,250
OM Asset Management		34,900		465,915
Oppenheimer Holdings Class A		11,402		176,275
†Piper Jaffray		11,668		439,884
PJT Partners Class A		15,400		354,200
Pzena Investment Management Class A		10,210		77,698
†Safeguard Scientifics		17,820		222,572
Silvercrest Asset Management Group Class A		6,100		74,664
†Stifel Financial		56,747		1,784,693
†=Teton Advisors Class B		19		0
Virtu Financial Class A		21,900		394,200
Virtus Investment Partners		5,432		386,650
Waddell & Reed Financial Class A		69,000		1,188,180
Westwood Holdings Group		7,114		368,505
WisdomTree Investments		100,708		985,931
				19,003,151

LVIP SSGA Small-Cap Index Fund–7

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Chemicals–2.37%
A. Schulman		23,231	$	567,301
†AgroFresh Solutions		19,100		101,421
American Vanguard		22,295		336,877
Axiall		61,721		2,012,722
Balchem		27,307		1,628,863
Calgon Carbon		41,640		547,566
Chase		5,939		350,817
Chemours		159,300		1,312,632
†Chemtura		55,820		1,472,532
†=Chemtura		37,800		0
†Codexis		29,100		117,273
†Ferro		72,287		967,200
†Flotek Industries		42,686		563,455
FutureFuel		23,808		259,031
†GCP Applied Technologies		61,600		1,604,064
H.B. Fuller		43,409		1,909,562
Hawkins		9,859		427,979
†Ingevity		37,000		1,259,480
Innophos Holdings		15,564		656,956
Innospec		20,904		961,375
KMG Chemicals		9,772		253,974
†Koppers Holdings		16,260		499,670
†Kraton Performance Polymers		24,341		679,844
Kronos Worldwide		15,200		79,800
†LSB Industries		17,761		214,553
Minerals Technologies		30,164		1,713,315
Olin		144,017		3,577,382
†OMNOVA Solutions		39,840		288,840
PolyOne		72,164		2,543,059
Quaker Chemical		11,913		1,062,640
Rayonier Advanced Materials		36,500		496,035
Sensient Technologies		39,195		2,784,413
Stepan		17,070		1,016,177
†TerraVia Holdings		55,040		144,205
†Trecora Resources		17,392		181,399
Tredegar		23,630		380,916
Trinseo		25,000		1,073,250
Tronox		47,300		208,593
Valhi		5,700		8,949
				34,264,120
Commercial Services & Supplies–2.33%
ABM Industries		46,623		1,700,807
†ACCO Brands		90,024		929,948
†Aqua Metals		9,300		109,415
†ARC Document Solutions		31,770		123,585
Brady Class A		39,537		1,208,251
Brink’s		39,157		1,115,583
†Casella Waste Systems		36,534		286,792
CECO Environmental		20,364		177,981
Deluxe		42,640		2,830,017
Ennis		23,860		457,635

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Commercial Services & Supplies (continued)
Essendant		34,119	$	1,042,677
G&K Services Class A		17,661		1,352,303
Healthcare Services Group		61,181		2,531,670
†Heritage-Crystal Clean		9,954		121,538
Herman Miller		52,087		1,556,880
HNI		39,375		1,830,544
†InnerWorkings		28,357		234,512
Interface Class A		59,221		903,120
Kimball International Class B		32,102		365,321
Knoll		39,982		970,763
Matthews International Class A		28,510		1,586,296
McGrath RentCorp		20,140		616,083
Mobile Mini		37,966		1,315,142
MSA Safety		25,918		1,361,473
Multi-Color		10,792		684,213
†NL Industries		4,936		12,686
Quad/Graphics		23,523		547,851
†SP Plus		16,497		372,502
Steelcase Class A		74,834		1,015,497
†Team		23,497		583,430
Tetra Tech		52,091		1,601,538
†TRC		17,000		107,440
U.S. Ecology		19,019		873,923
UniFirst		13,067		1,512,113
Viad		18,213		564,603
VSE		3,983		266,064
West		37,600		739,216
				33,609,412
Communications Equipment–1.66%
ADTRAN		43,948		819,630
†Aerohive Networks		25,500		168,810
†Applied Optoelectronics		12,400		138,260
Bel Fuse Class B		10,038		178,476
Black Box		12,650		165,462
†CalAmp		33,272		492,758
†Calix		42,331		292,507
†Ciena		119,396		2,238,675
†Clearfield		8,300		148,487
Comtech Telecommunications		12,175		156,327
†Digi International		21,371		229,311
†EMCORE		23,100		137,214
†Extreme Networks		93,245		316,101
†Finisar		93,467		1,636,607
†Harmonic		67,388		192,056
†Infinera		116,841		1,317,966
InterDigital		30,088		1,675,300
†Ixia		55,791		547,868
†KVH Industries		16,575		127,627
†Lumentum Holdings		43,900		1,062,380
†NETGEAR		27,434		1,304,212
†NetScout Systems		83,456		1,856,896

LVIP SSGA Small-Cap Index Fund–8

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Communications Equipment (continued)
†Oclaro		91,700	$	447,496
Plantronics		28,051		1,234,244
†Polycom		115,400		1,298,250
†ShoreTel		52,268		349,673
Silicom		4,900		146,510
†Sonus Networks		35,602		309,381
†Ubiquiti Networks		23,629		913,497
†ViaSat		38,646		2,759,324
†Viavi Solutions		203,900		1,351,857
				24,013,162
Construction & Engineering–0.88%
†Aegion		33,428		652,180
†Ameresco Class A		19,021		83,122
Argan		12,051		502,768
Comfort Systems USA		33,236		1,082,497
†Dycom Industries		26,829		2,408,171
EMCOR Group		53,177		2,619,499
Granite Construction		33,740		1,536,857
†Great Lakes Dredge & Dock		52,797		230,195
†Hc2 Holdings		16,400		70,520
†IES Holdings		6,800		84,456
†Layne Christensen		15,700		127,170
†MasTec		55,178		1,231,573
†MYR Group		15,994		385,136
†NV5 Holdings		5,900		167,796
†Orion Marine Group		27,795		147,591
Primoris Services		35,438		670,841
†Tutor Perini		30,283		713,165
				12,713,537
Construction Materials–0.22%
†Headwaters		65,323		1,171,895
†Summit Materials Class A		54,945		1,124,175
United States Lime & Minerals		1,487		87,718
†US Concrete		13,200		804,012
				3,187,800
Consumer Finance–0.51%
Cash America International		21,556		918,717
†Encore Capital Group		22,763		535,613
†Enova International		24,223		178,281
†EZCORP Class A		43,419		328,248
First Cash Financial Services		25,017		1,284,123
†Green Dot Class A		34,641		796,397
†LendingClub		285,900		1,229,370
Nelnet Class A		17,938		623,345
†PRA Group		42,923		1,036,161
†Regional Management		6,343		92,988
†World Acceptance		7,301		332,926
				7,356,169

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Containers & Packaging–0.14%
AEP Industries		3,961	$	318,702
Greif Class A		22,200		827,394
Greif Class B		5,000		273,750
†Multi Packaging Solutions International		15,800		210,930
Myers Industries		19,197		276,437
†UFP Technologies		5,600		126,224
				2,033,437
Distributors–0.14%
Core-Mark Holding		39,260		1,839,724
Weyco Group		4,458		123,843
				1,963,567
Diversified Consumer Services–0.96%
†American Public Education		12,460		350,126
†Apollo Education Group Class A		75,400		687,648
†Ascent Capital Group Class A		12,977		199,716
†Bridgepoint Education		15,373		111,301
†Bright Horizons Family Solutions		38,163		2,530,589
†Cambium Learning Group		7,100		32,021
Capella Education		11,280		593,779
†Career Education		62,568		372,280
Carriage Services		13,935		329,981
†Chegg		68,600		343,000
Collectors Universe		8,200		161,950
DeVry Education Group		51,700		922,328
†Grand Canyon Education		40,508		1,617,079
†Houghton Mifflin Harcourt		106,900		1,670,847
†K12		32,200		402,178
Liberty Tax		6,600		87,912
†LifeLock		73,481		1,161,735
†Regis		27,846		346,683
Sotheby’s		43,375		1,188,475
†Strayer Education		9,165		450,276
†Weight Watchers International		24,300		282,609
				13,842,513
Diversified Financial Services–0.13%
†BBX Capital Class A		4,108		63,140
†FNFV Group		64,100		735,227
GAIN Capital Holdings		22,453		141,903
Marlin Business Services		5,686		92,682
†NewStar Financial		21,998		185,223
†On Deck Capital		41,700		214,755
†PICO Holdings		15,971		151,086
Resource America Class A		15,314		148,852
Tiptree Financial Class A		25,100		137,548
				1,870,416
Diversified Telecommunication Services–0.78%
†8x8		76,040		1,110,944
ATN International		8,792		684,106

LVIP SSGA Small-Cap Index Fund–9

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Diversified Telecommunication Services (continued)
†Cincinnati Bell		184,526	$	843,284
Cogent Communications Holdings		36,104		1,446,326
Consolidated Communications
Holdings		44,835		1,221,305
†FairPoint Communications		19,237		282,399
†General Communication Class A		31,519		498,000
†Globalstar		324,200		392,282
†Hawaiian Telcom Holdco		9,271		196,452
IDT Class B		16,415		232,929
Inteliquent		30,489		606,426
†Intelsat		19,600		50,568
†Iridium Communications		74,750		663,780
†Lumos Networks		18,657		225,750
†ORBCOMM		53,094		528,285
†pdvWireless		11,600		248,124
†Straight Path Communications Class B		8,100		224,127
†Vonage Holdings		166,053		1,012,923
Windstream Holdings		77,700		720,279
				11,188,289
Electric Utilities–1.26%
ALLETE		43,183		2,790,917
El Paso Electric		34,941		1,651,661
Empire District Electric		38,114		1,294,733
Genie Energy Class B		9,300		62,961
IDACORP		43,976		3,577,448
MGE Energy		29,726		1,679,965
Otter Tail		33,481		1,121,279
PNM Resources		67,736		2,400,564
Portland General Electric		77,814		3,433,154
Spark Energy Class A		4,200		138,810
				18,151,492
Electrical Equipment–0.68%
Allied Motion Technologies		3,700		86,062
†American Superconductor		10,200		86,088
AZZ		21,327		1,279,193
†Babcock & Wilcox Enterprises		39,700		583,193
Encore Wire		16,726		623,545
†Energous		12,900		167,055
EnerSys		37,806		2,248,323
†Fuelcell Energy		16,086		100,055
†Generac Holdings		59,382		2,075,995
General Cable		43,800		556,698
LSI Industries		20,862		230,942
†Plug Power		159,000		295,740
Powell Industries		9,008		354,375
†Power Solutions International		3,200		57,120
Preformed Line Products		1,286		51,942
†Sunrun		55,000		326,150
†Thermon Group Holdings		29,403		564,832

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Electrical Equipment (continued)
†Vicor		11,771	$	118,534
				9,805,842
Electronic Equipment, Instruments & Components–2.68%
†Agilysys		10,614		111,129
†Anixter International		25,201		1,342,709
AVX		41,500		563,570
Badger Meter		12,961		946,542
Belden		35,742		2,157,745
†Benchmark Electronics		40,166		849,511
†Coherent		21,032		1,930,317
†Control4		14,400		117,504
CTS		25,511		457,157
Daktronics		33,261		207,881
†DTS		15,365		406,404
Electro Rent		16,047		247,284
†Electro Scientific Industries		23,900		139,576
†ePlus		4,979		407,232
†Fabrinet		29,141		1,081,714
†FARO Technologies		16,099		544,629
†=Gerber Scientific		6,600		0
†II-VI		51,751		970,849
†Insight Enterprises		29,903		777,478
†InvenSense		60,952		373,636
†Itron		29,100		1,254,210
†Kimball Electronics		27,326		340,209
†Knowles		76,706		1,049,338
Littelfuse		19,206		2,269,957
†Maxwell Technologies		27,400		144,672
Mesa Laboratories		2,530		311,190
Methode Electronics		31,366		1,073,658
MTS Systems		13,457		589,955
†Multi-Fineline Electronix		8,997		208,730
†Novanta		29,863		452,424
†OSI Systems		16,868		980,537
Park Electrochemical		19,888		288,973
PC Connection		8,824		210,011
†Plexus		27,763		1,199,362
†QLogic		72,941		1,075,150
†Radisys		31,000		138,880
†Rofin-Sinar Technologies		25,047		800,001
†Rogers		16,652		1,017,437
†Sanmina		61,295		1,643,319
†ScanSource		22,837		847,481
SYNNEX		25,423		2,410,609
†Systemax		5,558		47,410
†Tech Data		31,400		2,256,090
†TTM Technologies		56,150		422,809
†Universal Display		36,041		2,443,580
Vishay Intertechnology		117,500		1,455,825
†Vishay Precision Group		12,172		163,348
				38,728,032

LVIP SSGA Small-Cap Index Fund–10

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Energy Equipment & Services–1.03%
Archrock		56,200	$	529,404
Atwood Oceanics		51,700		647,284
Bristow Group		27,991		319,377
CARBO Ceramics		18,200		238,420
†Dawson Geophysical		17,500		142,625
†Era Group		17,100		160,740
†Exterran		28,100		361,085
†Fairmount Santrol Holdings		57,200		441,012
†Forum Energy Technologies		52,146		902,647
†Geospace Technologies		13,053		213,678
†Helix Energy Solutions Group		96,356		651,367
†Hornbeck Offshore Services		24,559		204,822
†Independence Contract Drilling		26,100		141,723
†Matrix Service		20,507		338,160
†McDermott International		210,100		1,037,894
†Natural Gas Services Group		12,185		279,037
†Newpark Resources		77,841		450,699
†Oil States International		42,800		1,407,264
†Parker Drilling		115,945		265,514
†PHI		13,382		239,270
†Pioneer Energy Services		61,783		284,202
†RigNet		8,774		117,484
†SEACOR Holdings		14,600		846,070
†Seadrill		328,600		1,064,664
Tesco		38,646		258,542
†TETRA Technologies		69,142		440,435
Tidewater		42,700		188,307
†Unit.		46,000		715,760
US Silica Holdings		54,883		1,891,817
†Willbros Group		37,600		95,128
				14,874,431
Food & Staples Retailing–0.63%
Andersons		23,063		819,659
†Chefs’ Warehouse		15,895		254,320
Ingles Markets Class A		10,331		385,346
†Natural Grocers by Vitamin Cottage		7,253		94,652
†Performance Food Group		32,500		874,575
PriceSmart		17,132		1,603,041
†Smart & Final Stores		21,500		320,135
SpartanNash		33,558		1,026,204
†SUPERVALU		232,047		1,095,262
†United Natural Foods		41,699		1,951,513
Village Super Market Class A		4,613		133,270
Weis Markets		9,200		465,060
				9,023,037
Food Products–1.43%
Alico		2,463		74,506
†Amplify Snack Brands		25,400		374,650
B&G Foods Class A		54,214		2,613,115
Calavo Growers		13,454		901,418

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Food Products (continued)
Cal-Maine Foods		27,530	$	1,220,130
†Darling Ingredients		138,159		2,058,569
Dean Foods		81,300		1,470,717
†Farmer Brothers		5,201		166,744
Fresh Del Monte Produce		27,656		1,505,316
†Freshpet		18,400		171,672
†Inventure Foods		13,960		109,028
J&J Snack Foods		13,087		1,560,886
John B. Sanfilippo & Son		7,302		311,284
Lancaster Colony		15,754		2,010,368
†Landec		25,733		276,887
†Lifeway Foods		4,131		39,947
Limoneira		9,287		163,637
†Omega Protein		16,668		333,193
Sanderson Farms		17,390		1,506,670
†Seaboard		214		614,317
†Seneca Foods Class A		7,410		268,316
Snyders-Lance		69,985		2,371,792
Tootsie Roll Industries		14,868		572,864
				20,696,026
Gas Utilities–1.36%
Chesapeake Utilities		13,465		891,114
Delta Natural Gas		5,900		158,946
New Jersey Resources		72,682		2,801,891
Northwest Natural Gas		23,719		1,537,466
ONE Gas		44,700		2,976,573
South Jersey Industries		67,804		2,143,962
Southwest Gas		41,195		3,242,458
Spire		39,067		2,767,506
WGL Holdings		43,924		3,109,380
				19,629,296
Health Care Equipment & Supplies–3.16%
Abaxis		19,613		926,322
†Accuray		60,218		312,531
Analogic		10,837		860,891
†AngioDynamics		21,092		303,092
†Anika Therapeutics		13,495		724,007
†AtriCure		27,303		385,791
Atrion		1,267		542,099
†Avinger		9,500		113,335
†AxoGen		21,000		144,480
Cantel Medical		31,150		2,140,939
†Cardiovascular Systems		24,882		457,207
†Cerus		87,983		549,014
†ConforMIS		31,100		218,322
CONMED		24,722		1,179,981
†Corindus Vascular Robotics		14,000		20,020
@CryoLife		22,710		268,205
†Cutera		12,200		136,762
†Cynosure Class A		19,342		940,892

LVIP SSGA Small-Cap Index Fund–11

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†Endologix		70,432	$	877,583
†Entellus Medical		6,100		111,447
†Exactech		8,883		237,531
†GenMark Diagnostics		39,200		341,040
†Glaukos		14,500		422,820
†Globus Medical		59,274		1,412,499
†Haemonetics		45,534		1,320,031
†Halyard Health		38,500		1,252,020
†HeartWare International		13,880		801,570
†ICU Medical		12,767		1,439,479
†Inogen		14,100		706,551
†Insulet		48,285		1,460,138
†Integer Holdings		26,625		823,511
†Integra LifeSciences Holdings		26,275		2,096,219
Invacare		29,939		363,160
†Invivo Therapeutics Holdings		23,500		135,830
†Iradimed		2,500		54,400
†IRIDEX		6,600		97,614
†K2M Group Holdings		22,400		347,648
†LDR Holding		23,900		883,105
LeMaitre Vascular		7,800		111,306
†Masimo		36,458		1,914,592
Meridian Bioscience		37,475		730,763
†Merit Medical Systems		38,374		760,956
†Natus Medical		28,263		1,068,341
†Neogen		32,512		1,828,800
†Nevro		20,900		1,541,584
†Novocure		44,000		513,480
†NuVasive		43,037		2,570,170
†NxStage Medical		54,554		1,182,731
†OraSure Technologies		47,106		278,396
†Orthofix International		16,703		708,207
†Oxford Immunotec Global		17,300		155,700
†Penumbra		22,100		1,314,950
†Quidel		20,825		371,935
†Rockwell Medical Technologies		38,835		293,981
†RTI Surgical		56,500		202,835
†Second Sight Medical Products		15,156		54,258
†Senseonics Holdings		24,200		95,106
†Spectranetics		37,169		695,432
†Staar Surgical		37,999		209,374
†SurModics		10,565		248,066
†Symmetry Surgical		8,500		111,605
†Tandem Diabetes Care		11,800		88,972
†TransEnterix		29,600		36,112
Utah Medical Products		2,915		183,645
†Vascular Solutions		13,373		557,119
†Veracyte		12,100		60,863
†Wright Medical Group		89,703		1,558,141
†Zeltiq Aesthetics		29,156		796,833
				45,652,339

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services–2.40%
†AAC Holdings		8,600	$	196,252
Aceto		25,157		550,687
†Addus HomeCare		4,700		81,921
†Adeptus Health Class A		10,700		552,762
†Air Methods		33,596		1,203,745
†Almost Family		7,076		301,508
†Amedisys		23,316		1,176,992
†American Renal Associates Holdings		7,600		220,172
†AMN Healthcare Services		39,574		1,581,773
†BioScrip		59,631		152,059
†BioTelemetry		20,300		330,890
†Capital Senior Living		27,031		477,638
Chemed		14,598		1,989,853
†Civitas Solutions		13,100		272,873
†Community Health Systems		95,900		1,155,595
†CorVel		8,012		345,958
†Cross Country Healthcare		28,617		398,349
†Diplomat Pharmacy		39,700		1,389,500
Ensign Group		45,590		957,846
†ExamWorks Group		36,704		1,279,134
†Genesis Healthcare		25,278		44,742
†HealthEquity		37,500		1,139,437
HealthSouth		77,967		3,026,679
†Healthways		22,736		262,601
Kindred Healthcare		67,651		763,780
Landauer		6,971		286,926
†LHC Group		11,806		510,964
†Magellan Health		20,695		1,361,110
†Molina Healthcare		37,581		1,875,292
National HealthCare		9,675		626,359
National Research Class A		7,337		100,517
†Nobilis Health		26,900		59,987
Owens & Minor		54,154		2,024,277
†PharMerica		24,249		597,980
†Providence Service		10,033		450,281
†Quorum Health		25,800		276,318
†RadNet		23,700		126,558
†Select Medical Holdings		92,767		1,008,377
†Surgery Partners		13,200		236,280
†Surgical Care Affiliates		23,300		1,110,711
†Team Health Holdings		58,959		2,397,863
†Teladoc		18,000		288,360
†Triple-S Management Class B		17,638		430,896
U.S. Physical Therapy		9,949		599,029
Universal American		50,311		381,357
				34,602,188
Health Care Technology–0.54%
†Castlight Health Class B		29,100		115,236
Computer Programs & Systems		10,449		417,124
†Cotiviti Holdings		11,000		232,430
†Evolent Health Class A		13,000		249,600

LVIP SSGA Small-Cap Index Fund–12

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Technology (continued)
†HealthStream		22,345	$	592,589
†HMS Holdings		69,420		1,222,486
†Imprivata		13,900		194,600
†Medidata Solutions		47,334		2,218,545
†Omnicell		29,125		996,949
†Press Ganey Holdings		19,200		755,520
Quality Systems		45,528		542,238
†Vocera Communications		20,340		261,369
				7,798,686
Hotels, Restaurants & Leisure–3.21%
†Belmond Class A		77,522		767,468
†Biglari Holdings		895		360,989
†BJ’s Restaurants		20,274		888,609
Bloomin’ Brands		99,652		1,780,781
Bob Evans Farms		17,632		669,134
†Bojangles’		5,100		86,445
†Boyd Gaming		69,383		1,276,647
†Buffalo Wild Wings		16,268		2,260,439
†Caesars Acquisition Class A		43,242		485,175
†Caesars Entertainment		42,400		326,056
†Carrols Restaurant Group		26,365		313,743
†Century Casinos		18,500		115,255
Cheesecake Factory		39,486		1,900,856
Churchill Downs		11,721		1,481,066
†Chuy’s Holdings		12,532		433,733
ClubCorp Holdings		55,900		726,700
Cracker Barrel Old Country Store		16,394		2,811,079
†Dave & Buster’s Entertainment		32,900		1,539,391
†Del Frisco’s Restaurant Group		22,787		326,310
†Del Taco Restaurants		20,100		182,910
†Denny’s		67,056		719,511
†Diamond Resorts International		32,300		967,708
DineEquity		14,932		1,265,935
†El Pollo Loco Holdings		15,200		197,600
†Eldorado Resorts		23,700		360,121
†Empire Resorts		4,649		73,460
†Fiesta Restaurant Group		21,657		472,339
†Fogo de Chao		6,400		83,584
Golden Entertainment		9,000		105,210
†Habit Restaurants Class A		10,100		165,438
International Speedway Class A		24,418		816,782
Interval Leisure Group		97,736		1,554,002
†Intrawest Resorts Holdings		12,700		164,846
†Isle of Capri Casinos		21,773		398,881
†J Alexander’s Holdings		11,071		109,935
Jack in the Box		28,415		2,441,417
†Jamba		15,291		157,344
†Kona Grill		7,900		84,688
†Krispy Kreme Doughnuts		51,257		1,074,347
†La Quinta Holdings		72,100		821,940
†Lindblad Expeditions Holdings		12,800		123,264

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
†Luby’s		16,900	$	84,838
Marcus		17,634		372,077
Marriott Vacations Worldwide		20,372		1,395,278
†Monarch Casino & Resort		6,584		144,650
†Nathan’s Famous		2,600		115,700
†Noodles		7,800		76,284
Papa John’s International		23,322		1,585,896
†Penn National Gaming		71,300		994,635
†Pinnacle Entertainment		53,185		589,290
†Planet Fitness Class A		14,600		275,648
†Popeyes Louisiana Kitchen		20,029		1,094,385
†Potbelly		16,600		208,164
†Red Lion Hotels		12,300		89,298
†Red Robin Gourmet Burgers		11,322		537,002
†Red Rock Resorts Class A		26,100		573,678
†Ruby Tuesday		53,395		192,756
Ruth’s Hospitality Group		26,908		429,183
†Scientific Games Class A		38,152		350,617
SeaWorld Entertainment		60,700		869,831
†Shake Shack Class A		13,600		495,448
Sonic		41,375		1,119,194
Speedway Motorsports		11,161		198,108
Texas Roadhouse		57,640		2,628,384
†Wingstop		13,700		373,325
†Zoe’s Kitchen		17,400		631,098
				46,315,905
Household Durables–1.31%
Bassett Furniture Industries		9,300		222,642
†Beazer Homes USA		25,566		198,137
†Cavco Industries		8,026		752,036
†Century Communities		13,200		228,888
CSS Industries		9,455		253,489
Ethan Allen Interiors		23,232		767,585
Flexsteel Industries		4,266		169,019
†GoPro		87,800		949,118
†Green Brick Partners		21,800		158,486
†Helen of Troy		24,347		2,503,845
Hooker Furniture		9,300		199,857
†Hovnanian Enterprises Class A		101,192		170,003
†Installed Building Products		17,618		639,357
†iRobot		22,432		786,915
KB Home		72,536		1,103,273
La-Z-Boy		45,333		1,261,164
†LGI Homes		13,100		418,414
Libbey		19,788		314,431
Lifetime Brands		8,078		117,858
†M/I Homes		22,274		419,419
MDC Holdings		35,334		860,030
†Meritage Homes		35,084		1,317,053
NACCO Industries Class A		2,792		156,352
†New Home		10,900		103,986

LVIP SSGA Small-Cap Index Fund–13

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Household Durables (continued)
†Taylor Morrison Home Class A		29,200	$	433,328
†TopBuild		33,500		1,212,700
†TRI Pointe Homes		134,452		1,589,223
†Universal Electronics		12,111		875,383
†WCI Communities		18,800		317,720
†William Lyon Homes Class A		16,800		270,816
†ZAGG		25,300		132,825
				18,903,352
Household Products–0.29%
†Central Garden & Pet		8,800		200,904
†Central Garden & Pet Class A		32,822		712,566
†HRG Group		103,156		1,416,332
Oil-Dri of America		3,441		118,818
Orchids Paper Products		8,292		294,946
WD-40		12,639		1,484,451
				4,228,017
Independent Power & Renewable Electricity Producers–0.63%
Atlantic Power		116,633		289,250
Atlantica Yield		51,129		949,977
†Dynegy		105,300		1,815,372
NRG Yield Class A		31,100		473,342
NRG Yield Class C		55,200		860,568
Ormat Technologies		32,856		1,437,779
Pattern Energy Group		48,300		1,109,451
†Talen Energy		73,300		993,215
TerraForm Global Class A		79,400		258,844
TerraForm Power Class A		76,000		828,400
†Vivint Solar		15,700		48,199
				9,064,397
Industrial Conglomerates–0.04%
Raven Industries		33,951		643,032
				643,032
Insurance–2.29%
†Ambac Financial Group		35,300		581,038
American Equity Investment Life
Holding		72,455		1,032,484
AMERISAFE		16,599		1,016,191
Argo Group International Holdings		27,090		1,405,955
†Atlas Financial Holdings		8,300		142,926
Baldwin & Lyons Class B		9,743		240,262
Blue Capital Reinsurance Holdings		5,100		94,401
†Citizens		38,991		296,332
CNO Financial Group		156,212		2,727,462
Crawford Class B		10,379		88,118
Donegal Group Class A		5,144		84,825
†eHealth		14,419		202,154
EMC Insurance Group		5,953		165,017
Employers Holdings		28,927		839,462
†Enstar Group		9,911		1,605,483

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Insurance (continued)
FBL Financial Group Class A		8,674	$	526,252
Federated National Holding		11,700		222,768
Fidelity & Guaranty Life		8,000		185,440
†Genworth Financial		437,500		1,128,750
†Global Indemnity		6,337		174,458
†Greenlight Capital Re Class A		25,857		521,277
†Hallmark Financial Services		8,751		101,424
HCI Group		8,707		237,527
Heritage Insurance Holdings		22,000		263,340
Horace Mann Educators		36,431		1,231,003
Independence Holding		6,117		109,922
@Infinity Property & Casualty		10,089		813,779
Investors Title		1,200		114,300
James River Holdings L		12,400		421,104
Kemper		35,900		1,112,182
Maiden Holdings		51,395		629,075
†MBIA		114,400		781,352
National General Holdings		42,100		901,782
National Interstate		7,601		229,930
National Western Life Group Class A		1,716		335,083
Navigators Group		9,316		856,793
OneBeacon Insurance Group Class A		20,187		278,581
†Patriot National		10,200		83,436
Primerica		40,522		2,319,479
RLI		33,034		2,272,079
Safety Insurance Group		13,199		812,794
@Selective Insurance Group		49,407		1,887,841
State Auto Financial		12,495		273,765
State National		24,100		253,773
Stewart Information Services		18,139		751,136
†Third Point Reinsurance		57,400		672,728
†Trupanion		9,182		121,661
United Fire Group		18,221		773,117
United Insurance Holdings		17,300		283,374
Universal Insurance Holdings		28,603		531,444
†WMIH		176,500		391,830
				33,126,689
Internet & Catalog Retail–0.59%
†1-800-FLOWERS.com Class A		19,282		173,924
Blue Nile		8,797		240,862
†Duluth Holdings Class B		8,300		203,018
†Etsy		91,300		875,567
†FTD		13,837		345,372
†Gaiam Class A		11,700		90,558
HSN		28,612		1,399,985
†Lands End		15,400		252,868
†Liberty TripAdvisor Holdings Class A		63,600		1,391,568
Nutrisystem		22,826		578,867
†Overstock.com		11,597		186,828
PetMed Express		15,272		286,503
†Shutterfly		30,372		1,415,639

LVIP SSGA Small-Cap Index Fund–14

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet & Catalog Retail (continued)
†Wayfair Class A		27,400	$	1,068,600
				8,510,159
Internet Software & Services–2.61%
†2U		31,900		938,179
†Actua		38,259		345,479
†Alarm.Com Holdings		9,000		230,670
†Amber Road		11,100		85,581
†Angie’s List		34,117		222,102
†Apigee		9,000		109,980
†Appfolio Class A		6,700		96,882
†Autobytel		7,600		105,412
†Bankrate		46,082		344,693
†Bazaarvoice		71,380		286,234
†Benefitfocus		11,200		426,944
†Blucora		31,068		321,864
†Box Class A		42,400		438,416
†Brightcove		32,686		287,637
†Carbonite		15,170		147,604
†Care.com		12,300		143,664
†ChannelAdvisor		20,200		292,698
†Cimpress		21,834		2,019,208
†comScore		41,009		979,295
†Cornerstone OnDemand		45,010		1,713,081
†Cvent		26,200		935,864
†Demandware		32,730		2,451,477
†DHI Group		40,816		254,284
EarthLink Holdings		81,653		522,579
†Endurance International Group Holdings		46,000		413,540
†Envestnet		35,963		1,197,928
†Everyday Health		24,400		192,272
†Five9		28,700		341,530
†Gogo		44,500		373,355
†GrubHub		70,200		2,181,114
†GTT Communications		22,900		423,192
†Hortonworks		35,100		375,219
†InContact		49,594		686,877
†Instructure		5,800		110,200
†Intralinks Holdings		37,605		244,433
j2 Global		40,487		2,557,564
†Limelight Networks		67,249		100,201
†Liquidity Services		24,526		192,284
†LivePerson		51,218		324,722
†LogMeIn		21,871		1,387,278
†Marchex Class B		24,554		78,082
†Marketo		36,100		1,257,002
†MeetMe		35,900		191,347
†Mindbody Class A		8,100		130,734
†Monster Worldwide		70,673		168,908
†New Relic		19,100		561,158
NIC		58,247		1,277,939

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet Software & Services (continued)
†Numerex Class A		12,000	$	89,880
†Q2 Holdings		22,200		622,044
†QuinStreet		29,711		105,474
†Quotient Technology		55,000		737,550
†RealNetworks		13,048		56,237
Reis		9,100		226,590
†RetailMeNot		24,800		191,208
†Rightside Group		10,100		107,464
†@SciQuest		19,745		348,697
†Shutterstock		17,852		817,622
†SPS Commerce		13,201		799,981
†Stamps.com		14,038		1,227,202
†TechTarget		19,997		161,976
†TrueCar		43,900		344,615
†United Online		12,400		136,400
†Web.com Group		38,051		691,767
†WebMD Health		32,330		1,878,696
†Xactly		19,800		253,638
†XO Group		23,301		406,136
				37,669,883
IT Services–2.05%
†Acxiom		68,872		1,514,495
†ALJ Regional Holdings		16,100		80,500
†Blackhawk Network Holdings Class A		46,100		1,543,889
†CACI International Class A		20,561		1,858,920
†Cardtronics		39,140		1,558,163
Cass Information Systems		8,794		454,650
Convergys		77,322		1,933,050
CSG Systems International		28,588		1,152,382
†Datalink		17,567		131,753
†EPAM Systems		41,045		2,639,604
EVERTEC		52,800		820,512
†ExlService Holdings		28,548		1,496,201
Forrester Research		7,133		262,922
Hackett Group		21,691		300,854
†Higher One Holdings		26,700		136,437
†Information Services Group		27,000		101,250
†Lionbridge Technologies		61,134		241,479
ManTech International Class A		22,017		832,683
MAXIMUS		56,064		3,104,264
†MoneyGram International		24,587		168,421
†NeuStar Class A		49,000		1,151,990
†Perficient		32,125		652,459
†PFSweb		11,200		106,400
†Planet Payment		36,800		165,232
Science Applications International		36,800		2,147,280
†ServiceSource International		40,860		164,666
†Sykes Enterprises		33,677		975,286
†Syntel		27,728		1,254,969
TeleTech Holdings		12,260		332,614
Travelport Worldwide		100,400		1,294,156

LVIP SSGA Small-Cap Index Fund–15

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
IT Services (continued)
†Unisys		45,354	$	330,177
†Virtusa		24,036		694,160
				29,601,818
Leisure Products–0.32%
Arctic Cat		12,314		209,338
Callaway Golf		81,927		836,475
Escalade		7,200		73,728
†JAKKS Pacific		12,037		95,213
Johnson Outdoors Class A		3,886		99,870
†@Malibu Boats Class A		15,700		189,656
Marine Products		5,709		48,298
MCBC Holdings		8,400		92,820
†Nautilus		27,600		492,384
†Performance Sports Group		41,000		123,000
†Smith & Wesson Holding		46,432		1,262,022
Sturm Ruger & Co		16,514		1,057,061
				4,579,865
Life Sciences Tools & Services–0.65%
†Accelerate Diagnostics		19,921		286,663
†Albany Molecular Research		19,000		255,360
†Cambrex		27,646		1,430,128
†ChromaDex		24,900		103,086
†Enzo Biochem		34,500		205,965
†Fluidigm		25,845		233,380
†INC Research Holdings Class A		36,000		1,372,680
†Luminex		37,607		760,790
†NanoString Technologies		12,600		158,760
†NeoGenomics		46,200		371,448
†Pacific Biosciences of California		64,198		451,633
†PAREXEL International		46,259		2,908,766
†PRA Health Sciences		21,000		876,960
				9,415,619
Machinery–3.19%
Actuant Class A		51,314		1,160,210
Alamo Group		8,635		569,651
Albany International		24,583		981,599
Altra Industrial Motion		23,178		625,342
American Railcar Industries		6,646		262,318
Astec Industries		16,847		945,959
Barnes Group		43,639		1,445,324
†Blue Bird		1,900		22,610
Briggs & Stratton		39,814		843,261
†Chart Industries		23,874		576,080
CIRCOR International		13,527		770,904
CLARCOR		42,060		2,558,510
@Columbus McKinnon		14,708		208,118
Douglas Dynamics		16,949		436,098
Dynamic Materials		12,200		131,150
†Energy Recovery		29,900		265,811
EnPro Industries		20,209		897,078

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
@ESCO Technologies		23,438	$	936,114
†ExOne		9,291		98,206
Federal Signal		53,907		694,322
Franklin Electric		42,040		1,389,422
FreightCar America		10,041		141,076
Global Brass & Copper Holdings		17,000		463,930
Gorman-Rupp		17,282		473,700
Graham		7,462		137,450
Greenbrier Companies		23,547		685,924
Hardinge		10,200		102,612
Harsco		63,500		421,640
Hillenbrand		54,336		1,632,253
Hurco		5,769		160,551
Hyster-Yale Materials Handling		7,266		432,254
John Bean Technologies		24,892		1,523,888
Joy Global		85,700		1,811,698
@Kadant		8,297		427,378
Kennametal		68,700		1,518,957
Lindsay		9,307		631,573
†Lydall		14,802		570,765
Manitowoc		110,500		602,225
†Meritor		78,512		565,286
†Milacron Holdings		13,900		201,689
Miller Industries		11,629		239,441
Mueller Industries		47,340		1,509,199
Mueller Water Products Class A		133,627		1,526,020
†Navistar International		40,100		468,769
NN		20,456		286,179
Omega Flex		1,789		68,054
†Proto Labs		20,543		1,182,455
†RBC Bearings		19,418		1,407,805
†Rexnord		72,064		1,414,616
SPX		36,100		536,085
†SPX FLOW		30,700		800,349
Standex International		11,454		946,444
Sun Hydraulics		20,628		612,445
Supreme Industries Class A		11,300		154,810
Tennant		14,981		807,026
Titan International		37,010		229,462
†TriMas		35,725		643,050
†Wabash National		61,240		777,748
Watts Water Technologies Class A		24,828		1,446,479
Woodward		46,058		2,654,783
				46,034,155
Marine–0.10%
Costamare		23,000		176,410
Matson		37,000		1,194,730
†Scorpio Bulkers		24,491		68,330
				1,439,470

LVIP SSGA Small-Cap Index Fund–16

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Media–1.84%
AMC Entertainment Holdings		19,400	$	535,634
†Carmike Cinemas		19,635		591,406
†Central European Media Enterprises Class A		49,011		103,413
†Daily Journal		1,150		272,539
†DreamWorks Animation SKG Class A		67,400		2,754,638
Entercom Communications Class A		18,821		255,401
Entravision Communications Class A		61,630		414,154
†Eros International		22,400		364,448
Gannett		102,200		1,411,382
†Global Eagle Entertainment		35,400		235,056
†Gray Television		56,600		614,110
†Hemisphere Media Group		9,200		108,560
†IMAX		51,400		1,515,272
†Liberty Braves Group Class A		8,000		120,320
†Liberty Braves Group Class C		27,300		400,218
†Liberty Media Group Class A		19,900		380,886
†Liberty Media Group Class C		40,100		760,697
†Loral Space & Communications		11,961		421,864
MDC Partners Class A		44,535		814,545
†Media General		94,800		1,629,612
Meredith		32,634		1,694,031
†MSG Networks		51,700		793,078
National CineMedia		55,429		858,041
New Media Investment Group		39,900		720,993
New York Times Class A		108,211		1,309,353
Nexstar Broadcasting Group Class A		26,756		1,273,050
†Reading International Class A		17,940		224,071
Saga Communications Class A		2,612		103,278
Scholastic		23,491		930,478
†Scripps (E.W.) Class A		51,266		812,053
Sinclair Broadcast Group Class A		56,332		1,682,074
Time		86,100		1,417,206
†Townsquare Media Class A		9,400		74,166
Tronc		23,200		320,160
World Wrestling Entertainment Class A		31,407		578,203
				26,494,390
Metals & Mining–1.16%
†AK Steel Holding		198,256		923,873
Allegheny Technologies		94,400		1,203,600
Ampco-Pittsburgh		7,400		83,694
Carpenter Technology		41,000		1,350,130
†Century Aluminum		48,287		305,657
†Cliffs Natural Resources		146,000		827,820
†Coeur Mining		132,786		1,415,499
Commercial Metals		96,300		1,627,470
Ferroglobe		51,633		444,560
Gold Resource		43,500		156,165
†Handy & Harman		2,948		77,208
Haynes International		11,781		377,934
Hecla Mining		331,700		1,691,670

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Metals & Mining (continued)
Kaiser Aluminum		15,422	$	1,394,303
Materion.		15,484		383,384
Olympic Steel		5,606		153,100
†Real Industry		21,300		165,501
†Ryerson Holding		6,925		121,187
Schnitzer Steel Industries Class A		25,201		443,538
†Stillwater Mining		107,315		1,272,756
SunCoke Energy		50,547		294,184
TimkenSteel		36,300		349,206
Worthington Industries		41,308		1,747,328
				16,809,767
Multiline Retail–0.25%
Big Lots		43,400		2,174,774
Fred’s Class A		34,477		555,424
†Ollie’s Bargain Outlet Holdings		17,600		438,064
†Sears Holdings		9,800		133,378
†Tuesday Morning		44,883		315,079
				3,616,719
Multi-Utilities–0.58%
Avista.		55,026		2,465,165
Black Hills		44,843		2,826,903
NorthWestern		42,306		2,668,239
Unitil		10,641		454,051
				8,414,358
Oil, Gas & Consumable Fuels–1.96%
†Abraxas Petroleum		71,212		80,470
Adams Resources & Energy		1,206		46,431
Alon USA Energy		23,992		155,468
Ardmore Shipping		13,100		88,687
†Bill Barrett		47,490		303,461
California Resources		27,600		336,720
†Callon Petroleum		105,416		1,183,822
†Carrizo Oil & Gas		49,089		1,759,841
†Clayton Williams Energy		4,848		133,126
†Clean Energy Fuels		67,995		235,943
†Cobalt International Energy		354,700		475,298
†Contango Oil & Gas		14,481		177,247
CVR Energy		13,700		212,350
Delek U.S. Holdings		53,588		707,897
Denbury Resources		305,700		1,097,463
DHT Holdings		81,900		411,957
†Dorian LPG		22,000		155,100
†Eclipse Resources		51,400		171,676
†EP Energy Class A		33,600		174,048
†Erin Energy		13,300		32,053
Evolution Petroleum		22,147		121,144
†EXCO Resources		109,950		142,935
Frontline		56,436		444,151
GasLog		38,607		501,119
†Gener8 Maritime		34,100		218,240

LVIP SSGA Small-Cap Index Fund–17

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
Golar LNG		77,300	$	1,198,150
Green Plains		29,843		588,504
†Isramco		651		53,545
†Jones Energy Class A		30,600		126,072
†Matador Resources		72,195		1,429,461
Navios Maritime Acquisition		80,800		126,856
Nordic American Tankers		73,498		1,020,887
†Northern Oil & Gas		58,437		269,979
†Oasis Petroleum		152,100		1,420,614
Overseas Shipholding Group Class A		31,400		345,086
†Pacific Ethanol		25,000		136,250
Panhandle Oil & Gas Class A		12,494		208,275
†Par Pacific Holdings		24,300		372,762
†PDC Energy		39,950		2,301,519
†Renewable Energy Group		33,464		295,487
†Rex American Resources		4,850		290,175
†Ring Energy		31,087		274,187
†RSP Permian		68,400		2,386,476
†Sanchez Energy		47,038		332,088
Scorpio Tankers		145,009		609,038
SemGroup Class A		38,505		1,253,723
Ship Finance International		52,142		768,574
†Synergy Resources		153,313		1,021,065
Teekay		38,200		272,366
Teekay Tankers Class A		101,241		301,698
†W&T Offshore		25,736		59,708
Western Refining		61,041		1,259,276
†Westmoreland Coal		14,557		138,583
				28,227,051
Paper & Forest Products–0.56%
†Boise Cascade		31,746		728,571
†Clearwater Paper		15,251		996,958
Deltic Timber		8,455		567,584
KapStone Paper and Packaging		75,064		976,583
†Louisiana-Pacific		121,978		2,116,318
Neenah Paper		14,595		1,056,240
P.H. Glatfelter		39,017		763,173
Schweitzer-Mauduit International		26,267		926,700
				8,132,127
Personal Products–0.27%
Avon Products		382,900		1,447,362
†Elizabeth Arden		22,300		306,848
Inter Parfums		13,193		376,924
†LifeVantage		11,900		161,840
Medifast		10,787		358,883
Natural Health Trends		6,900		194,511
Nature’s Sunshine Products		8,440		80,433
†Nutraceutical International		6,886		159,411
†Revlon Class A		10,254		329,974
†Synutra International		13,658		52,037

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Personal Products (continued)
†USANA Health Sciences		4,439	$	494,638
				3,962,861
Pharmaceuticals–1.90%
†AcelRx Pharmaceuticals		30,800		82,852
†Aclaris Therapeutics		4,800		88,656
†Aerie Pharmaceuticals		19,100		336,160
†Agile Therapeutics		12,200		92,842
†Amphastar Pharmaceuticals		28,400		457,808
†Ampio Pharmaceuticals		38,200		49,278
†ANI Pharmaceuticals		6,700		373,994
†Aratana Therapeutics		24,400		154,208
†Bio-Path Holdings		72,200		143,678
†Catalent		86,600		1,990,934
†Cempra		35,996		593,574
†Collegium Pharmaceutical		7,600		90,060
†Corcept Therapeutics		53,911		294,354
†Depomed		53,057		1,040,978
†Dermira		18,200		532,350
†Durect		96,800		118,096
†Egalet		19,200		95,232
†Endocyte		37,299		119,730
†Flex Pharma		6,800		69,428
†Heska		5,300		197,001
†Horizon Pharma		140,200		2,309,094
†Impax Laboratories		61,202		1,763,842
Innoviva		74,700		786,591
†Intersect ENT		22,200		287,046
†Intra-Cellular Therapies		29,800		1,156,836
†Lannett		21,480		511,009
†Lipocine		14,400		43,776
†Medicines		56,733		1,907,931
†Myokardia		7,800		96,720
†Nektar Therapeutics		111,988		1,593,589
†Neos Therapeutics		6,200		57,536
†Ocular Therapeutix		13,100		64,845
†Omeros		34,166		359,426
†Pacira Pharmaceuticals		30,975		1,044,787
†Paratek Pharmaceuticals		10,600		147,446
Phibro Animal Health Class A		13,500		251,910
†Prestige Brands Holdings		46,255		2,562,527
†Reata Pharmaceuticals Class A		4,900		96,775
†Relypsa		32,800		606,800
†Revance Therapeutics		16,300		221,680
†Sagent Pharmaceuticals		20,475		306,715
†SciClone Pharmaceuticals		39,574		516,836
†Sucampo Pharmaceuticals Class A		19,310		211,831
†Supernus Pharmaceuticals		40,785		830,790
†Teligent		32,500		232,050
†Tetraphase Pharmaceuticals		34,800		149,640
†TherapeuticsMD		125,900		1,070,150
†Theravance Biopharma		29,600		671,624

LVIP SSGA Small-Cap Index Fund–18

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Pharmaceuticals (continued)
†Titan Pharmaceuticals		16,300	$	89,161
†WAVE Life Sciences		6,400		132,416
†XenoPort		48,601		342,151
†Zogenix		17,946		144,465
				27,489,208
Professional Services–1.33%
Acacia Research		47,376		208,454
†Advisory Board		35,024		1,239,499
Barrett Business Services		7,032		290,562
†CBIZ		45,446		473,093
CEB		27,902		1,720,995
†CRA International		9,451		238,354
Exponent		22,530		1,315,977
†Franklin Covey		9,480		145,328
†FTI Consulting		34,506		1,403,704
†GP Strategies		11,700		253,773
Heidrick & Struggles International		17,364		293,104
†Hill International		25,600		104,192
†Huron Consulting Group		18,078		1,092,273
†ICF International		15,751		644,216
Insperity		13,201		1,019,513
Kelly Services Class A		26,077		494,681
Kforce		21,938		370,533
Korn/Ferry International		49,845		1,031,791
†Mistras Group		14,147		337,689
†Navigant Consulting		37,836		611,051
†On Assignment		43,882		1,621,440
Resources Connection		29,009		428,753
†RPX		48,774		447,258
†TriNet Group		37,400		777,546
†TrueBlue.		37,487		709,254
†WageWorks		31,730		1,897,771
				19,170,804
Real Estate Investment Trusts–9.20%
Acadia Realty Trust		61,615		2,188,565
AG Mortgage Investment Trust		26,784		386,761
Agree Realty		19,666		948,688
Alexander’s		1,676		685,869
Altisource Residential		45,300		416,307
American Assets Trust		32,873		1,395,130
American Capital Mortgage Investment		39,711		627,037
Anworth Mortgage Asset		93,031		437,246
Apollo Commercial Real Estate Finance		52,595		845,202
Apollo Residential Mortgage		30,381		407,105
Ares Commercial Real Estate		19,289		237,062
Armada Hoffler Properties		22,500		309,150
Armour Residential REIT		29,353		587,060
Ashford Hospitality Prime		20,254		286,392

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Ashford Hospitality Trust		72,698	$	390,388
Bluerock Residential Growth REIT		16,000		208,000
Capstead Mortgage		86,908		843,008
CareTrust REIT		53,481		736,968
CatchMark Timber Trust Class A		35,100		428,922
CBL & Associates Properties		146,700		1,365,777
Cedar Realty Trust		73,061		542,843
Chatham Lodging Trust		34,731		763,387
Chesapeake Lodging Trust		52,615		1,223,299
City Office REIT		16,300		211,574
Colony Capital Class A		97,779		1,500,908
Colony Starwood Homes		56,500		1,718,730
Community Healthcare Trust		11,000		232,540
Corenergy Infrastructure Trust		10,120		291,962
Coresite Realty		29,168		2,586,910
Cousins Properties		186,546		1,940,078
CYS Investments		140,267		1,174,035
DiamondRock Hospitality		176,174		1,590,851
DuPont Fabros Technology		64,845		3,082,731
Dynex Capital		45,630		316,672
Easterly Government Properties		20,700		408,411
EastGroup Properties		27,869		1,920,731
Education Realty Trust		57,786		2,666,246
Farmland Partners		10,100		114,332
FelCor Lodging Trust		127,466		794,113
First Industrial Realty Trust		101,006		2,809,987
First Potomac Realty Trust		45,418		417,846
Four Corners Property Trust		52,500		1,080,975
Franklin Street Properties		84,804		1,040,545
GEO Group		64,084		2,190,391
Getty Realty		21,217		455,105
Gladstone Commercial		19,805		334,506
Global Net Lease		148,300		1,178,985
Government Properties Income Trust		58,003		1,337,549
Gramercy Property Trust		367,216		3,385,732
Great Ajax		11,300		156,731
Hannon Armstrong Sustainable Infrastructure Capital		33,800		730,080
Hatteras Financial		80,000		1,312,000
Healthcare Realty Trust		90,692		3,173,313
Hersha Hospitality Trust		39,441		676,413
Hudson Pacific Properties		71,251		2,079,104
Independence Realty Trust		35,056		286,758
†InfraREIT		34,600		606,884
Invesco Mortgage Capital		96,061		1,315,075
Investors Real Estate Trust		110,862		717,277
†iStar Financial		68,270		654,709
Kite Realty Group Trust		71,854		2,014,068
Ladder Capital Class A		39,293		479,375
LaSalle Hotel Properties		94,411		2,226,211
Lexington Realty Trust		199,886		2,020,847
LTC Properties		32,773		1,695,347

LVIP SSGA Small-Cap Index Fund–19

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Mack-Cali Realty		76,000	$	2,052,000
Medical Properties Trust		206,172		3,135,876
Monmouth Real Estate Investment		55,689		738,436
Monogram Residential Trust		146,800		1,498,828
National Health Investors		32,234		2,420,451
National Storage Affiliates Trust		19,800		412,236
New Residential Investment		197,400		2,732,016
New Senior Investment Group		68,900		735,852
New York Mortgage Trust		97,532		594,945
New York REIT		138,600		1,282,050
Nexpoint Residential Trust		16,300		296,660
NorthStar Realty Europe		51,800		479,150
One Liberty Properties		10,738		256,101
Orchid Island Capital		15,600		160,524
Owens Realty Mortgage		8,700		144,768
Parkway Properties		69,910		1,169,594
Pebblebrook Hotel Trust		63,010		1,654,013
Pennsylvania Real Estate Investment Trust		61,099		1,310,574
PennyMac Mortgage Investment Trust		59,721		969,272
Physicians Realty Trust		117,500		2,468,675
Potlatch		33,492		1,142,077
Preferred Apartment Communities Class A		18,800		276,736
PS Business Parks		16,862		1,788,721
QTS Realty Trust Class A		40,700		2,278,386
RAIT Financial Trust		70,832		221,704
Ramco-Gershenson Properties Trust		68,805		1,349,266
Redwood Trust		67,646		934,191
Resource Capital		30,082		386,855
Retail Opportunity Investments		85,667		1,856,404
Rexford Industrial Realty		54,000		1,138,860
RLJ Lodging Trust		108,361		2,324,343
Rouse Properties		29,160		532,170
Ryman Hospitality Properties		37,403		1,894,462
Sabra Health Care REIT		57,655		1,189,711
Saul Centers		9,166		565,634
Select Income REIT		55,163		1,433,686
Seritage Growth Properties Class A		21,700		1,081,528
Silver Bay Realty Trust		31,852		542,440
STAG Industrial		59,734		1,422,267
Summit Hotel Properties		78,373		1,037,659
Sunstone Hotel Investors		188,992		2,281,133
Terreno Realty		37,814		978,248
TIER REIT		41,500		636,195
UMH Properties		17,967		202,129
@=United Development Funding IV		27,300		87,360
Universal Health Realty Income Trust		11,273		644,590
Urban Edge Properties		76,400		2,281,304
Urstadt Biddle Properties Class A		25,117		622,399
Washington Real Estate Investment Trust		63,875		2,009,508

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
Western Asset Mortgage Capital		39,084	$	366,999
Whitestone REIT		21,971		331,323
WP Glimcher		161,500		1,807,185
Xenia Hotels & Resorts		89,900		1,508,522
				132,852,819
Real Estate Management & Development–0.45%
Alexander & Baldwin		40,600		1,467,284
†Altisource Portfolio Solutions		12,400		345,216
†AV Homes		8,780		107,292
Consolidated-Tomoka Land		4,399		208,821
†Forestar Group		32,877		390,908
†FRP Holdings		5,972		206,034
Kennedy-Wilson Holdings		77,153		1,462,821
†Marcus & Millichap		12,200		310,002
RE/MAX Holdings		15,400		620,004
RMR Group Class A		4,995		154,695
†St. Joe		45,868		812,781
†Stratus Properties		5,400		101,142
†Tejon Ranch		9,765		230,845
†Trinity Place Holdings		16,800		129,192
				6,547,037
Road & Rail–0.44%
ArcBest		23,542		382,557
Celadon Group		20,646		168,678
†Covenant Transportation Group Class A		10,200		184,314
Heartland Express		38,609		671,410
Knight Transportation		58,182		1,546,478
Marten Transport		17,978		355,964
†P.A.M. Transportation Services		2,100		33,369
†Roadrunner Transportation Systems		25,803		192,490
†Saia		19,863		499,356
†Swift Transportation		68,768		1,059,715
Universal Logistics Holdings		6,097		78,651
†USA Truck		5,700		99,807
Werner Enterprises		39,456		906,304
†YRC Worldwide		25,000		220,000
				6,399,093
Semiconductors & Semiconductor Equipment–3.22%
†Acacia Communications		4,600		183,724
†Advanced Energy Industries		33,779		1,282,251
†Advanced Micro Devices		569,900		2,929,286
†Alpha & Omega Semiconductor		19,771		275,410
†Ambarella		27,792		1,412,112
†Amkor Technology		88,465		508,674
†Applied Micro Circuits		73,890		474,374
†Axcelis Technologies		93,334		251,068
Brooks Automation		61,390		688,796
Cabot Microelectronics		20,171		854,040
†Cavium		47,173		1,820,878

LVIP SSGA Small-Cap Index Fund–20

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†CEVA		19,023	$	516,855
†Cirrus Logic		54,488		2,113,590
Cohu		21,843		236,997
†Diodes		33,065		621,291
†DSP Group		17,252		183,044
†Entegris		122,950		1,779,087
†Exar		28,984		233,321
†Fairchild Semiconductor International		98,800		1,961,180
†FormFactor		54,325		488,384
†GigPeak		40,400		79,184
†Inphi		34,194		1,095,234
†Integrated Device Technology		117,119		2,357,605
Intersil Class A		112,595		1,524,536
IXYS		23,122		237,001
†Kopin		64,942		144,171
†Lattice Semiconductor		108,126		578,474
†MACOM Technology Solutions Holdings		21,307		702,705
†MaxLinear Class A		46,472		835,567
†Microsemi		98,955		3,233,849
MKS Instruments		45,524		1,960,263
Monolithic Power Systems		33,553		2,292,341
†Nanometrics		22,922		476,548
†NeoPhotonics		24,000		228,720
NVE		4,618		270,846
†PDF Solutions		25,878		362,033
†Photronics		60,160		536,026
Power Integrations		25,656		1,284,596
†Rambus		101,886		1,230,783
†Rudolph Technologies		28,138		436,983
†Semtech		57,684		1,376,340
†Sigma Designs		31,300		201,259
†Silicon Laboratories		36,800		1,793,632
†Synaptics		32,252		1,733,545
Tessera Technologies		41,435		1,269,568
†Ultra Clean Holdings		28,866		164,248
†Ultratech		21,955		504,306
†Veeco Instruments		32,107		531,692
†Xcerra		43,741		251,511
				46,507,928
Software–4.07%
†A10 Networks		38,300		247,801
†ACI Worldwide		97,551		1,903,220
American Software Class A		25,261		264,735
†Aspen Technology		72,875		2,932,490
†AVG Technologies		36,596		694,958
†Barracuda Networks		19,100		289,174
Blackbaud		41,033		2,786,141
†Bottomline Technologies		35,571		765,844
†BroadSoft		25,014		1,026,324
†Callidus Software		47,557		950,189

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software (continued)
†CommVault Systems		33,602	$	1,451,270
†Digimarc		6,058		193,614
Ebix		20,678		990,476
†Ellie Mae		25,292		2,318,012
†EnerNOC		20,785		131,361
Epiq Systems		20,259		295,781
†Exa		12,100		174,845
Fair Isaac		26,939		3,044,376
†Fleetmatics Group		34,039		1,474,910
†Gigamon		28,200		1,054,398
†Globant		22,300		877,505
†Glu Mobile		91,532		201,370
†Guidance Software		24,949		154,434
†HubSpot		25,100		1,089,842
†Imperva		23,661		1,017,660
†Infoblox		51,892		973,494
†Interactive Intelligence Group		15,520		636,165
†Jive Software		42,555		160,007
Mentor Graphics		93,190		1,981,219
†MicroStrategy		8,284		1,449,866
†Mitek Systems		25,600		182,016
†MobileIron		45,700		139,385
†Model N		19,300		257,655
Monotype Imaging Holdings		35,831		882,518
†Park City Group		12,800		114,816
†Paycom Software		38,200		1,650,622
†Paylocity Holding		18,700		807,840
Pegasystems		31,402		846,284
†Progress Software		44,900		1,232,954
†Proofpoint		35,520		2,240,957
†PROS Holdings		22,037		384,105
QAD Class A		7,073		136,297
†Qlik Technologies		81,580		2,413,136
†Qualys		23,625		704,261
†Rapid7		17,300		217,634
†RealPage		46,411		1,036,358
†RingCentral Class A		50,900		1,003,748
†Rosetta Stone		16,800		130,200
†Rovi		69,700		1,090,108
†Rubicon Project		32,400		442,260
Sapiens International		23,890		279,752
†SecureWorks Class A		5,300		74,730
†Silver Spring Networks		34,500		419,175
†Synchronoss Technologies		35,844		1,141,990
†Take-Two Interactive Software		71,041		2,693,875
†Tangoe		33,351		257,470
†Telenav		25,300		129,030
†TiVo		78,799		780,110
†Tubemogul		14,700		174,930
†Varonis Systems		9,600		230,592
†VASCO Data Security International		26,059		427,107
†Verint Systems		53,970		1,788,026

LVIP SSGA Small-Cap Index Fund–21

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software (continued)
†VirnetX Holding		29,605	$	118,420
†Workiva		19,100		260,906
†Xura		17,841		435,856
†Zendesk		70,600		1,862,428
†Zix		58,574		219,653
				58,738,685
Specialty Retail–2.62%
Aaron’s		57,100		1,249,919
Abercrombie & Fitch		59,400		1,057,914
American Eagle Outfitters		144,800		2,306,664
†America’s Car-Mart		8,285		233,968
†Asbury Automotive Group		18,644		983,285
†Ascena Retail Group		151,149		1,056,532
Barnes & Noble		54,972		623,932
†Barnes & Noble Education		29,243		296,816
Big 5 Sporting Goods		14,893		138,058
†Boot Barn Holdings		11,100		95,682
Buckle		22,708		590,181
†Build-A-Bear Workshop		10,800		144,936
Caleres		38,825		939,953
Cato Class A		23,682		893,285
Chico’s FAS		112,900		1,209,159
Children’s Place		16,101		1,290,978
Citi Trends		13,276		206,176
†Conn’s		21,602		162,447
†Container Store Group		15,800		84,530
†Destination XL Group		25,722		117,550
DSW Class A		58,500		1,239,030
†Express		64,275		932,630
Finish Line Class A		37,008		747,192
†Five Below		46,918		2,177,464
†Francesca’s Holdings		30,562		337,710
†Genesco		17,232		1,108,190
GNC Holdings		59,700		1,450,113
Group 1 Automotive		18,135		895,144
Guess		54,800		824,740
Haverty Furniture		15,414		277,914
†Hibbett Sports		19,683		684,772
†Kirkland’s		12,675		186,069
Lithia Motors Class A		19,937		1,416,923
†Lumber Liquidators Holdings		25,016		385,747
†MarineMax		23,340		396,080
†Mattress Firm Holding		16,519		554,212
Monro Muffler Brake		27,349		1,738,302
†Office Depot		481,000		1,592,110
Outerwall		14,744		619,248
†Party City Holdco		22,400		311,584
Pier 1 Imports		70,825		364,041
Rent-A-Center		42,810		525,707
†Restoration Hardware Holdings		33,667		965,570
†Select Comfort		42,011		898,195

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail (continued)
Shoe Carnival		12,521	$	313,776
Sonic Automotive Class A		23,231		397,482
†Sportsman’s Warehouse Holdings		22,400		180,544
Stage Stores		29,395		143,448
Stein Mart		24,246		187,179
Tailored Brands		41,142		520,858
†Tile Shop Holdings		28,300		562,604
†Tilly’s Class A		5,063		29,315
†Vitamin Shoppe		19,407		593,272
†West Marine		15,708		131,790
Winmark		1,509		150,402
†Zumiez		16,623		237,875
				37,759,197
Technology Hardware, Storage & Peripherals–0.63%
†3D Systems		93,300		1,277,277
†Avid Technology		28,700		166,747
CPI Card Group		14,400		72,144
†Cray		34,869		1,043,280
Diebold		51,900		1,288,677
†Eastman Kodak		17,100		274,968
†Electronics For Imaging		40,367		1,737,396
†Immersion		20,327		149,200
†Nimble Storage		54,700		435,412
†Pure Storage Class A		53,100		578,790
†Silicon Graphics International		24,767		124,578
†Stratasys		45,400		1,039,206
†Super Micro Computer		32,715		812,968
†USA Technologies		31,200		133,224
				9,133,867
Textiles, Apparel & Luxury Goods–1.00%
Columbia Sportswear		25,220		1,451,159
†Crocs		61,500		693,720
Culp		7,541		208,358
†Deckers Outdoor		28,700		1,650,824
†Delta Apparel		6,200		139,810
†Fossil Group		36,500		1,041,345
†G-III Apparel Group		37,396		1,709,745
†Iconix Brand Group		37,051		250,465
Movado Group		14,680		318,262
Oxford Industries		13,076		740,363
†Perry Ellis International		10,714		215,566
†Sequential Brands Group		33,810		269,804
†Steven Madden		53,534		1,829,792
Superior Uniform Group		4,900		93,541
†Tumi Holdings		49,546		1,324,860
†Unifi		12,374		336,944
†Vera Bradley		16,479		233,507
†Vince Holding		25,180		137,984
Wolverine World Wide		85,908		1,745,651
				14,391,700

LVIP SSGA Small-Cap Index Fund–22

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Thrifts & Mortgage Finance–1.98%
Astoria Financial		79,553	$	1,219,547
Bank Mutual		42,625		327,360
BankFinancial		13,649		163,652
Bear State Financial		8,540		80,532
†Beneficial Bancorp		61,456		781,721
†BofI Holding		54,960		973,342
†BSB Bancorp		5,900		133,635
Capitol Federal Financial		110,800		1,545,660
Charter Financial		14,593		193,795
Clifton Bancorp		19,962		300,827
Dime Community Bancshares		23,751		404,004
ESSA Bancorp		7,100		95,140
†Essent Group		64,900		1,415,469
EverBank Financial		89,565		1,330,936
Federal Agricultural Mortgage Class C		8,874		308,993
First Defiance Financial		6,643		258,081
†Flagstar Bancorp		19,400		473,554
Fox Chase Bancorp		11,413		232,140
Hingham Institution for Savings		900		110,628
Home Bancorp		5,000		137,350
†HomeStreet		22,929		456,746
†Impac Mortgage Holdings		8,000		125,440
Kearny Financial		80,917		1,017,936
Lake Sunapee Bank Group		6,800		116,348
†LendingTree		5,605		495,090
Meridian Bancorp		41,954		620,080
Meta Financial Group		7,200		366,912
†MGIC Investment		296,650		1,765,067
†Nationstar Mortgage Holdings		35,400		398,604
†NMI Holdings Class A		48,500		265,780
Northfield Bancorp		42,956		637,037
Northwest Bancshares		89,966		1,334,196
OceanFirst Financial		17,776		322,990
†Ocwen Financial		84,300		144,153
Oritani Financial		33,511		535,841
†PennyMac Financial Services Class A		13,400		167,366
†PHH		46,052		613,413
Provident Financial Holdings		5,700		104,310
Provident Financial Services		58,231		1,143,657
Radian Group		187,154		1,950,145
SI Financial Group		9,700		128,428
Southern Missouri Bancorp		5,100		120,003
Territorial Bancorp		6,742		178,461
TrustCo Bank		88,003		564,099
United Community Financial		45,200		274,816
United Financial Bancorp		38,254		496,537
†Walker & Dunlop		23,263		529,931
†Walter Investment Management		28,818		79,538
Washington Federal		81,500		1,977,190
Waterstone Financial		19,664		301,449
Westfield Financial		13,800		106,260

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Thrifts & Mortgage Finance (continued)
WSFS Financial		24,891	$	801,241
				28,625,430
Tobacco–0.20%
†Alliance One International		7,200		110,880
Universal		19,742		1,139,903
Vector Group		73,720		1,652,802
				2,903,585
Trading Companies & Distributors–1.03%
Aircastle		41,544		812,601
Applied Industrial Technologies		33,330		1,504,516
†Beacon Roofing Supply		51,990		2,363,985
†BMC Stock Holdings		47,900		853,578
†CAI International		13,507		101,303
†DXP Enterprises		12,112		180,832
GATX		35,600		1,565,332
†GMS		6,200		137,950
H&E Equipment Services		28,781		547,702
Kaman Class A		24,252		1,031,195
†Lawson Products		3,800		75,468
†MRC Global		81,500		1,158,115
†Neff Class A		6,900		75,417
†NOW		93,000		1,687,020
†Rush Enterprises Class A		25,619		552,089
†Rush Enterprises Class B		5,700		118,503
†SiteOne Landscape Supply		10,100		343,299
TAL International Group		25,486		341,767
Textainer Group Holdings		20,220		225,251
†Titan Machinery		14,270		159,111
†Univar		35,100		663,741
†Veritiv		7,100		266,818
†Willis Lease Finance		3,700		82,251
				14,847,844
Transportation Infrastructure–0.05%
†Wesco Aircraft Holdings		55,820		749,104
				749,104
Water Utilities–0.37%
American States Water		32,554		1,426,516
Artesian Resources Class A		7,219		244,868
California Water Service Group		41,842		1,461,541
Connecticut Water Service		9,225		518,445
Consolidated Water		11,200		146,272
Middlesex Water		13,731		595,651
SJW		14,815		583,415
York Water		10,937		350,421
				5,327,129
Wireless Telecommunication Services–0.17%
†Boingo Wireless		37,197		331,797
=Leap Wireless International		38,182		96,219

LVIP SSGA Small-Cap Index Fund–23

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Wireless Telecommunication Services (continued)
†NII Holdings		46,500	$	147,870
Shenandoah Telecommunications		40,050		1,564,353
Spok Holdings		19,077		365,611
				2,505,850
Total Common Stock (Cost $1,239,575,278)				1,415,514,859
RIGHTS–0.01%
†@=Dyax		122,431		135,898
†=Forest Laboratories		3,000		0
†=Trius Therapeutics		28,563		0
Total Rights (Cost $135,898)				135,898
WARRANTS–0.00%
†Asterias Biotherapeutics, exercise price $5.00, expiration date 9/30/16		2,400		480
†Greenhunter Energy, exercise price $27.50, expiration date 12/31/17		90		0
†Tejon Ranch, exercise price $40.00, expiration date 8/31/16		1,546		0
Total Warrants (Cost $11,075)				480

	Number of		Value
	Shares		(U.S. $)
MONEY MARKET FUND–1.71%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		24,751,530	$	24,751,530
Total Money Market Fund (Cost $24,751,530)				24,751,530
	Principal
	Amount°
SHORT-TERM INVESTMENT–0.17%
≠¥U.S. Treasury Obligations–0.17%
U.S. Treasury Bill 0.43% 12/8/16		2,400,000		2,397,000
Total Short-Term Investment (Cost $2,396,480)				2,397,000

TOTAL VALUE OF SECURITIES–99.92% (Cost $1,266,870,261)		1,442,799,767
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.08%		1,111,415
NET ASSETS APPLICABLE TO 57,487,645 SHARES OUTSTANDING–100.00%	$	1,443,911,182

NET ASSET VALUE PER SHARE–LVIP SSgA SMALL-CAP INDEX FUND STANDARD CLASS ($1,171,161,228 / 46,617,462 Shares)	$	25.123
NET ASSET VALUE PER SHARE–LVIP SSgA SMALL-CAP INDEX FUND SERVICE CLASS ($272,749,954 / 10,870,183 Shares)	$	25.092

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	1,218,991,350
Undistributed net investment income		9,134,493
Accumulated net realized gain on investments.		39,898,884
Net unrealized appreciation of investments and derivatives.		175,886,455
TOTAL NET ASSETS	$	1,443,911,182

† Non-income producing for the period.

« Includes $509,701 cash collateral held at broker for futures contracts, $187,518 payable for securities purchased, $734,658 payable for fund shares redeemed and $441,997 due to manager and affiliates as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $6,639,191, which represents 0.46% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $319,477, which represents 0.02% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

≠ The rate shown is the effective yield at the time of purchase.

LVIP SSGA Small-Cap Index Fund–24

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

° Principal amount shown is stated in U.S. dollars.

¥ Fully or partially pledged as collateral for futures contracts.

The following futures contract was outstanding at June 30, 2016:¹

Futures Contract

	Contract to Buy (Sell)	Notional Cost (Proceeds)	Notional Value	Expiration Date	Unrealized Appreciation (Depreciation)
255	E-mini Russell 2000 Index	$29,301,751	$29,258,700	9/19/16	$(43,051)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represents 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 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

IT–Information Technology

REIT–Real Estate Investment Trust

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

LVIP SSGA Small-Cap Index Fund–25

LVIP SSGA Small-Cap Index Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	11,556,299
Interest		21,558
Foreign tax withheld		(4,106	)
		11,573,751
EXPENSES:
Management fees		2,222,421
Distribution fees-Service Class		326,909
Accounting and administration expenses		174,443
Reports and statements to shareholders		80,587
Professional fees.		34,691
Index fees		30,000
Trustees’ fees and expenses		18,536
Custodian fees		8,477
Pricing fees		4,200
Consulting fees		1,366
Other		9,026
		2,910,656
Less management fees waived		(6,216	)
Total operating expenses		2,904,440
NET INVESTMENT INCOME		8,669,311
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		27,691,676
Foreign currencies		3
Futures contracts		(1,451,426	)
Net realized gain		26,240,253
Net change in unrealized appreciation (depreciation) of:
Investments		(8,303,723	)
Foreign currencies		(7	)
Futures contracts		(200,159	)
Net change in unrealized appreciation (depreciation)		(8,503,889	)
NET REALIZED AND UNREALIZED GAIN		17,736,364
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,405,675

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

LVIP SSGA Small-Cap Index Fund

Statements of Changes in Net Assets

	Six Months
	Ended
	6/30/16			Year Ended
	(unaudited)			12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,669,311		$	13,616,339
Net realized gain		26,240,253			31,135,381
Net change in unrealized appreciation (depreciation)		(8,503,889	)		(137,928,062	)
Net increase (decrease) in net assets resulting from operations		26,405,675			(93,176,342	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(11,679,546	)
Service Class		—			(2,006,117	)
Net realized gain on investments:
Standard Class		—			(37,224,484	)
Service Class		—			(8,956,239	)
		—			(59,866,386	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		105,585,073			560,784,887
Service Class		18,779,195			40,222,417
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			48,904,030
Service Class		—			10,962,356
		124,364,268			660,873,690
Cost of shares redeemed:
Standard Class		(139,067,185	)		(384,167,227	)
Service Class		(27,722,011	)		(48,862,524	)
		(166,789,196	)		(433,029,751	)
Increase (Decrease) in net assets derived from capital share transactions		(42,424,928	)		227,843,939
NET INCREASE (DECREASE) IN NET ASSETS		(16,019,253	)		74,801,211
NET ASSETS:
Beginning of period		1,459,930,435			1,385,129,224
End of period	$	1,443,911,182		$	1,459,930,435
Undistributed net investment income	$	9,134,493		$	465,182

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

LVIP SSGA Small-Cap Index Fund–26

LVIP SSGA Small-Cap Index Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

			LVIP SSGA Small-Cap Index Fund Standard Class
	Six months
	Ended
	6/30/161								Year Ended
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	24.643	$	26.990		$	26.722		$	19.597		$	17.026		$	17.904
Income (loss) from investment operations:
Net investment income2		0.152		0.246			0.235			0.219			0.267			0.168
Net realized and unrealized gain (loss)		0.328		(1.514	)		0.965			7.205			2.434			(0.984	)
Total from investment operations		0.480		(1.268	)		1.200			7.424			2.701			(0.816	)
Less dividends and distributions from:
Net investment income		—		(0.247	)		(0.225	)		(0.189	)		(0.130	)		(0.062	)
Net realized gain		—		(0.832	)		(0.707	)		(0.110	)		—			—
Total dividends and distributions		—		(1.079	)		(0.932	)		(0.299	)		(0.130	)		(0.062	)
Net asset value, end of period	$	25.123	$	24.643		$	26.990		$	26.722		$	19.597		$	17.026
Total return3		1.93%		(4.71%	)		4.67%			37.90%			15.89%			(4.56%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,171,161	$	1,183,053		$	1,085,366		$	881,401		$	406,060		$	419,399
Ratio of expenses to average net assets		0.37%		0.37%			0.37%			0.39%			0.41%			0.42%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.37%		0.37%			0.37%			0.39%			0.41%			0.42%
Ratio of net investment income to average net assets		1.29%		0.91%			0.89%			0.93%			1.44%			0.97%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.29%		0.91%			0.89%			0.93%			1.44%			0.97%
Portfolio turnover		14%		32%			15%			17%			43%			15%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Small-Cap Index Fund–27

LVIP SSGA Small-Cap Index Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

			LVIP SSGA Small-Cap Index Fund Service Class
	Six months
	Ended
	6/30/161								Year Ended
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	24.643	$	26.987		$	26.722		$	19.602		$	17.031		$	17.908
Income (loss) from investment operations:
Net investment income2		0.123		0.178			0.168			0.161			0.221			0.128
Net realized and unrealized gain (loss)		0.326		(1.510	)		0.964			7.199			2.434			(0.988	)
Total from investment operations		0.449		(1.332	)		1.132			7.360			2.655			(0.860	)
Less dividends and distributions from:
Net investment income		—		(0.180	)		(0.160	)		(0.130	)		(0.084	)		(0.017	)
Net realized gain		—		(0.832	)		(0.707	)		(0.110	)		—			—
Total dividends and distributions		—		(1.012	)		(0.867	)		(0.240	)		(0.084	)		(0.017	)
Net asset value, end of period	$	25.092	$	24.643		$	26.987		$	26.722		$	19.602		$	17.031
Total return3		1.81%		(4.95%	)		4.41%			37.56%			15.60%			(4.80%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	272,750	$	276,877		$	299,763		$	325,878		$	152,448		$	134,341
Ratio of expenses to average net assets		0.62%		0.62%			0.62%			0.64%			0.66%			0.67%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.62%		0.62%			0.62%			0.64%			0.66%			0.67%
Ratio of net investment income to average net assets		1.04%		0.66%			0.64%			0.68%			1.19%			0.72%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		1.04%		0.66%			0.64%			0.64%			1.19%			0.72%
Portfolio turnover		14%		32%			15%			17%			43%			15%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

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

LVIP SSGA Small-Cap Index Fund–28

LVIP SSGA Small-Cap Index Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Small-Cap 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”). 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 the Russell 2000^® Index, which emphasizes stocks of small U.S. companies.

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 bid and ask prices is used, which approximates fair value. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. U.S. government and agency securities are valued at the mean between the bid and the ask prices, which approximate fair value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximate fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts are valued at the daily quoted settlement prices. Open-end investment companies are valued at their published net asset value. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the 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.

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

LVIP SSGA Small-Cap Index Fund–29

LVIP SSGA Small-Cap Index Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes 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. Discounts and premiums on non-convertible debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer or management estimates. 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 accorded the order, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the six months ended June 30, 2016.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.32% of the average daily net assets of the Fund. Effective April 1, 2016, LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.005% of the Fund’s first $500 million of average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board and LIAC.

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 reimbursed 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	36,591
Legal.		10,066

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 reimbursed Lincoln Life for the cost of these services, which amounted to $67,118 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP SSGA Small-Cap Index Fund–30

LVIP SSGA Small-Cap Index Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	382,470
Distribution fees payable to LFD		56,347
Printing and mailing fees payable to Lincoln Life		3,180

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	198,394,038
Sales		215,103,909

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,266,870,261
Aggregate unrealized appreciation	$	319,058,904
Aggregate unrealized depreciation		(143,129,398	)
Net unrealized appreciation	$	175,929,506

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)

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 June 30, 2016:

	Level 1		Level 2		Level 3		Total
Common Stock
Aerospace & Defense		$21,116,781		$—		$—		$21,116,781
Air Freight & Logistics		6,976,379		—		—		6,976,379
Airlines		5,672,204		—		—		5,672,204
Auto Components		15,266,359		—		—		15,266,359
Automobiles		485,285		—		—		485,285

LVIP SSGA Small-Cap Index Fund–31

LVIP SSGA Small-Cap Index Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Banks	$	135,563,574	$	2,395,654	$	—	$	137,959,228
Beverages		3,240,586		—		—		3,240,586
Biotechnology		64,636,544		—		—		64,636,544
Building Products		17,015,637		—		—		17,015,637
Capital Markets		19,003,151		—		—		19,003,151
Chemicals		34,264,120		—		—		34,264,120
Commercial Services & Supplies		33,609,412		—		—		33,609,412
Communications Equipment		24,013,162		—		—		24,013,162
Construction & Engineering		12,713,537		—		—		12,713,537
Construction Materials		3,187,800		—		—		3,187,800
Consumer Finance		7,356,169		—		—		7,356,169
Containers & Packaging		2,033,437		—		—		2,033,437
Distributors		1,963,567		—		—		1,963,567
Diversified Consumer Services		13,842,513		—		—		13,842,513
Diversified Financial Services		1,870,416		—		—		1,870,416
Diversified Telecommunication Services		11,188,289		—		—		11,188,289
Electric Utilities.		18,151,492		—		—		18,151,492
Electrical Equipment		9,805,842		—		—		9,805,842
Electronic Equipment, Instruments & Components.		38,728,032		—		—		38,728,032
Energy Equipment & Services		14,874,431		—		—		14,874,431
Food & Staples Retailing.		9,023,037		—		—		9,023,037
Food Products		20,696,026		—		—		20,696,026
Gas Utilities		19,629,296		—		—		19,629,296
Health Care Equipment & Supplies		45,384,134		268,205		—		45,652,339
Health Care Providers & Services		34,602,188		—		—		34,602,188
Health Care Technology		7,798,686		—		—		7,798,686
Hotels, Restaurants & Leisure		46,315,905		—		—		46,315,905
Household Durables		18,903,352		—		—		18,903,352
Household Products		4,228,017		—		—		4,228,017
Independent Power & Renewable Electricity Producers		9,064,397		—		—		9,064,397
Industrial Conglomerates		643,032		—		—		643,032
Insurance		30,425,069		2,701,620		—		33,126,689
Internet & Catalog Retail		8,510,159		—		—		8,510,159
Internet Software & Services		37,321,186		348,697		—		37,669,883
IT Services.		29,601,818		—		—		29,601,818
Leisure Products		4,390,209		189,656		—		4,579,865
Life Sciences Tools & Services		9,415,619		—		—		9,415,619
Machinery		44,462,545		1,571,610		—		46,034,155
Marine		1,439,470		—		—		1,439,470
Media		26,494,390		—		—		26,494,390
Metals & Mining.		16,809,767		—		—		16,809,767
Multiline Retail		3,616,719		—		—		3,616,719
Multi-Utilities		8,414,358		—		—		8,414,358
Oil, Gas & Consumable Fuels		28,227,051		—		—		28,227,051
Paper & Forest Products		8,132,127		—		—		8,132,127
Personal Products		3,962,861		—		—		3,962,861
Pharmaceuticals		27,489,208		—		—		27,489,208
Professional Services		19,170,804		—		—		19,170,804
Real Estate Investment Trusts		132,765,459		—		87,360		132,852,819
Real Estate Management & Development		6,547,037		—		—		6,547,037
Road & Rail		6,399,093		—		—		6,399,093
Semiconductors & Semiconductor Equipment		46,507,928		—		—		46,507,928
Software		58,738,685		—		—		58,738,685
Specialty Retail		37,759,197		—		—		37,759,197
Technology Hardware, Storage & Peripherals		9,133,867		—		—		9,133,867

LVIP SSGA Small-Cap Index Fund–32

LVIP SSGA Small-Cap Index Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2		Level 3		Total
Textiles, Apparel & Luxury Goods	$	14,391,700		$	—	$	—	$	14,391,700
Thrifts & Mortgage Finance		28,625,430			—		—		28,625,430
Tobacco.		2,903,585			—		—		2,903,585
Trading Companies & Distributors		14,847,844			—		—		14,847,844
Transportation Infrastructure		749,104			—		—		749,104
Water Utilities		5,327,129			—		—		5,327,129
Wireless Telecommunication Services		2,409,631			—		96,219		2,505,850
Rights		—			—		135,898		135,898
Warrants		480			—		—		480
Money Market Fund		24,751,530			—		—		24,751,530
Short-Term Investment		—			2,397,000		—		2,397,000
Total	$	1,432,607,848		$	9,872,442	$	319,477	$	1,442,799,767
Futures Contract	$	(43,051	)	$	—	$	—	$	(43,051	)

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months
	Ended			Year Ended
	6/30/16			12/31/15
Shares sold:
Standard Class		4,508,176			20,427,447
Service Class		811,418			1,502,039
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,960,446
Service Class		—			440,109
		5,319,594			24,330,041
Shares redeemed:
Standard Class		(5,898,601	)		(14,593,383	)
Service Class		(1,176,819	)		(1,814,261	)
		(7,075,420	)		(16,407,644	)
Net increase (decrease)		(1,755,826	)		7,922,397

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally

LVIP SSGA Small-Cap Index Fund–33

LVIP SSGA Small-Cap Index Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016.

Futures Contracts–The Fund may use futures in the normal course of pursuing its investment objectives and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. In addition, the Fund may take long or short positions in futures to seek to control overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Equity contracts (Futures contracts)	Receivables and other Assets net of liabilities	$—	Receivables and other Assets net of liabilities	$(43,051)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

			Change in Unrealized
			Appreciation
		Realized Gain	(Depreciation)
		(Loss) on Derivatives	on Derivatives
	Location of Gain (Loss) on Derivatives	Recognized in	Recognized in
	Recognized in Income	Income	Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$(1,451,426)	$(200,159)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (average notional amount)	$33,260,884	$—

At June 30, 2016, the Fund pledged U.S. Treasury Obligations with a value of $2,397,000 as collateral for futures contracts.

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 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) 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 June 30, 2016, the Fund has no assets and liabilities subject to offsetting provisions.

LVIP SSGA Small-Cap Index Fund–34

LVIP SSGA Small-Cap Index Fund

Notes to Financial Statements (continued)

6. Market Risk

The Fund invests a significant portion of its assets in small companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

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 invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities have been identified on the Statement of Net Assets.

7. 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.

8. Subsequent Events

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

LVIP SSGA Small-Cap Index Fund–35

                 LVIP SSGA SMID Cap Managed Volatility Fund (formerly LVIP SSgA Small-Cap Managed Volatility Fund)   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP SSGA SMID Cap Managed Volatility Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 SMID Cap Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio			Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares	$	1,000.00	$	1,019.10		0.25	%		$1.26
Service Class Shares		1,000.00		1,017.70		0.50	%		2.51
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.62		0.25	%		$1.26
Service Class Shares		1,000.00		1,022.38		0.50	%		2.51

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP SSGA SMID Cap Managed Volatility Funds–1

LVIP SSGA Small-Cap Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		93.99%
Equity Funds		93.99%
Unaffiliated Investment Company		5.32%
Money Market Fund		5.32%
Total Value of Securities		99.31%
Receivables and Other Assets Net of Liabilities		0.69%
Total Net Assets		100.00%

LVIP SSGA SMID Cap Managed Volatility Fund–2

LVIP SSGA SMID Cap Managed Volatility Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–93.99%
Equity Funds–93.99%
*Lincoln Variable Insurance Products Trust– LVIP SSGA Mid-Cap Index Fund		4,132,717	$	43,112,500
LVIP SSGA Small-Cap Index Fund		6,804,658		170,926,196
Total Affiliated Investment Companies (Cost $208,966,237)				214,038,696

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT COMPANY–5.32%
Money Market Fund–5.32%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		12,100,693	$	12,100,693
Total Unaffiliated Investment Company (Cost $12,100,693)				12,100,693

TOTAL VALUE OF SECURITIES–99.31% (Cost $221,066,930)		226,139,389
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.69%		1,578,109
NET ASSETS APPLICABLE TO 21,673,108 SHARES OUTSTANDING–100.00%	$	227,717,498

* Standard Class shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(377)	E-mini Russell 2000 Index	$	(41,748,142	)	$	(43,256,980	)		9/19/16	$	(1,508,838	)
(72)	E-mini S&P MidCap 400 Index		(10,355,398	)		(10,749,600	)		9/19/16		(394,200	)
										$	(1,903,038	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 5 in “Notes to Financial Statements.”

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

LVIP SSGA SMID Cap Managed Volatility Fund–3

LVIP SSGA SMID Cap Managed Volatility Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	214,038,696
Investments in unaffiliated investment companies, at value		12,100,693
Total investments, at value		226,139,389
Cash collateral held at broker for futures contracts		3,490,128
Receivable for fund shares sold		181,675
Expense reimbursement from Lincoln Investment Advisors Corporation		7,397
Dividends receivable from investment companies		2,491
Prepaid printing and mailing fees to Lincoln Life		1,169
TOTAL ASSETS		229,822,249
LIABILITIES:
Net unrealized depreciation on futures contracts		1,903,038
Due to manager and affiliates		89,410
Payable for investment companies shares purchased		78,530
Payable for fund shares redeemed		17,974
Other accrued expenses payable		15,799
TOTAL LIABILITIES		2,104,751
TOTAL NET ASSETS	$	227,717,498
Investments in affiliated investment companies, at cost	$	208,966,237
Investments in unaffiliated investment companies, at cost		12,100,693
Total investments, at cost	$	221,066,930
Standard Class:
Net Assets	$	178,800
Shares Outstanding		16,998
Net Asset Value Per Share	$	10.519
Service Class:
Net Assets	$	227,538,698
Shares Outstanding		21,656,110
Net Asset Value Per Share	$	10.507
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	239,835,662
Accumulated net investment loss		(490,946	)
Accumulated net realized loss on investments		(14,796,639	)
Net unrealized appreciation of investments and derivatives		3,169,421
TOTAL NET ASSETS	$	227,717,498

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

LVIP SSGA SMID Cap Managed Volatility Fund–4

LVIP SSGA SMID Cap Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment company	$	11,270
EXPENSES:
Management fees		916,916
Distribution fees-Service Class		254,485
Accounting and administration expenses		46,612
Reports and statements to shareholders		18,181
Professional fees		12,400
Trustees’ fees and expenses		2,589
Consulting fees		1,908
Custodian fees		1,506
Pricing fees		46
Other		707
		1,255,350
Less management fees waived		(702,035	)
Less expenses reimbursed		(44,131	)
Total operating expenses		509,184
NET INVESTMENT LOSS		(497,914	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss from:
Sale of investments in affiliated investment company		(9,376,276	)
Futures contracts		(119,447	)
Net realized loss		(9,495,723	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment company		16,597,717
Futures contracts		(1,767,659	)
Net change in unrealized appreciation (depreciation)		14,830,058
NET REALIZED AND UNREALIZED GAIN		5,334,335
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,836,421

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

LVIP SSGA SMID Cap Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(497,914	)	$	948,196
Net realized loss		(9,495,723	)		(3,364,638	)
Net change in unrealized appreciation (depreciation)		14,830,058			(14,527,624	)
Net increase (decrease) in net assets resulting from operations		4,836,421			(16,944,066	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,427	)
Service Class		—			(1,039,923	)
		—			(1,041,350	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,785			166,455
Service Class		42,785,543			124,307,002
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,427
Service Class		—			1,039,923
		42,789,328			125,514,807
Cost of shares redeemed:
Standard Class		(2,820	)		(71,953	)
Service Class		(10,831,497	)		(15,674,630	)
		(10,834,317	)		(15,746,583	)
Increase in net assets derived from capital share transactions		31,955,011			109,768,224
NET INCREASE IN NET ASSETS		36,791,432			91,782,808
NET ASSETS:
Beginning of period		190,926,066			99,143,258
End of period	$	227,717,498		$	190,926,066
Undistributed (accumulated) net investment income (loss)	$	(490,946	)	$	6,968

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

LVIP SSGA SMID Cap Managed Volatility Fund–5

LVIP SSGA SMID Cap Managed Volatility Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA SMID Cap Managed Volatility Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)									5/1/132 to 12/31/13
				Year Ended
				12/31/15			12/31/14
Net asset value, beginning of period	$	10.323		$	11.396		$	11.685		$	10.000
Income (loss) from investment operations:
Net investment income (loss)3		(0.012	)		0.099			0.105			0.154
Net realized and unrealized gain (loss)		0.208			(1.087	)		(0.268	)		1.653
Total from investment operations		0.196			(0.988	)		(0.163	)		1.807
Less dividends and distributions from:
Net investment income		—			(0.085	)		(0.126	)		(0.122	)
Return of capital		—			—			—			—	4
Total dividends and distributions		—			(0.085	)		(0.126	)		(0.122	)
Net asset value, end of period	$	10.519		$	10.323		$	11.396		$	11.685
Total return5		1.91%			(8.68%	)		(1.40%	)		18.07%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	179		$	174		$	96		$	158
Ratio of expenses to average net assets6		0.25%			0.25%			0.25%			0.25%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed6		0.98%			0.99%			1.03%			1.58%
Ratio of net investment income (loss) to average net assets		(0.24%	)		0.88%			0.93%			2.09%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.97%	)		0.14%			0.15%			0.76%
Portfolio turnover		19%			6%			7%			9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Return of capital distributions of $1 was made by the Fund’s Standard Class, which calculated to de minimus amounts of $0.000 per share.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA SMID Cap Managed Volatility Fund–6

LVIP SSGA SMID Cap Managed Volatility Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP SSGA SMID Cap Managed Volatility Fund Service Class
	Six Months Ended 6/30/161 (unaudited)									5/1/132 to 12/31/13
				Year Ended
				12/31/15			12/31/14
Net asset value, beginning of period	$	10.324		$	11.396		$	11.684		$	10.000
Income (loss) from investment operations:
Net investment income (loss)3		(0.025	)		0.071			0.077			0.139
Net realized and unrealized gain (loss)		0.208			(1.085	)		(0.267	)		1.648
Total from investment operations		0.183			(1.014	)		(0.190	)		1.787
Less dividends and distributions from:
Net investment income		—			(0.058	)		(0.098	)		(0.103	)
Return of capital		—			—			—			—	4
Total dividends and distributions		—			(0.058	)		(0.098	)		(0.103	)
Net asset value, end of period	$	10.507		$	10.324		$	11.396		$	11.684
Total return5		1.77%			(8.91%	)		(1.63%	)		17.87%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	227,538		$	190,752		$	99,047		$	29,197
Ratio of expenses to average net assets6		0.50%			0.50%			0.50%			0.50%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed6		1.23%			1.24%			1.28%			1.83%
Ratio of net investment income (loss) to average net assets		(0.49%	)		0.63%			0.68%			1.84%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(1.22%	)		(0.11%	)		(0.10%	)		0.51%
Portfolio turnover		19%			6%			7%			9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

³  The average shares outstanding method has been applied for per share information.

⁴  Return of capital distributions of $104 was made by the Fund’s Service Class, which calculated to de minimus amounts of $0.000 per share.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP SSGA SMID Cap Managed Volatility Fund–7

LVIP SSGA SMID Cap Managed Volatility Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 SMID Cap Managed Volatility Fund (formerly LVIP SSgA Small-Cap Managed Volatility 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 non-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”). 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 operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the LVIP SSGA Small-Cap Index Fund (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The LVIP SSGA Small-Cap Index Fund, which is sub-advised by an unaffiliated adviser, invests primarily in stocks that make up the SSGA Small-Cap Index and money market instruments. In addition to mutual fund investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial Statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2013–December 31, 2015), 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 six months ended June 30, 2016, 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.

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

LVIP SSGA SMID Cap Managed Volatility Fund–8

LVIP SSGA SMID Cap Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates

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(s), and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.90% of the Fund’s average daily net assets. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC). LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.67% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, LIAC had contractually agreed to waive a portion of its advisory fee. The waiver amount was 0.70% of the Fund’s average daily net assets

LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed 0.25% of average daily net assets for the Standard Class and 0.50% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays the Sub-Adviser(s) 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	5,566
Legal		1,434

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $5,080 for the six months ended June 30, 2016.

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 $7,788 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from, liabilities payable, and prepaid expenses to affiliates as follows:

Expense reimbursement receivable from LIAC	$	7,397
Management fees payable to LIAC		42,860
Distribution fees payable to LFD		46,550
Prepaid printing and mailing fees to Lincoln Life		1,169

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.

At June 30, 2016, Lincoln Life directly owned 6.00% of the Fund’s Standard Class shares.

LVIP SSGA SMID Cap Managed Volatility Fund–9

LVIP SSGA SMID Cap Managed Volatility Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investment companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value 12/31/15		Purchases		Sales		Net Realized Gain (Loss)			Value 6/30/16		Dividends	Capital Gain Distributions
LVIP SSGA Mid-Cap Index Fund	$	—	$	38,888,279	$	2,627,845	$	98,606		$	43,112,500	$—	$—
LVIP SSGA Small-Cap Index Fund		176,427,820		27,312,921		33,183,920		(9,474,882	)		170,926,196	—	—
Total	$	176,427,820	$	66,201,200	$	35,811,765	$	(9,376,276	)	$	214,038,696	$—	$—

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	66,201,200
Sales		35,811,765

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	221,066,930
Aggregate unrealized appreciation	$	6,753,461
Aggregate unrealized depreciation		(1,681,002	)
Net unrealized appreciation	$	5,072,459

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$4,341,800	$318,290	$4,660,090

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 SMID Cap Managed Volatility Fund–10

LVIP SSGA SMID Cap Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	226,139,389
Futures Contracts	$	(1,903,038	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		379			14,636
Service Class		4,242,946			11,094,279
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			137
Service Class		—			99,659
		4,243,325			11,208,711
Shares redeemed:
Standard Class		(274	)		(6,286	)
Service Class		(1,063,939	)		(1,408,370	)
		(1,064,213	)		(1,414,656	)
Net increase		3,179,112			9,794,055

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation on futures contracts		$—	Net unrealized depreciation on futures contracts		$(1,903,038)

LVIP SSGA SMID Cap Managed Volatility Fund–11

LVIP SSGA SMID Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$(119,447	)		$(1,767,659	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Futures contracts (average notional value)	$2,743,406	$34,163,783

6. 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.

7. Subsequent Events

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

LVIP SSGA SMID Cap Managed Volatility Fund–12

LVIP SSGA SMID Cap Managed Volatility Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions. Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP SSGA SMID Cap Managed Volatility Fund–13

          LVIP T. Rowe Price Growth Stock Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP T. Rowe Price Growth Stock Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	6
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 T. Rowe Price Growth Stock Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$   940.30		0.70%		$3.38
Service Class Shares		1,000.00		939.20		0.95%		4.58
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.38		0.70%		$3.52
Service Class Shares		1,000.00		1,020.14		0.95%		4.77

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP T. Rowe Price Growth Stock Fund–1

LVIP T. Rowe Price Growth Stock Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		97.39	%
Aerospace & Defense		1.23	%
Air Freight & Logistics		0.61	%
Airlines		1.78	%
Auto Components		0.91	%
Automobiles		1.83	%
Biotechnology		3.85	%
Capital Markets		2.80	%
Chemicals		0.67	%
Communications Equipment		0.24	%
Construction Materials		0.38	%
Diversified Financial Services		1.13	%
Food & Staples Retailing		1.60	%
Food Products		0.71	%
Health Care Equipment & Supplies		2.64	%
Health Care Providers & Services		6.65	%
Hotels, Restaurants & Leisure		4.22	%
Industrial Conglomerates		3.55	%
Internet & Catalog Retail		13.96	%
Internet Software & Services		12.95	%
IT Services		6.54	%
Life Sciences Tools & Services		0.38	%
Machinery		0.83	%
Media		0.15	%
Pharmaceuticals		4.93	%
Professional Services		0.34	%
Real Estate Investment Trusts		3.33	%
Road & Rail		0.16	%
Semiconductors & Semiconductor Equipment		2.07	%
Software		7.04	%
Specialty Retail		4.22	%
Technology Hardware, Storage & Peripherals		2.92	%
Textiles, Apparel & Luxury Goods		0.85	%
Tobacco		1.38	%
Wireless Telecommunication Services		0.54	%
Convertible Preferred Stock		0.58	%
Preferred Stock		0.37	%
Money Market Fund		1.47	%
Total Value of Securities		99.81	%
Receivables and Other Assets Net of Liabilities		0.19	%
Total Net Assets		100.00	%

Holdings are for informational purpose only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Amazon.com		8.45	%
Facebook Class A		4.30	%
Priceline Group		4.04	%
Alphabet Class A		3.35	%
Microsoft		3.08	%
Alphabet Class C		2.96	%
Apple		2.92	%
Danaher		2.74	%
Visa Class A		2.69	%
Bristol-Myers Squibb		2.59	%
Total		37.12	%

IT–Information Technology

LVIP T. Rowe Price Growth Stock Fund–2

LVIP T. Rowe Price Growth Stock Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–97.39%
Aerospace & Defense–1.23%
Boeing		84,000	$	10,909,080
				10,909,080
Air Freight & Logistics–0.61%
FedEx		35,800		5,433,724
				5,433,724
Airlines–1.78%
American Airlines Group		425,000		12,031,750
Delta Air Lines		41,690		1,518,767
†United Continental Holdings		54,550		2,238,732
				15,789,249
Auto Components–0.91%
BorgWarner		121,100		3,574,872
Delphi Automotive		72,400		4,532,240
				8,107,112
Automobiles–1.83%
Ferrari		100,740		4,123,288
†Tesla Motors		56,776		12,052,409
				16,175,697
Biotechnology–3.85%
†Alexion Pharmaceuticals		73,201		8,546,949
†Biogen		27,300		6,601,686
†BioMarin Pharmaceutical		18,900		1,470,420
†Celgene		62,200		6,134,786
Gilead Sciences		22,000		1,835,240
†Incyte		23,200		1,855,536
†Vertex Pharmaceuticals		89,000		7,655,780
				34,100,397
Capital Markets–2.80%
BlackRock		6,500		2,226,445
Morgan Stanley		449,800		11,685,804
State Street		90,400		4,874,368
TD Ameritrade Holding		212,001		6,036,729
				24,823,346
Chemicals–0.67%
Ashland		51,500		5,910,655
				5,910,655
Communications Equipment–0.24%
†Palo Alto Networks		17,100		2,097,144
				2,097,144
Construction Materials–0.38%
Martin Marietta Materials		17,700		3,398,400
				3,398,400

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Diversified Financial Services–1.13%
Intercontinental Exchange		39,100	$	10,008,036
				10,008,036
Food & Staples Retailing–1.60%
Costco Wholesale		23,100		3,627,624
Walgreens Boots Alliance		126,600		10,541,982
				14,169,606
Food Products–0.71%
Mondelez International		137,900		6,275,829
				6,275,829
Health Care Equipment & Supplies–2.64%
†Intuitive Surgical		22,700		15,014,007
Stryker		70,300		8,424,049
				23,438,056
Health Care Providers & Services–6.65%
Aetna.		82,565		10,083,664
Anthem		75,800		9,955,572
Cigna		52,300		6,693,877
Humana		57,939		10,422,067
McKesson		47,300		8,828,545
UnitedHealth Group		91,800		12,962,160
				58,945,885
Hotels, Restaurants & Leisure–4.22%
Hilton Worldwide Holdings		224,100		5,048,973
Las Vegas Sands		91,100		3,961,939
Marriott International Class A		100,000		6,646,000
†MGM Resorts International		465,610		10,536,754
Royal Caribbean Cruises		58,800		3,948,420
Starbucks		126,900		7,248,528
				37,390,614
Industrial Conglomerates–3.55%
Danaher		240,540		24,294,540
Roper Technologies		42,200		7,197,632
				31,492,172
Internet & Catalog Retail–13.96%
†Amazon.com		104,700		74,925,414
†Ctrip.com International ADR		33,400		1,376,081
†@=Flipkart Limited Series A		274		26,383
†@=Flipkart Limited Series C		482		46,412
†@=Flipkart Limited Series E		894		86,083
†@=Flipkart Limited Series G		4,035		388,530
†@=Flipkart Limited Series H		5,220		502,634
†@=Flipkart Limited Ordinary Shares		800		77,032
†Netflix		114,600		10,483,608
†Priceline Group		28,700		35,829,367
				123,741,544

LVIP T. Rowe Price Growth Stock Fund–3

LVIP T. Rowe Price Growth Stock Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet Software & Services–12.95%
†Alphabet Class A		42,200	$	29,688,966
†Alphabet Class C		37,883		26,218,824
†@=Dropbox Class A		34,588		273,591
†Facebook Class A		333,800		38,146,664
Tencent Holdings		558,900		12,820,984
†VeriSign		88,100		7,617,126
				114,766,155
IT Services–6.54%
†Fiserv		57,800		6,284,594
MasterCard Class A		240,800		21,204,848
†PayPal Holdings		182,900		6,677,679
Visa Class A		321,000		23,808,570
				57,975,691
Life Sciences Tools & Services–0.38%
†Illumina		24,000		3,369,120
				3,369,120
Machinery–0.83%
Flowserve		38,396		1,734,347
Illinois Tool Works		13,100		1,364,496
Wabtec		61,095		4,290,702
				7,389,545
Media–0.15%
Walt Disney		13,700		1,340,134
				1,340,134
Pharmaceuticals–4.93%
†Allergan		70,311		16,248,169
Bristol-Myers Squibb		312,000		22,947,600
Zoetis		94,500		4,484,970
				43,680,739
Professional Services–0.34%
†IHS Class A		25,800		2,982,738
†@=Wework Companies		1,912		71,976
				3,054,714
Real Estate Investment Trusts–3.33%
American Tower		152,200		17,291,442
Crown Castle International		91,000		9,230,130
Equinix		7,700		2,985,521
				29,507,093
Road & Rail–0.16%
Kansas City Southern		16,100		1,450,449
				1,450,449
Semiconductors & Semiconductor Equipment–2.07%
ASML Holding New York           Shares		76,200		7,559,802
†NXP Semiconductors		138,200		10,826,588
				18,386,390

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software–7.04%
Microsoft		533,400	$	27,294,078
†Mobileye		221,700		10,229,238
†NetSuite		59,100		4,302,480
†salesforce.com		176,100		13,984,101
†ServiceNow		99,900		6,633,360
				62,443,257
Specialty Retail–4.22%
†AutoZone		12,330		9,788,047
Lowe’s		153,000		12,113,010
Ross Stores		115,300		6,536,357
Tractor Supply		97,900		8,926,522
				37,363,936
Technology Hardware, Storage & Peripherals–2.92%
Apple		270,500		25,859,800
				25,859,800
Textiles, Apparel & Luxury Goods–0.85%
Hanesbrands		298,500		7,501,305
				7,501,305
Tobacco–1.38%
Philip Morris International		120,300		12,236,916
				12,236,916
Wireless Telecommunication Services–0.54%
†T-Mobile U.S		110,100		4,764,027
				4,764,027
Total Common Stock        (Cost $699,491,850)				863,295,817
CONVERTIBLE PREFERRED STOCK–0.58%
†@=Magic Leap Series C		47,862		1,102,405
†@=Snapchat Series F		43,793		1,345,321
†@=Uber Technologies Series G		34,107		1,663,473
†@=Xiaoju Kuaizhi (Didi)		26,379		1,008,393
Total Convertible Preferred Stock        (Cost $4,834,675)				5,119,592
PREFERRED STOCK–0.37%
†@=Airbnb Series D		14,304		1,331,559
†@=Airbnb Series E		14,245		1,326,067
†@=Livingsocial Series F		14,245		—
†@=Wework Companies Series E		17,187		646,991
Total Preferred Stock        (Cost $2,583,307)				3,304,617

LVIP T. Rowe Price Growth Stock Fund–4

LVIP T. Rowe Price Growth Stock Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–1.47%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		13,041,855	$	13,041,855
Total Money Market Fund (Cost $13,041,855)				13,041,855

TOTAL VALUE OF SECURITIES–99.81% (Cost $719,951,687)	$	884,761,881
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.19%		1,648,605
NET ASSETS APPLICABLE TO 28,520,866 SHARES OUTSTANDING–100.00%	$	886,410,486

NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE GROWTH STOCK FUND STANDARD CLASS   ($632,852,481 / 20,254,528 Shares)	$	31.245
NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE GROWTH STOCK FUND SERVICE CLASS   ($253,558,005 / 8,266,338 Shares)	$	30.674

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	730,875,203
Undistributed net investment income		201,223
Accumulated net realized loss on investments		(9,475,372	)
Net unrealized appreciation of investments		164,809,432
TOTAL NET ASSETS	$	886,410,486

† Non-income producing for the period.

« Includes $3,288,821 payable for securities purchased, $907,509 payable for fund shares redeemed, $666 prepaid printing and mailing fees to Lincoln Life and $530,412 due to manager and affiliates as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $9,896,850, which represents 1.12% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $9,896,850, which represents 1.12% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

IT–Information Technology

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

LVIP T. Rowe Price Growth Stock Fund–5

LVIP T. Rowe Price Growth Stock Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	3,769,812
Foreign tax withheld		(21,485	)
		3,748,327
EXPENSES:
Management fees		2,797,366
Distribution fees-Service Class		319,261
Accounting and administration expenses		107,567
Professional fees		27,887
Reports and statements to shareholders		23,150
Trustees’ fees and expenses		11,304
Custodian fees		9,503
Pricing fees.		2,254
Consulting fees		1,455
Other		4,361
Total operating expenses		3,304,108
NET INVESTMENT INCOME		444,219
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(15,918,671	)
Foreign currencies		234
Foreign currency exchange contracts		(281	)
Net realized loss		(15,918,718	)
Net change in unrealized appreciation (depreciation) of:
Investments		(37,347,856	)
Foreign currencies		98
Net change in unrealized appreciation (depreciation)		(37,347,758	)
NET REALIZED AND UNREALIZED LOSS		(53,266,476	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(52,822,257	)

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

LVIP T. Rowe Price Growth Stock Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	444,219		$	(785,722	)
Net realized gain (loss)		(15,918,718	)		8,334,864
Net change in unrealized appreciation (depreciation)		(37,347,758	)		47,738,386
Net increase (decrease) in net assets resulting from operations		(52,822,257	)		55,287,528
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments:
Standard Class		—			(19,222,835	)
Service Class		—			(8,987,731	)
		—			(28,210,566	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		87,769,287			444,367,614
Service Class		31,424,293			107,999,431
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			19,222,835
Service Class		—			8,987,731
		119,193,580			580,577,611
Cost of shares redeemed:
Standard Class		(42,628,068	)		(56,071,840	)
Service Class		(35,694,687	)		(44,776,406	)
		(78,322,755	)		(100,848,246	)
Increase in net assets derived from capital share transactions		40,870,825			479,729,365
NET INCREASE (DECREASE) IN NET ASSETS		(11,951,432	)		506,806,327
NET ASSETS:
Beginning of period		898,361,918			391,555,591
End of period	$	886,410,486		$	898,361,918
Undistributed (accumulated) net investment income (loss)	$	201,223		$	(242,996	)

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

LVIP T. Rowe Price Growth Stock Fund–6

LVIP T. Rowe Price Growth Stock Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

					LVIP T. Rowe Price Growth Stock Fund Standard Class
	Six Months Ended 6/30/161 (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12			12/31/11
Net asset value, beginning of period		$	33.230			$	31.180			$	28.681			$	20.627			$	17.435		$	17.728
Income (loss) from investment operations:
Net investment income (loss)2			0.027				(0.011	)			(0.015	)			(0.021	)			0.041			(0.013	)
Net realized and unrealized gain (loss)			(2.012	)			3.294				2.514				8.075				3.151			(0.280	)
Total from investment operations			(1.985	)			3.283				2.499				8.054				3.192			(0.293	)
Less dividends and distributions from:
Net realized gain			—				(1.233	)			—				—				—			—
Total dividends and distributions			—				(1.233	)			—				—				—			—
Net asset value, end of period		$	31.245			$	33.230			$	31.180			$	28.681			$	20.627		$	17.435
Total return3			(5.97%	)			10.73%				8.71%				39.05%				18.31%			(1.65%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	632,852			$	624,231			$	201,096			$	170,906			$	123,228		$	75,280
Ratio of expenses to average net assets			0.70%				0.71%				0.76%				0.78%				0.80%			0.79%
Ratio of net investment income (loss) to average net assets			0.18%				(0.03%	)			(0.05%	)			(0.09%	)			0.21%			(0.07%	)
Portfolio turnover			19%				35%				41%				39%				50%			44%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP T. Rowe Price Growth Stock Fund–7

LVIP T. Rowe Price Growth Stock Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

					LVIP T. Rowe Price Growth Stock Fund Service Class
	Six Months Ended 6/30/161 (unaudited)				12/31/15				12/31/14				Year Ended 12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	32.662			$	30.743			$	28.351			$	20.440			$	17.320			$	17.654
Income (loss) from investment operations:
Net investment loss2			(0.011	)			(0.093	)			(0.087	)			(0.080	)			(0.009	)			(0.057	)
Net realized and unrealized gain (loss)			(1.977	)			3.245				2.479				7.991				3.129				(0.277	)
Total from investment operations			(1.988	)			3.152				2.392				7.911				3.120				(0.334	)
Less dividends and distributions from:
Net realized gain			—				(1.233	)			—				—				—				—
Total dividends and distributions			—				(1.233	)			—				—				—				—
Net asset value, end of period		$	30.674			$	32.662			$	30.743			$	28.351			$	20.440			$	17.320
Total return3			(6.08%	)			10.45%				8.44%				38.70%				18.01%				(1.89%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	253,558			$	274,131			$	190,460			$	199,544			$	150,409			$	90,496
Ratio of expenses to average net assets			0.95%				0.96%				1.01%				1.03%				1.05%				1.04%
Ratio of net investment loss to average net assets			(0.07%	)			(0.28%	)			(0.30%	)			(0.34%	)			(0.04%	)			(0.32%	)
Portfolio turnover			19%				35%				41%				39%				50%				44%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP T. Rowe Price Growth Stock Fund–8

LVIP T. Rowe Price Growth Stock Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 T. Rowe Price Growth Stock 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”). 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 provide long-term growth of capital.

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 generally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss are included with the 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.

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.

LVIP T. Rowe Price Growth Stock Fund–9

LVIP T. Rowe Price Growth Stock Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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 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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of the distributions by the issuer or management estimate. 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 commission to the Fund in cash. Such commission rebates are included in “Net realized gain from investments” on the Statement of Operations and totaled $3,508 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.80% of the first $50 million of the average daily net assets of the Fund; 0.75% of the next $50 million; 0.70% of the next $150 million; 0.65% of the next $250 million; and 0.60% of the Fund’s average daily net assets in excess of $500 million.

T. Rowe Price Associates, 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	22,499
Legal		6,189

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 $16,441 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	477,773
Distribution fees payable to LFD		52,639
Prepaid printing and mailing fees to Lincoln Life		666

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.

LVIP T. Rowe Price Growth Stock Fund–10

LVIP T. Rowe Price Growth Stock Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	215,797,570
Sales		167,763,241

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	719,951,687
Aggregate unrealized appreciation	$	189,167,218
Aggregate unrealized depreciation		(24,357,024	)
Net unrealized appreciation	$	164,810,194

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)

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.

LVIP T. Rowe Price Growth Stock Fund–11

LVIP T. Rowe Price Growth Stock Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1		Level 2		Level 3		Total
Common Stock
Aerospace & Defense	$	10,909,080	$	—	$	—	$	10,909,080
Air Freight & Logistics		5,433,724		—		—		5,433,724
Airlines		15,789,249		—		—		15,789,249
Auto Components		8,107,112		—		—		8,107,112
Automobiles		16,175,697		—		—		16,175,697
Biotechnology		34,100,397		—		—		34,100,397
Capital Markets		24,823,346		—		—		24,823,346
Chemicals		5,910,655		—		—		5,910,655
Communications Equipment		2,097,144		—		—		2,097,144
Construction Materials		3,398,400		—		—		3,398,400
Diversified Financial Services		10,008,036		—		—		10,008,036
Food & Staples Retailing		14,169,606		—		—		14,169,606
Food Products		6,275,829		—		—		6,275,829
Health Care Equipment & Supplies		23,438,056		—		—		23,438,056
Health Care Providers & Services		58,945,885		—		—		58,945,885
Hotels, Restaurants & Leisure		37,390,614		—		—		37,390,614
Industrial Conglomerates		31,492,172		—		—		31,492,172
Internet & Catalog Retail		122,614,470		—		1,127,074		123,741,544
Internet Software & Services		101,671,580		12,820,984		273,591		114,766,155
IT Services		57,975,691		—		—		57,975,691
Life Sciences Tools & Services		3,369,120		—		—		3,369,120
Machinery		7,389,545		—		—		7,389,545
Media		1,340,134		—		—		1,340,134
Pharmaceuticals		43,680,739		—		—		43,680,739
Professional Services		2,982,738		—		71,976		3,054,714
Real Estate Investment Trusts		29,507,093		—		—		29,507,093
Road & Rail		1,450,449		—		—		1,450,449
Semiconductors & Semiconductor Equipment		18,386,390		—		—		18,386,390
Software		62,443,257		—		—		62,443,257
Specialty Retail		37,363,936		—		—		37,363,936
Technology Hardware, Storage & Peripherals		25,859,800		—		—		25,859,800
Textiles, Apparel & Luxury Goods		7,501,305		—		—		7,501,305
Tobacco		12,236,916		—		—		12,236,916
Wireless Telecommunication Services		4,764,027		—		—		4,764,027
Convertible Preferred Stock		—		—		5,119,592		5,119,592
Preferred Stock		—		—		3,304,617		3,304,617
Money Market Fund		13,041,855		—		—		13,041,855
Total	$	862,044,047	$	12,820,984	$	9,896,850	$	884,761,881

As a result of utilizing international fair value pricing at June 30, 2016, a portion of the portfolio was categorized as Level 2.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP T. Rowe Price Growth Stock Fund–12

LVIP T. Rowe Price Growth Stock Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stock			Convertible Preferred Stock		Preferred Stock		Total
Balance as of 12/31/15	$	2,052,970		$	2,470,051	$	3,223,025	$	7,746,046
Purchases		—			2,447,726		—		2,447,726
Net change in unrealized appreciation (depreciation)		(580,329	)		201,815		81,592		(296,922	)
Balance as of 6/30/16	$	1,472,641		$	5,119,592	$	3,304,617	$	9,896,850
Net change in unrealized appreciation (depreciation) from investments still held as of 6/30/16	$	(580,329	)	$	201,815	$	81,592	$	(296,922	)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		2,848,498			13,418,340
Service Class		1,046,597			3,292,545
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			607,721
Service Class		—			288,883
		3,895,095			17,607,489
Shares redeemed:
Standard Class		(1,379,387	)		(1,690,258	)
Service Class		(1,173,114	)		(1,383,727	)
		(2,552,501	)		(3,073,985	)
Net increase		1,342,594			14,533,504

5. 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. No foreign currency exchange contracts were outstanding at June 30, 2016.

LVIP T. Rowe Price Growth Stock Fund–13

LVIP T. Rowe Price Growth Stock Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Foreign currency exchange contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(281)	$—

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Foreign currency exchange contracts (average cost)	$1,417	$6,117

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 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) 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 June 30, 2016, the Fund has no assets and liabilities subject to offsetting provisions.

6. Market Risk

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.

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 small 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 invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities are identified on the Statement of Net Assets.

LVIP T. Rowe Price Growth Stock Fund–14

LVIP T. Rowe Price Growth Stock Fund

Notes to Financial Statements (continued)

7. 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.

8. 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 T. Rowe Price Growth Stock Fund–15

LVIP T. Rowe Price Structured Mid-Cap Growth Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	9
Statements of Changes in Net Assets	9
Financial Highlights	10
Notes to Financial Statements	12

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 T. Rowe Price Structured Mid-Cap Growth Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflects fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,017.00		0.75%		$3.76
Service Class Shares		1,000.00		1,015.70		1.00%		5.01
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.13		0.75%		$3.77
Service Class Shares		1,000.00		1,019.89		1.00%		5.02

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–1

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		99.47	%
Aerospace & Defense		1.41	%
Air Freight & Logistics		0.43	%
Airlines		2.28	%
Auto Components		0.41	%
Automobiles		0.61	%
Banks		0.99	%
Beverages		2.27	%
Biotechnology		2.59	%
Building Products		0.89	%
Capital Markets		2.08	%
Chemicals		3.10	%
Commercial Services & Supplies		1.81	%
Communications Equipment		1.40	%
Construction & Engineering		0.19	%
Construction Materials		0.74	%
Containers & Packaging		1.05	%
Diversified Consumer Services		0.58	%
Diversified Financial Services		2.91	%
Diversified Telecommunication Services		0.93	%
Electrical Equipment		1.14	%
Electronic Equipment, Instruments & Components		1.50	%
Energy Equipment & Services		0.08	%
Food & Staples Retailing		0.50	%
Food Products		3.17	%
Gas Utilities		0.37	%
Health Care Equipment & Supplies		3.50	%
Health Care Providers & Services		3.54	%
Health Care Technology		1.01	%
Hotels, Restaurants & Leisure		3.48	%
Household Durables		2.33	%
Household Products		0.70	%
Industrial Conglomerates		0.50	%
Insurance		2.04	%
Internet & Catalog Retail		0.93	%
Internet Software & Services		2.09	%
IT Services		6.05	%
Leisure Products		0.44	%
Life Sciences Tools & Services		1.42	%
Machinery		3.57	%
Marine		0.17	%
Media		0.80	%

Security Type/Sector	Percentage of Net Assets
Metals & Mining		0.68	%
Multiline Retail		1.53	%
Multi-Utilities		0.26	%
Oil, Gas & Consumable Fuels		1.46	%
Pharmaceuticals		1.73	%
Professional Services		3.21	%
Real Estate Investment Trusts		3.57	%
Real Estate Management & Development		0.30	%
Road & Rail		1.53	%
Semiconductors & Semiconductor Equipment		2.19	%
Software		6.34	%
Specialty Retail		7.61	%
Technology Hardware, Storage & Peripherals		0.09	%
Textiles, Apparel & Luxury Goods		2.18	%
Trading Companies & Distributors		0.39	%
Wireless Telecommunication Services		0.40	%
Preferred Stock		0.46	%
Money Market Fund		0.05	%
Total Value of Securities		99.98	%
Receivables and Other Assets Net of Liabilities		0.02	%
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Dollar General		1.06	%
Crown Castle International		1.06	%
AutoZone		0.96	%
Ross Stores		0.94	%
SBA Communications Class A		0.93	%
Hanesbrands		0.91	%
Southwest Airlines		0.89	%
O’Reilly Automotive		0.86	%
Fiserv		0.85	%
Aon		0.84	%
Total		9.30	%

IT–Information Technology

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–2

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK–99.47%
Aerospace & Defense–1.41%
†DigitalGlobe		52,700	$	1,127,253
Rockwell Collins		25,400		2,162,556
Textron		66,900		2,445,864
†TransDigm Group		13,400		3,533,446
				9,269,119
Air Freight & Logistics–0.43%
CH Robinson Worldwide		17,200		1,277,100
Expeditors International of Washington		32,100		1,574,184
				2,851,284
Airlines–2.28%
Alaska Air Group		43,100		2,512,299
Allegiant Travel		7,500		1,136,250
Copa Holdings Class A		18,000		940,680
Southwest Airlines		148,900		5,838,369
†Spirit Airlines		25,300		1,135,211
†United Continental Holdings		83,300		3,418,632
				14,981,441
Auto Components–0.41%
BorgWarner		61,000		1,800,720
Delphi Automotive		13,700		857,620
				2,658,340
Automobiles–0.61%
Ferrari		28,080		1,149,314
Harley-Davidson		18,900		856,170
†Tesla Motors		9,500		2,016,660
				4,022,144
Banks–0.99%
BankUnited		51,100		1,569,792
Fifth Third Bancorp		65,000		1,143,350
†SVB Financial Group		23,400		2,226,744
Webster Financial		45,812		1,555,317
				6,495,203
Beverages–2.27%
Brown-Forman Class B		32,662		3,258,361
Constellation Brands Class A		33,100		5,474,740
Dr Pepper Snapple Group		18,900		1,826,307
†Monster Beverage		26,900		4,323,099
				14,882,507
Biotechnology–2.59%
†ACADIA Pharmaceuticals		40,200		1,304,892
†Agios Pharmaceuticals		9,600		402,192
†Alkermes		29,100		1,257,702
†Alnylam Pharmaceuticals		15,400		854,546
†BioMarin Pharmaceutical		34,200		2,660,760
†Bluebird Bio		9,300		402,597
†Clovis Oncology		5,800		79,576

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†Incyte		39,900	$	3,191,202
†Intercept Pharmaceuticals		5,500		784,740
†Ironwood Pharmaceuticals		38,100		498,157
†Neurocrine Biosciences		20,100		913,545
†Puma Biotechnology		8,200		244,278
†Seattle Genetics		23,500		949,635
†Ultragenyx Pharmaceutical		7,300		357,043
†United Therapeutics		11,400		1,207,488
†Vertex Pharmaceuticals		22,200		1,909,644
				17,017,997
Building Products–0.89%
Allegion		51,600		3,582,588
Fortune Brands Home & Security		38,500		2,231,845
				5,814,433
Capital Markets–2.08%
†E*TRADE Financial		92,800		2,179,872
Financial Engines		23,000		595,010
Invesco		28,300		722,782
Lazard Class A		78,000		2,322,840
Northern Trust		36,300		2,405,238
State Street		31,500		1,698,480
TD Ameritrade Holding		100,700		2,867,433
WisdomTree Investments		83,800		820,402
				13,612,057
Chemicals–3.10%
Air Products & Chemicals		15,400		2,187,416
Ashland		24,800		2,846,296
Celanese Class A		54,400		3,560,480
CF Industries Holdings		54,200		1,306,220
NewMarket		3,200		1,326,016
PolyOne		25,100		884,524
RPM International		69,500		3,471,525
Sherwin-Williams		16,100		4,728,087
				20,310,564
Commercial Services & Supplies–1.81%
†Copart		38,600		1,891,786
KAR Auction Services		62,400		2,604,576
Ritchie Bros Auctioneers		56,000		1,891,680
Rollins		86,800		2,540,636
†Stericycle		9,400		978,728
Waste Connections		27,250		1,963,363
				11,870,769
Communications Equipment–1.40%
†F5 Networks		13,200		1,502,688
Harris		47,200		3,938,368
Motorola Solutions		16,400		1,081,908
†Palo Alto Networks		21,600		2,649,024
				9,171,988

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–3

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Construction & Engineering–0.19%
Valmont Industries		9,300	$	1,258,011
				1,258,011
Construction Materials–0.74%
Eagle Materials		11,700		902,655
Vulcan Materials		32,600		3,923,736
				4,826,391
Containers & Packaging–1.05%
Ball		60,400		4,366,316
Sealed Air		55,500		2,551,335
				6,917,651
Diversified Consumer Services–0.58%
Service International		105,500		2,852,720
Sotheby’s		35,100		961,740
				3,814,460
Diversified Financial Services–2.91%
CBOE Holdings		54,900		3,657,438
FactSet Research Systems		6,750		1,089,585
Intercontinental Exchange		15,800		4,044,168
†Markit		40,200		1,310,520
Moody’s		34,300		3,214,253
MSCI Class A		24,700		1,904,864
S&P Global		36,100		3,872,086
				19,092,914
Diversified Telecommunication Services–0.93%
†SBA Communications Class A		56,400		6,087,816
				6,087,816
Electrical Equipment–1.14%
AMETEK		39,825		1,841,110
†Generac Holdings		38,800		1,356,448
Hubbell		12,100		1,276,187
†Sensata Technologies Holding		86,600		3,021,474
				7,495,219
Electronic Equipment, Instruments & Components–1.50%
Amphenol Class A		92,100		5,280,093
Cognex		29,000		1,249,900
†IPG Photonics		18,300		1,464,000
†Keysight Technologies		23,150		673,434
†Trimble Navigation		48,600		1,183,896
				9,851,323
Energy Equipment & Services–0.08%
Oceaneering International		17,600		525,536
				525,536
Food & Staples Retailing–0.50%
PriceSmart		10,700		1,001,199
†Sprouts Farmers Market		47,100		1,078,590

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Food & Staples Retailing (continued)
Whole Foods Market		38,000	$	1,216,760
				3,296,549
Food Products–3.17%
†Blue Buffalo Pet Products		52,900		1,234,686
Flowers Foods		86,050		1,613,438
†Hain Celestial Group		44,900		2,233,775
Hershey		40,400		4,584,996
JM Smucker		8,900		1,356,449
McCormick & Co.		34,500		3,680,115
Mead Johnson Nutrition		49,800		4,519,350
†WhiteWave Foods		33,700		1,581,878
				20,804,687
Gas Utilities–0.37%
Atmos Energy		29,600		2,407,072
				2,407,072
Health Care Equipment & Supplies–3.50%
†Align Technology		20,100		1,619,055
Cooper		16,000		2,745,120
DENTSPLY SIRONA		60,414		3,748,085
†Hologic		77,300		2,674,580
†IDEXX Laboratories		35,800		3,324,388
†Intuitive Surgical		8,000		5,291,280
Teleflex		13,100		2,322,761
West Pharmaceutical Services		16,600		1,259,608
				22,984,877
Health Care Providers & Services–3.54%
†Acadia Healthcare		36,400		2,016,560
AmerisourceBergen		58,600		4,648,152
†Centene		28,300		2,019,771
†DaVita HealthCare Partners		28,400		2,195,888
†Envision Healthcare Holdings		57,600		1,461,312
†Henry Schein		17,900		3,164,720
Humana		11,800		2,122,584
†MEDNAX		22,800		1,651,404
†Team Health Holdings		19,600		797,132
Universal Health Services Class B		11,300		1,515,330
†WellCare Health Plans		15,200		1,630,656
				23,223,509
Health Care Technology–1.01%
†athenahealth		7,500		1,035,075
†Cerner		37,600		2,203,360
†Medidata Solutions		25,700		1,204,559
†Veeva Systems Class A		64,400		2,197,328
				6,640,322
Hotels, Restaurants & Leisure–3.48%
Bloomin’ Brands		48,800		872,056
Brinker International		29,100		1,324,923
†Chipotle Mexican Grill		5,000		2,013,800

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–4

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Choice Hotels International		34,500		$	1,642,890
Dunkin’ Brands Group		39,100			1,705,542
Extended Stay America		74,100			1,107,795
Hilton Worldwide Holdings		87,800			1,978,134
Marriott International   Class A		42,657			2,834,984
†MGM Resorts International		102,900			2,328,627
†Norwegian Cruise Line   Holdings		42,600			1,697,184
†Panera Bread Class A		5,900			1,250,446
Papa John’s International		20,500			1,394,000
Royal Caribbean Cruises		22,500			1,510,875
Wynn Resorts		12,700			1,151,128
					22,812,384
Household Durables–2.33%
Harman International Industries		29,700			2,133,054
†Mohawk Industries		12,900			2,447,904
Newell Brands		53,600			2,603,352
†NVR		1,290			2,296,639
PulteGroup		65,200			1,270,748
†Tempur Sealy International		26,400			1,460,448
†Toll Brothers		43,300			1,165,203
Whirlpool		11,300			1,883,032
					15,260,380
Household Products–0.70%
Church & Dwight		32,500			3,343,925
Clorox		9,200			1,273,188
					4,617,113
Industrial Conglomerates–0.50%
Roper Technologies		19,100			3,257,696
					3,257,696
Insurance–2.04%
Aon		50,300			5,494,269
FNF Group		99,300			3,723,750
Progressive		58,800			1,969,800
Willis Towers Watson		17,500			2,175,425
					13,363,244
Internet & Catalog Retail–0.93%
†Ctrip.com International   ADR		46,900			1,932,280
†Liberty Interactive Corp QVC Group Class A		47,500			1,205,075
†TripAdvisor		15,600			1,003,080
†Vipshop Holdings ADR		80,800			902,536
†Wayfair Class A		26,330			1,026,870
					6,069,841
Internet Software & Services–2.09%
†Akamai Technologies		51,300			2,869,209
†CoStar Group		12,000			2,623,920
†@=Dropbox		7,607			60,171
†@=Dropbox Class A		27,601			218,324

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Internet Software & Services (continued)
†Match Group		66,300		$	999,473
MercadoLibre		9,300			1,308,231
†Twitter		54,200			916,522
†VeriSign		42,400			3,665,904
†Zillow Group		29,000			1,062,850
					13,724,604
IT Services–6.05%
†Alliance Data Systems		12,800			2,507,776
†Black Knight Financial   Services Class A		72,500			2,726,000
Booz Allen Hamilton Holding		59,700			1,769,508
†CoreLogic		67,600			2,601,248
†EPAM Systems		15,800			1,016,098
Fidelity National Information Services		56,200			4,140,816
†Fiserv		51,500			5,599,595
†@=Flipkart Limited Series G		5,529			532,387
†Gartner		35,400			3,448,314
†Genpact		47,000			1,261,480
Global Payments		38,600			2,755,268
Paychex		29,000			1,725,500
Sabre		112,600			3,016,554
†@=Tanium		234,645			1,116,910
†Vantiv Class A		75,600			4,278,960
†WEX		13,400			1,188,178
					39,684,592
Leisure Products–0.44%
Mattel		52,600			1,645,854
Polaris Industries		14,800			1,210,048
					2,855,902
Life Sciences Tools & Services–1.42%
Agilent Technologies		50,200			2,226,872
Bruker		51,800			1,177,932
†Illumina		9,200			1,291,496
†Mettler-Toledo International		8,400			3,065,328
†Quintiles Transnational   Holdings		24,000			1,567,680
					9,329,308
Machinery–3.57%
CLARCOR		15,700			955,031
†Colfax		33,500			886,410
Donaldson		53,600			1,841,696
Flowserve		36,900			1,666,773
Graco		39,200			3,096,408
IDEX		22,225			1,824,673
†Middleby		15,300			1,763,325
Nordson		15,000			1,254,150
PACCAR		23,500			1,218,945
Snap-on		14,900			2,351,518
Toro		17,900			1,578,780
†WABCO Holdings		12,100			1,107,997

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–5

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Machinery (continued)
Wabtec		31,000	$	2,177,130
Xylem		37,600		1,678,840
				23,401,676
Marine–0.17%
†Kirby		17,800		1,110,542
				1,110,542
Media–0.80%
†Discovery Communications   Class C		36,800		877,680
Interpublic Group		107,000		2,471,700
Omnicom Group		23,000		1,874,270
				5,223,650
Metals & Mining–0.68%
Carpenter Technology		16,800		553,224
Compass Minerals International		12,000		890,280
Silver Wheaton		59,900		1,409,447
†Stillwater Mining		133,100		1,578,566
				4,431,517
Multiline Retail–1.53%
Dollar General		74,100		6,965,400
†Dollar Tree		32,900		3,100,496
				10,065,896
Multi-Utilities–0.26%
NiSource		64,000		1,697,280
				1,697,280
Oil, Gas & Consumable Fuels–1.46%
Cabot Oil & Gas		49,300		1,268,982
Cimarex Energy		11,000		1,312,520
†Concho Resources		10,700		1,276,189
†Diamondback Energy		10,300		939,463
EQT		20,600		1,595,058
Pioneer Natural Resources		7,800		1,179,438
Range Resources		20,500		884,370
Tesoro		15,100		1,131,292
				9,587,312
Pharmaceuticals–1.73%
†Akorn		30,800		877,338
†Catalent		68,262		1,569,343
†Endo International		37,800		589,302
†Horizon Pharma		30,900		508,923
†Jazz Pharmaceuticals		10,300		1,455,493
†Mallinckrodt		13,500		820,530
†Pacira Pharmaceuticals		13,000		438,490
Zoetis		107,900		5,120,934
				11,380,353
Professional Services–3.21%
Equifax		33,400		4,288,560

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Professional Services (continued)
†IHS Class A		24,300	$	2,809,323
ManpowerGroup		24,100		1,550,594
Nielsen Holdings		29,100		1,512,327
Robert Half International		30,300		1,156,248
†TransUnion		58,000		1,939,520
†Verisk Analytics Class A		65,000		5,270,200
†@=Wework Companies		17,146		645,447
†@=Wework Companies           Series D1		27,915		1,050,838
†@=Wework Companies           Series D2		21,933		825,650
				21,048,707
Real Estate Investment Trusts–3.57%
American Campus   Communities		28,700		1,517,369
Crown Castle International		68,300		6,927,669
Equinix		12,088		4,686,880
Federal Realty Investment   Trust		11,900		1,970,045
Iron Mountain		37,600		1,497,608
MGM Growth Properties		63,400		1,691,512
SL Green Realty		16,700		1,778,049
Taubman Centers		22,300		1,654,660
VEREIT		165,700		1,680,198
				23,403,990
Real Estate Management &   Development–0.30%
Jones Lang LaSalle		20,500		1,997,725
				1,997,725
Road & Rail–1.53%
†Avis Budget Group		36,000		1,160,280
†Genesee & Wyoming		30,300		1,786,185
†Herc Holdings		31,900		353,133
JB Hunt Transport Services		27,100		2,193,203
Kansas City Southern		20,500		1,846,845
Landstar System		16,100		1,105,426
†Old Dominion Freight Line		26,100		1,574,091
				10,019,163
Semiconductors & Semiconductor   Equipment–2.19%
ARM Holdings ADR		67,600		3,076,476
†Integrated Device   Technology		45,600		917,928
Linear Technology		54,100		2,517,273
Microchip Technology		41,000		2,081,160
†Microsemi		45,400		1,483,672
Skyworks Solutions		38,000		2,404,640
Xilinx		41,200		1,900,556
				14,381,705
Software–6.34%
Activision Blizzard		44,200		1,751,646
†ANSYS		10,600		961,950
†Atlassian		99,331		2,572,673
†Autodesk		20,600		1,115,284
†Check Point Software Technologies		15,500		1,235,040

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–6

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Software (continued)
†Electronic Arts		63,900	$	4,841,064
†Fortinet		37,000		1,168,830
†Guidewire Software		31,500		1,945,440
Intuit		48,300		5,390,763
†Mobileye		56,300		2,597,682
†NetSuite		38,500		2,802,800
†Proofpoint		15,500		977,895
†Red Hat		58,100		4,218,060
†ServiceNow		52,000		3,452,800
†Splunk		21,700		1,175,706
SS&C Technologies Holdings		51,400		1,443,312
†Tableau Software Class A		24,027		1,175,401
†Workday Class A		28,205		2,106,067
†Zendesk		25,100		662,138
				41,594,551
Specialty Retail–7.61%
†AutoZone		7,900		6,271,336
†Burlington Stores		50,300		3,355,513
†CarMax		93,100		4,564,693
Dick’s Sporting Goods		30,100		1,356,306
†Five Below		28,700		1,331,967
L Brands		64,400		4,323,172
†Michaels		91,100		2,590,884
†O’Reilly Automotive		20,800		5,638,880
†Restoration Hardware Holdings		15,400		441,672
Ross Stores		109,100		6,184,879
Signet Jewelers		28,100		2,315,721
Tiffany & Co.		37,200		2,255,808
Tractor Supply		47,900		4,367,522
†Ulta Salon Cosmetics & Fragrance		12,500		3,045,500
Williams-Sonoma		35,800		1,866,254
				49,910,107
Technology Hardware, Storage & Peripherals–0.09%
†Pure Storage Class A		57,100		622,390
				622,390
Textiles, Apparel & Luxury Goods–2.18%
Coach		48,400		1,971,816
Hanesbrands		238,900		6,003,557
†Kate Spade & Co.		93,700		1,931,157
†lululemon athletica		15,700		1,159,602
PVH		26,600		2,506,518
Wolverine World Wide		37,100		753,872
				14,326,522

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Trading Companies  &   Distributors–0.39%
Fastenal		26,400	$	1,171,896
W.W. Grainger		6,000		1,363,500
				2,535,396
Wireless Telecommunication   Services–0.40%
†T-Mobile U.S		60,000		2,596,200
				2,596,200
Total Common Stock   (Cost $476,900,928)				652,493,929
PREFERRED STOCK–0.46%
†@=Airbnb Series D		18,795		1,749,626
†@=Airbnb Series E		2,425		225,743
†@=Dropbox Series A		9,449		74,742
†@=Dropbox Series A-1		46,402		367,040
†@=Wework Companies Series E		16,055		604,378
Total Preferred Stock   (Cost $2,024,399)				3,021,529
MONEY MARKET FUND–0.05%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		305,290		305,290
Total Money Market Fund   (Cost $305,290)				305,290

TOTAL VALUE OF SECURITIES–99.98% (Cost $479,230,617)		655,820,748
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.02%		159,656
NET ASSETS APPLICABLE TO 30,781,029 SHARES OUTSTANDING–100.00%	$	655,980,404

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–7

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Statement of Net Assets (continued)

NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE STRUCTURED MID-CAP GROWTH FUND STANDARD CLASS ($ 523,658,730 / 24,407,505 Shares)	$	21.455
NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE STRUCTURED MID-CAP GROWTH FUND SERVICE CLASS ($ 132,321,674 / 6,373,524 Shares)	$	20.761

COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	444,233,459
Undistributed net investment income		672,761
Accumulated net realized gain on investments		34,484,053
Net unrealized appreciation of investments		176,590,131
Total net assets	$	655,980,404

† Non-income producing for the period.

« Includes $48,400 payable for securities purchased, $184,184 payable for fund shares redeemed, and $405,919 due to manager and affiliates as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $7,471,256, which represents 1.14% of the Fund’s net assets. See Note 5 in “Notes to financial statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $7,471,256 which represents 1.14% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

IT–Information Technology

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

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–8

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	3,329,900
Foreign tax withheld		(8,080	)
		3,321,820
EXPENSES:
Management fees		2,204,348
Distribution fees-Service Class		159,310
Accounting and administration expenses		79,379
Reports and statements to shareholders		37,111
Professional fees.		25,748
Trustees’ fees and expenses		8,407
Custodian fees		4,731
Pricing fees		2,004
Consulting fees		1,134
Other		4,539
		2,526,711
Less management fees waived		(1,944	)
Total operating expenses		2,524,767
NET INVESTMENT INCOME		797,053
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments		3,815,165
Net change in unrealized appreciation (depreciation) of investments		6,829,846
NET REALIZED AND UNREALIZED GAIN		10,645,011
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,442,064

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

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Statements of Changes in Net Assets

	Six Months
	Ended			Year
	6/30/16			Ended
	(unaudited)			12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	797,053		$	347,689
Net realized gain		3,815,165			35,197,806
Net change in unrealized appreciation (depreciation)		6,829,846			(24,675,976	)
Net increase in net assets resulting from operations		11,442,064			10,869,519
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(677,622	)
Net realized gain:
Standard Class		—			(31,774,604	)
Service Class		—			(8,331,897	)
		—			(40,784,123	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		36,131,611			134,157,693
Service Class		12,152,873			49,548,910
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			32,452,226
Service Class		—			8,331,897
		48,284,484			224,490,726
Cost of shares redeemed:
Standard Class		(41,739,829	)		(54,080,527	)
Service Class		(17,185,011	)		(27,920,749	)
		(58,924,840	)		(82,001,276	)
Increase (Decrease) in net assets derived from capital share transactions		(10,640,356	)		142,489,450
NET INCREASE IN NET ASSETS		801,708			112,574,846
NET ASSETS:
Beginning of period		655,178,696			542,603,850
End of period	$	655,980,404		$	655,178,696
Undistributed (Distributions inexcess of) net investment income	$	672,761		$	(124,292	)

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

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–9

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP T. Rowe Price Structured Mid-Cap Growth Fund Standard Class
	Six Months Ended 6/30/161			Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	21.097		$	22.079			$	20.943			$	15.688			$	13.872			$	14.430
Income (loss) from investment operations:
Net investment income (loss)2			0.031			0.025				0.032				(0.003	)			0.073				0.003
Net realized and unrealized gain (loss)			0.327			0.420				2.346				5.453				2.186				(0.561	)
Total from investment operations			0.358			0.445				2.378				5.450				2.259				(0.558	)
Less dividends and distributions from:
Net investment income			—			(0.028	)			(0.052	)			—				—				—
Net realized gain			—			(1.399	)			(1.190	)			(0.195	)			(0.443	)			—
Total dividends and distributions			—			(1.427	)			(1.242	)			(0.195	)			(0.443	)			—
Net asset value, end of period		$	21.455		$	21.097			$	22.079			$	20.943			$	15.688			$	13.872
Total return3			1.70%			2.10%				11.59%				34.80%				16.30%				(3.87%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	523,659		$	519,709			$	430,439			$	381,529			$	206,358			$	190,209
Ratio of expenses to average net assets			0.75%			0.75%				0.76%				0.79%				0.82%				0.82%
Ratio of net investment income (loss) to average net assets			0.30%			0.11%				0.15%				(0.02%	)			0.47%				0.02%
Portfolio turnover			14%			26%				34%				30%				31%				44%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–10

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP T. Rowe Price Structured Mid-Cap Growth Fund Service Class
	Six Months Ended 6/30/161			Year Ended
	(unaudited)			12/31/15				12/31/14				12/31/13				12/31/12				12/31/11
Net asset value, beginning of period		$	20.440		$	21.461			$	20.394			$	15.319			$	13.588			$	14.170
Income (loss) from investment operations:
Net investment income (loss)2			0.005			(0.030	)			(0.021	)			(0.048	)			0.034				(0.033	)
Net realized and unrealized gain (loss)			0.316			0.408				2.278				5.318				2.140				(0.549	)
Total from investment operations			0.321			0.378				2.257				5.270				2.174				(0.582	)
Less dividends and distributions from:
Net realized gain			—			(1.399	)			(1.190	)			(0.195	)			(0.443	)			—
Total dividend and distributions			—			(1.399	)			(1.190	)			(0.195	)			(0.443	)			—
Net asset value, end of period		$	20.761		$	20.440			$	21.461			$	20.394			$	15.319			$	13.588
Total return3			1.57%			1.85%				11.30%				34.46%				16.02%				(4.11%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	132,321		$	135,470			$	112,165			$	103,229			$	91,185			$	69,086
Ratio of expenses to average net assets			1.00%			1.00%				1.01%				1.04%				1.07%				1.07%
Ratio of net investment income (loss) to average net assets			0.05%			(0.14%	)			(0.10%	)			(0.27%	)			0.22%				(0.23%	)
Portfolio turnover			14%			26%				34%				30%				31%				44%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–11

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 T. Rowe Price Structured Mid-Cap Growth 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”). 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 maximize the value of your shares (capital appreciation).

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 sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between their bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in the foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–12

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. 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 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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. 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 commission to the Fund in cash. Commission rebates are included in “Net realized gain on investments” on the Statement of Operations and totaled $77 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.75% of the first $200 million of the average daily net assets of the Fund; 0.70% of the next $200 million; and 0.65% of the average daily net assets of the Fund in excess of $400 million. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.05% of the Fund’s average daily net assets in excess of $750 million. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board and LIAC.

LIAC voluntarily waived fees in the amount of $1,944 during the period. This voluntary waiver is not subject to recapture by LIAC and entails no obligations on the part of LIAC to waive additional amounts.

T. Rowe Price (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 administrative expenses” on the Statement of Operations. For the six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	16,634
Legal		4,576

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 $30,679 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–13

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	376,847
Distribution fees payable to LFD		27,099
Printing and mailing fees payable to Lincoln Life		1,973

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2016, the Fund engaged in securities purchases of $1,002,142 and securities sales of $-.

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	89,639,092
Sales		99,286,496

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	479,230,617
Aggregate unrealized appreciation	$	202,103,214
Aggregate unrealized depreciation		(25,513,083	)
Net unrealized appreciation	$	176,590,131

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)

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.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–14

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 3			Total
Common Stock
Aerospace & Defense		$	9,269,119		$	—		$	9,269,119
Air Freight & Logistics			2,851,284			—			2,851,284
Airlines			14,981,441			—			14,981,441
Auto Components			2,658,340			—			2,658,340
Automobiles			4,022,144			—			4,022,144
Banks			6,495,203			—			6,495,203
Beverages			14,882,507			—			14,882,507
Biotechnology			17,017,997			—			17,017,997
Building Products			5,814,433			—			5,814,433
Capital Markets			13,612,057			—			13,612,057
Chemicals			20,310,564			—			20,310,564
Commercial Services & Supplies			11,870,769			—			11,870,769
Communications Equipment			9,171,988			—			9,171,988
Construction & Engineering			1,258,011			—			1,258,011
Construction Materials			4,826,391			—			4,826,391
Containers & Packaging			6,917,651			—			6,917,651
Diversified Consumer Services			3,814,460			—			3,814,460
Diversified Financial Services			19,092,914			—			19,092,914
Diversified Telecommunication Services			6,087,816			—			6,087,816
Electrical Equipment			7,495,219			—			7,495,219
Electronic Equipment, Instruments & Components			9,851,323			—			9,851,323
Energy Equipment & Services			525,536			—			525,536
Food & Staples Retailing			3,296,549			—			3,296,549
Food Products			20,804,687			—			20,804,687
Gas Utilities			2,407,072			—			2,407,072
Health Care Equipment & Supplies			22,984,877			—			22,984,877
Health Care Providers & Services			23,223,509			—			23,223,509
Health Care Technology			6,640,322			—			6,640,322
Hotels, Restaurants & Leisure			22,812,384			—			22,812,384
Household Durables			15,260,380			—			15,260,380
Household Products			4,617,113			—			4,617,113
Industrial Conglomerates			3,257,696			—			3,257,696
Insurance			13,363,244			—			13,363,244
Internet & Catalog Retail			6,069,841			—			6,069,841
Internet Software & Services			13,446,109			278,495			13,724,604
IT Services			38,035,295			1,649,297			39,684,592
Leisure Products			2,855,902			—			2,855,902
Life Sciences Tools & Services			9,329,308			—			9,329,308
Machinery			23,401,676			—			23,401,676
Marine			1,110,542			—			1,110,542
Media			5,223,650			—			5,223,650
Metals & Mining.			4,431,517			—			4,431,517
Multiline Retail			10,065,896			—			10,065,896
Multi-Utilities			1,697,280			—			1,697,280
Oil, Gas & Consumable Fuels			9,587,312			—			9,587,312
Pharmaceuticals			11,380,353			—			11,380,353
Professional Services			18,526,772			2,521,935			21,048,707
Real Estate Investment Trusts			23,403,990			—			23,403,990
Real Estate Management & Development			1,997,725			—			1,997,725
Road & Rail			10,019,163			—			10,019,163
Semiconductors & Semiconductor Equipment			14,381,705			—			14,381,705
Software			41,594,551			—			41,594,551
Specialty Retail			49,910,107			—			49,910,107

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–15

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 3			Total
Technology Hardware, Storage & Peripherals		$	622,390		$	—		$	622,390
Textiles, Apparel & Luxury Goods			14,326,522			—			14,326,522
Trading Companies & Distributors			2,535,396			—			2,535,396
Wireless Telecommunication Services			2,596,200			—			2,596,200
Preferred Stock			—			3,021,529			3,021,529
Money Market Fund			305,290			—			305,290
Total		$	648,349,492		$	7,471,256		$	655,820,748

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Preferred			Common
	Stock			Stock			Total
Balance as of 12/31/15	$	3,028,566		$	6,212,253		$	9,240,819
Sales		—			(966,720	)		(966,720	)
Net change in unrealized appreciation (depreciation)		(7,037	)		(795,806	)		(802,843	)
Balance as of 6/30/16	$	3,021,529		$	4,449,727		$	7,471,256
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 6/30/16	$	(7,037	)	$	(35,964	)	$	(43,001	)

Sensitivity Analysis:

Valuation: 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. The Fund fair values its financial instruments at fair value using independent pricing sources under the policies approved by the Board. The Pricing Committee is the committee formed by the advisor to develop pricing policies and procedures and to provide oversight of the pricing function for the Fund.

When market quotations are not readily available for one or more portfolio securities, the Fund’s Net Asset Value shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that a Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker-dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund’s pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

We did not present a table including the quantitative information about significant unobservable inputs used in Level 3 fair value measurements as all unobservable Level 3 measurements were provided by third parties as of June 30, 2016.

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–16

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months
	Ended			Year Ended
	6/30/16			12/31/15
Shares sold:
Standard Class		1,780,232			5,977,427
Service Class		621,983			2,261,098
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			1,549,191
Service Class		—			410,811
		2,402,215			10,198,527
Shares redeemed:
Standard Class		(2,006,937	)		(2,387,826	)
Service Class		(876,048	)		(1,270,665	)
		(2,882,985	)		(3,658,491	)
Net increase (decrease)		(480,770	)		6,540,036

5. Market Risk

The Fund invests a significant portion of its assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

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 invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 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. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities are identified on the Statement of Net Assets.

6. 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.

7. 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 T. Rowe Price Structured Mid-Cap Growth Fund–17

LVIP U.S. Growth Allocation Managed Risk Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP U.S. Growth Allocation Managed Risk Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Schedule of Investments	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 U.S. Growth Allocation Managed Risk Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual*
Standard Class Shares		$1,000.00		$   999.70		0.28%		$1.39
Service Class Shares		1,000.00		998.40		0.53%		2.63
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.47		0.28%		$1.41
Service Class Shares		1,000.00		1,022.23		0.53%		2.66

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests a significant portion of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial Statements for the Underlying Funds can be found at www.sec.gov.

LVIP U.S. Growth Allocation Managed Risk Fund–1

LVIP U.S. Growth Allocation Managed Risk Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Affiliated Investment Companies		87.98	%
Equity Funds		58.45	%
Fixed Income Funds		29.53	%
Unaffiliated Investment Companies		11.50	%
Equity Funds		8.66	%
Money Market Fund		2.84	%
Total Value of Securities		99.48	%
Receivables and Other Assets Net of Liabilities		0.52	%
Total Net Assets		100.00	%

LVIP U.S. Growth Allocation Managed Risk Fund–2

LVIP U.S. Growth Allocation Managed Risk Fund

Schedule of Investments

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT COMPANIES–87.98%
Equity Funds–58.45%
*Lincoln Variable Insurance Products Trust–
† LVIP Baron Growth   Opportunities Fund		101,065	$	4,345,983
LVIP MFS Value Fund		1,751,663		66,083,236
LVIP SSGA S&P 500 Index Fund		4,129,803		61,653,827
LVIP SSGA Small-Mid Cap 200 Fund		340,832		4,292,096
† LVIP T. Rowe Price Growth   Stock Fund		2,063,662		64,481,173
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		1,416,978		30,401,255
LVIP Wellington Mid-Cap Value Fund		1,508,605		34,281,546
				265,539,116
Fixed Income Funds–29.53%
*Lincoln Variable Insurance Products Trust–
LVIP Delaware Bond Fund		4,707,184		67,058,550
LVIP SSGA Bond Index Fund		5,714,029		67,099,839
				134,158,389
Total Affiliated Investment Companies (Cost $391,238,304)				399,697,505

	Number of		Value
	Shares		(U.S. $)
UNAFFILIATED INVESTMENT COMPANIES–11.50%
Equity Funds–8.66%
Franklin Templeton Variable Insurance Products Trust–
Franklin Rising Dividends VIP     Fund		365,901		8,832,854
**Invesco V.I. Diversified Dividend Fund		525,438		13,330,363
Oppenheimer Main Street Small   Cap Fund VA Non-Service   Shares		819,526		17,201,850
				39,365,067
Money Market Fund–2.84%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		12,883,253		12,883,253
				12,883,253
Total Unaffiliated Investment Companies (Cost $52,036,172)				52,248,320

TOTAL VALUE OF SECURITIES–99.48% (Cost $443,274,476)		451,945,825
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.52%		2,360,160
NET ASSETS APPLICABLE TO 47,855,008 SHARES OUTSTANDING–100.00%	$	454,305,985

† Non-income producing for the period.

* Standard Class shares.

** Series I shares.

Class 1 shares.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts												Unrealized
	Notional				Notional				Expiration		Appreciation
Contracts to Buy (Sell)	Cost (Proceeds)				Value				Date		(Depreciation)
(252) E-mini Russell 2000 Index		$	(27,816,618	)		$	(28,914,480	)		9/19/16		$	(1,097,862	)
(613) E-mini S&P 500 Index			(61,794,940	)			(64,064,630	)		9/19/16			(2,269,690	)
												$	(3,367,552	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

VA–Variable Annuity

V.I.–Variable Insurance

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

LVIP U.S. Growth Allocation Managed Risk Fund–3

LVIP U.S. Growth Allocation Managed Risk Fund

Statement of Assets and Liabilities

June 30, 2016 (unaudited)

ASSETS:
Investments in affiliated investment companies, at value	$	399,697,505
Investments in unaffiliated investment companies, at value		52,248,320
Total investments, at value		451,945,825
Cash collateral held at broker for futures contracts		6,124,582
Receivables for fund shares sold		674,211
Dividends receivable from investment companies		3,025
TOTAL ASSETS		458,747,643
LIABILITIES:
Net unrealized depreciation on futures contracts		3,367,552
Payables for investment companies shares purchased		865,851
Due to manager and affiliates		179,551
Other accrued expenses payable		16,306
Payables for fund shares redeemed		12,398
TOTAL LIABILITIES		4,441,658
TOTAL NET ASSETS	$	454,305,985
Investments in affiliated investment companies, at cost	$	391,238,304
Investments in unaffiliated investment companies, at cost		52,036,172
Total investments, at cost	$	443,274,476
Standard Class:
Net Assets	$	1,196,257
Shares Outstanding		125,869
Net Asset Value Per Share	$	9.504
Service Class:
Net Assets	$	453,109,728
Shares Outstanding		47,729,139
Net Asset Value Per Share	$	9.493
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$	458,901,858
Accumulated net investment loss		(620,540	)
Accumulated net realized loss on investments		(9,279,130	)
Net unrealized appreciation of investments and derivatives		5,303,797
TOTAL NET ASSETS	$	454,305,985

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

LVIP U.S. Growth Allocation Managed Risk Fund–4

LVIP U.S. Growth Allocation Managed Risk Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment companies	$	232,061
EXPENSES:
Management fees		1,209,556
Distribution fees-Service Class		431,031
Accounting and administration expenses		27,942
Professional fees		15,810
Reports and statements to shareholders		7,644
Trustees’ fees and expenses		3,863
Custodian fees		3,308
Consulting fees		235
Pricing fees		55
Other		906
		1,700,350
Less management fees waived		(777,572	)
Total operating expenses		922,778
NET INVESTMENT LOSS		(690,717	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from un affiliated investment companies		1,608,301
Sale of investments in affiliated investment companies		(2,333,386	)
Sale of investments in unaffiliated investment companies		(222,247	)
Futures contracts		(7,462,744	)
Net realized loss		(8,410,076	)
Net change in unrealized appreciation (depreciation) of:
Investments in affiliated investment companies		13,678,775
Investments in unaffiliated investment companies		832,944
Futures contracts		(3,320,288	)
Net change in unrealized appreciation (depreciation)		11,191,431
NET REALIZED AND UNREALIZED GAIN		2,781,355
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,090,638

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

LVIP U.S. Growth Allocation Managed Risk Fund

Statements of Changes in Net Assets

	Six Months
	Ended			5/1/15*
	6/30/16			to
	(unaudited)			12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(690,717	)	$	2,338,670
Net realized loss		(8,410,076	)		(187,861	)
Net change in unrealized appreciation (depreciation)		11,191,431			(5,887,634	)
Net increase (decrease) in net assets resulting from operations		2,090,638			(3,736,825	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(3,496	)
Service Class		—			(2,525,925	)
Net realized gain:
Standard Class		—			(512	)
Service Class		—			(434,210	)
		—			(2,964,143	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,025,441			354,678
Service Class		215,056,367			265,790,679
Net asset value of shares issuedupon reinvestment of dividendsand distributions:
Standard Class		—			4,008
Service Class		—			2,960,135
		216,081,808			269,109,500
Cost of shares redeemed:
Standard Class		(140,958	)		(50,556	)
Service Class		(19,253,447	)		(6,830,032	)
		(19,394,405	)		(6,880,588	)
Increase in net assets derived from capital share transactions		196,687,403			262,228,912
NET INCREASE IN NET ASSETS		198,778,041			255,527,944
NET ASSETS:
Beginning of period		255,527,944			—
End of period	$	454,305,985		$	255,527,944
Undistributed (accumulated) net investment income (loss)	$	(620,540	)	$	70,177

*Date of commencement of operations.

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

LVIP U.S. Growth Allocation Managed Risk Fund–5

LVIP U.S. Growth Allocation Managed Risk Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP U.S. Growth Allocation Managed Risk Fund Standard Class

	Six Months
	Ended				5/1/153
	6/30/161, 2				to
	(unaudited)				12/31/15
Net asset value, beginning of period		$	9.507			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.007	)			0.236
Net realized and unrealized gain (loss)			0.004				(0.600	)
Total from investment operations			(0.003	)			(0.364	)
Less dividends and distributions from:
Net investment income			—				(0.113	)
Net realized gain			—				(0.016	)
Total dividends and distributions			—				(0.129	)
Net asset value, end of period		$	9.504			$	9.507
Total return5			(0.03%	)			(3.64%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,196			$	298
Ratio of expenses to average net assets6			0.28%				0.31%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.73%				0.77%
Ratio of net investment income (loss) to average net assets			(0.15%	)			3.61%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.60%	)			3.15%
Portfolio turnover			9%				9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP U.S. Growth Allocation Managed Risk Fund–6

LVIP U.S. Growth Allocation Managed Risk Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP U.S. Growth Allocation Managed Risk Fund Service Class

	Six Months
	Ended				5/1/153
	6/30/161, 2				to
	(unaudited)				12/31/15
Net asset value, beginning of period		$	9.508			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.019	)			0.219
Net realized and unrealized gain (loss)			0.004				(0.599	)
Total from investment operations			(0.015	)			(0.380	)
Less dividends and distributions from:
Net investment income			—				(0.096	)
Net realized gain			—				(0.016	)
Total dividends and distributions			—				(0.112	)
Net asset value, end of period		$	9.493			$	9.508
Total return5			(0.16%	)			(3.80%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	453,110			$	255,230
Ratio of expenses to average net assets6			0.53%				0.56%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.98%				1.02%
Ratio of net investment income (loss) to average net assets			(0.40%	)			3.36%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.85%	)			2.90%
Portfolio turnover			9%				9%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, Milliman Financial Risk Management LLC was added as a sub-adviser for the Fund’s managed risk strategy.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP U.S. Growth Allocation Managed Risk Fund–7

LVIP U.S. Growth Allocation Managed Risk Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 U.S. Growth Allocation Managed Risk 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 non-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”). 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 operates under a fund of funds structure and invests a significant portion of its assets in open-end investment companies that are advised by Lincoln Investment Advisors Corporation (“LIAC”) or other unaffiliated managers (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. A significant portion of the Underlying Funds employ a passive investment style (i.e. index funds). In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek a balance between a high level of current income and growth of capital, with an emphasis on growth of capital.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 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 return 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 benefit or 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 six months ended June 30, 2016 and for the open tax year (year ended December 31, 2015) 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 six months ended June 30, 2016, 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 that portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain / loss are included with the 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.

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.

LVIP U.S. Growth Allocation Managed Risk Fund–8

LVIP U.S. Growth Allocation Managed Risk Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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 0.70% of the average daily net assets of the Fund. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC). LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.45% of the average daily net asset of the Fund. This agreement will continue through at least April 30, 2017 and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

LIAC had contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceeded 0.35% of the average daily net assets for the Standard Class and 0.60% for the Service Class. This agreement ended on April 30, 2016.

Effective May 1, 2016, Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Fund’s managed risk strategy. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	8,743
Legal		2,255

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,849 for the six months ended June 30, 2016.

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 $4,794 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	89,740
Distribution fees payable to LFD		89,495
Printing and mailing fees payable to Lincoln Life		316

LVIP U.S. Growth Allocation Managed Risk Fund–9

LVIP U.S. Growth Allocation Managed Risk Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

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.

Affiliated investment companies, for purposes of the 1940 Act, are investments that have a common investment adviser, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the investments companies’ outstanding securities (non-LVIP Funds). Investments in companies considered to be affiliates of the Fund and the corresponding investment activity for the six months ended June 30, 2016, were as follows:

	Value									Net Realized				Value						Capital Gain
	12/31/15			Purchases			Sales			Gain (Loss)				6/30/16			Dividends			Distributions
LVIP Baron Growth Opportunities Fund		$	4,840,237		$	3,613,102		$	4,435,385		$	(240,023	)		$	4,345,983		$	—		$	—
LVIP Delaware Bond Fund			36,677,316			29,855,044			1,895,759			(37,608	)			67,058,550			—			—
LVIP MFS Value Fund			24,289,605			39,169,706			567,202			(54,239	)			66,083,236			—			—
LVIP SSGA Bond Index Fund			36,699,629			29,903,657			2,065,699			(30,035	)			67,099,839			—			—
LVIP SSGA S&P 500 Index Fund			34,195,251			26,388,146			1,408,329			(79,186	)			61,653,827			—			—
LVIP SSGA Small-Mid Cap 200 Fund			2,388,653			1,884,868			280,683			(55,373	)			4,292,096			—			—
LVIP T. Rowe Price Growth Stock Fund			41,800,001			29,636,696			4,780,505			(662,218	)			64,481,173			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			21,916,933			15,460,013			8,043,415			(886,321	)			30,401,255			—			—
LVIP Wellington Mid-Cap Value Fund			19,075,238			19,755,368			5,720,370			(288,383	)			34,281,546			—			—
Total		$	221,882,863		$	195,666,600		$	29,197,347		$	(2,333,386	)		$	399,697,505		$	—		$	—

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	214,693,553
Sales		31,239,550

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	443,274,476
Aggregate unrealized appreciation	$	10,887,288
Aggregate unrealized depreciation		(2,215,939	)
Net unrealized appreciation	$	8,671,349

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)

LVIP U.S. Growth Allocation Managed Risk Fund–10

LVIP U.S. Growth Allocation Managed Risk Fund

Notes to Financial Statements (continued)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	451,945,825
Futures Contracts	$	(3,367,552	)

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months			5/1/15*
	Ended			to
	6/30/16			12/31/15
Shares sold:
Standard Class		109,187			36,278
Service Class		22,958,562			27,239,914
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			420
Service Class		—			310,124
		23,067,749			27,586,736
Shares redeemed:
Standard Class		(14,714	)		(5,302	)
Service Class		(2,074,011	)		(705,450	)
		(2,088,725	)		(710,752	)
Net increase		20,979,024			26,875,984

* Date of commencement of operations.

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

LVIP U.S. Growth Allocation Managed Risk Fund–11

LVIP U.S. Growth Allocation Managed Risk Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Equity contracts (Futures contracts)	Net unrealized depreciation from open futures contracts	$—	Net unrealized depreciation from open futures contracts	$	(3,367,552	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

				Change in Unrealized
				Appreciation
		Realized Gain (Loss)		(Depreciation)
		on Derivatives		on Derivatives
	Location of Gain (Loss) on Derivatives	Recognized in		Recognized in
	Recognized in Income	Income		Income
	Net realized gain (loss) from futures contracts and net
Equity contracts (Futures contracts)	change unrealized appreciation (depreciation) of futures contracts		$(7,462,744)		$(3,320,288)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative		Liability Derivative
	Volume		Volume
Futures contracts (average notional value)		$303,001	$54,386,568

6. 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.

7. 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 U.S. Growth Allocation Managed Risk Fund–12

LVIP U.S. Growth Allocation Managed Risk Fund

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with Milliman Financial Risk Management LLC (“Milliman”) (the “Sub-Advisory Agreement”) for various series of the Trust (each a “Fund” and 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and Milliman 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and Milliman provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of Milliman, information about proposed sub-advisory fees and compliance and regulatory matters. After reviewing the information received, the Independent Trustees requested supplemental information and LIAC and Milliman provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC, and Milliman to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of each Fund that the Sub-Advisory Agreement be approved for each Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the sub-advisory agreement between LIAC and Milliman with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by Milliman under the Sub-Advisory Agreement. The Board noted that Milliman has served as a consultant to LIAC with respect to the managed risk strategy for each Fund and that LIAC proposed to delegate the responsibility of managing each Fund’s managed risk strategy to Milliman as sub-adviser. The Board considered the criteria provided by LIAC in recommending Milliman be appointed a sub-adviser for the managed risk strategy of the Funds, including historical modeling and noted that the Board was familiar with the futures based managed risk overlay services provided by Milliman as a consultant to LIAC with respect to the Funds. The Board reviewed the services to be provided by Milliman, the backgrounds of the investment professionals proposed to service the Funds, Milliman’s consulting work for LIAC with respect to the managed risk strategy for the Funds, and the reputation, resources and investment approach of Milliman. They also reviewed information provided regarding the structure of portfolio manager compensation, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by Milliman were expected to be satisfactory.

Performance. With respect to performance, the Board considered that Milliman has served as a risk management consultant to LIAC with respect to the Funds’ futures based managed risk strategy and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by Milliman were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted Milliman’s view that the sub-advisory fees proposed by Milliman were competitive compared to other registered fund and institutional clients that employ the same futures based managed risk strategy as used for the Funds. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party and that LIAC would compensate Milliman from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and Milliman, an unaffiliated third party, and that LIAC would compensate Milliman from its fees. The Board reviewed materials provided by Milliman as to any additional benefits it would receive and noted Milliman’s statement that the Sub-Advisory Agreement may strengthen Milliman’s name recognition as well as create non-pecuniary benefits from synergies related to conducting risk management programs for clients in large volume.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Funds.

LVIP U.S. Growth Allocation Managed Risk Fund–13

        LVIP Wellington Capital Growth Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2016

LVIP Wellington Capital Growth Fund

Index

Disclosure of Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	6
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Wellington Capital Growth Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$   990.90		0.75%		$3.71
Service Class Shares		1,000.00		989.70		1.00%		4.95
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.13		0.75%		$3.77
Service Class Shares		1,000.00		1,019.89		1.00%		5.02

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Wellington Capital Growth Fund–1

LVIP Wellington Capital Growth Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		99.04	%
Aerospace & Defense		0.83	%
Beverages		3.29	%
Biotechnology		2.45	%
Building Products		1.56	%
Chemicals		1.63	%
Commercial Services & Supplies		1.03	%
Construction Materials		0.95	%
Diversified Financial Services		3.30	%
Electrical Equipment		1.08	%
Electronic Equipment, Instruments & Components		1.32	%
Food & Staples Retailing		0.50	%
Food Products		2.05	%
Health Care Equipment & Supplies		3.36	%
Health Care Providers & Services		1.33	%
Health Care Technology		1.98	%
Hotels, Restaurants & Leisure		1.53	%
Household Durables		4.20	%
Insurance		2.88	%
Internet & Catalog Retail		6.29	%
Internet Software & Services		9.49	%
IT Services		9.82	%
Life Sciences Tools & Services		1.12	%
Personal Products		1.85	%
Pharmaceuticals		4.70	%
Professional Services		7.32	%
Real Estate Investment Trusts		2.03	%
Road & Rail		1.22	%
Software		5.68	%
Specialty Retail		8.32	%
Technology Hardware, Storage & Peripherals		3.20	%
Textiles, Apparel & Luxury Goods		2.73	%
Money Market Fund		1.19	%
Total Value of Securities		100.23	%
Liabilities Net of Receivables and Other Assets		(0.23	%)
Total Net Assets		100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Amazon.com		5.24	%
Alphabet Class C		4.52	%
Home Depot		3.38	%
Facebook Class A		3.26	%
Apple		3.20	%
Bristol-Myers Squibb		2.94	%
MasterCard Class A		2.36	%
Visa Class A		2.11	%
Monster Beverage		2.07	%
Mondelez International		2.05	%
Total		31.13	%

IT–Information Technology

LVIP Wellington Capital Growth Fund–2

LVIP Wellington Capital Growth Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–99.04%
Aerospace & Defense–0.83%
Lockheed Martin		14,659	$	3,637,924
				3,637,924
Beverages–3.29%
†Monster Beverage		56,417		9,066,776
PepsiCo		50,584		5,358,869
				14,425,645
Biotechnology–2.45%
†Celgene		19,425		1,915,888
Gilead Sciences		35,960		2,999,783
†Regeneron Pharmaceuticals		16,625		5,805,949
				10,721,620
Building Products–1.56%
Fortune Brands Home & Security		118,130		6,847,996
				6,847,996
Chemicals–1.63%
Sherwin-Williams		24,255		7,122,966
				7,122,966
Commercial Services & Supplies–1.03%
†Stericycle		43,492		4,528,387
				4,528,387
Construction Materials–0.95%
Eagle Materials		53,917		4,159,697
				4,159,697
Diversified Financial Services–3.30%
Intercontinental Exchange		21,703		5,555,100
MarketAxess Holdings		32,699		4,754,435
MSCI		54,077		4,170,418
				14,479,953
Electrical Equipment–1.08%
AMETEK		102,572		4,741,904
				4,741,904
Electronic Equipment, Instruments & Components–1.32%
CDW		143,990		5,771,119
				5,771,119
Food & Staples Retailing–0.50%
Costco Wholesale		13,920		2,185,997
				2,185,997
Food Products–2.05%
Mondelez International		197,303		8,979,259
				8,979,259
Health Care Equipment & Supplies–3.36%
†Edwards Lifesciences		73,163		7,296,546

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
Medtronic		85,758	$	7,441,222
				14,737,768
Health Care Providers & Services–1.33%
UnitedHealth Group		41,330		5,835,796
				5,835,796
Health Care Technology–1.98%
†Cerner		89,839		5,264,565
†IMS Health Holdings		134,054		3,399,609
				8,664,174
Hotels, Restaurants & Leisure–1.53%
Las Vegas Sands		91,957		3,999,210
Starbucks		47,572		2,717,313
				6,716,523
Household Durables–4.20%
DR Horton		236,928		7,458,493
Harman International Industries		60,583		4,351,071
Lennar Class A		142,908		6,588,059
				18,397,623
Insurance–2.88%
†Markel		6,887		6,561,796
Marsh & McLennan		88,546		6,061,859
				12,623,655
Internet & Catalog Retail–6.29%
†Amazon.com		32,089		22,963,530
†Priceline Group		3,694		4,611,627
				27,575,157
Internet Software & Services–9.49%
†Alibaba Group Holding ADR		55,447		4,409,700
†Alphabet Class C		28,606		19,798,213
†Facebook Class A		124,990		14,283,857
†Zillow Group Class C		85,140		3,088,879
				41,580,649
IT Services–9.82%
†Alliance Data Systems		22,777		4,462,470
†Cognizant Technology Solutions
Class A		80,355		4,599,520
†FleetCor Technologies		43,900		6,283,407
Global Payments		69,770		4,980,183
MasterCard Class A		117,439		10,341,678
†PayPal Holdings		84,805		3,096,231
Visa Class A		124,665		9,246,403
				43,009,892
Life Sciences Tools & Services–1.12%
†Illumina		34,890		4,897,858
				4,897,858

LVIP Wellington Capital Growth Fund–3

LVIP Wellington Capital Growth Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Personal Products–1.85%
Estee Lauder Class A		89,027	$	8,103,238
				8,103,238
Pharmaceuticals–4.70%
†Allergan		33,282		7,691,137
Bristol-Myers Squibb		175,181		12,884,563
				20,575,700
Professional Services–7.32%
Equifax		58,589		7,522,828
†IHS Class A		49,100		5,676,451
Nielsen Holdings		149,958		7,793,317
†TransUnion		164,525		5,501,716
†Verisk Analytics Class A		68,579		5,560,385
				32,054,697
Real Estate Investment Trusts–2.03%
American Tower		65,899		7,486,785
Public Storage		5,485		1,401,911
				8,888,696
Road & Rail–1.22%
JB Hunt Transport Services		31,675		2,563,458
Kansas City Southern		30,773		2,772,340
				5,335,798
Software–5.68%
†Adobe Systems		68,691		6,579,911
†salesforce.com		89,591		7,114,421
†ServiceNow		94,133		6,250,431
†Workday Class A		66,430		4,960,328
				24,905,091

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail–8.32%
†AutoZone		5,715	$	4,536,796
Home Depot		116,029		14,815,743
Lowe’s		106,879		8,461,610
†O’Reilly Automotive		15,264		4,138,070
Ross Stores		79,650		4,515,359
				36,467,578
Technology Hardware, Storage & Peripherals–3.20%
Apple		146,662		14,020,887
				14,020,887
Textiles, Apparel & Luxury Goods–2.73%
NIKE Class B		107,367		5,926,658
†Under Armour Class A		52,038		2,088,285
†Under Armour Class C		108,051		3,933,066
				11,948,009
Total Common Stock (Cost $316,120,141)				433,941,256
MONEY MARKET FUND–1.19%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		5,222,510		5,222,510
Total Money Market Fund (Cost $5,222,510)				5,222,510

TOTAL VALUE OF SECURITIES–100.23% (Cost $321,342,651)	439,163,766
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.23%)	(996,217	)
NET ASSETS APPLICABLE TO 11,476,740 SHARES OUTSTANDING–100.00%	$438,167,549
NET ASSET VALUE PER SHARE–LVIP WELLINGTON CAPITAL GROWTH FUND STANDARD CLASS ($130,545,517 / 3,380,215 Shares)	$38.620
NET ASSET VALUE PER SHARE–LVIP WELLINGTON CAPITAL GROWTH FUND SERVICE CLASS ($307,622,032 / 8,096,525 Shares)	$ 37.994
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$276,656,310
Accumulated net investment loss	(38,786	)
Accumulated net realized gain on investments.	43,728,910
Net unrealized appreciation of investments	117,821,115
Total net assets	$438,167,549

† Non-income producing for the period.

« Includes $1,090,208 payable for securities purchased, $334,676 payable for fund shares redeemed and $312,433 due to manager and affiliates as of June 30, 2016.

LVIP Wellington Capital Growth Fund–4

LVIP Wellington Capital Growth Fund

Statement of Net Assets (continued)

Summary of Abbreviations:

ADR–American Depositary Receipt

IT–Information Technology

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

LVIP Wellington Capital Growth Fund–5

LVIP Wellington Capital Growth Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	1,946,690
EXPENSES:
Management fees		1,481,408
Distribution fees-Service Class		377,226
Accounting and administration expenses		53,982
Reports and statements to shareholders		38,614
Professional fees		18,826
Trustees’ fees and expenses		5,776
Custodian fees		3,791
Consulting fees		985
Pricing fees		126
Other		4,742
Total operating expenses		1,985,476
NET INVESTMENT LOSS		(38,786	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investments		8,364,327
Net change in unrealized appreciation (depreciation) of investments		(12,574,778	)
NET REALIZED AND UNREALIZED LOSS		(4,210,451	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,249,237	)

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

LVIP Wellington Capital Growth Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/16 (unaudited)			Year Ended 12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(38,786	)	$	(87,411	)
Net realized gain		8,364,327			36,011,390
Net change in unrealized appreciation (depreciation)		(12,574,778	)		4,631,795
Net increase (decrease) in net assets resulting from operations		(4,249,237	)		40,555,774
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain:
Standard Class		—			(19,621,459	)
Service Class		—			(46,446,517	)
		—			(66,067,976	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		4,361,177			7,252,098
Service Class		16,396,997			33,779,244
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			19,621,459
Service Class		—			46,446,517
		20,758,174			107,099,318
Cost of shares redeemed:
Standard Class		(8,707,125	)		(17,688,856	)
Service Class		(23,914,550	)		(63,759,235	)
		(32,621,675	)		(81,448,091	)
Increase (decrease) in net assets derived from capital share transactions		(11,863,501	)		25,651,227
NET INCREASE (DECREASE) IN NET ASSETS		(16,112,738	)		139,025
NET ASSETS:
Beginning of period		454,280,287			454,141,262
End of period	$	438,167,549		$	454,280,287
Accumulated net investment loss	$	(38,786	)	$	—

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

LVIP Wellington Capital Growth Fund–6

LVIP Wellington Capital Growth Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Wellington Capital Growth Fund Standard Class
	Six Months
	Ended
	6/30/161									Year Ended
	(unaudited)			12/31/15			12/31/14			12/31/13		12/31/12		12/31/11
Net asset value, beginning of period	$	38.974		$	41.894		$	37.738		$	27.748	$	23.305	$	25.613
Income (loss) from investment operations:
Net investment income2		0.029			0.066			0.083			0.049		0.042		0.019
Net realized and unrealized gain (loss)		(0.383	)		3.557			4.211			9.941		4.401		(2.327	)
Total from investment operations		(0.354	)		3.623			4.294			9.990		4.443		(2.308	)
Less dividends and distributions from:
Net investment income		—			—			(0.073	)		—		—		—
Net realized gain		—			(6.543	)		(0.065	)		—		—		—
Total dividends and distributions		—			(6.543	)		(0.138	)		—		—		—
Net asset value, end of period	$	38.620		$	38.974		$	41.894		$	37.738	$	27.748	$	23.305
Total return3		(0.91%	)		9.42%			11.37%			36.00%		19.06%		(9.01%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	130,546		$	136,262		$	134,373		$	130,399	$	104,645	$	96,924
Ratio of expenses to average net assets		0.75%			0.74%			0.74%			0.76%		0.78%		0.79%
Ratio of net investment income to average net assets		0.16%			0.16%			0.21%			0.15%		0.16%		0.08%
Portfolio turnover		13%			33%			45%			47%		64%		37%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ 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.

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

LVIP Wellington Capital Growth Fund–7

LVIP Wellington Capital Growth Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Wellington Capital Growth Fund Service Class
	Six Months Ended 6/30/161 (unaudited)			12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	38.390		$	41.459		$	37.377		$	27.551		$	23.197		$	25.559
Income (loss) from investment operations:
Net investment loss2		(0.017	)		(0.040	)		(0.015	)		(0.032	)		(0.025	)		(0.044	)
Net realized and unrealized gain (loss)		(0.379	)		3.514			4.162			9.858			4.379			(2.318	)
Total from investment operations		(0.396	)		3.474			4.147			9.826			4.354			(2.362	)
Less dividends and distributions from:
Net realized gain		—			(6.543	)		(0.065	)		—			—			—
Total dividends and distributions		—			(6.543	)		(0.065	)		—			—			—
Net asset value, end of period	$	37.994		$	38.390		$	41.459		$	37.377		$	27.551		$	23.197
Total return3		(1.03%	)		9.15%			11.09%			35.66%			18.77%			(9.24%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	307,622		$	318,018		$	319,768		$	326,361		$	274,248		$	200,602
Ratio of expenses to average net assets		1.00%			0.99%			0.99%			1.01%			1.03%			1.04%
Ratio of net investment loss to average net assets		(0.09%	)		(0.09%	)		(0.04%	)		(0.10%	)		(0.09%	)		(0.17%	)
Portfolio turnover		13%			33%			45%			47%			64%			37%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  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.

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

LVIP Wellington Capital Growth Fund–8

LVIP Wellington Capital Growth Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Wellington Capital Growth 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”). 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 capital growth. Realization of income is not a significant investment consideration and any income realized will be incidental.

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. Open-end investment companies are valued at their published net asset value. 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”).

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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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.

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. 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. Distributions received from investments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. Taxable non-cash dividends are recorded as dividend income. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. 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.

LVIP Wellington Capital Growth Fund–9

LVIP Wellington Capital Growth Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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 commission to the Fund in cash. Commission rebates are included in “Net realized gain on investments” on the Statement of Operations and totaled $1,220 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 0.75% of the first $100 million of the average daily net assets of the Fund; 0.70% of the next $150 million; 0.65% of the next $750 million; and 0.60% of the average daily net assets of the Fund in excess of $1 billion.

Wellington Management Company LLP (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	11,382
Legal		3,132

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 $34,137 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“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, whereby the 12-b1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	248,634
Distribution fees payable to LFD		63,276
Printing and mailing fees payable to Lincoln Life		523

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	58,442,029
Sales		73,500,238

LVIP Wellington Capital Growth Fund–10

LVIP Wellington Capital Growth Fund

Notes to Financial Statements (continued)

3. Investments (continued)

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	321,342,651
Aggregate unrealized appreciation	$	125,317,209
Aggregate unrealized depreciation		(7,496,094	)
Net unrealized appreciation	$	117,821,115

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Common Stock.	$	433,941,256
Money Market Fund		5,222,510
Total	$	439,163,766

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

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Wellington Capital Growth Fund–11

LVIP Wellington Capital Growth Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		116,690			175,596
Service Class		456,006			807,725
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			528,396
Service Class		—			1,268,961
		572,696			2,780,678
Shares redeemed:
Standard Class		(232,741	)		(415,182	)
Service Class		(643,452	)		(1,505,524	)
		(876,193	)		(1,920,706	)
Net increase (decrease)		(303,497	)		859,972

5. 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.

6. 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 Wellington Capital Growth Fund–12

LVIP Wellington Mid-Cap Value Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP Wellington Mid-Cap Value Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Top 10 Equity Holdings	2
Statement of Net Assets	3
Statement of Operations	6
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	9

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 Wellington Mid-Cap Value Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$1,011.80		0.96%		$4.80
Service Class Shares		1,000.00		1,010.50		1.21%		6.05
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,020.09		0.96%		$4.82
Service Class Shares		1,000.00		1,018.85		1.21%		6.07

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

LVIP Wellington Mid-Cap Value Fund–1

LVIP Wellington Mid-Cap Value Fund

Security Type/Sector Allocation and Top 10 Equity Holdings (unaudited)

As of June 30, 2016

Sector designations may be different than the sector designations presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		97.96	%
Aerospace & Defense		1.50	%
Auto Components		0.93	%
Banks		7.29	%
Building Products		1.40	%
Capital Markets		0.83	%
Chemicals		4.72	%
Communications Equipment		1.27	%
Containers & Packaging		1.83	%
Diversified Financial Services		2.19	%
Electric Utilities		4.24	%
Electrical Equipment		3.88	%
Electronic Equipment, Instruments & Components		2.41	%
Energy Equipment & Services		0.17	%
Food Products		3.13	%
Gas Utilities		2.72	%
Health Care Providers & Services		2.47	%
Hotels, Restaurants & Leisure		1.98	%
Household Durables		3.71	%
Insurance		8.44	%
IT Services		1.31	%
Leisure Products		0.15	%
Media		1.89	%
Oil, Gas & Consumable Fuels		8.62	%
Paper & Forest Products		2.01	%
Pharmaceuticals		0.64	%
Real Estate Investment Trusts		9.80	%
Road & Rail		4.74	%
Semiconductors & Semiconductor Equipment		5.65	%
Software		2.54	%
Specialty Retail		1.06	%
Textiles, Apparel & Luxury Goods		1.14	%
Thrifts & Mortgage Finance		1.60	%
Trading Companies & Distributors		0.79	%
Wireless Telecommunication Services		0.91	%
Money Market Fund		2.00	%
Total Value of Securities		99.96	%
Receivables and Other Assets Net of Liabilities		0.04	%
Total Net Assets		100.00	%

Holdings are for informational purpose only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Equity Holdings	Percentage of Net Assets
Diamondback Energy		3.15	%
UGI		2.72	%
Reinsurance Group of America		2.66	%
Arrow Electronics		2.41	%
Newfield Exploration		2.39	%
Comerica		2.17	%
Zions Bancorporation		2.01	%
Silicon Motion Technology ADR		1.88	%
Louisiana-Pacific		1.85	%
Ingredion		1.84	%
Total		23.08	%

IT–Information Technology

LVIP Wellington Mid-Cap Value Fund–2

LVIP Wellington Mid-Cap Value Fund

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–97.96%
Aerospace & Defense–1.50%
†Moog Class A		43,969	$	2,370,808
				2,370,808
Auto Components–0.93%
Goodyear Tire & Rubber		57,419		1,473,372
				1,473,372
Banks–7.29%
BankUnited		72,362		2,222,961
CIT Group		5,923		189,003
Comerica		83,703		3,442,704
IBERIABANK		19,627		1,172,321
South State		19,798		1,347,254
Zions Bancorporation		126,593		3,181,282
				11,555,525
Building Products–1.40%
Sanwa Holdings		243,435		2,212,833
				2,212,833
Capital Markets–0.83%
Raymond James Financial		26,399		1,301,471
†*@=Solar Cayman Escrow		26,800		6,700
				1,308,171
Chemicals–4.72%
Cabot		47,065		2,148,988
Celanese Class A		32,633		2,135,830
CF Industries Holdings		37,355		900,255
Methanex		78,749		2,291,596
				7,476,669
Communications Equipment–1.27%
†ARRIS International		5,428		113,771
Harris		22,809		1,903,183
				2,016,954
Containers & Packaging–1.83%
Bemis		41,360		2,129,626
†Crown Holdings		15,296		775,048
				2,904,674
Diversified Financial Services–2.19%
†Markit		62,879		2,049,855
MSCI		18,488		1,425,795
				3,475,650
Electric Utilities–4.24%
Alliant Energy		71,564		2,841,091
Great Plains Energy		58,107		1,766,453
Portland General Electric		18,274		806,249
Westar Energy		23,309		1,307,402
				6,721,195

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electrical Equipment–3.88%
†Generac Holdings		57,025	$	1,993,594
Hubbell		27,091		2,857,288
†Sensata Technologies Holding		37,356		1,303,351
				6,154,233
Electronic Equipment, Instruments & Components–2.41%
†Arrow Electronics		61,739		3,821,644
				3,821,644
Energy Equipment & Services–0.17%
†Trican Well Service		136,844		261,624
				261,624
Food Products–3.13%
Ingredion		22,572		2,921,042
†Post Holdings		24,628		2,036,489
				4,957,531
Gas Utilities–2.72%
UGI		95,259		4,310,470
				4,310,470
Health Care Providers & Services–2.47%
†Acadia Healthcare		13,620		754,548
†Brookdale Senior Living		46,843		723,256
†Envision Healthcare Holdings		95,946		2,434,150
				3,911,954
Hotels, Restaurants & Leisure–1.98%
Bloomin’ Brands		58,811		1,050,953
†Norwegian Cruise Line Holdings		52,232		2,080,923
				3,131,876
Household Durables–3.71%
DR Horton		42,042		1,323,482
Lennar		56,919		2,623,966
PulteGroup		74,343		1,448,945
†Toll Brothers		17,901		481,716
				5,878,109
Insurance–8.44%
Argo Group International Holdings		25,240		1,309,977
CNO Financial Group		68,940		1,203,692
Hanover Insurance Group		16,900		1,430,078
Reinsurance Group of America		43,411		4,210,433
Unum Group		73,860		2,348,009
XL Group		86,310		2,874,986
				13,377,175
IT Services–1.31%
Booz Allen Hamilton Holding		69,768		2,067,924
				2,067,924

LVIP Wellington Mid-Cap Value Fund–3

LVIP Wellington Mid-Cap Value Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Leisure Products–0.15%
†Performance Sports Group		78,364	$	235,092
				235,092
Media–1.89%
Interpublic Group		53,235		1,229,729
John Wiley & Sons Class A		11,824		616,976
Quebecor Class B		39,805		1,140,587
				2,987,292
Oil, Gas & Consumable Fuels–8.62%
†Cobalt International Energy		148,853		199,463
†Diamondback Energy		54,654		4,984,991
Energen		38,402		1,851,360
HollyFrontier		12,812		304,541
†Newfield Exploration		85,558		3,779,952
QEP Resources		144,052		2,539,637
				13,659,944
Paper & Forest Products–2.01%
KapStone Paper and Packaging		19,414		252,576
†Louisiana-Pacific		168,671		2,926,442
				3,179,018
Pharmaceuticals–0.64%
Almirall		15,418		231,812
†Endo International		49,885		777,707
				1,009,519
Real Estate Investment Trusts–9.80%
American Assets Trust		29,679		1,259,577
Blackstone Mortgage Trust		29,862		826,282
Equity LifeStyle Properties		32,181		2,576,089
Extra Space Storage		13,771		1,274,368
Forest City Realty Trust		60,937		1,359,504
LaSalle Hotel Properties		61,408		1,448,001
PS Business Parks		24,604		2,609,992
Sovran Self Storage		15,965		1,675,048
STORE Capital		84,853		2,498,921
				15,527,782
Road & Rail–4.74%
†Genesee & Wyoming		37,858		2,231,729
†Herc Holdings		209,515		2,319,331
Knight Transportation		59,828		1,590,228
Ryder System		22,316		1,364,400
				7,505,688
Semiconductors & Semiconductor Equipment–5.65%
†Microsemi		88,649		2,897,049
†Qorvo		48,520		2,681,215
Silicon Motion Technology ADR		62,442		2,984,728
†Synaptics		7,090		381,087
				8,944,079

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software–2.54%
SS&C Technologies Holdings		59,337	$	1,666,183
†Verint Systems		71,407		2,365,714
				4,031,897
Specialty Retail–1.06%
DSW Class A		79,131		1,675,995
				1,675,995
Textiles, Apparel & Luxury Goods–1.14%
†Global Brands Group Holding		16,693,065		1,468,633
Samsonite International		122,350		338,770
				1,807,403
Thrifts & Mortgage Finance–1.60%
EverBank Financial		77,370		1,149,718
Provident Financial Services		70,834		1,391,180
				2,540,898
Trading Companies & Distributors–0.79%
†WESCO International		24,434		1,258,107
				1,258,107
Wireless Telecommunication Services–0.91%
Millicom International Cellular SDR		23,441		1,437,856
				1,437,856
Total Common Stock (Cost $132,714,788)				155,188,961
MONEY MARKET FUND–2.00%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		3,164,813		3,164,813
Total Money Market Fund (Cost $3,164,813)				3,164,813

LVIP Wellington Mid-Cap Value Fund–4

LVIP Wellington Mid-Cap Value Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–99.96% (Cost $135,879,601)	$158,353,774
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.04%	67,213
NET ASSETS APPLICABLE TO 6,985,382 SHARES OUTSTANDING–100.00%	$158,420,987
NET ASSET VALUE PER SHARE–LVIP WELLINGTON MID-CAP VALUE FUND STANDARD CLASS ($76,410,100 / 3,362,344 Shares)	$22.725
NET ASSET VALUE PER SHARE–LVIP WELLINGTON MID-CAP VALUE FUND SERVICE CLASS ($82,010,887 / 3,623,038 Shares)	$22.636
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$134,824,171
Undistributed net investment income	369,194
Accumulated net realized gain on investments.	753,416
Net unrealized appreciation of investments and derivatives	22,474,206
Total net assets	$158,420,987

† Non-income producing for the period.

* Common Stock Unit.

« Includes $970,435 payable for securities purchased, $129,144 due to manager and affiliates, and $140,463 payable for fund shares redeemed as of June 30, 2016.

@ Illiquid security. At June 30, 2016, the aggregate value of illiquid securities was $6,700, which represents 0.00% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At June 30, 2016, the aggregate value of fair valued securities was $6,700, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to Financial Statements.”

The following foreign currency exchange contracts were outstanding at June 30, 2016:1

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)		In Exchange For			Settlement Date	Unrealized Appreciation (Depreciation)
NAB	CAD	3,351	USD	(2,590	)	7/6/16	$4

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

Summary of Abbreviations:

ADR–American Depositary Receipt

CAD–Canadian Dollar

NAB–National Austrialian Bank

IT–Information Technology

SDR–Special Depositary Receipt

USD–U.S. Dollar

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

LVIP Wellington Mid-Cap Value Fund–5

LVIP Wellington Mid-Cap Value Fund

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends	$	1,190,550
Foreign tax withheld		(19,865	)
		1,170,685
EXPENSES:
Management fees		632,450
Distribution fees-Service Class		97,784
Custodian fees		18,767
Accounting and administration expenses		18,150
Professional fees		18,073
Reports and statements to shareholders		12,763
Trustees’ fees and expenses		1,868
Pricing fees		1,065
Consulting fees		858
Other		566
		802,344
Less management fees waived		(6,215	)
Total operating expenses		796,129
NET INVESTMENT INCOME		374,556
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		2,599,383
Foreign currencies		7,801
Foreign currency exchange contracts		(935	)
Net realized gain		2,606,249
Net change in unrealized appreciation (depreciation) of:
Investments		(170,314	)
Foreign currencies		296
Foreign currency exchange contracts		437
Net change in unrealized appreciation (depreciation)		(169,581	)
NET REALIZED AND UNREALIZED GAIN		2,436,668
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.	$	2,811,224

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

LVIP Wellington Mid-Cap Value Fund

Statements of Changes in Net Assets

	Six Months
	Ended
	6/30/16			Year Ended
	(unaudited)			12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	374,556		$	164,547
Net realized gain		2,606,249			7,896,794
Net change in unrealized appreciation (depreciation)		(169,581	)		(11,368,187	)
Net increase (decrease) in net assets resulting from operations		2,811,224			(3,306,846	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(358,241	)
Service Class		—			(147,891	)
		—			(506,132	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		25,377,704			28,199,510
Service Class		9,292,075			16,401,151
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			358,241
Service Class		—			147,891
		34,669,779			45,106,793
Cost of shares redeemed:
Standard Class		(9,346,098	)		(7,591,893	)
Service Class		(8,164,595	)		(77,641,417	)
		(17,510,693	)		(85,233,310	)
Increase (decrease) in net assets derived from capital share transactions		17,159,086			(40,126,517	)
NET INCREASE (DECREASE) IN NET ASSETS		19,970,310			(43,939,495	)
NET ASSETS:
Beginning of period		138,450,677			182,390,172
End of period	$	158,420,987		$	138,450,677
Undistributed (distributions in excess of) net investment income	$	369,194		$	(5,362	)

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

LVIP Wellington Mid-Cap Value Fund–6

LVIP Wellington Mid-Cap Value Fund

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Wellington Mid-Cap Value Fund Standard Class
	Six Months
	Ended
	6/30/161		Year Ended
	(unaudited)		12/31/15			12/31/14			12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	22.460	$	22.964		$	21.273		$	15.896		$	12.855		$	14.176
Income (loss) from investment operations:
Net investment income2		0.070		0.068			0.085			0.062			0.114			0.049
Net realized and unrealized gain (loss)		0.195		(0.418	)		1.677			5.357			2.984			(1.370	)
Total from investment operations		0.265		(0.350	)		1.762			5.419			3.098			(1.321	)
Less dividends and distributions from:
Net investment income		—		(0.154	)		(0.071	)		(0.042	)		(0.057	)		—
Total dividends and distributions		—		(0.154	)		(0.071	)		(0.042	)		(0.057	)		—
Net asset value, end of period	$	22.725	$	22.460		$	22.964		$	21.273		$	15.896		$	12.855
Total return3		1.18%		(1.52%	)		8.29%			34.15%			24.12%			(9.32%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	76,410	$	58,589		$	39,097		$	35,212		$	50,386		$	42,579
Ratio of expenses to average net assets		0.96%		0.96%			0.94%			1.00%			1.04%			1.04%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.97%		0.97%			0.95%			1.01%			1.05%			1.07%
Ratio of net investment income to average net assets		0.65%		0.29%			0.38%			0.34%			0.77%			0.35%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.64%		0.28%			0.37%			0.33%			0.76%			0.32%
Portfolio turnover		30%		45%			40%			56%			56%			56%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Wellington Mid-Cap Value Fund–7

LVIP Wellington Mid-Cap Value Fund

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

	LVIP Wellington Mid-Cap Value Fund Service Class
	Six Months Ended 6/30/161 (unaudited)		12/31/15			12/31/14			Year Ended 12/31/13			12/31/12			12/31/11
Net asset value, beginning of period	$	22.400	$	22.843		$	21.171		$	15.860		$	12.827		$	14.180
Income (loss) from investment operations:
Net investment income2		0.043		0.009			0.029			0.017			0.077			0.014
Net realized and unrealized gain (loss)		0.193		(0.412	)		1.668			5.336			2.976			(1.367	)
Total from investment operations		0.236		(0.403	)		1.697			5.353			3.053			(1.353	)
Less dividends and distributions from:
Net investment income		—		(0.040	)		(0.025	)		(0.042	)		(0.020	)		—
Total dividends and distributions		—		(0.040	)		(0.025	)		(0.042	)		(0.020	)		—
Net asset value, end of period.	$	22.636	$	22.400		$	22.843		$	21.171		$	15.860		$	12.827
Total return3		1.05%		(1.76%	)		8.02%			33.82%			23.81%			(9.55%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	82,011	$	79,862		$	143,293		$	77,486		$	62,511		$	47,884
Ratio of expenses to average net assets		1.21%		1.21%			1.19%			1.25%			1.29%			1.29%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.22%		1.22%			1.20%			1.26%			1.30%			1.32%
Ratio of net investment income to average net assets		0.40%		0.04%			0.13%			0.09%			0.52%			0.10%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.39%		0.03%			0.12%			0.08%			0.51%			0.07%
Portfolio turnover		30%		45%			40%			56%			56%			56%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  The average shares outstanding method has been applied for per share information.

³  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

LVIP Wellington Mid-Cap Value Fund–8

LVIP Wellington Mid-Cap Value Fund

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 93 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 Wellington Mid-Cap Value 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”). 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 long-term capital appreciation.

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 sale price on the valuation date. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. Other securities and assets for which market quotations are not 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”).

Federal Income Taxes–No provision for federal income taxes has been made as 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2012–December 31, 2015), 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 six months ended June 30, 2016, 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 generally does not separate the portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain/loss 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.

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.

LVIP Wellington Mid-Cap Value Fund–9

LVIP Wellington Mid-Cap Value Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Taxable non-cash dividends are recorded as dividend income. 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. Distributions received from investments in Real Estate Investment Trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer or management estimate. 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 commission to the Fund in cash. Commission rebates are included in “Net realized gain (loss) on investments” on the Statement of Operations and totaled $1,049 for the six months ended June 30, 2016. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

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 1.05% on the first $25 million of the average daily net assets of the Fund; 0.95% on the next $25 million; 0.85% on the next $50 million; 0.75% on the next $150 million; and 0.70% on average daily net assets in excess of $250 million.

LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.05% of the first $25 million of the Fund’s average daily net assets. This agreement will continue at least through April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board and LIAC.

Wellington Management Company LLP (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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	3,745
Legal		1,028

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 $8,723 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) at a rate not to exceed 0.35% of 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, whereby the 12b-1 Fee is limited to 0.25% of the average daily net assets of the Service Class shares. This limitation can be adjusted only with the consent of the Board. No distribution expenses are paid by Standard Class shares.

At June 30, 2016, the Fund had liabilities payable and prepaid expenses to affiliates as follows:

Management fees payable to LIAC	$	111,635
Distribution fees payable to LFD		16,922

LVIP Wellington Mid-Cap Value Fund–10

LVIP Wellington Mid-Cap Value Fund

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

Prepaid printing and mailing fees to Lincoln Life 587

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 six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	58,957,117
Sales		43,788,503

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	135,879,601
Aggregate unrealized appreciation	$	30,212,074
Aggregate unrealized depreciation		(7,737,901	)
Net unrealized appreciation	$	22,474,173

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)

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.

LVIP Wellington Mid-Cap Value Fund–11

LVIP Wellington Mid-Cap Value Fund

Notes to Financial Statements (continued)

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1			Level 2			Level 3			Total
Common Stock
Aerospace & Defense		$	2,370,808		$	—		$	—		$	2,370,808
Auto Components			1,473,372			—			—			1,473,372
Banks			11,555,525			—			—			11,555,525
Building Products			—			2,212,833			—			2,212,833
Capital Markets			1,301,471			—			6,700			1,308,171
Chemicals			7,476,669			—			—			7,476,669
Communications Equipment			2,016,954			—			—			2,016,954
Containers & Packaging			2,904,674			—			—			2,904,674
Diversified Financial Services			3,475,650			—			—			3,475,650
Electric Utilities			6,721,195			—			—			6,721,195
Electrical Equipment			6,154,233			—			—			6,154,233
Electronic Equipment, Instruments & Components			3,821,644			—			—			3,821,644
Energy Equipment & Services			261,624			—			—			261,624
Food Products			4,957,531			—			—			4,957,531
Gas Utilities			4,310,470			—			—			4,310,470
Health Care Providers & Services			3,911,954			—			—			3,911,954
Hotels, Restaurants & Leisure			3,131,876			—			—			3,131,876
Household Durables			5,878,109			—			—			5,878,109
Insurance			13,377,175			—			—			13,377,175
IT Services			2,067,924			—			—			2,067,924
Leisure Products			235,092			—			—			235,092
Media			2,987,292			—			—			2,987,292
Oil, Gas & Consumable Fuels			13,659,944			—			—			13,659,944
Paper & Forest Products			3,179,018			—			—			3,179,018
Pharmaceuticals			777,707			231,812			—			1,009,519
Real Estate Investment Trusts			15,527,782			—			—			15,527,782
Road & Rail			7,505,688			—			—			7,505,688
Semiconductors & Semiconductor Equipment			8,944,079			—			—			8,944,079
Software			4,031,897			—			—			4,031,897
Specialty Retail			1,675,995			—			—			1,675,995
Textiles, Apparel & Luxury Goods			—			1,807,403			—			1,807,403
Thrifts & Mortgage Finance			2,540,898			—			—			2,540,898
Trading Companies & Distributors			1,258,107			—			—			1,258,107
Wireless Telecommunication Services			—			1,437,856			—			1,437,856
Money Market Fund			3,164,813			—			—			3,164,813
Total		$	152,657,170		$	5,689,904		$	6,700		$	158,353,774
Foreign Currency Exchange Contracts		$	—		$	4		$	—		$	4

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments that resulted from the Fund’s use of international fair value pricing during the period. In accordance with the fair value procedures described in Note 1, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Wellington Mid-Cap Value Fund–12

LVIP Wellington Mid-Cap Value Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months
	Ended			Year Ended
	6/30/16			12/31/15
Shares sold:
Standard Class		1,168,200			1,210,705
Service Class		432,111			701,812
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			16,082
Service Class		—			6,731
		1,600,311			1,935,330
Shares redeemed:
Standard Class		(414,432	)		(320,744	)
Service Class		(374,426	)		(3,416,141	)
		(788,858	)		(3,736,885	)
Net increase (decrease)		811,453			(1,801,555	)

5. Derivatives

U.S. GAAP requires disclosures that enable investors 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.

Foreign Currency Exchange Contracts–The Fund enters into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it owns that are denominated in foreign currencies. A change in a contract’s value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. This Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Currency contracts (Foreign currency exchange contracts)	Receivables and other assets net of liabilities	$4	Receivables and other assets net of liabilities	$—

LVIP Wellington Mid-Cap Value Fund–13

LVIP Wellington Mid-Cap Value Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

			Unrealized
			Appreciation
		Realized Gain	(Depreciation) on
		(Loss) on Derivatives	Derivatives
	Location of Gain (Loss) on Derivatives	Recognized in	Recognized in
	Recognized in Income	Income	Income
Currency contracts (Foreign currency exchange contracts)	Net realized loss from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(935)	$437

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative Volume	Liability Derivative Volume
Foreign currency exchange contracts (average cost)	$19,299	$91,497

6. Market Risk

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.

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 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 invests a significant portion of its assets in mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2016. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The 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 illiquid, are not subject to the Fund’s limit on investments in illiquid securities. As of June 30, 2016, there were no Rule 144A securities. Illiquid securities are identified on the Statement of Net Assets.

7. 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.

8. 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 Wellington Mid-Cap Value Fund–14

LVIP VIP Mid Cap Managed Volatility Portfolio a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2016

LVIP VIP Mid Cap Managed Volatility Portfolio

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	5
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	8
Other Fund Information	13

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q is available without charge on the Commission’s website at http://www.sec.gov. The Trust’s Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 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 VIP Mid Cap Managed Volatility Portfolio

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2016 to June 30, 2016

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”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuity contracts and variable life insurance contracts. Insurance company separate account beneficial owners incur ongoing costs such as the separate account’s cost of owning shares of the Fund. The ongoing Fund costs incurred by beneficial owners are included in the Expense Analysis table. The Expense Analysis table does not include other costs incurred by beneficial owners, such as insurance company separate account fees and variable annuity or variable life contract charges.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. Shareholders of other funds may also incur 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 January 1, 2016 to June 30, 2016.

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 can not 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 actual expenses shown in the table reflect fee waivers and reimbursements in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/16		Ending Account Value 6/30/16		Annualized Expense Ratio		Expenses Paid During Period 1/1/16 to 6/30/16*
Actual
Standard Class Shares		$1,000.00		$  989.40		0.13%		$0.64
Service Class Shares		1,000.00		987.70		0.48%		2.37
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,024.22		0.13%		$0.65
Service Class Shares		1,000.00		1,022.48		0.48%		2.41

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests substantially all of its assets in other investment companies (Underlying Funds). In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the applicable Underlying Funds. The Expense Analysis of an investment in the table above does not reflect the expenses of the Underlying Funds. Financial statements for the Underlying Funds can be found at www.sec.gov.

LVIP VIP Mid Cap Managed Volatility Portfolio–1

LVIP VIP Mid Cap Managed Volatility Portfolio

Security Type/Sector Allocation (unaudited)

As of June 30, 2016

Security Type/Sector	Percentage of Net Assets
Investment Companies		99.65	%
Equity Fund		93.91	%
Money Market Fund		5.74	%
Total Value of Securities		99.65	%
Receivables and Other Assets Net of Liabilities		0.35	%
Total Net Assets		100.00	%

LVIP VIP Mid Cap Managed Volatility Portfolio–2

LVIP VIP Mid Cap Managed Volatility Portfolio

Statement of Net Assets

June 30, 2016 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–99.65%
Equity Fund–93.91%
XFidelity® Variable Life Insurance Products–Fidelity VIP Mid Cap Portfolio		2,450,772	$	75,434,757
				75,434,757

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Money Market Fund–5.74%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.24%)		4,614,643	$	4,614,643
				4,614,643
Total Investment Companies (Cost $86,095,176)				80,049,400

TOTAL VALUE OF SECURITIES–99.65% (Cost $86,095,176)	80,049,400
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.35%	280,363
NET ASSETS APPLICABLE TO 8,333,633 SHARES OUTSTANDING–100.00%.	$80,329,763
NET ASSET VALUE PER SHARE–LVIP VIP MID CAP MANAGED VOLATILITY PORTFOLIO STANDARD CLASS ($957,795 / 99,216 Shares)	$9.654
NET ASSET VALUE PER SHARE–LVIP VIP MID CAP MANAGED VOLATILITY PORTFOLIO SERVICE CLASS ($79,371,968 / 8,234,417 Shares)	$9.639
COMPONENTS OF NET ASSETS AT JUNE 30, 2016:
Shares of beneficial interest (unlimited authorization–no par)	$85,357,826
Accumulated net investment loss	(174,395	)
Accumulated net realized gain on investments.	1,869,559
Net unrealized depreciation of investments and derivatives.	(6,723,227	)
TOTAL NET ASSETS	$80,329,763

« Includes $1,117,828 cash collateral held at broker for futures contracts, $64,135 foreign currencies collateral due to broker for futures contracts, $28,636 due to manager and affiliates, $10,762 expense reimbursement from Lincoln Investment Advisors Corporation, $61,506 payable for investment companies shares purchased and $24,205 payable for fund shares redeemed as of June 30, 2016.

X Initial Class.

The following futures contracts were outstanding at June 30, 2016:¹

Futures Contracts

									Unrealized
		Notional		Notional			Expiration		Appreciation
Contracts to Buy (Sell)		Cost (Proceeds)		Value			Date		(Depreciation)
(2)	British Pound Currency	$	(168,957)	$	(165,600	)		9/20/16		$	3,357
(41)	E-mini Russell 2000 Index		(4,565,886)		(4,704,340	)		9/19/16			(138,454	)
(74)	E-mini S&P 500 Index		(7,535,279)		(7,733,740	)		9/19/16			(198,461	)
(71)	E-mini S&P MidCap 400 Index		(10,267,819)		(10,600,300	)		9/19/16			(332,481	)
(3)	Euro Currency		(416,926)		(416,531	)		9/20/16			395
(17)	Euro STOXX 50 Index		(528,348)		(538,617	)		9/19/16			(10,269	)
(2)	FTSE 100 Index		(166,304)		(170,999	)		9/19/16			(4,695	)
(2)	Japanese Yen Currency		(244,095)		(242,675	)		9/20/16			1,420
(1)	Nikkei 225 Index (OSE)		(152,514)		(150,777	)		9/9/16			1,737
										$	(677,451	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 5 in “Notes to Financial Statements.”

LVIP VIP Mid Cap Managed Volatility Portfolio–3

LVIP VIP Mid Cap Managed Volatility Portfolio

Statement of Net Assets (continued)

OSE–Osaka Securities Exchange

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

LVIP VIP Mid Cap Managed Volatility Portfolio–4

LVIP VIP Mid Cap Managed Volatility Portfolio

Statement of Operations

Six Months Ended June 30, 2016 (unaudited)

INVESTMENT INCOME:
Dividends from investment companies	$	4,510
EXPENSES:
Management fees		266,784
Distribution fees-Service Class		133,899
Accounting and administration expenses		27,182
Professional fees		23,340
Reports and statements to shareholders		11,831
Consulting fees		1,846
Trustees’ fees and expenses		989
Custodian fees		973
Pricing fees		107
Other		378
		467,329
Less management fees waived		(243,380	)
Less expenses reimbursed		(40,735	)
Total operating expenses		183,214
NET INVESTMENT LOSS		(178,704	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from investment companies		4,413,568
Sale of investments in investment companies		(1,159,172	)
Foreign currencies		(1,255	)
Futures contracts		(1,224,212	)
Net realized gain		2,028,929
Net change in unrealized appreciation (depreciation) of:
Investments		(1,696,994	)
Futures contracts		(603,254	)
Net change in unrealized appreciation (depreciation)		(2,300,248	)
NET REALIZED AND UNREALIZED LOSS		(271,319	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(450,023	)

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

LVIP VIP Mid Cap Managed Volatility Portfolio

Statements of Changes in Net Assets

	Six Months
	Ended
	6/31/16			Year Ended
	(unaudited)			12/31/15
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(178,704	)	$	139,363
Net realized gain		2,028,929			101,631
Net change in unrealized appreciation (depreciation)		(2,300,248	)		(4,697,650	)
Net decrease in net assets resulting from operations		(450,023	)		(4,456,656	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(4,700	)
Service Class		—			(179,941	)
		—			(184,641	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		264,812			826,041
Service Class		14,198,851			68,809,028
Net asset value of shares issued upon reinvestment of dividends and distributions:
Standard Class		—			4,700
Service Class		—			179,941
		14,463,663			69,819,710
Cost of shares redeemed:
Standard Class		(55,584	)		(617,300	)
Service Class		(6,433,485	)		(4,323,090	)
		(6,489,069	)		(4,940,390	)
Increase in net assets derived from capital share transactions		7,974,594			64,879,320
NET INCREASE IN NET ASSETS		7,524,571			60,238,023
NET ASSETS:
Beginning of period		72,805,192			12,567,169
End of period	$	80,329,763		$	72,805,192
Undistributed (accumulated) net investment income (loss)	$	(174,395	)	$	4,309

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

LVIP VIP Mid Cap Managed Volatility Portfolio–5

LVIP VIP Mid Cap Managed Volatility Portfolio

Financial Highlights

Selected data for each share of the Fund outstanding throughout each period were as follows:

		LVIP VIP Mid Cap Managed Volatility Portfolio Standard Class
	Six Months Ended 6/30/161, 2 (unaudited)				Year Ended 12/31/15				5/1/143 to 12/31/14
Net asset value, beginning of period		$	9.757			$	10.274			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.005	)			0.068				0.047
Net realized and unrealized gain (loss)			(0.098	)			(0.524	)			0.334
Total from investment operations			(0.103	)			(0.456	)			0.381
Less dividends and distributions from:
Net investment income			—				(0.061	)			(0.107	)
Total dividends and distributions			—				(0.061	)			(0.107	)
Net asset value, end of period		$	9.654			$	9.757			$	10.274
Total return5			(1.06%	)			(4.44%	)			3.80%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	958			$	757			$	597
Ratio of expenses to average net assets6			0.13%				0.10%				0.10%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.86%				0.87%				1.81%
Ratio of net investment income (loss) to average net assets			(0.12%	)			0.66%				0.68%
Ratio of net investment loss to average net assets prior to expenses waived/reimbursed			(0.85%	)			(0.11%	)			(1.03%	)
Portfolio turnover			7%				4%				22%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP VIP Mid Cap Managed Volatility Portfolio–6

LVIP VIP Mid Cap Managed Volatility Portfolio

Financial Highlights (continued)

Selected data for each share of the Fund outstanding throughout each period were as follows:

		LVIP VIP Mid Cap Managed Volatility Portfolio Service Class
	Six Months Ended 6/30/161, 2 (unaudited)				Year Ended 12/31/15				5/1/143 to 12/31/14
Net asset value, beginning of period		$	9.759			$	10.275			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.022	)			0.032				0.023
Net realized and unrealized gain (loss)			(0.098	)			(0.524	)			0.334
Total from investment operations			(0.120	)			(0.492	)			0.357
Less dividends and distributions from:
Net investment income			—				(0.024	)			(0.082	)
Total dividends and distributions			—				(0.024	)			(0.082	)
Net asset value, end of period		$	9.639			$	9.759			$	10.275
Total return5			(1.23%	)			(4.78%	)			3.56%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	79,372			$	72,048			$	11,970
Ratio of expenses to average net assets6			0.48%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.21%				1.22%				2.16%
Ratio of net investment income (loss) to average net assets			(0.47%	)			0.31%				0.33%
Ratio of net investment loss to average net assets prior to expenses waived/reimbursed			(1.20%	)			(0.46%	)			(1.38%	)
Portfolio turnover			7%				4%				22%

¹  Ratios have been annualized and total return and portfolio turnover have not been annualized.

²  Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser for the Fund’s volatility management overlay.

³  Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.

⁴  The average shares outstanding method has been applied for per share information.

⁵  Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁶  Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

LVIP VIP Mid Cap Managed Volatility Portfolio–7

LVIP VIP Mid Cap Managed Volatility Portfolio

Notes to Financial Statements

June 30, 2016 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is organized as a Delaware statutory trust. The Trust and consists of 93 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 VIP Mid Cap Managed Volatility Portfolio (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 non-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”), Lincoln Life & Annuity Company of New York (“LNY”). 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 operates under a fund of funds structure and invests substantially all of its assets in other open-end investment companies, primarily the Fidelity^® VIP Mid Cap Portfolio (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The Fidelity^® VIP Mid Cap Portfolio, which is advised by an unaffiliated adviser, invests at least 80% of its assets in securities of companies with medium market capitalization. In addition to investment company investments, the Fund may invest in individual securities, such as money market instruments, and employs an actively managed risk-management overlay strategy that invests directly in exchange-traded futures to seek to stabilize overall portfolio volatility. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek capital appreciation.

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–The Fund values Underlying Funds that are open-end funds at their published net asset value (“NAV”), computed as of the close of regular trading on the New York Stock Exchange (“NYSE”) on days when the NYSE is open. Securities of each open-end Underlying Fund are valued under the valuation policy of such Underlying Fund. For information regarding the determination of the Underlying Funds’ NAVs, see the Underlying Funds’ prospectuses and statements of additional information. 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 return 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 benefit or 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 six months ended June 30, 2016 and for all open tax years (years ended December 31, 2014–December 31, 2015), 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 six months ended June 30, 2016, 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.

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.

Foreign Currency Transaction–Transactions denominated in foreign currencies are recorded at the prevailing exchange rate 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 the exchange rate of such currencies against the U.S. dollar. Transactions 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 generally does not separate the portion of realized gains and losses on investments resulting from changes in foreign exchange rates from that which is due to changes in market prices. Both types of changes in gain (loss) are included with the 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.

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 within the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities

LVIP VIP Mid Cap Managed Volatility Portfolio–8

LVIP VIP Mid Cap Managed Volatility Portfolio

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

are those of the specific securities sold. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date. 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.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custodian fees. There were no earnings credits for the six months ended June 30, 2016.

2. Management Fees and Other Transactions With Affiliates

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(s), and providing certain administrative services to the Fund. For its services, LIAC receives a management fee at an annual rate of 0.69% of the Fund’s average daily net assets. This fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds. LIAC has contractually agreed to waive a portion of its advisory fee. Effective May 1, 2016, the waiver amount is 0.61% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. Prior to May 1, 2016, LIAC had contractually agreed to waive a portion of its advisory fee. The waiver amount was 0.64% of the Fund’s average daily net assets.

LIAC has contractually agreed to reimburse the Fund to the extent that the annual operating expenses (excluding Underlying Fund fees and expenses and merger costs*) exceed 0.10% of average daily net assets for the Standard Class and 0.45% for the Service Class. This agreement will continue through at least April 30, 2017, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2016, SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. Prior to May 1, 2016, LIAC was responsible for day-to-day management of the entirety of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays the Sub-Adviser(s) 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 six months ended June 30, 2016, costs for these administrative and legal services were as follows:

Administrative	$	2,125
Legal		547

Lincoln Life also performs daily trading operations. The cost of these services is included in “Accounting and administration expenses” on the Statement of Operations. The Fund reimbursed Lincoln Life for the cost of these services, which amounted to $1,949 for the six months ended June 30, 2016.

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 $8,021 for the six months ended June 30, 2016.

The Fund offers Standard Class and Service Class shares. 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 distribution and/or service fee (“12b-1 Fee”) 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, whereby the 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. No distribution expenses are paid by Standard Class shares.

In addition to the management fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Underlying Funds in which it invests. Because each of the Underlying Funds has varied expense and fee levels, and the Fund may own different amounts of shares of these Underlying Funds at different times, the amount of fees and expenses incurred indirectly will vary.

At June 30, 2016, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	10,762
Management fees payable to LIAC		5,370
Distribution fees payable to LFD		23,215
Printing and mailing fees payable to Lincoln Life		51

LVIP VIP Mid Cap Managed Volatility Portfolio–9

LVIP VIP Mid Cap Managed Volatility Portfolio

Notes to Financial Statements (continued)

2. Management Fees and Other Transactions With Affiliates (continued)

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.

* See Note 8.

3. Investments

For the six months ended June 30, 2016, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	15,871,049
Sales		5,195,909

At June 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	86,095,176
Aggregate unrealized appreciation	$	—
Aggregate unrealized depreciation		(6,045,776	)
Net unrealized depreciation	$	(6,045,776	)

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, 2015, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses
(No Expiration)

Short-Term

$79,879

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2016:

	Level 1
Investment Companies	$	80,049,400
Futures Contracts	$	(677,451	)

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

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LVIP VIP Mid Cap Managed Volatility Portfolio

Notes to Financial Statements (continued)

3. Investments (continued)

During the six months ended June 30, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/16			Year Ended 12/31/15
Shares sold:
Standard Class		27,345			79,731
Service Class		1,521,486			6,623,163
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			478
Service Class		—			18,305
		1,548,831			6,721,677
Shares redeemed:
Standard Class		(5,754	)		(60,746	)
Service Class		(669,563	)		(423,871	)
		(675,317	)		(484,617	)
Net increase		873,514			6,237,060

5. 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 in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge against fluctuations in the value of its portfolio securities. 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 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.

Fair values of derivative instruments as of June 30, 2016 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Currency contracts (Futures contracts)	Receivables and other assets net liabilities	$5,172	Receivables and other assets net liabilities		$          —
Equity contracts (Futures contracts)	Receivables and other assets net liabilities	1,737	Receivables and other assets net liabilities		(684,360)
Total		$6,909			$(684,360)

LVIP VIP Mid Cap Managed Volatility Portfolio–11

LVIP VIP Mid Cap Managed Volatility Portfolio

Notes to Financial Statements (continued)

5. Derivatives (continued)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2016 was as follows:

	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income				Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Currency contracts (Futures         contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(24,026	)		$	1,746
Equity contracts (Futures contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(1,200,186	)			(605,000	)
Total			$	(1,224,212	)		$	(603,254	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2016. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended June 30, 2016.

	Asset Derivative	Liability Derivative
	Volume	Volume
Futures contracts (average notional value)	$1,442,334	$10,368,248

6. 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.

7. Market Risk

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.

8. Subsequent Events

In March 2016, the Board approved a proposal, subject to shareholder approval, to merge the Fund with and into LVIP Blended Mid Cap Managed Volatility Fund (the “Acquiring Fund”). The merger is not expected to be a taxable event for contract holders. More information about the Acquiring Fund and the definitive terms of the merger will be included in the proxy materials that will be mailed to contract holders.

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

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LVIP VIP Mid Cap Managed Volatility Portfolio

Other Fund Information (unaudited)

Approval of Subadvisory Agreement

On January 6, 2016, the Board of Trustees of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things the approval of the sub-advisory agreement with SSGA Funds Management, Inc. (“SSGA FM”) (the “Sub-Advisory Agreement”) for the Fund. 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”) reported that they had reviewed materials provided by LIAC, The Lincoln National Life Insurance Company (“Lincoln Life”) and SSGA FM 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 approval of investment sub-advisory agreements and the factors that they should consider in evaluating such agreements. Among other information, LIAC, Lincoln Life and SSGA FM provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including in-person presentations by representatives of SSGA FM, information about proposed sub-advisory fees and compliance and regulatory matters. The Board noted that SSGA FM provided sub-advisory services to other funds in the Trust. After reviewing the information received, the Independent Trustees requested supplemental information, and LIAC and SSGA FM provided materials in response. The Board determined that, given the totality of the information provided with respect to the Sub-Advisory Agreement, the Board had received sufficient information to approve the Sub-Advisory Agreement. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers and employees of Lincoln Life, LIAC and SSGA FM to consider the approval of the Sub-Advisory Agreement.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Sub-Advisory Agreement be approved for the Fund. In considering the approval of the Sub-Advisory Agreement, 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.

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and SSGA FM with respect to the Funds, the Board considered the nature, extent and quality of services to be provided by SSGA FM under the Sub-Advisory Agreement. The Board considered that SSGA FM provided sub-advisory services to other funds in the Trust and that the Board had reviewed extensive information provided by SSGA FM in connection with the annual contract renewal process most recently concluded in September 2015. The Board noted that State Street Global Advisors (“SSGA”), an affiliate of SSGA FM, has served as a consultant to LIAC with respect to the managed volatility overlay for the Fund and that LIAC proposed to delegate the responsibility of managing the Fund’s managed volatility overlay to SSGA FM as sub-adviser. The Board considered the criteria provided by LIAC in recommending SSGA FM be appointed a sub-adviser for the Fund’s managed volatility overlay, including historical modeling and noted that the Board was familiar with the managed volatility overlay services provided by SSGA as a consultant to LIAC with respect to the Fund. The Board reviewed the services to be provided by SSGA FM, the backgrounds of the investment professionals proposed to service the Fund, SSGA’s consulting work for LIAC with respect to the managed volatility overlay for the Fund and the reputation, resources and investment approach of SSGA FM. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by SSGA FM were expected to be satisfactory.

Performance. With respect to performance, the Board considered that SSGA has served as a risk management consultant to LIAC with respect to the managed volatility overlay for the Fund and that the Board received quarterly performance information from LIAC and also from Morningstar, Inc. as part of the annual contract renewal process. The Board concluded that the services to be provided by SSGA FM were expected to be acceptable.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and noted SSGA FM’s statement that it does not sub-advise any portfolios with similar investment objectives. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party and that LIAC would compensate SSGA FM from its fees. The Board concluded that the proposed sub-advisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and SSGA FM, an unaffiliated third party, and that LIAC would compensate SSGA FM from its fees. The Board reviewed materials provided by SSGA FM as to any additional benefits it receives and noted that SSGA FM indicated that it indirectly benefits from association with the Fund in the marketplace.

Overall Conclusions

Based on all the information considered and conclusions reached, the Board determined that the terms of the proposed Sub-Advisory Agreement are fair and reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the Fund.

LVIP VIP Mid Cap Managed Volatility Portfolio–13

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                                  Lincoln Variable Insurance Products Trust

By (Signature and Title)*	/s/ Jayson Bronchetti
	Jayson Bronchetti, President
	(principal executive officer)

Date                            8/1/16

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Jayson Bronchetti
	Jayson Bronchetti, President
	(principal executive officer)

Date                            8/1/16

By (Signature and Title)*	/s/ William P. Flory, Jr.
	William P. Flory, Jr., Chief Accounting Officer
	(principal financial officer)

Date                            8/16/16                                                                                                

^* Print the name and title of each signing officer under his or her signature.